Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1896-08-13
Can Ne Maintain the Ratio Of IS 10 4

convention In favor of 1
= free and unlimited" coinage
= silver at the ratio of IG to i 4
!. question, Can the United Stat
/, independently of the concert,
!, action Of Europe) establish an
MAINTAIN the parity between 90
ana silver at the ratio named : ia
increasing interest.
Eastern politicians and cap,ta,;s
Tor the most part answer this one
ton in the negative. The sout,
ern and Western Democracy ha,
answered in the affirmative. Bot
answers being presumably influer
ced by personal interest, an unpr,
JUDGED investigation may elucidat
the probable truth.
The consensus of impartial sc;en
tlhc opinion may be said to bay
resulted in agreement upon tn,
following propositions.
l. Since 1879 GOLD has risen il
'aiue 100 per cent. and silver and
all other commodities have fallen
so per cent.
Z. Under the gold standard
gold must continue to appreciate
ana other commodities depreciate.
3. These conditions benefit the
holder of realized riches, and per-
sons with fixed incomes, and tend
70 hard times, the improverish.
ment of the many and the bank
ruptcy of the debtor class.
4. Hence a return to the bimet.
aiiic standard is desirable, if feas-
ible.
The only plan suggested to such
return are:
First-The Whitney plan of in
ternational agreement. This in.
cludes England. Is it probable
that England will consent to such
agreement: She demonetized sill
yer In 1S16. and since steadfastly
adhered to that policy. The Lon.
don Economist in 1883 said ::
England being the chief creditor
OF the world, it is to her interest To
keep the volume of money as small
rs possible in countries from which
debts are due, in order to get more
OF their products in payment of in
terest due to her citizens. In 1880
SIR Robert n. Fowler, ex-Lord
Mayor of London, a Member of
'1 Parliament and a banker, said :: |
The effect of the depreciation of
'iiver must finally be the ruin OF
he wheat and cotton industries Of |
america and the development of |
INDIA as the chief wheat and cotton
OF the world" In 1872
ne London Daily News said
'For Great Britain, pre-eminently
ne creditor among all nation, to
ldopt it would be midsummer mad
less, indeed. - Bimetallism
would shake to its foundations the
financial fame and supremacy of
treat Britain" In a late speech
dr. Gladstone said OF England
1T is the great creditor nation Of
he world, and it is increasingly
ne great creditor country Of the
Vorld." In that speech Mr.. Glad
tone estimated the holdings OF
treat Britain beyond the limits of
er kingdom at SO, 600, 900, 900,
nd admitted that bimetallism
'ould result in England making a
resent of $500, ,OOO,O 900 to the
'orld. William Henry Grenfecl,
hartman of the Bimetallic League
{ England, declares that il we
AIT for England to show the way
e will "wait forever"
Since tits to the interest of the |
class to maintain the gold
and that class controls
he policy Of England, bimetallism I
international agreement NAV be i
smissed as out OF the question. I
Second-The other plan is for 4
le United States to go it alone. I
The proposition is that the Uni 2
ID States shall establish the dual I
andard by their own decree, inde- q
,ndent Ct European action. Q
Can this be done ! Such ex. I
.riment is at once new and old. d
is old because we had free coin b
'e of both metals up to 1873. 1t n
new because heretofore the COIN {
e OF the two metals has been es- /
blished upon ratio approximat- o
g the commercial value of the '
etals.
Mr.. Hamilton was opposed to at "
ching the unit of value to either o