Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-07-09
Bimetallism is Not Free Coinage at
I6 toI.

Of the sort. Free coinage at ratio
less than the market ratio of the two
metals would inevitably result in plac-
ing this country on the silver basis at
once, all the gold being driven out Of
circulation. The 16 to l fad means
silver monometallism not bimetallism.
To those who dissent from this pro-
position, we commend a careful read
ing of a paper entitled ''The Outlook
for Silver" in the current number of
the North American Review, written
by DR.. Otto Arendt. This gentleman
is an ardent bimetallist. He is mem
ber of the Prussian House of Depu-
ties, and editor Of the Deutsches Wo-
chenblatt, and was member of the
German silver commission, constitut-
ed two years ago.
DR.. Arendt is by no means in favor
Of the l6 to'l craze. He is too intelli-
gent man, and too familiar with the
laws of finance, to support any such
scheme. He is strongly in favor of
the rehabilitation Of silver by the
great gold standard nations of the
world, and declares his belief that
"the struggle over the principles Of
currency will continue until finally
the conviction gains practical accept
ance that silver must have a fixed
gold value He finds the greatest
obstacle to the use of silver as money
to be its constant fuctuation in value.
When it's price becomes stable, he
says the reasons against it's coinage
will disappear; and he believes ''it
may be possible also to facilitate the
resumption q. silver coinage by meas
ures securing fixed value of silver"
He does not go SO far as to specify
the Legislation needed to prevent fuc-
tuation, and in another part Of his ar
ticle he observes that the price Of the
white metal "defes prediction. No
one can ten whether silver four weeks
hence will be quoted at 26 pence, 81
pence or 36 pence
To accomplish this, DR.. Arendt be-
lieves that Germany, the Latin Union
and the United States should adopt
bimetallism at a ratio to be agreed
upon among them. He has no word
of sympathy for the 16 to ratio, and
is most earnest in his conviction that
the United States could not maintain
the double standard by itself. Here
are his words:
Ifit is now desired to perpetuate the
gold standard in Europe, let the gov
ernment at Washington adopt free
coinage of silver at the ratio Of L: Is.
At present, after the close of the In
dian mints, this step could not posi-
bly, have any other result than to
make the American standard silver
standard. The price of silver, Of
course, would rise, but not to 56 pence
and not permanently. The United
States would have standard not ma
terially different from that of Mexico.
Gold monometallism would be re-
placed by silver monometallism the
double standard would be nominal.
No bimetallist can approve of this.
Free coinage of silver in the United
States would result in harm to Eu-
rope, no doubt, but also in advantage.
Perhaps the harm would predominant !;
but one thing is certain; the absorp-
ton of the American gold, the contin-
ual supplies coming from the Ameri-
can gold production, would for a long
time to come relieve the. European
powers Of all anxiety for their gold
standard. The monetary anarchy
would thus be perpetuated for space
OF time beyond estimation.
The Doctor closes his article with
an appeal to all the real friends Of sill
yer in the United States to make no
more experiments, no more purchases
Of silver bullion by the government,
and no silver coinage except on the
basis Of international agreement.
"The United States alone" he argues,
can not establish the double stand
ard, and we should vainly wait for a
stable ratio Of values All.of which
is sound sense and should be needed
by the American people. Toledo
Blade.