Iron County register., 1897-05-27
INTERNATIONAL AGREEMENT.
Outlook for Securing BimetaIIAam in
This Manner.

satisfactory to the bulk of the American
people They are men of ability, char
acter and prominence, quite different
from those appointed by Presidents
Hayes, Garfield and Harrison, in that
they are described as being earnest BIZ
metallists. The previous commissions
were mixed, some members being for
the double standard and some for gold
ism, pure and simple.
There should be no fiorid expectations
in relation to what the commissioners
will be able to accomplish. The task
before them is immense and difficult,
and those who expect great results may
be, and probably are, doomed to disap-
pointment. If they expect the commits
sioners to bring about the international
coinage of silver they certainly will be
disappointed, for there is no such thing
as international coinage OF any metal. or
international money OF any character.
Each government adopts a medHm of
exchange among its own people to suit
their convenience and interests. The
money of country is not intended for
circulation outside of its own boun-
daries, and it does not so circulate eN-
CSpl ~ d lllilllCd
And it is wise that it should be so,
for were it otherwise the opportunities
for counterfeiting would be greatly in
creased and more difficult to prevent. 1t
is as much as any government can do
to prevent cOunterfeiting within its own
jurisdiction. Besides this, coins and
notes are not of the same denomination;
each country is attached to its own
system, and to the names and values
of its own coins and notes The none
tary unit is not the same in any two
countries, and international coinage in
wolves the abolishment and recoinage
cf all coins and Il change of the nnlt IN
ali European countries. Not many years
ago Great Britain rejected the PROPOSE
tion for common European coinage
for the reason that the establishment of
a unit would cause a slight change
of metal in her coins.
Each nation looks especially after its
own welfare, and adopts & monetary
system which it IS supposed will best
promote it.
The trouble with this country is that
it looks more to Europe than at home
for a monetary policy, and is governed
more by the demands of international
than domestic trade, Notwithstanding
the latter is more than Is times great
cr than the former.
The medium of exchange in interna-
tionaI transactions is not gold coin, but
a certain prescribed weight and fine
ness of gold Though all Europeans
coin gold, vet the coins are not taken for
the value stamped upon them, but at the
value of the metals contained in them.
The most that can be done by an
international conference is to bring
about an agreement that a certain guam
tity and fineness of silver shall be an
internatianl measure of value on some
ratio with gold. AS London fixes the
market price of silver, such a ratio
will be demanded as will satisfy Brit
ish dealers in silver, if any agreement
at all is arrived at.
1t ought to be understood by this
time that the government of Great Brit
ain will be the obstacle in the way of ar
irving at any agreement by which silver
can gain decent status. Thatgovern-
ment does the bidding of the moneyed
classes-the bankers, merchants and
great manufacturers. Great Britain is
a creditor nation, and sells more than
she buys. Trade balances with the
world are in favor of her people, and
the scarcer and dearer the medium with
which balances are paid, the greater are
the profits to that country.
Great Britain led off in adopting tht
gold standard, and she did not do it
from philanthropic motives, or for love
of humanity, but simply because from
q business point of view it was to her
advantage. 1t was a money-making
policy under the circumstances that
then surrounded her. Favorable cir
cumstances have not changed, except
to become more favorable. 1t cannot
be nationally expected that Great Brit
ain will yield to appeals for generosity.
If she ever consents to international BIZ
metallism it will be when she is con-
vinced that it will be to her Pecuniary
advantage. No nation will consent till
that conviction is produced, for all ma
tions regard their own interests first
and highest.
The mass of the American people ear
nestly desire that the commission shall
he successful, but preceden:s are dis
couraging and circumstances are unfa-
vorable. 1t perhaps is well to keep up
the agitation through a commission; it
may at some time develop a sentiment
that will give silver proper recogni-
tion as a money market. To pass law
for the appointment of a commission
is q solemn confession that the volume
of redemption money is inadequate, and
that its enlargement is necessary; it is
q blow at the extremists who hold that
there is gold enough for the worlds
uses.
If we have reached the point in BELIEF
that silver should be made an inter
national standard value. it would seem
to follow that there must be a convic-
ton that its enlarged employment in
domestic transactions would be very
useful if it is not an absolute necessity.
Therefore independent action on our
part should not be postponed. We
should not await the results of efforts
with European nations. In trade with
other countries there are to an extent
interviewer the interests. but they are
trifling in comparison with those that
are domestic. \ nation that refuses to
take action in regard to its own policies
until il procTres the consent and CO.
operation of :he family of nations is
not independent. and it will be handi-
capped and prevented from ryomoting
its own prosperity and progress.-Los
Angeles Herald.