The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1898-08-25

fected with comparatively little money.
and the money is in use only a short time.
This feature OF commerce is commonly
referred 10 as tho efficiency OF the money
unit. But when. as in this country, pro-
Queer and consumer are thousands OF
miles apart the case IL entirely different.
Before any exchange can take place the
commodities must all be reduced to a
common denominator-money: and this
money is In use a considerable length OF
time; then freight and insurance must
be added. These elements greatly aug
ment the volume Of money required by
the people, and this increase Ia measured
by the transportation OF a country.
This is where we shine. for does not the
total tonnage OF all the railroads In the
world outside this country, added to the
total water traffic of the earth, our own
included, lack 100000 of tons Of eaualling
the annual tonnage OF our railroads
alone?
When we consider the foregoing facts,
does 1t not become apparent that We are
more than one-third OF the commercial
world and that we create more than one
half as great a demand for money as all
the balance OF the world combined.
We have heretofore shown that five In
dias could restore the parity between
gold and silver. but. commercially speak
ing. Spain is considerably greater than
great as Spain, and we are more than five
times as great as England. and still our
opponents tell us that We must submit to
a ruinous financial policy until we can
get the consent of some puny power on
the other side OF the Atlantic Ocean.
For shame! Why don't they come out
boldly and proclaim that they are for the
gold standard. first last and all the time,
because the bondholders want III why
don't they say, as The London Times
frankly says: I'VE like things cheap. the
cheaper the BETTER" Why don't they
throw off the cowardly mask of hypocriti-
cal cant about International agreement?
They are just as much opposed to inter
national bimetallism as they are TO free
coinage.
Take another view OF the situation. Sew
enty-hve per cent. OF all the people Of
this earth today transact their business
with silver. and these rs per cent do one
third of the worlds business, the other
two-thirds being done with gold. As there
is twice as much businfes done with gold
as with silver, the de'aand for gold II
twice as great as the demand for silver.
and its exchange value Is therefore twice
as great: but II this country were to
abandon the use OF gold and take direct
20 silver monome tallism. would not two
thirds of the worlds business be then done
with silver and only one-third with gold?
Would not the demand for silver be
twice as great as the demand for gold.
and its exchange value be twice az great
as the exchange value OF gold? And if
the United States could thus raise silver
TO a premium OF 100 per cent. over gold Is
II not preposterous 10 talk about our in
ability to restore II to a parity with the
yellow metal?
But II there were the slightest room to
doubt our ability TO restore silver to a
par with gold by independent action. no
candid man pretends that there IL any
doubt about the ability of this country,
aided by France and the Latin Union. to
do 80. and our opponents have long
known that the aid OF these countries
could be secured at any time by giving
them n trihing advantage In our markets
| through the medium OF discriminating
| tariffs.
Such action as this even you, Mr.. Speak
| or, advocated in your interview with the
reporter OF The London Fortnightly Re
| view only a short time ago. II has been
| in the power OF the Republican Party to
enact such legislation at any time since
| Congress assembled. II there were even
| enough bimetallsts In that party TO force
| a. bill TO he reported to tho House they
| could secure its passage by the aid OF the
| bimetallists on our side Of the chamber.
But Wall Street is so completely In con-
| troll OF the Republican Party as TO prevent
| even the consideration OF any such leg
| isiation: and yet that party unblushinEly
| puts forth the miserable pretense that Il
| favors himetaliism wherever II can catch
| votes by so doing. while in districts
| strongly inoculated with the virus Of gold
| monometallism Republican leaders point
| with pride to the fact that the Admins
| tration deliberately discredited the VOL
, colt commission. and by the active inter
| ference of Secretary Gage made the sue
cess OF that commission impossible.
| II is believed by many that President
/ Mckinley at heart disapproved this dis
| graceful act of his secretary. hut he HIS
| not dared to openly disayow the treach-
cry of Mr.. Gage nor dismiss him from his
| Cabinet.