The San Francisco call., 1896-10-12

The boast that the United States Is able all
alone TO whip England and the rest OF the
world into the coinage of silver at 16 to /, or
to force the value of silver up to 81 30 an
ounce, is mere nonsense. We are great peo-
pie indeed, but we have not yet grown to that
commercial strength that our country means
the commercial world Our National pride
may give US extraordinary dreams of our inn
portance, bat it will not do to build the busi-
ness of the country upon those dreams.
Would all the commercial nations together,
coming silver at 16 to 1, bring up the value of
silver bullion to 81 % per ounce? Perhaps
Strong commercial reasons suggest the con-
trary. Would America alone bring silver to
81 %? Assurediy not; although, OF course,
the new demand for silver from the mints
would give some increase to its value, which
increase, however, might again be Offset by an
increase of production.
Some imagine that the ratio of silver to gold
was always 16 to L or thereabouts The ratio
was constantly changing throughout historic
times. at one time silver was more valuable
than gold at another time, since the discov-
cry of America, silver was ten times less valu-
able than gold. The ratio is constantly chang
ing and the question for us to-day is not what
the ratio was al preceding date, but what it
should be in our time.
But has not Herr Bismarck counseled the
United States to go ahead and make the ex-
pertinent all alone? Yes; and some Ameri-
cans quote his words as authority. The sly
old fox would, indeed, be pleased to see Amer
lea make the experiment and go to the bottom
of the sea. Free co mage then will give us
money worth in the commercial market of the
world little over half its nominal value. No
one imagines that the stamp of the Govern
ment gives value TO q piece of metal; 1t merely
certifies to the qrality and quantity. Other
wise the Government stamp might as well be
affixed to copper or mere paper. If the Gov
ernment stamp gave value the debased coin
issued in the past by impecunious sovereigns it
would not have ruined the subjects of those
sovereigns, and the assignats OF France and
the paper issued by Ferdinand of Naples CEN
tury ago would not have sold in the market al
most as Government rags.
Legal tender, compelling men to accept
against their will money above its CONNER
cial value in the markets of the world, is rank
injustice. The early financial statesmen of
Morris, Hamilton-never
thought of making the legal value of coin
higher than the commercial value of the
metal out of which the coins were made
Therefore, wi tn the passage OF free coinage,
we shall have currency rejected at its NOM
inal value in the commercial markets of the
world, unstable and fuctuating in real value.
Business cannot prosper with such currency.
The first condition of life of business is sta
bility of currency. No one will invest money
of certain value to-day in commerce and
industry If by the time the raw material has
been turned into marketable wares the cur
rency is likely to have changed in value.
Business in all branches would become a
gam ble-and conservative capi-
tai would keep out OF sight. No loans would
be made. 1t is nonsense to say that capital
must put itself into the American market
whether the capital be American or European.
We should not be deluded by words. We may
clamor in vain for capital. II will moi come
to us unless there be security for it. 1t will
remain in the vaults of safety or go to other
parts OF the world where reward is small but
certain. And without capital there would be
no enterprises and no work for the people.
am absolutely convinced that the laboring
classes will suffer the most of all from free
silver coinage. Ana yet the laboring classes
are those that are the most urgently appealed
to in this free silver movement man who
talks against free silver is put down at once as
an enemy of the common people,"
Well, for my part, am willing to be called
an enemy of the working classes, of 'sthe COM
mon people, If am in reality advising them
ests. Those above all othersin the land w no
silver movement are the laborers of America.
But will not the farmers be benefited? win
they not receive higher price for their prod.
ucts9 Maybe a higher price, but not higher
value. of what use is tito have q dollar, in
stead of half dollar, if the dollar can pur-
Continued on Second Puoe