The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-10-30

ro,ss,or ~ other nations 20 abolish IT.
This argument Is causing the leaders OF
the sound money party 10 abandon the
plank
"In the pamphlets with which tney are
flooding the states. and which are beln.s
poured into this country from Europe also,
and In the leading New York papers m
ternationA himetallism is being treated as
an fmpossibillty and dellsion, ana 'ne
single gold standard is being dennitelN au-
yocated as the best monetary system Tor
the interests OF the United states. For all
these reasons II does not ut present appear
nj an probable that the victory OF Mt Nc
Kinlcy would be speedily followed ~ an
international conference, though. II the
consequences Of such victory became sur
Recently disastrous. such conference
might be eventually forced on the govern
ments concerned.
ION the other hand. what would be the
position should Mr. Bryan be victorious
ana congress definitely determine TO enact
the free coinage plank2 We need not stop
to discuss fire. N the moral or legal stand
point the question as 10 whether the con-
sequence of the reopcning OF the American
minis 10 the free coinage OF silver would or
would not he OF the nature Of a partial re-
pudiation or scaling down OF American
liabilities abroad.
"It is quite certain that neither MT Bry-
an nor his colleagues desire any such re-
suits Their firm belief Is that free COM
age would prove to be an eNeclNe anu
permanent establishment OF the parity ne-
tween the various forms OF American cur
rency and between gold and silver through
| ont the world Their argum ents are all al
rected 10 a demonstration that this would
| he the result, and they are supported py
| American and other economic ana imam
| clal authorities Of distinction who nave GER
| tainly no reason TO wish that their preulv-
tions may be proved 10 be wrong rot 90
vious reasons Mr.. Bryan and his sup
| norte-s must hope that the experiment
| vail he completely successful. Though
| should n fail 10 maintain the parity they
| would be IN a position 10 throw the pldihe
| for failure on the European countries
| which would be the chief sufferers py the
| failure and whose governments are al
| reaSv nl.sred. In conformity with resolu-
| lions passed recently by their respective
parliaments. 10 do their utmost 70 MAKE
the experiment success.
LET US suppose that the effect OF MI
| Rryan's election were 10 be speedy res
toration Of the American ratio between
| gold and silver throughout the Nofid can
| anyone imagine that the governments or
Germany. France. Great Britain and lndla
would dare Is take the responsibility or
| allowing such an opportunity for securing
! that STABILITY OF the exchanges which all
have declared 10 be % sirable 70 pass I'M
1 utilized. or would face the possiniilty OF
| another disastrous fall without doing any
| thing 10 secure the position or. 10 take
| the extreme view on the other side. let US
| snppos, that the consequence Of free coin
| APO in the Emitted States would be rapid
depletion of the gold reserves in the United
States and a consequent iail OF the Amerl-
can exchange until the dollar became a
| 53-cent dollar wo-ld the European ana
Indian governments regard such impend-
ing results with cquanmity and refrain
| from doing aN.thing 10 avert or mitigate
| them?
For. with such prospect, the position
Of the inves .0rs bankers, rnanciers, pro-
duccrs and merchants Of Europe woulG be
very different from what II would he
! should the United states maintain the gold
standard The burdens OF all American
debtors would be lightened at the cost,
az least OF all those creditors whose bonds
are not specifically payable IN gold. Amefi-
can producers would become as formiua-
be competitors IN the worlds markets.
as, for instance. the Argentine wheat
growers and the Bombay mill owners
have become The burdens OF Europe an
debtors and OF the british colonies would
he Increased By further fan of gold prices
Perhaps the European investors might
hesitate in deciding whether the ran y
American bonds might not be compensated
by a rise in the value Of American ran
way shares consequent on the increasee
| activity Of the American export trade ant
the reduction-in terms OF gold-of th'
fixed charges But on the whole, IN view
Z | OF such prospects, IL seems probable tina
even London and Hamburg WOULD hecom
anxious for conference. and that, W
take it, is Prince Bismarck's opinion
Here is one from the irish News, ;
Belfast paper. 1t appeared on scpten
Der IS, 1896:
''The free coinage OF silver in America
| would have one Of two consequences
Either II would bring about a restoration
, OF the parity between the American cui
rency and the louble currency throughou
the world, or ID would cause "A depletion O
the gold reserves in the United state
and a concomhant fall Of the exchange
, should the first-named result follow. Their
Is no escape from the conviction that tn
governments Ok the world would embrace
and be bound 10 embrace. the opportunit
> | to make ID permanent. IN the other alter
! native something like a panic would y
T created among European flnanciers al
. ! commercial men generally. and the 81
lterfcrcnce Of their respective government
\ | would inevitably follow. Such. at any rat =
| Is Bismarcks diagnosis OF the situation
. and 1t appears to hc sound and accura-
r one The experiment which Mr. Brya
: and his supporters wish to make, is on
1 | which ALL except OF course the gOldite!
/
Z sincere IN their desire 20 bring about a
= effective settlement Of the currency ques
= ton. and IT is clear that the carrying OF
OF their scheme Of free coinage does ten
IN that direction
= The English bankers are laughing q
r. our American fnanciers. They az
: amused at the efforts now being mad
i by our British-aping money expert
Il who have adopted the goid-standar
n craze because il lis English We know.
! In an article published in the Banker
! Magazine of October. 1896, W. X. La'
@ son. recognized financial authorit.
has an interesting article entitled
= "The Rcfux OF Gold to America
Il From what Mr.. Lawson says the Ems
Z lish are not losing any sleep over III
y loss Of their gold Many of our peopl
81 seem to imagine that in some myster
g Gus way we acquired $50 10000 or $40
q 100000 of English gold without payin
~ for IL, and dumped il into our treasur
ID vaults and locked il up before the Eni
\, lishmen knew what was going on. Il;
at Mr.. Lawson does not agree with tn
he theory. After detailing the vario,
~ movements of The gold current betws