Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-08-12
UNLESS ENGLAND LEADS.
FRANCE AND GERMANY WILL NOT
JOIN US.
Perry Belmont Thinks England ia Wen,
Satisfied with Things as They are aud
win Not go to the Double stNndar
Unless Forced To.

trip, relative to international bimetal-
lism.
He is not hopeful! He is not half so
sanguine as Mr.. Edward o. Wolcott,
whose saith in England's coming to our
rescue seems to be as proof against wear
and tear and frayed edges as the love
Of David and Jonathan.
Mr.. Belmont makes some statements
which sound unfamiliar insofar only as
they come from one who, previous to
election, was industriously engaged in
disseminating the seeds of an innocent
faith in England's speedy conversion
to international bimetallism-
He says, and of this let American in
ternational bimetallists who rush into
print that England is on the eve of sur
render whenever new European con-
vert is announced, take notice:
"In regard to the present attitude of
Europe toward international bimetal-
lism, there are advocates of itin France,
England and Germany, as there were
year ago, but the advocacy has not in
creased in volume or intensity"
The truth also of the following state
ment is simply attested by the writings
and speeches Of silver men, whose eyes
have been open to what Mr.. Belmont
now admits, that is to say, England's
selfish interest in the perpetuity of the
gold standard, for more years than
days have elapsed since Mr.. Belmont's
revelation;
"Neither France nor Germany will
unite with US in placing gold and silver
on a parity unless England leads the
way. The continued increase in gold
production, the surplus last year and
this year of British income over ex-
penditures, the continued supremacy
of England in commerce and of London
as the international money market
have the effect of persuading Parli-
ment that the present coinage, curren-
cy, and financial system. is good, even
though there is distress in India. Re-
duction of taxation with an enlarge
ment Of its basis there may be, if peace
continues, but probably not a modif-
cation of coinage or currency laws SO
long as existing British industrial
prosperity endures." England's pros
perity is building up under the gold
standard as ours, and all agricultural
and credit nations are decadent and
disappearing. 1t is not her navy nor
her army which makes her mistress of
the sea and land but her golden SOW
ereign. 1t possesses a power which re-
duces nations to invisible bondage, and
brings to her marts the intercepted re-
wards of human labor from all lands
and climes. Like dry sponge, it alb
serbs the fruits of its victims efforts
coming back gorged with offerings to
lay upon the alters of usury and ava
rice,
viii England forego this advantsgeP
Not until compelled to. Never by
junketing commissions Only when
forced to by the certainty, when we
adopt free coinage, of taking from her
the trade and commerce of the silver
standard world. Then England will
open her minis to silver in order to save
her manufacturers from ruin caused by
a prohibitive rate of exchange with
such countries as against ourselves.
Mr.. Perry Belmont is very clear when
he discusses conditions obvious to any
candid and intelligent observer of Eu-
ropean finances. But when he be-
comes speculative and retrospective,
the result is alarming. For example:
European bimetallsts believe that
If, in the failure of international BIZ
metallism, we shall open our mints to
silver on the ratio of 16, and subse-
quently Europe opens hers on the ratio
OF 49,, then all our gold will leave us,
as it did after 1884, and only token sill
. yer coins would remain"
From this it appears that if silver
was valued at Sl.29 an ounce in the
United States, and at ST. 80 an ounce in
Europe, each country would keep the
dearer metal and part with the cheap
er. 1t will be seen that the pet doc
trine of the gold men-the so-called
Gresham LAWS suspended by Mr.
Belmont to meet the exigencies of the
case. In view of the fact that the var
ious Secretaries OF the Treasury agree
that after 1894, the difference in the
coinage ratio between Europe and
America caused our silver to go to Eu-
rope. where it was valued at cents
per ounce more than here, it seems
that there is an explanation dine from
Mr.. Belmont.
That gentleman, however, modestly
attributes TO European bimetallistsv
the belief that one would prefer to sell
silver at s1.99 an ounce and keep It in
this country, rather than sell it for
S1.3S an ounce and permit it to 90
abroad. Also that one would prefer to
sell % grains of gold for one dollar, and