The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-10-29

Ii IS IMPOSSIBLE
TO TAUNT THE LEADERS OF THE
MOVEMENT WITH LACK OF COM
MERCIAL EQUIPMENT OR A
PRACTICAL ACQUAINTANCE WITH
THE ECONOMIC PROBLEM.
"BANKERS AND MERCHANTS OF
THE VERY FIRST RANK HAVE
IDENTIFIED THEMSELVES WITH
THE ONCE DESPISED DOCTRINE,
AND NEW AND IMPORTANT AID
HERENTS ARE SUBSCRIBING TO
1T EVERY DAY.
The conference held in the Mansion
House yesterday and to be continued
today, establishes beyond dispute
that bimetallism has at it's back, ever
In England, an amount Of talent. bust
ness sagacity. economical experience
and personal authority, which entities
its advocates, at least, to an attentive
hearing. One great point about the
leaders Is that they are practical. They
know what they want, and why they
want it. They are bimetallists under
the stress Of living and incontestable
facts. Their raison d'etre Is the act
uality and pressure Of the present.
1t is an almost pathetic sight to see
an able economical writer like Mr..
Cunning Macleod trying to meet the
case of depressed trade, impoverished
industry, falling exports, the financial
agony OF India, and the threatened
ruin Of Lancashire with his mumbling
Of the dry bones of antiquarian lore.
What the public wants in the way of
instruction Is not the opinion of Sir
Robert Peel or Mr.. Huskisson, de-
livered sixty-four years ago, when the
conditions had nothing whatever in
common with those of today. They
do not desire to be fed with the re-
mainder biscuit of obsolete economics;
they want to learn the view of prac-
teal men,, engaged in and
manufacture, as to how far 1t is posi-
bic by some measure Of currency re-
form to avert the perils which threaten
! our very existence as a commercial ma
ton.
THE BIMETALLISTS ARE AT
LEAST WISE ENOUGH ITO DIRECT
THE DISCUSSION, so FARASTHEY
ARE CONCERNED, INTO PRACTI-
CAL CHANNELS. THE APPRECIA-
TON OFGOLDISD AMAGINGEVERY
INTEREST, EITHER DIRECTLY OR
INDIRECTLY. THE FALL IN THE
GENERAL LEVEL OF PRICES is
RUNNING AGRICULTURE. PARAL-
WING MANUFACTURE, IMPERIL-
ING THE SUBSISTENCE OF THE
WAGE = FARMERS, DESTROYING
THE TRADE OF THE MERCHANT,
CAUSING AN ACCUMULATION OF
IDLE MONEY FOR WHICH EVEN
BANKERS CANNOT FIND PROFIT
ABLE EMPLOYMENT, AND
THREATENING THE INVESTOR,
WHO THINKS HIMSELF SAFE IN
A FIXED INCOME, WITH THE
MENACE OF IT'S RAPID SHRINK
AGE. IF NOT ITS TOTAL DISAP-
kPEARANCE. ALL THIS IS THE
CONSEQUENCE OF THE SINGLE
STANDARD. AND THE DESTRUC-
TON OF THE MONETARY FUNC-
TONS OF SILVER. WE MUST
DEAL WITH THE QUESTION ON
ITS MERITS AS A CURRENT ISSUE,
AND IN THE LIGHT OF WHAT IS
GOING ON IN THE WORLD
AROUND US. THE ECONOMICAL
AND SCIENTIFIC OPINION OF THE
PRESENT DAY IS A VAST DEAL
MORE TO THE POINT THAN THE
FALLACIES OF A SYSTEM THAT
HAS BEEN WEIGHEDIN THE BAL
ANCE OF EXPERIENCE AND
FOUND MISERABLY WANTING.
Mr.. Balfour, in his admirable ad-
dress to the conference, dealt with
three questions: Was bimetaliism pos
sihle? Was it just and equitable? And
was it expedient? To each Of these his
answer, supported by arguments which
even opponents will admit to be
weiEhty, was affirmative. 1t seems to
US that the first of these questions is
by far the most important. If a joint
standard, by which silver shall be re-
habilitated for monetary purposes. be
practicable, then there can not be
much worthy of consideration in the
contention that 1t would be contrary
to any principle of morality. And IL
it cal be shown to be both possible
and equitable, it's expectancy, having
regard to the perils of the existing
confusion. is well nigh outside the nee
essity Of any advocacy. The real cruz
of the whole problem lies in the ques-
ton of practicability. Is it possible to
fix a ratio between two things of I'M
certain and ~fluctuating value? The
monometallists think that this. is an
unanswerable poser, and that they
have only to put it to settle the argu-
ment for good. The answer, of course,
is that al international agreement,
supported by legislative enactment,
would fix the ratio, quite irrespective
of the factor of a fiuctuating produce
ton.
1T IS TOO OFTEN FORGOTTEN
THAT GOLD AND SILVER, USED
AS MONEY, ARE SIMPLY MEDIA
OF EXCHANGE. AND THAT EVEN
THEIR COMMERCIAL VALUE DE-
PENDS TS A LARGE, IF NOT TO A
GOVERNING EXTENT. ON THEIR
MONETARY VALUE. DETHRONE
GOLD AS MONEY AND YOU WILL
AT ONCE DETHRONE 1T AS A
COMMODITY. SILVER HAS DE-
PRECIATED IN COMMERCIAL VAL
UE MAINLY BECAUSE 1T HAS
BEEN OUSTED FROM THE FOR
MER POSITION IN REGARD TO
CURRENCY. IF THESE METALS
HAVE AN ARTIFICIAL VALUE AS
MEDIA OF EXCHANGE. THERE IS
NOTHING IMPOSSIBLE IN FIXING
THAT ARTIFICIAL VALUE IN RE-
LATlOE TO ONE ANOTHER.
What the ratio should be we must
leave others to determine: our only
contention is that the fiuctuating value