Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-06-22

against silver and abandoned this eXper-
imenJ, deeming herself unequal to the
task alone. and at that time it
was much less difficult, for silver was
then at par with gold at the ratio in
use. and even Eng,and's mints in India
were open TO the free coinage of silver.
If the experiment of maintaining the
parity of the two metals at coinage
standard was difficult then it would
seem 10 be
POSITIVELY HOPELESS NOW
without international agreement Ger
many. France. Belgium, Italy and Aus
trla believe in a double standard and
desire TO establish it, but no one, two
or three of them deem themselves able
to maintain the double standard, even
with the cooperation OF the United
States. If the result Of the measures
proposed would be 10 carry us to a silver
basis. il is not felt here that such
proposition would be in line with the
principles of the Democratic party.
1t IS not the joint standard with the
purchasing power of the dollars at par
ity with each other. but it is changing
from one standard to another, and that
change being due to a deprecated coin.
And it is also felt, aside from the abb
sence Of any Democratic principle to
sustain it, that you cannot have such
a disturbance of value, as would come
from changing from gold to a silver
basis, without such shock to conf
fidence, the boarding Of gold and con-
traction of your available circulation
medium as would bring, in the opinion
of our people, the worst
PANIC AND DISTRESS
we have ever seen in this country. The
creditor classes are prepared for
it. The obligations, mortgages, railroads
and otherwise, are quite generally pay
able in gold. Debts would still have to
be paid in gold, but wages in silver.
The sufferers, as usual, would be the
poorer classes.
"This movement. purpOrting to be in
the interest of the joint standard, comes
at a most inopportune time, in my Opin-
oin.
There has never been a time when
the prospects of international action
favorable to the joint standard were at
all as promising as at present. But an
ll-advised, unsuccessful attempt here
would discredtt the cause the world
over.
From the discussion of the last
twenty years it has come to pass that
among the persons in Europe who are
trained. recognized scientists upon mon
etary and economic questions. scarcely
one is not at the present moment adyo-
eating the desirabil.ty Of the joint
standard as the real solution of the mon
etary difficulties of the world. This In
cludes every professor engaged in teach
ing or lecturing on these subjects in
the universities Of Great Britain. They
are agreed upon the desirability of it
and that it is entirely practicable, if
established and maintained by agree
ment Of the principal commercial
nations. It would be expected
that with such general
consensus Of scientific opinion as is 10
be found abroad upon this subject, 1t
would come rapidly to be the general
received opinion of the nations to be
effected by wise settlement of the
problem. Such is the case. OF the
continental nations, Germany was the
one that in 1892 practically broke up
the conference which met at the suS-
gestiOn of the United States. She in
structed her delegates 10 meet and talk.
bu. 10 state 10 the conference that she
would not change her imperial stand
ard As her standard was gold, that
announcement ended all possibility OF
ANY PRACTICAL RESULTS
from that conference. Since that time
and within the last year, her legis-
lative assemblies have specifically, by
votes o. instruction 10 her ministers,
changed her attitude upon that point.
So that the specific objection Of Ger
MANY encountered by the conference
OF 1892 has been since considered and
Withdrawn.
AT the present moment, Germany,
France Italy. Austria. Holland, Bel
siun and the United States wish 10 CO.
oDerate for the establishment and
maintenance Of the joint standard by
international agreement and "a most
important circumstance Great Britain
has recently. within three month in
faot. made a mos. important conces-
sion. she has said We will do for YOU
as much as YOU can do for yourself.
We will make this great contribution
10 q bi-me.allic system. We will so
hack upon deliberately arranged meth
DDS Of providing a currency for India.
We will reopen the Indian mints. We
will engage that they shall be kept open
and we shall provide for free COIN
ase Of silver within the limits o. the
British empire, for population, great
er in number than the population Of
Germany, France and America put to-
gether.'
Into this long and now just
ABOUT TO BE SUCCESSFUL
struggle for the establishment Of the
ioinr standard, it is proposed that we
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