The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-09-04
CHADLER ON SILVER.

and worship the golden calf, nor does
he attribute the present return OF pros
perity solely to the passage OF the
Dingley bill, as do some of his fellow
republicans. Senator Chandler Is still
kfrm advocate of bimetalism, and the
present low price to which silver has
fallen does not cause him to fear lest
it shall yet be recognized as basic
money metal the world over. In
recent interview, which, by the way,
was not given out by the Associated
Press or published In the strictly re-
publican journals. Mr.. Chandler said
Sin part:
"Many are asking me what effect
think the continued fall in silver will
have upon the prospects OF bimetalism;
Uf the restoration OF silver free coin
age by international agreement or
otherwise. 7 reply to them that l think
the progressive depreciation OF silver
ought to expediate bimetallism, as
means of preventing the full. realiza-
tion of the injuries which mankind
must suffer if all tho commercial
nations of the world are to continue to
move toward and are to fully and finally
reach and permanently adopt gold
monometalism.
;'One of the most important facts l
have learned in connection with the
study of this question is that the pro-
J gress of great economic changes
is very slow,.and that the effect OF the
J demonstration of silver by the nations
(which began in 1873, was only partially
felt during the twenty years prior to
7 1893, in which year the Indian mints
were first closed to silver; and that
such effect has been by no means fully
realized at the end of the four years
since 1893. This slow propagation OF
the result of economic shocks is clear-
" depicted by Professor Francis A.
Walker, in his work on bimetalism,
! and is amplified by me in my remarks
in TIE senate on February Is last.
'sThis point is a most important,'if If
not vital one. If the complete re-
suits of discarding silver, which lowers
prices and thereby hinders trade, have
been already reached and no future in-
jury from characterization is to be ap-
pretended, possibly the world may be
held to the single gold standard. But
if the tendency of the last twenty.four
years to fall in prices, caused, as al
alleged by stoppingsthe coinage OF sill
yer, is much longer to continue to pre-
vail, the nations of the world cannot
be held to gold monometalism. The
renewed coinage of silver will be ire
=sistably decreed by byuncontrolable pop
ular movements. The temporary con.
ditiops of today or tomorrow Will not
settle question so broad and univer-
sal as the issue between the new gold
monometalism and the old bimetalism.
sUnder present conditions it is not
strange that silver. continues to fall in
price. There is no longer any demand
flor the metal to coin into money; so
every year 1920, 900, 600 worth lat the
ratio of 154 to y must find its way into
/, use in the arts; and in addition the
price is threatened by 81, GOO, 900, 600
worth of silver, now constituting the
worlds coined silver, but which is
likely to be precipitated upon the mar
ket as a 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
retrograde movement toward remone-
tization, silver will fall until it com.
mands only its price as a commodity to
use in the arts. Where the lowest
price will be no one knows:and no man
can ascertain. But here is no argu-
ment against bimetalism. The prin-
cipal value of gold and silver is derived |
from their use by thenations as money: |
and the principal argument in favor OF
the RECOMMENDATION of silver is derived
from the continuous fall in prices of |
commodities since 1873-greatly accel- |
Grated in 1893.
"The fall in silver will not lesson
the present or prospective woes from
monometalism- 1t only points the
moral of demonstration. The gold
price of silver falls and SO fall the
prices of all other commodities. Such
q fall in the prices of the 'necessaries
of life is beneficial If it comes from
natural causes, but is injurious, accord
ing to all political economists if it re-
suits from the cancellation or destruc-
ton of the money of the worl I. which |
is the measure of values. If this wrong |
to society has been progressing for |
twenty years it will be wise for the |
free citizens of America. who can ac-
comphsh results by votes to begin the |
inquiry anew lnow that the tariff ques-
ton passes out of sight for a time) |
whether the work of remedyiug the
wrong ought not soon to begin. This
question is not to be answered alone
by the money lenders and the persons
of fixed incomes. All classes in the
win study it anc will reach
and act upon their. conclusions. l
should be glad 1t could think the
question has disappeared. dari Che
reason that silver has gone down in
price everywhere because demone
ed and wheat has gone up every
because of shortage of crops
rs countries. But isSthe ques-
Gone? Let us not be too
= inquiry"
i EHERYTHING.
rejoice over
of our sill
Ring over
But it