Rock Island Argus., 1896-10-25

suspension OF the German gais-s Of StI-
Yer. when he compared the gold stand
ard 10 a narrow blanket The -ex-
perts' referred TO. ara. of course. not
the professors of political economy in
the German universities. but Camp
haUsen, Delbrueck. Ramberger. and
the other statesmen who We're imme-
diately responsible fc- the German
demonstration of silver. On the occa-
sion referred TO. Prince Bismarck stat
ed that at the time of the German
monetary reform he was too much
occupied with other important mat
ters to give attention TO the question,
and therefore left it to the EXPERTS
that he had since discovered that he
had been misled by the experts: and
that he intended henceforth. with more
leisure. 10 think for himself
The reasons why the victory of
Mr.. Bryan would be likely to induce
an International conference are not
very ai.strlse. They really lie on the
surface. pJt the position has been OBJ
secured ny the ilI-informed denuncia-
tons of SIR. Bryan and his supporters
as anarchists, 'revolutionaries.' so
oia'ists.' and repudiationists.' which
have been so common since Lombard
street was startled by the adoption of
a free silver coinage plank by the
Democratic convention. Prince Bis
maTck. whose letter is practically an
expression of wish for the success
of MIR. Bryan, can scarcely be regard
ed, even by the Times, as a person
predisposed in favor of either anarch-
lists. Tepudiationists or revolution
aries. In order to understand his view
of the situation we must consider the
probable consequences of the success
of Mr.. Mckinley on the one hand and
Of Aiy. Bryan on the other as bearing
on the interests of Europe.
should Mr.. Mckinley be successful
his government would be pledged to
maintain the parity of the silver dol
lars. the silver notes. and the green;
ba ks with gold, at whatever cost to
the American exchequer. The attempt
has already cost the United States
in time of peace an additional
debt of c5u.00o,00O within two
years. European investors, finan-
cieGS and bankers would probably take
the view that So long as America con-
tinued to make such sacrifices in order
To pay in gold they would have no rea-
son for interfering; and the fnanc;ers
and stock exchanges on this side of
ire Atlantic would probably rejoice
rather than otherwise at another--to
them-profitable issue of bonds backed
by the credit of the American govern
ment to take the place in the Euro
pean markets of the hopeless American
railway securities of which European
investors are getting tired. As for the
European merchants, they would. of
course. view with regret the probable
imposition of another prohibitory Nc
Kinley tariff on imports into the Uni
ted States in order to protect the
American gold reserves: but they
would probably console themselves
with the reflection that so long as
America remained under the gold
standard she would have no
advantage over the gold stand
ard nations of Europe as an
exporter to the worlds markets. Her
farmers and planters might he hit by
Il further decline of the Argentine and
eastern exchanges as well as the farm
crs of Europe. but that would have no
persuasive influence on the bankers,
financiers. and merchants Of Europe.
Moreover. Notwithstanding the in
ternational bimetallism plank in the
St Louis platform. it seems unlikely
make any attempt To secure an inter
national bimetallic agreement ITS
FIRST EFFORT WOULD BE TO Sc
CURE \ HIGHLY PROTECTIONIST
| TARIFF. AND THAT WOULD
SCARCELY BE \ PROMISING PRE-
LUDE To AN INTERNATIONAL
| AGREEMENT ON \ COMMERCIAL
| AND FINANCIAL QUESTION, MORE
| OVER. THE SO-CALLED SOUND
MONEY OR REPUBLICAN, PARTY
HAS ALREADY BEGUN TO FINr
| THAT IT'S DECLARATION IN FA-
NOR OF MAINTAINING THE COLI
| STANDARD UNTII. AN INTERNA-
| TIONAL AGREEMENT Is ARRIVED
| AT HAS PLACED IT IN a VERY IL
| LOGICAL POSITION. AND HAS PUT
\ POWERFUL ARGUMENT INTO
| THE MOUTHS OF IT'S OPPONENTS
| If Mr.. Bryan and his supporters say
| to the American electors. the SolC
| standard is a good thing for the United
| States, why should the Republicans
| endeaVor to induce other nations L
| help us to abolish it; and If il is bac
! thing. as the Republicans by their bi
metallist plank practically confess thai
il is. why should we wait for the per
! mission of other nations to abolish it?
| This argument is causing the leader:
Of the sound money party to abandon
| the plank
In the pamphlets with which they
| are flooding the states, and which ar,
| being poured into this country and Eu
/ rope also. and in the leading New Torl
| papers international bimetallism is be
ing treated as an impossibility and {
delusion. and the single gold STANDARD
is being definitely advocated as tbs
! best monetary system for the interest:
| of the United States. For all thes'
reasons it does not at present appear a
| all probable that the victory of Mr.
| Mckinley would be speedily followed
by an international conference. though
If the consequences of such a victor,
became sufficiently disastrous. such {
conference might be eventually forced
on the governments concerned.
ON the other hand what would b,
the position should Mr.. Bryan be vic
tortous and congress definitely deter
mine to enact the free coinage plank
We need NOT stop to discuss from tn,
moral or legal standpoint the question
as to whether the consequences of tn,
reopening OF the American mints to tn,
free coinage Of silver would or wouI,