The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-17

purchasing power of the rupee did not
price of silver; and it is only within
a comparatively recent time that the
notion of a decrease of value in the
white metal has penetrated the minds
of the mass of the people. Not for
generations, probably, would the peo-
pie of the world make any change in
the estimate put upon gold, even
though it were ''demonetized." A final
beating down of it's ratio of exchange
with other commodities might even
tually ensue
The points which we wish to empha-
size. however, are, first, that this would
require the common action of practi-
cally all the leading commercial ma
lions of the world and, second, that
it could happen only after the expira-
ton of long period of per-
sistent exclusion of gold from
the minis of the world. Now, that
which is true in the case of the one
money metal is true of the other We
think it fair to assume, although it is
not capable of direct proof, that some
part of the decline in the commercial
value of silver is due to It's general
disuse as money metal. This does
not mean that it is chargeable to the
act of 1873, but to that act in conjunc-
ton with the cessation of coinage by
the Latin union, the exclusion of sill
yer from the minis of Germany and the
movement participated in by all the
leading nations of the world to rele-
gate silver to the position of a subsid-
larry money metal. 1t has, moreover.
taken a quarter of century for the
full effect of this to become apparent;
and, beyond question, the fall in the
price of silver would not have been as
great but for the persistent agitation.
which has advertised to the world. in
the language of it's advocates that
silver is despised and injured COM
modify that canot regain full stand
ing until free coinage is granted.
Another point that must be made
with equal emphasis is that there is
no way to counteract whatever effect
may have been produced by unfavora-
BILE legislation by the nations as a
whole, unless it be favorable legisIa-
ton by the nations as a whole.
Just as it matters nothing to gold
whether the United States alone coins
1t or not and as it's market standing
would not vary by fraction of a cent
whether it were 'monetized" or de
monetized' by act of congress, so must
silver legislation be equally inopera-
tive. We have no doubt, as true BIZ
metallists generally believe, that COM
mon action by the principal nations of
the world, or most of them, would af-
feet the market standing of silver.
But, just as one man cannot bulge q
weight which can be lifted only by
the united strength of half dozen, SO
would the United States be impotent
to double the price of the enormous
aggregate of silver now in existence
If it attempted the task alone. It would
have to suffer alone all the conse-
quences and penalties of failure. 1t
seems to us that the inevitableness of
that failure and the severity of those
consequences would be better real
lied if people who think on these sub
Jects would but drop for the moment
this controverted issue and endeavor
to realize just how far this country.
acting alone, could affect, by any leg
islation, favorable or unfavorable, that
1T might see fit to enact, the present
market price of gold bullion. Could
law of the United States make an
ounce of pure gold, now worth $40 81.
worth either $40 or $40. as the case
might be? Is not the supposition alb
surd? Is there any difference between
that and the supposition that a law of
the United States could do the same
thing for silver?