, 1896-10-07

among he Hausas in Central Aflica (Mr.
G.. II. II ,binson) tells us how cumbe some is
thor currency. He says that at present
'slavos are the larger and cowries the smaller
units Of value; and as q slave IS worth sew.
eral hundred thousand cowries, the carriage
of his value in these shells would tax any
caravan lie adds, that there is one coin
which passes current through tile whole Of
North Africa, the silver Austrian thaler
coined in 1880 during the reign Of Maria
Theresa, and he urges a large importation of
these coins 10 promote trade and discourage
slavery.
OF course he is right, it would be a step
mp i'll civilization to il troduce silver money
instead Of he barbarous currency of slaves
an shells. In the same way it is a step up
whom the currency Of a country passes from
silver 10 the still more convenient gold. All
European Countries, the United States and
the British colonies and possessions, with
perhaps somo other countries, have q gold
standard. Silver viii not do "as we'll as
Gold.
But if ''Equity' means: Could not Silver be
made the standard just as gold is made the
standard, the answer is, Yes. Equity says
Just as the British Government by tie lat,
has made gold it's standard 80 it might also,
were it inclined, have made silver instead. -
If we substitute nation for Government,
this may be allowed to pass and if the
standard wore silver instead Of gold, then Of
course the Governm ut could coin as much
a. it liked without risk. 1t would, Of course,
not coin more thm was wanted even in
that case. But as it is not the standard,
large payments can not be made in it and the
Government can only coin so much is is
needed for change and small payments. If
silver were made legal lender in Britain the
shilling would certainly fa' i'll value, 10 little
more thNn six pence, Notwithstanding
"EqNjty'S' unbellef.
a nation can take anything it likes as its
money standard, of course, and if it likes to
take silver that is its own affair, but it cannot
two as standards side by side. 1t cannot
take both gold and silver. The bimotalists
say that it can. Logic and history, however.
are against the bimetalistS. The thing las
been already tried and has failed. Mr.. Nc
Kinley III his letter accepting the nomination
for the Presidency called attention to the
case of Mexico. In Mexico gold and sil>c
are both legal tender and both may he coined
freely at the proportiOnate values of l5t to /,
which is very nearly what is proposed for the
United States. Mexico, therefore, has tried
the experiment already, and what is the re-
suit? Why that a Mexican dollar is worth
only its bullion value, say IS to 81 cents.
and as for gold coin, it has disappeared from
~ANA'NO eAUOSC'hOA' LIZ ANN diIOMp nv hCAtN
can TO have his gold coined, but, of course,
he is not so foolish, when he can get nearly
double the price outside. Precisely tho same
thing would happen in the United States. All
the gold would be driven out of circulation
and the currency of the country would be-
silver at its bullion value only, say perhaps
So to 60 cents 10 the dollar. What would be
gained by tle charge? Nothing whatever.
But it IN y he said thu when cnce things
were settled down, there would be no loss
neither the nation would have merely sub
stituted a silver for q gold standard and
would only lose in convenience, not in values.
That may be true, but reflect a moment what
a settling down that would be. Let it be
admitted that ,he leaders of the movement
are honest and that all debts made in gold
would be paid in gold, still there would be
many small obligations in reg .rd to which it
would be very difficult, if not impossible, to
secure that justice was done. Take, for in
stance, the position Of dopositors in Savings
Banks. A working man, say, has paid in
his dollar or. half-dollar or what not at a
time. AS the law stands at present, his accu-
mulated money is as good to him as gold, but
if the 'Silveritss'' succeed it will be so no
longer; his dollars will be as good and bright
as ever, but their purchasing power will be
brought down to little more than half, his