Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1897-08-20
Washingtou STANDARD
NO NEED OF A CONFERENCE.
other Nations Would Follow Our
Lead Says President Andrews.

Lead Says President Andrews.
Prof. +. Benjam Andrews, who
has been removed from the presidency
Of Brown University because OF his
strong financial views, recently re-
turned from Europe, where he has
studied the trend of bimetallism.
On the proposed conference he says
that in the first place there was really
no need of conference in order to es.
tablish or re-establish bimetallism in
the commercial world.
"If the United States were to insert
in the Bland act the omitted clause
providing for the free coinage OF sill
ver," he said, international bimetal-
lism would be accomplished, for the
other nations would follow the lead of
this country.
England is entirely willing to re-
store the free coinage of silver in In
dia, and England's contribution to BIZ
metallism would be much larger than
either the gold or silver men in this
country imagine. In the first place
there would be the re-opening OF the
minis of India, which would make q
contribution that would be simply
enormous. Then there might be the
coinage of half sovereigns, and the
Bank of England might use silver for
20 per cent. of its reserve. These
would be contributions that the peo-
pie of this country have not taken
into consideration fully.
"The only difference to-day be.
day between the gold men and the
silver men of the scientific stripe is
that the former would have bimetal.
lism by getting the other nations to
agree to 60 into business beforehand,
while the silver men believe that the
adoption of bimetallism at the ratio of
Is to in this country would be fol-
lowed Immediately by the adoption of
the principle in England and France.
And from what 1 have learned while
abroad 1 know that England and
France would follow our lead. While
the former proposition might seem to
be the safer, believe that this great
and wealthy nation can set the ratio
of the world in view of the fact that
France maintained it for years and
years by the purchase of silver. II
international bimetallism is estab-
lished as the result of a conference
the ratio will undoubtedly be Isl to
1; that will satisfy the silver men of
this country; it will wipe the silver
question from politics, and new is
sues will be framed by the political
parties"
Commenting upon the discoveries
of gold in Alaska, Mr.. Andrews says:
"Instead of there being a danger
that the price of silver will 60 down,
there is more likelihood that it will 60
mp in relation to the price of gold
and will be retired from circulation
on account of its great value. II
these reports of the finding of gold in
Alaska are all that they appear to be
this may occur. The material value
of silver as compared to gold is about
Is or 16 to l, because that is about the
proportion in which the two metals
are mined, but the amount of silver
taken out of the mines in proportion
to the amount of gold is steadily grow
ing less, so that silver is, theoretically,
and should he actually, increasing in
value. And all that stands in the
way of that increase in legislation
Is nothing but legislation"