The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-08-20
FRANCE axn SILVER.


things could not be any worse FOR them
ana they might as well try change. They
were told that the price % wheat and the
price q silver always went up together
AID down together. II vas useless at
tempting to point out 10 them the notable
exceptions which proved that TO be an IL
accurate rule: and nothing but the ulastTa-
ton afforded - this years events could
shake them. j w3H b. remembered that
not as a joke. bat n solemn earnest, the
rise la the price o. wheat last fall was at
tributeG 70 the manipuIations OF Mark
Hanna IN the interests OF the Republican
party. Those who knew better stood
aghast al the creaaIity Of tbs people. and
the aGdacity % the promuigators Of that
absurd campaign falsehood. II was In
vain 20 point out that Il would take mill
ions Of dollars to maintain the price Of
wheat b artificial support: and that. IN
deed. II would BE utterly impossible. Be-
Gauss whenever a buyer would offer
higher price than that created by the law
Of demand and supply. he would find
hundred ready 10 sell for the sake Of the
profit, and who would De- utterly lndi1er-
ent about party success
The silver advocates constantly pointed
TO France as an Illustration OF the ability
Of = nation 70 keep up the price Of silver
b. law. Many attempts were made to re-
flute the fallacious conclusions drawn from
facts and distorted versions Of conditions
Those who were IN favor Of sound money
might be induced to pay some attention to
the Fefutations last year. bat the free sill
verises ignored them. Il VIII do no harm
10 invite their consideration Of those same
arguments in the Light OF present condi-
tons.
George L. Roberts. editor OF the Fort
Dodge. Ia. Messenger, has written a very
forciole article on the subject Of bi-metal-
iism In France. He writes from the stand
point Of the average business man who
observes facts carefully and reaches con-
illusions logically. Mr.. Roberts shows that
there never has been for any considerable
length Of time actual bl-metalllsm in
France. and that the small difference be-
tween the commercial and legal values OF
gold and silver has always been sufficient
to drive the more highly priced metal out
Of circulation.
First, he says. 70 be considered. Is the
fact when the influx Of gold In 1850 began
the money Of France was mainly silver
From $50 TO 1850 practically the entire in
crease IN the money stock of France was
Ia silver No silver was exported during
that time The gold imported was re-
eelved In the course Of trade and exported
without entering into tire circulation Of
France An ounce Of gold during those
years MAS worth nere than 15is ounces OF
silver. the ratio in France Consequently
when 10 the balance debts OF trade were
due France they were commonly paid In
silver. and when any were due from
France they were collected in gold. TIE
production Of gold and silver varied but
LITTLE during this time and the commercial
ratio was but slightly above the legal
ratio, but Il turned the cheaper metal into
France Ia a steady stream. TO The exclu-
sion u gold. The authorities and statistics
upon the subject support TIE statement bv
Sir. Robert Ginen that by 1855 tho Bank q
France had hardly any gold Ia its TN and
France WAS siiver-usiug country. Fur
ieermore, this silver instead % being in
the custody Of the banks. as money Is kept
in the United States. was scattered IN tba
tlis. pockets and homes Of ths peoole.
France eas thus richly prepared for the
redemption q gold IN silver whicA her nso-
pie carried on fer the following ten years.
q. vas nsmgesuy easler Tor France :,
keep gold ana silver as par even as thl.
country does nov. than l1 Would De- IN
bring them together after ihere has been
s divergence. Under the increased outpat
sold ios; lrst SIS preference. then stood ar
var and finally silver was sllxatly pres
farrea. Then Cresham's law BEGAN IFS fn-
esltable operation ard vold began It's
movement into France and silver og,.
France became 20 the world a great bn
reaa - redemption. Her stock az silver
answered Che purpose of the gold reserve
.n oar trvasaFy. During tho eisat years
from t>S 50 1880 inslus.ve. France last
Sas ee1to .n silver. H. .pste5a y the as
covsries az silver walsh followed haa
cawe theu tae discovery % Che Soa.h
African gel8 essds. The power ~ pras-e
over tne metals would nave been tx.
Hsuste3 ana beg people woalt nave resrA
ss Tsc.res loaded wien Deprecated e5.e
wa3eh they eos.d nor use az thn vafae
they saVe f3T S. Taat IS tee straae.7n {n
trta today Whea rhe ereat silver PRO-
F...tf--. .-.-.- -aH tA. .. .-.