Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-06-24


we published yesterday. Is one OF inc
most interesting documents which we
have laid before our readers Tor a. long
time. He seems to be one OF the mos,
acknowledgement public men to be iouhu
anywhere in the United States, and has
sources Of information not possessed by
many, II any. other statesmen
What could be more interesting man
Mr.. Whltney's positive assertion That
from the discussions Of the last twenty
years It has come TO pass that among the
persons in Europe who are trained re-
cognized scientists upon monetary and
economic questions, scarcely one Is not
at the present moment advocating the de-
STABILITY Of the joint standard as the
real solution Of the monetary difhculties
of the world? This includes every pro-
fessor engaged in teaching or occurring
on these subjects in the universities OF
Great Britain. Why should the United
states hesitate for moment to fall III
with such good company? Why should
there be two opinions on such a subject
and under such circumstances?
T. w
of the Democratic party in 1880 were
irreconclable, and he desires to learn
whether the differences in the Democratic
party in 1896 are irreconcilable. we Tear
that they are irreconcilable but we must
all wait until the national convention
assemblies before we can be sure of our
footing. Mr.. Whitney says there has
never been a time when the prospects or
international action favorable to the joint
standard were at all as promising as at
the present moment. But he adds that
an ill-advsed. unsuccessful attempt here
would discredit the cause the world over.
Here is an important averment made
by Mr.. whitney. We quote:
AT the present moment, Germany.
France. Italy, Austria. Holland. Belgium,
| and the United States wish to cO-ope-
rate for the establishment and mainte-
/ nance OF the Joint standard by interna-
| tional agreement and Ga most important
| circumstance Great Britain has recent
| ly-within three months, In fact-made
/ a most important concession. She mas
! said: we win do for you as much as
you can do for yourself. We VIII MAKE
! this great contribution to a bimeta!uc
system: We will go back upon delibe-
rately arranged methods Of providing
| currency for India. We will reopen the
! Indian mints We will engage that they
| shall be kept open, and we shall. there
fore. provide for a free coinage or silver
within the limits OF the British empire
| for population greater In number than
the populations of Germany France ana
America put together
Now. here are facts which were left
for Mr.. Whitney 20 disclose. Hear him
again:
whatever the causes and whoever Is
10 blame, the fact Is that silver has de-
clined. and free coinage now at l6 10 is
the same as our Offering for all the silver
I'm the world about twice what 1t Is SELL
| ing for I'm the market. International ex-
changes have to be paid in gold. And IL
would seem plain that, If we, under these
conditions, open our mints to the free
coinage of silver and gold at ratio OF
! comparative value, which is largely at
variance with the commercial value of the
| two metals. we must take the entire
| silver surplus ourselves, maintain Its
parity with gold. or else we shall go TO
silver basis.
Here, Mr.. Whitney gives US little bit
Of history. He says:
France in 1873 closed her minis against
| silver and abandoned TINS experiment,
deeming herself unequal to the task alone,
and at that time II was much less diff
cult. for silver was then at par with gold
at the ratio in use, and even England 8
minis in India were open to the free coin
! age of silver. II the experiment of main
tanning the parity Of the two metals at a
coinage standard was difficult then, 1t
would seem TO be positively hopeless now
without international agreement. Ger
many, France, Belgium, Italy and Aus
tria believe i'm a double standard, and de-
sire 10 establish 1t, but no one, two, or
three of them deem themselves abe to
maintain the double standard, even with
the cooperation of the United States"
And here he gives US prediction, and
says:
Personally IT is my opinion, II the
Democratic party goes on that platform
at this time they will meet the most dis
astrous defeat that any party has ever
had i'm this country"
Let every reader OF the Dispatch pom
der what Mr.. Whitney says.