Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-07-10
THE GRIP OF GOLD.
AMERICAS PROSPERITY is ENG.
LANDS DECLINE.

The Situation ms Viewed by an Em-
inent Financial AuIhOrity-ShOni
There be Doubt on this side the
Water there is None on the Other.
The London Financial News, which
voices the sentiment of the gold kings
OF Europe, has this to say of the bright
ening prospects of silver in this coun-
try. Will it not serve to open the
eyes OF the most incredulous as to the
danger of maintaining a monetary
system that has already brought ruin
to many tireside and whose shadow
rests as a pail over the industries of
the nation?
The financial situation in the
United States is very serious. The
Senate has blocked all relief measures
proposed by President Cleveland, and
Congress is at a dead standstill on the
money question. The free-coinage
Senators are masters of the situation.
This condition of affairs in the
United States Con yress demands the
immediate attention of British
financiers and statesmen. The trade
OF the world is now in our hands, but
1t will not long remain there if the
United States goes to a bimetallic
basis, with free and unlimited coinage
of silver.
With the addition of silver to the
volume OF money, everything in
America would take on new face :;
labor and industry would gain new
life. The grip of the gold standard on
the products of the world would be
loosened and prices would rise. Great
Britain would lose her markets in
South America Asia and even Europe,
and American bottoms would not he
long in capturing the carrying trade
of the world.
British creditors must now apply
themselves quickly to the American
money problem. The sound money
men and banking interests, led by
Senator Sherman, Cleveland and
Carlisle, with a plentiful supply of
means, have been beaten. The Ameri-
can people are now thoroughly aroused
and educated on the power and use of
money, and made desperate by debt
and business depression they are
forcing free silver as the main issue.
Great Britain need fear no injury
to her trade or investments if the Re-
publican party can force protective
tariff as the main issue in the coming
presidential campaign, but if free sill
yer dominates the American mind and
carries at the polls it will bring about
change in England that will be
ruinous from its suddenness and
severity. The damage that can be
done British manufacturers BY a pro-
tective tariff is slight compared with
the disasters that would be entailed by
a change from single gold to a COM
plete bimetallic standard.
at is evident that the Democratic
party will not re-nominate a man who
holds to President Cleveland's ideas
on money and the only hope for a con-
tinuation of Mr.. Cleveland's financial
policy will be in the success of the Re-
publicans in the next election.
"The success of free coinage will
bring down the rate of interest on
money and cause an immediate rise in
the price OF all commodities. When
silver becomes primary money the
American mines will pour their pro-
duct into the minis, and new era,
similar to that produced by the issue
OF greenbacks during the civil war, will
begin. Gold will leave the banks and
enter into competition with silver in
the avenues of trade, and the manu-
factories of the United States which
has been shut down or crippled since
1892 will again resume their fight for
English markets.
1t is doubtful whether the Repub.
lican party can be held much longer
in check by sound money statesmen.
as its adherents are divided by power
full factions. The Democratic party is
also breaking up under the weight of
free silver agitation. If matters not
to Great Britain which party succeeds
il the gold standard is maintained, but
either of the old parties or a new party
which goes into power pledged to free
coinage will be equally inimical and
prejudicial to English manufactures
and trade.
1.-THE American people cling with
wonderful tenacity to party organiza-
tons, but financial embarrassment
and business stagnation has become
too severe strain for their patience,
and they are ready for any change
that premises relief. They are becom-
ing convinced that it cannot be found
in the protective theory, as that has
been tried, and they are massing now
on free silver. When that issue comes
fairly before the American people,
England will regret her apathy and
adherence to the single gold standard"
Washington State Bar Association.
The Eighth Annual Session of this