The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-13

Of the people to legislate for themselves.
The Republican platform is the first plat
form which ever declared in favor Of
repeating the Declaration of Indepen~
dence That platform expressly trans
fers from America to Europe the light
to determine the financial policy OF the
United States. According TO that plat
form, the American people should seek
International cooperation i'll restoring
bimetnllsm, but must maintain the gold
standard until that cooperation is so-
cured. The Republican plan is TO invite
foreign assistance. but while we may i'll
wife. European nations are at liberty
to refuse the invitation. and they nave
thus far done so. The Republican plat
form therefore. means that we must
have the gold standard as long as Euro
pean nations favor the gold standard,
and can have bimetallsm only when
they consent to il.
No one believes that bimotalliSm will
prove a panacca for all political ills, but
the money question must be settled be-
fore other questions can be reached. FL
nanciaI independence is a condition pre-
cedent to reform along other lines. The
power that controls our financial policy
can control the policy of our govern
mnnt i'm every other subject, wherever
occasion arises for the exercise Of t,Iat
control. Suppose, for instance, the the
money question were dropped and the
flight against the trusts made the main
Issue. Much foreign capital is invested
i'm trusts, and foreign financiers could
announce that any legislation hostile 10
trusts would be followed by the with
drawal Of foreign capital and a panic.
if they can threaten the withdrawal
of foreign capital to prevent change
of our financial policy, they can threaten
such withdrawal to prevent the annihl-
latiOn of trusts or the regulation of other
CORPORATIONS. Not only can this threat
be made in regard to our domestic poll
cy, but it can be made to prevent the
adoption of, any foreign policy which
does not meet with favor in Europe. We
cannot protect the rights of our citizens.
avenge an insult to the flag, enforce the
Monroe doctrine or express our sympa-
thy with those who are struggling to be
free. if we are to be deferred by the
threats Of foreign investors The right
to legislate for our people on the money
question involves the right 10 legislate
on all questions and until this right Is
secured the discussion of other qucS-
tions will avail nothing. When we have
released ourselves from the dictati0n Of
foreign financiers and overthrow the
local money trust we shall be i'll n pOsit-
ton to undertake the determination of
other trusts and the protection of our
people from all forms of monOpOlist.c
oppression.
hn NJ Mia T.
form are not abandoned. Those who
favor free coinage at 16 to 1 advocate
and will carry out all the other reforms
enumerated in the platform. but they
will not lessen the emphasis placed
upon the money question by the party
itself in it's latest utterances.
But there are some Who admit the
necessity for bimetallism and who con-
fess that it can only be secured by indie
pendent action, but suggest change Of
ratio. They ask, Why 16 to / l an
swer that there are several reasons. Six
teen to 1 is the ratio at which we had
free coinage from 1884 to 1913. 1t is
the ratio now existing between tine gold
and silver coins in circulation, and it is
more favorable to gold than the ratio
now existing in most European coun-
trieS
TO change the ratio by independent
action, besides changing existing con
tracts, lessening our currency and in
curing great expense, would put us out
of harmony with other nations; especial
ly would it put us out of harmony with
France, the European nation most
friend to silver, where the ratio is 15la
to 1. If, by international agreement,
we should change the ratio to 81 to I,
for instance, it would neceSsitate the
recoinage of more than four billions of
silver into coins twice as large pro
yided the change was made by increaS-
ing the size of the silver c0ins). To
double the size of the silver coin of the
world would diminish by one half the
silver money of the world; it would
diminish by one quarter the entire vol
ume of metallic money of the world.
Such a shrinkage in the volume of mon
ey would, in effect, add billions of dol
lars to the debts of the world. Should
so great an injury be done without the
necessity for it being proven beyond II
reasonable doubt?
Bimetallists contend that gold and sill
YER have been driven apart by hostile
legislation, and that they cam be brought
together by friendly legislation. They
contend that legislation favorable to
gold has increased the purchasing pow
er of an ounce of gold throughout the
world and lowered the general level Of
prices, while the same legislation has
lessened the demand for silver and low
cred the gold price of that metal. They
contend that the restoration of it's free
and unlimited coinage by great nation
like the United States will increase the
demand for silver to q profit where the
mints win require all the surplus silver
of the world, and thus, by raising the
gold price of silver and lowering the pur-
chasing power of an ounce of gold will
restore the parity at 16 to l, and there,
after maintain the parity at that ratio,
1t is true that some bimetallists do not
believe that this nation alone can main
tain the parity at that ratio but shall
the great majority who do believe sur
render their conviction to the compare
lively few who doubt? Upon what prin-
ciple can a minority demand of the ma
jority the right to dictate u platform?
Those who are opposed to the gold stand
ard must act together, and the plan of
action must be. determined by the ma
iority. The moment the ratio of Is TO
l us surrendered, our silver plank loses