The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1897-11-11
great that 1t cannot retain its former

great CuAt IL CduuOI IctdlA Alo AOh AACA
value. No doubt, its value by interna-
tional coinage at the old value ratio OF
Is to or Is to would so stimulate the
silver-mining industry that from plenfl-
fitness, compared with gold, it would,
in spite of ratio, be deprecated and
fluctuating money. The advocates OF
free and unlimited coinage seem to ig-
more that natural result of the almost
unlimited production of silver bullion.
Silver, during the past decade, has
ceased to be a precious metal.
The second cause is the growing GER
tainty that there Is sure to be enough
gold to make it ''the money basis of the
world" in connection with the free use
of silver as a subsidiary coin. The
worlds annual output of gold has dou-
bled, and more than doubled, during
the past decade. The annual output Of
gold this year is of greater value than
the output Of both metals twenty five
years ago. At the same time, the facili-
ties Of exchange have been so increased
as to economic the use of gold as
money. If the output Of iron or any
other commodity were increasing as is
the output of gold at the present time
it would become drug like silver bull
ion and fall to a nominal price.
Another cause of the failing interest
in what's commonly called bimetallism
is the growing conviction that double
standard is impracticable. The history
of coinage in our own country sustains
the theory of a single measure Of val
ues. When the output of silver was
small, compared with what it might be
to-day, the mercantile ratio of the two
metals changed from time to time, in
spite Of coinage ratios. The intelligent
consideration Of the question in connec-
ton with the history Of coinage in this
and other countries has changed from
bimetallists to gold monometallists
thousands of men. They see that the
maintenance Of coinage ratio fixed by
law at 16 to is almost as impractical
BILE as to establish an arbitrary price
for wheat and corn upon basis which
would make one bushel Of wheat the
equivalent Of two bushels of corn.-In-
dianapolis Journal.
Watching the Yankee Closely.
According to the latest advices from
America, the Yankees are determined
to secure their share of the worlds
trade in iron and steel, and for this pur-
pose six manufacturers In Pittsburg
and the vicinity have. formed a COM
pany called the Export Iron and Steel
Company, the objects of which are to
enter and seek trade in the British
markets. The officers of the company
have been opened at Pittsburg. The
capital is only $4,000, but sufficient
backing has been obtained to guaran-
tee any amount as soon as the increase
Of the business demands it. A London
agent has been appointed, and an at
tempt will be made to do business in
India, South America and Japan The
Americans are an enterprising body
of men, and as rule If they take q
thing in hand they do 1t well; 1t there
fore behoves every iron and steel firm
Of this country to watch Mr.. Yankees
movements very closely. 1t will, per-
haps, be easier to checkmate early, be-
fore he holds anything like strong
position on the board. We know well
what they can do; II not we have only
to look at the tin plate trade. In this
branch they, In very short time, built
up huge industry, driving our Welsh
friends practically out Of their market,
and have now made their first ship
ment towards establishing an export
trade In tin plates. Iron
Trade Circular" England.
American silks to the Front.
Our imports Of silk manufactures last
month were much below the value Of
similar imports In the month Of Sep
TENDER in the three previous years I'M
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