The herald., 1897-04-19
INTERNATIONAL BIMETALLISM


satisfactory to the bulk of the American
people They are men of ability, charac-
ter and prominence, quite different from
those appointed by Presidents Hayes,
Garfield and Harrison, in that they are
described ae being earnest bimetallists.
The previous commissions were mixed,
some members being for the double
standard and some for goldism, 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 di11cult,
and those who expect great results may
be. and probably are, doomed to disap-
pointment. If they expect the commits
sioners will bring about international
coinage of silver they certainly will be
disappointed, for there ie no such thing
as international coinage of any metal, or
international money of any character.
Each government adopts a medium 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 bound
aries, and it does not so circulate except
to a limited extent.
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 the same in denomination;
each country is attached to its own sys-
tenn, and to the names and values of its
owns coins and notes. The monetary
unit is not the same in any two coun-
tries, and international coinage involves
the abolishment and recoinage of all
coins and a change of the unit in all
European countries. Not many years ago
Great Britain rejected the proposition
for a common European coinage for the
reason that the establishment of a unit
would cause slight change of metal in
her coins.
Each nation looks especially after its
own welfare and adopts a 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 fifteen times
greater than the former.
The medium of exchange in interna-
tional transactions is not gold coin, but
a certain prescribed weight and fine
ness of gold. Though all Europeans
coin gold, yet the coins are not taken for
the value stamped upon them, but at the
value of the metal contained in them
The most that can be done by an in
ternational conference is to bring about
an agreement that certain quantity
and fineness of silver shall be an intena-
tional measure of value on some ratio
with gold. AS London fixes the market
price of silver, such ratio will be de-
manded as will satisfy British dealers
in silver if any agreement at all is ar
rived at.
II ought to be understood by this time
that the government of Great Britain
will be the obstacle inthe,way of arriving
at any agreement by which silver can
gain a decent status. That government
does the bidding of the moneyed classes
the bankers, merchants and great manu-
facturers. Great Britain is 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 the
gold standard, and she did not do 1t from
philanthropic motives, or for love of hui
manity, but simply because from busi-
ness point of view it was to her advant'
age. 1t was money-making policy
under the circumstances that then sur
rounded her. Favorable circumstances
have not changed, except to become
more favorable. II cannot be nationally
expected that Great Britain will yield
to appeals for generosity If she evei
consents to international bimetalism II
will be when she is convinced that II
will be to her pecuniary advantage. Nc
nation will consent till that conviction
is produced, for all nations regard theil
own interests first and highest.
The present is an unfortunate time tc
press the silver question upon the Brit
ish mind. AS London fixes the price OF
silver, that city has a monopoly of the
trade, and it is to the interest of the
dealers to prevent an increase of the
market price, which must follow from a
, large monetary use. Great Britain
watches with quite as much interest as
the American people the action of con-
gress on the tariff question. Every act
, of ours that tends to check her exporta-
tions to this country she regards with
the greatest diefavor. Knowing that
there is strong sentiment in this coun-
try in favor of an extended use of silver
as a money, an opportunity is afforded
for her to demand concessions on the
tariff question. If we ask her to be gen.
ereus on the silver question she is likely