The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-10-23

< America nuss to-day LOOK warty aresna,
s rss :ss's sro,s sl s ess.ssss :
sociatistic, ard aniFohsstSo tendencies sand
know that the Arit condition Of prosperity
to any and all classes .o6 the people ista
peaceful commonwealth and assured social
order. i,,. =
The monetary question 10. indeed, assec-
ondary issue In this campaign. I have.
however. my convictions In this matter.
The free and unlimited coinage Of silver
dollars at . ratio Of 10 to by the United
States, independently Of the other great
commercial nations. which shall be made
legal tender. will disturb the whole busl-
ness Of the country, apd bring upon It 70
financial depression far beyond anything
which we are now experiencing.
am often confronted with the pamphlet
Of Archbishop Walsh Of Dublin on bimet.
allism. as a reply to my objection to the
silver resolution Of the Chicago convention.
The pamphlet Of Archbishop Walsh has
no bearing whatever upon the situation In
+ America. The archbishop discusses blmet-
allism W. monomet alllsm-and, that only
from one point Of view, the effect 6f mono
metallism upon farmers contracts under
the land purchase, act In ireland. He
expresses no opinion as to the ratio In
which silver Is to be coined, and he mani.
testify presupposes that blmeta1lism would
be brought under an international agree
ment. He explains that "India was .un.
able to keep up a silver currency inde-
pendently of European nations.";.It waS
impossible for India 10 obtain the leans
that are absolutely necessary for the devel-
opment OF the country, and the reason was
1.-THE fluctuation in the relative value OF
s1t-ss tie. .llver currency 81 China" he,
In that country" Walshs pamphlet il
throughout solid argument against the
Chicago platform. To what he says, we
might add that France and all the countries
Of the Latin union together were ultimately
compelled to give up bimetallism, 50. long 4
as other countries Of Europe would not co.
operate with them.
The question before the people of Amer
lea to-day Is the coinage Of silver by this
country Independently of the great CONNER
cial nations of the world atstheTatio 10
ent commercial value Of silver The conse-
quences of unlimited coinage in these cir
cumstances- are easily perceived. The one
hope of the silver party is that "under free
coinage we will raise the value Of silver to
$1.29 an ounce measured in gold" On
what authority is this said? On that Of
the mere word Of the men who make the
assertion. The experience of our own coun-
try contradicts the assertion. The purchas-
ing Of $50,OO0,O00 worth Of silver bullion
per year under the Sherman act was not
able to prevent the fall in the value Of sill
yer from over 81 an ounce to Its present
low value. The experience Of France con.
tradicts the assertion: France, with all the
countries Of the Latin union, had to give
up the coinage of silver lest, overloaded
with the silver of the world, 1t should lose
all its gold.
Common sense Is against the assertion.
Silver is now produced in such quantities,
at such small expense Of production, that
Its value cannot be kept up to its former
standard. And Is the whole business Of
America to be imperiled by leap into an
experiment. which those very men who ad:.
vocate 1t confess to be only an experiment,
and which experience and common sense
condemn?
The boast that the United States is able
alone to whip England and the rest of the |
world into the coinage Of silver at 16 to 1,
or to force the value Of silver up to $1.29
an ounce, Is mere nonsense. We are great
people, indeed, but we have not yet grown
to that commercial strength that our coun-
try means the commercial world. Our ma
tional pride may give us extraordinary
do to build the business Of the country
upon those dreams. Would all the COM
mercial nations together, coming silver at
16 to 1, bring up the silver value of bullion
to $1.29 per ounce? Perhaps; strong COM
mercial reasons suggest the contrary.
Assuredly not; though, Of course, the new
demand for silver from the mints would
give some increase to its value-which In
crease, however, might again be Offset by
an Increase Of production.
Some imagine that the ratio Of silver to
gold was always 16 to or thereabout. Tho
ratio was constantly changing throughout
historic times; at one time silver was more
valuable than gold; at the time Of the dis
covery OF America silver was ten times less
valuable than gold; 200 years before it had
been eight times less valuable. The ratio
is constantly changing, and the question for
US to-day Is not what the ratio was at
preceding date, but what It should be In
our time.
But has not Herr Bismarck counseled the
United States to go ahead and make the
experiment alone? Yes, and some Amer.
icans quote his advice as an authority.
The sly old fox would, indeed be pleased to
see America make the experiment-and 60
to the bottom Of the sea.
Free coinage, then, will give us money,
worth in the commercial market Of the
world little over half its nominal value.
No one imagines that the stamp Of the gov
eminent gives value to piece Of metal; 1t
merely certifes to the quantity and quail
ty. Otherwise the government stamp might
as well be affixed to copper, or to mere
paper. IT the government stamp gave value
the debased coins issued in the past by
impecunious sovercigns would not have
ruined the subjects of those sovereigns,
and the paper issued by Ferdinand Of Ma
pies century ago would not have been
sold in the market almost as government
rags. Legal tender. compelling men to
accept against their will money above it's
commercial value in the markets Of the
world, Is rank injustice.
The early financial statesmen of America,
Jefferson, Morris, Hamilton, never thought
Of making the legal value Of coin higher
than the commercial value Of the metal