The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-13
Mr.. CHANDELIERS VIEW
TEMPORARY CONDITIONS DO NOT
SETTLE QUESTION so BROAD
The WRONG SHOULD BE REMEDlED SOON
The Renewed Coinage of Silver viii Be IRE
sistibIy Decreed by Uncomfortable Popular
Movements, and the Nations Cannot
be Held to Gold MonometalIiSm.
Washington Posto

Editor Post: Many of your readers
are asking me what effect L THINK the
continued fan in silver will have upon
the prospects of bi-metallism; OF the
restoration of silver free coinage by m
terIiational agreement, or otherwise. l
reply to them, through your courtesy,
that | think the progressive depreciation
of silver ought to expedite bl-metallisn
as a means of preventing the fun reah-
cation of the injuries which mankind
must suffer if all the commercial nations
of the world are to continue to move TO-
ward and are to fully and finally reach
and permanently adopt gold monometal-
lism.
One of the most important facts /
have learned in connection with the
study of this question is that the pro-
gress of great economic changes is very
slow. and that the effect of the demone-
tization of silver by the nations, which
began in 1873, was only partially felt
during the twenty years prior to 1898,
in which year the India minis were first
closed to silver and that such effect
has been by no means fully realized at
the end of the four years since 1898.
This slow propagation of the result of
economic shocks is clearly depicted by
Prof. Francis A. Walker in his work
on bi-metallism, and is amplified by me
in my remarks in the Senate on Febru-
airy IS, 1897, Il copy of which | will
send to any person upon request.
PRESENT CONDITION OF SILVER.
This point is a most important if not
a vital one. If the complete results of
discarding silver, which lowers prices,
and thereby hinders trade, have been
already reached, and no future injury
from demonstration is to be apprehend-
ed, possibly the world may be held to
the single gold standard. But If the
tendency of the last twenty-four years
to a fall in prices caused, as alleged, by
stopping the coinage of silver is much
longer to continue to prevail, the ma
tions of the world cannot be held to gold
recommendation. The renewed coinage of
silver will be irresistably decreed by
uncomfortable popular movements.
The temporary conditions of to-day or
tomorrow will not settle a question so
broad and universal as the issue between
the new gold monometallism and the
old bimetallism.
Under present conditions it is not
strange that silver continues to fall in
demand for the metal to coin into money;
so every year $220,000,000 worth lat
the ratio of 151a to u must find its
way into use in the arts, and, in addi-
ton, the price is threatened by $4,000
100000 worth of silver now constituting
the worlds coined silver, but which is
likely to be precipitated upon the mar
ket, as commodity not needed for
money if it is only money because it
must be redeemed at all times and
places in gold. Paper money will be as
good, and even better, than silver, if the
latter is not to be as complete money,
as is gold. If there is to be no retograde
movement toward reconciliation, silver
will inevitably fall until it commands
only its price as a commodity to use in
the arts. Where the lowest price will
be no man knows and no man can ascer-
tain. But here is no argument against
bi-metallism. The principal value of
both silver and gold is derived from their
use by the nations as money, and the
principal argument in favor of the re-
monetization of silver is derived from
the continuous fall in the prices of COM
modities since 1873, greatly accelerated
since 1893.
THE DECLINE IN PRICES.
". 81 l. III