The Windham County reformer. (Battleboro, Vt.) 1876-1897, 1896-07-09


g the famous French economist, and tina
Q lately announced by President Andrews
in this country that the United States
can safely undertake the experiment
alone; at least the Englishmen are gen
orally willing to see us try it.
A year ago interviews with these
same leaders of bmetalic thought, not
only in England but in France and Ger
many, were nearly unanimous to the
effect that the cause would be seriously
if not disastrously injured by the single
action of the United States, without ref
erence to Europe. 1t was held that the
consequent money disturbance, probably
leading to Il panic in the United States
and general commercial disaster here,
would so brighten the rest of the world
that the adoption of a bimctalic stand
ard in Europe would be delayed for
many years at least. and would lead to
reaction towards gold monometalsm
| in America.
Bot now VIM. Henry Gaeenfell, a
leading London business man, chairman
of the bimetalic league of Britain, and
who proved his devotion to the cause by
resigning from the Gladstone ministry
of 1892. because it would pot promote
an international conference, says:
| believe that free and unlimited coinage of
silver at a ratio of IL to In the United states |
would greatly increase the chance lof an inter |
national agreement for the adoption of bimet- |
allism. came away from both tho Paris and |
Brussels conferences with the impression that
each European country wanted England 10 I
show the way, and that If they wait for Eng.
land to show the way they win wait forever.
What is wanted Is an electric spark, and this
viii not come from England. ] hope 1t Will
come from the United states When the first
step is taken believe that other countries, such
as France, Russia and In time, Germany, will
Join. England would open Its Indian mines
again and we should have Il stable bimetallic
par of exchange all oyer the world. My own
humble opinion is that the United states are big
enough and strong enough and rich enough TO
maintain par If exchange. II is not improb-
able that panic would be organized. | believe
there would be such stimulus 70 trade and
such an increase in exports OF the United States
that gold would begin TO How back In a natural
believe that the way for the United
States to keep their gold is TO go ON to silver. |
feei certain that England will never adopt a
ratio of anything like III TO as long as the mar
ket ratio is In the neighborhood OF 80 10 !, but l
believe that If the price of silver were once
raised England would make great efforts to pre-
vent IL falling again.
Samuel Smith,a member of parliament .
and Il leading advocate Of bimetallism.
says:
think that the best way for securing inter.
national bimetalsm would be for the United ,
states to call an international convention, lay |
before it definite scheme, and agree to open its
al q IL
yer at q common ratio on which all contracting
may agree. N the United States acts r
and opens its own minis at IL 10
do not feel sure whether 1t will help or hinder
similar action on the continent Ii the United
states acts alone and other countries do not fol-
ow its example, should say the ultimate result ,
would be silver recommendation in the United I
states; but no doubt silver would rule much I
higher than 1t does now. Possibly the two met
Ills might be kept almost ut par for some time |
out ultimately, should think, gold would leave 7
he country.
Sir Samuel Montague. banker and also :
, member of parliament. says:
II would be beyond the power of any one
country to maintain the ratio OF silver at IL to
md If America attempted 1t ner gold would be :,
either exported or boarded. On the other hand, U
here would be such large extra employment @
or silver that it would put M the price of that
metal. This would facilitate the opening up OF s
great trade between the United States and -
he east, which in turn would probably prove an >
incentive TO other great nations TO adopt bimet' &
Illism. The adoption of free silver by the
1nited States wouldhn fact tell both ways In re h
'ard to international bmetalism; but, on the
whole, ifthe United States could maintain a
'ocy of free silver 1t would ultimately tell in
avor of the accomplishment OF an international
greement. But mean time the effect on the II
United States itself could not fail to befdisas ~
rous, for many years at least because the II
'nited States would lose her gold exchanges I,
would be constantly fuctuating, the CONFUSION
n trade that would be caused by free silver CT
a m in 4 Ffnl
ecnrlties. There would of course, lie a consid
rable premium on gold, but do not believe ~
nat 1t would be as high as some people fear. In !:
~ opinion the proper thing for the nited IL
tatcs to do to achieve bimetallism is to APP "A
roach the countries of the Latin union-con- "
picuously France, Belgium, Switzerland Spain, &C
ortugal, Greece and ltaiy-and make Il bime-
lille convention with them That would be III
efficient, for then the other gold powers would
G compelled by selfinterest 10 join. But under al
ny circumstances, consider that the United til
tatcs would be acting wrongly In liking the
tito Is TO ], because the change would be so W
ldden and so grea, that business would be fe
'mpletey dslocated. The only feasible stand ie
'd would be 20 10 /. Such a ratio would be rea. M
'nable, and would last and there would be a
rong probability that under it the market al
rice of silver would soon reach the coinage ,y
nee. The United States can so utilize the W
riff question AS to aid largely In the solution HI
the silver problem. II she said to those coun-
les which were willing to enter into a bime- re
lie convention with her, "We will give you a No
tariff of 10 or Is per cent. against Ut
uhtrles noluing out Tor the gold Standard,
en- believe powerful incentive TO the adop.
IN of international bimetalism would be sup
led. But above all things America must not Il,
opt a ratio of IL TO l. III
Edward Sussoon, banker and East In Ju
an merchant, says: pl
It would contribute powerfully TO bring about tn
International agreement, because the fact of
nerican silver ceasn2 TO compete with that of 10
her countries would tend to raise the price OF 81,
C metal generally. II would most probably I'll
10 lead to a reopening of the Indian minis tn
erc would, however, be continuation of
tendency now prevalent the part of the re-
nks TO prevent gold from leaving their Golfers ~.
a precautionary measure. gold premium ""
New York would be worse than anv Mckin- de
tariff, as it would annihilatc your entire free
!. This being the view here, if, after a full Io'
cussion in your new congress, you are TO go co,
free silver early in lsas, merchants here W
II raise great clamOr for an immediate con ow
ence and a settlement along the best lines n,
'sible; and not only our merchants, but our oo,
lnciers also. They cannot afford to allow the ho
ited states TO make a failure of her cur. nv
icy reform. There Is far too much at stake. fec
have probably not less than six hundred
lions sterling the amount, say, of our ma isu
nal debt-invested IN America. cd
These utterances are certainly instruc- ,b,
e and ought-stimulating. The fact ga,