The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-11-23
rnE ounNnNcY pN0nLEM.

| there is no use in trying, But for tWen-
| ty years the silverite has been "holer-
| ing for silver in the Senate, and the re-
publican as a rule has said nothing and
done worse. Jones, Stewart, Bill
| Chandler, Cockerell, Vest and all such
have been shouting silver, and the gem
eral public, observing no reply, have
concluded either that cheap silver was
sound money, or that unintelliglble BIZ
| metallism was better than the single
gold standard.
L do not recall a single pronounced
| advocate of the gold standard in the
United States Senate who belongs to
the republican party, unless it be Plat
or New York, and he is too much of
trading politician to command or OBJ
tain any general influence. Cameron of
| pennsylvania voted for the free and
| unlimited coinage Of silver. Quay is
| tor silver or "Wolcott bi-metallism."
Bill Chandler of New Hampshire is of
the same mind, if he has any. Lodge of
Massachusetts advocated retaliatory
legislation against England to compel
her to adopt bi-metallism. Hoar in his
speech in 1893 on the proposed repeal of
the sherman compulsory purchase act
OF 1880, said that currency questions
! were as complicated as calculus or the
law of contingent remainders, and in
| that wonderfully clear condition of
mind, he embraced international BIZ
metaliSm." His idea seemed to be that
the United States could not stand it to
keep on with the Silver drunk'' alone,
but could stand 1t il all the other in
dustrial nations would go on 'silver
drunk" with us.
| In sober truth all the detestabIe legis-
lation by which the United States has
been forced to buy pig silver and
warehouse it with warehouse receipts
for the coined dollars, with "coin"
notes for the pig" bullion, entailing a
loss upon the United States of hun
dreds of millions Of dollars, and upon
the general public of hundreds of mill
lions dollars more, has been republi-
can legislation.
| England, by streak of good luck,
obtained from parliament between 1850
and ITO coinage act, by which at the
coinage ratio gold was cheaper than
silver, and so gold drove silver out OF
land then had two advantages, in that
! "a gold had always been recognized as,
far and away the better of the two
metals, as the standard of value. and (2)
in fact gold came into use as the only
actual standard of value Matters thus
went on in England for over a half CEN
fury without any currency row, and so
i quietly about 1920 she dropped the dead
| Lott Gil sta nj no ctr
just as we dropped the old Maine liquor
law, after it had been a statutory dead
4 letter for twenty years or so. England
has had no trouble with her currency,
except with Senator Wolcott, for 125
years.
So the United States In 1894 altered
the coinage law so as to make gold
cheaper than silver at the coinage ra-
ito, with the avowed intention of keep
ing silver out of circulation and of be-
ing and remaining on a gold monome-
tallic basis, as England was, and forty
years afterwards, in 1873, as England
had done, we dropped the then dead
letter silver standard out of our coinage
statute. But as the thigh protection"
; idea grew wild in the republican brain
something had to be done for silver"
and hence the Bland-Allison act Of 1878
(passed over the veto of President
/ Hayes purchasing two million ounces
of silver per month, and the Sherman
act of 1890, purchasing four million
ounces of silver per month, followed by
and resulting in the disastrous curren-
, cy panic of 1893, Organism and the dew
il generally
We have not recovered from this
currency debauch, and until we do,
there will not be any general in
dustrial prosperity. For the currency
is to business what the blood is to
) health and life. 4 disordered currency
is confusion, paralysis, bankruptcy.
Bad blood is malaria, disease, death.
To cap the climax, the republicans in
1890, or whereabouts, tumbled into the
United States Senate twelve, nearly all
silver, senators from the new small
states of Idaho, Wyoming, Montana,
Washington and North and South Da-
kota, and that too with the spectacle
before them Of Jones and Stewart, SEN
ators from Nevada, state with an area
as large as nearly all New England, but
population only half that of the city Of
New Haven; and as to wealth, the city
of New Haven could burn up all Neva-
Ga IN a SOOQ Olu-fdSnlOneQ FOurrn Oh
July celebration and not feel it.
Moreover, right on the heels oe the
last election the republicans sent Wei
colt with his bi-metallic committee te
''do something for silver" in Europe;
and Wolcott in fact offered France and
England that the United States woulc
go into the free and unlimited COMA &c
of silver, 1914 to i, if France would &c
so, and England would" do something
for silver, and so again the republicans
have beclouded the financial reputation
of the United States Chad enough be.
fore) throughout the commercial world
am persuaded that the average re-
publican statesman was in 1873, and
still is, after all these years of disas-
trous' experiment and experience, pro-
foundry ignorant of the rules that af-
feet the question of standard of value
legal tender, &C. The fear seems tc
have been and to be, that the single gold
standard cheapens and will cheaper the
price Of products, and that If all indus.
trial nations adopt by statute the single
gold standard, there will be "clutct
for gold" a gold famine resulting In
disaster which to the imagination Of
the bi-metallic republican will be terri