The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1896-02-13
REVERSE THE POLICY.
acts Plainly Stated by New York Fiaan-
Il.r,rraaI-

the errors of our fiscal policy the past
25 wears it should be the developments
OF the past three or four days
Twenty-Five years ago it would have
been utterly impossible for the English
capitalists to have created such panic
and commotion in our market Had
our fiscal policy been of healthy form
we ought to have grown stronger year
by year instead of weaker, as has been
the case Until the last few years
there has been almost a continuous
commercial balance Of trade in our
favor.
The Daily IirNl- \. news has been
one Of the few par j; the has differed
with . policy q Asntra ion. which
has resulted in year by year our be-
coming more depeDa0nt upon Europe
and foreign capital, in spite Of a steady
expansion and increase wealth at
home.
The fiscal policy Of limiting and
even contracting our money at home,
and borrowing credits abroad upon
which we are compelled to pay heavy
interests, has resulted not only in cre-
ating an immense floating debt, which
is not alone menace, but one that has
an immense influence in bearing the
prices of our great products. The
debt caused by this policy has now
grown SO large that we are practically
unable to liquidate the interest on it,
and it promises to increase at an alarm
ing rate in the near future.
The question is how to reverse the
financial currents that have swept us
onward into the slough of information
al Indebtedness now become so bur-
densome. There is but one scientific
reply-to restore bimetallism. Treat
it as part of q fiscal policy harmonious
with protection; that is to say, still
preserving our homo markets in which
to sell our manufactured goods, and at
the same time increase our exporta-
tions, while compelling foreigners to
purchase the latter at higher prices
Only the full restoration of silver to
its historically honored position can
accomplish this latter purpose. To
merely increase our volume of paper
money, whether issued by the govern
ment or by banks, would avail little;
for while 1t could temporarily raise
prices here at home it would also rem
der this market a better market to sell
in, and, therefore, attract foreign
goods 1t would have no effect to in
crease our expectations.
To restore bimetallism. even though
it were done by the United States
alone, would accomplish all the pur-
poses desired 1t would double the
prices, in round numbers, of our cot
ton, our wheat and our silver, our
three chief exports; and yet, while it
was increasing the quantity of our ex-
portations of the nrs1 'swo commodi-
ties, it would very likely tend to de-
creas- the quantity of silver now ex-
ported The very fact that our cred
itor European customers could no
longer buy cheap demonetized silver
4 in Amelica and Mexico to make into
rupees and pay out dear for wheat and
cotton and bought in tho silver-using
producing nations which are our com
petitors for the European markets
would compel the foreign consumers
OF those commodities to turn to Amer
lea. The foreigner buys his wheat and
cotton where he can get the best quail
IN ity at the lowest price. To-day they
can buy silver for &c cents and frac-
tion for an ounce in New York and
pay it out for 81. s-t0 in the form of
3 rupees for Indian wheat and cotton,
and naturally they buy the Indian
product. Under bimetallism an ounce
of silver would be worth 81 20 and a
fraction per ounce in the United
States, and with charges, insurance
and freight added, the material for
the rupees of India would then repre-
sent as large, perhaps slightly
larger, figure in the orient.
The path Of prosperity lies in increas-
ing the volume and the prices of our
exports, while at the same time pro-
tecting the welfare of our manufactur-
ers and their operatives by preserving
the better home market that the pro-
ducers of our own country would then
1urnlsh when these latter were getting
better prices for their products. We
have taken as an illustration the effect
OF the remonetization Of silver upon
wheat and cotton, because of the i'm
portance OF those two commodities.
but the principle illustrated applies to
many things Make the east and the
west both prosperous and the prosper
ity OF each section would act and react
to the benefit of the other. At the
same time increase the To,uEs of our
exports going abroad at higher prices,
and our nation would soon regain it's
International financial indepen dence.
AS we have said ra.ra domestic
p"por ilination is not she ss ienEisic way
out Of our difficultlea- though it is
probable that all the gold and all the
silver we could obtain would still leave
US without sufficient circulating me
dium, so that an increased volume of
paper money would still be required
more earnestly than now, for rising
prices and growing business require
an increasing uolume of money to sus-
tam them. Rising prices based on pa
per alone are based upon imitation,
(Which is not enduring. Rising prices
based upon coin expansion of primary
money would be enduring, because
passed on real coin money, and not on
paper promises to pay money.
The whole life of this generation,
Nth brief respites, has been one long
gony OF contraction. We dare to
ope wiser policies are about to obtain
- me tuture.-N. Y. Financial News.
Explain Thiss
Inc chief objection of the gold
1andard advocates to the coinage of
lVer is that it would drive the gold
utot the country. Gentlemen, what's
ne matter with gold now that it is
II TO-