Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-08-26

But suppose that this country should
pass free coinage law and we found
ourselves unable to restore or maintain
the parity between gold and silver at the
present ratio by such law. What would
happen then? Our opponents say that
gold would he driven out OF circulation
here. that We would so to n silver basis
to silver monomctallsm-that all our
gold would leave the country-and go 20
Europe, and no one would use gold in
the transaction of his business here be-
cause there would be a premium on II.
This Ia the worst that could happen.
But how would all this affect us? We are.
as heretofore shown. one-half Of the gold
using commercial world, and II one-half
the world suddenly abandoned the use
Of gold. would not the demand for gold he
greatly decreased an its exchange value
Correspondingly diminished? Would not
gold he made more abundant and easier
to get in Europe. where our surplus pro-
ducts are sold? And would not the gold
price OF these surplus products greatly
advance. and is not an advance in price
the very thing that the Republican Party
promises 20 promote by protection? Is
not every advance in price now hailed by
the disciples OF the Advance Agent Of
Prosperity" as a glad omen, an indorse-
ment of their political prescienoe. a de-
monstration Of the wisdom of the Ding
ley bill? Let US diminish the demand for
gold, diminish the exchange value, and
have better prices all along the line.
But they tell us this would be national
dlshonor:" that We are under moral
obligation to pay in gold debts originally
payable in lawful money, gold or silver.
But we are certainly not under any moral
obligation to make It impossible for our
people to get gold with which to discharge
their debts. Suppose We continue to pay
In gold II will not take so much wheat,
h. ~
toiling slaves to buy the gold.
The bond will not command so much Of
these things as It does now, and that Is
the exact objection and the only objection
the gold monometallist has either to free
coinage or International bmetalisn, and
he is really opposed to the latter more
than 10 the former because he knows that
international bimetallism at 1872 to (the
only international ratio possible) would
reduce the purchasing power of gold fully
so per cent. while free coinage at 16 to
would not reduce II quite so much Che
pretends to believe not nearly so much).
His real objection was stated by The
London Times: I'VE like things cheap;
the cheaper the better"
Commerce, an influential journal of
London, in the leading editorial Of Juno
10. 1895, speculated on the possible effects
OF the approaching elections In this coun-
try, as follows:
Leaving the question of tariff for a mo-
ment let US consider what bimetallist
America would mean for US. In the first
place It will mean an immediate premium
upon United States exports. The effect
Of coming silver at the proposed ratio
would In all probabilities. bring about a
great boom in manufactures Of all kir.as.
Wages would rise considerably, but the
experience OF other countries goes to show
that they would not rise in proportion tn
the advantages which exporters would
--l., -.
using country. to-wit. the United King
dom.
THE manufacturers of the States would
not be quite in the same position Of want
age as the agriculturists Of the Argentine
nor the exporters in India, but they would
have suficient leverage over the manu-
facturer here to turn the scale in every
trade where now there Is a doubt which
way the market trends. In tin plates,
many kinds Of machinery, including some
of the very heaviest. in leather. and in
many sundry manufactures where the
British producer can with difficulty hold
his own. the effect Of the change would
he decisive. Then this policy is also q
bride to the farmer. American dead
meat dive cattle being prohibited), wheat,
and all farm products suitable for ex-
portation would come over in greatly aug
mented quantities. for the difference in
exchange would mean such an addition
Of profit that an immense stimulus would
be given all along the line.
"As to silver mining. all that can be
said Is there would be q great rush. The
dimensions of the movement would de-
pend upon many things Impossible to FORE
see. These anticipations OF what has be-
come possible are not-be 1t remembered
based on mere theory. We know al
ready too well what to expect from for
eign traders In a country where silver is
the standard currency. India, Japan and
A Ina Ill haap lao xx,fN1 g. -
insidious effects on British trade Of condi-
lions similar to those now in perspective
in the United States
The writer affects to believe that free
coinage would not restore silver to par
with gold. but clearly shows how the
very disparity. IL 1t should exist. would
benefit us. A great boom" In our man
ufactures would. OF course. injure Great
Britain. but why should we object? No
Republican can claim that this would be
immoral. for does not he try to boom
them by q tariff against England?
1t Is time to shell these political guer-
rillas out Of the woods, make them come
out into the open and boldly declare the
policy they secretly promote. viz. low
prices and the gold standard. The Re-
publican Party Is today the only organ
lied political exponent of this vicious
policy.
The history Of the world shows that
dustrial prosperity what a pestilence Is
to the public health. Nothing ever has
been. nothing ever can be, so productive
of poverty. misery and despair to the pro-
ducers OF wealth as an approaching
monetary standard. The people who
pirate the longest and loudest about ma
tional honor" seem to think that the Gov
eminent is under no obligation of honor
toward Its producing classes. its honest
toliers. They may be robbed and plumber
cd with impunity and no obligation of
honor Is violated. Honesty is due only
TO him who either by good fortune or
overreaching has placed himself above the
necessity OF toll.
What we need in this country is little
less cant and a little more courage; q
little less hypocrisy and a good deal moro
patriotic Americanism. Americans can,
without abandoning becoming modesty,
be proud and eloquent eulogists Of their
native land instead of sniveling apologists
for the fact that II is not entirely like
England. A nation which possesses Q
commercial and industrial power Ave
times greater than its greatest competi-
tor ought to be the clearing house Of
the world. 1t ought to set the pace for all
other nations, and would do so II little
of the blood of &c were injected into the
social and political organism. Why don't
our statesmen open their eyes to what the
people of this country have done and can
prophesies as to what it cannot do?
We are in possession Of the greatest
natural empire upon which the sun ever
shone; an empire whose developed re-
sources are the wonder of the world, and
to the possibilities of which undeveloped re-
sources imagination dare not set a limit;
a domain extending from ocean to ocean
and almost across two zones, giving our
people the most magnificent commercial
advantages, and almost every variety of
soil and climate: broad plains and sunlit
valleys, whose fertility is bursting the
granary and the wine press; gigantic
mountain ranges whose ribs OF adamant
hide untold stores of coal and iron. cop
per and lead. gold and silver. and the
majesty of whose forests wealth is pro-
claimed in every port where commerce
rears a mast
For more than thirty years this glorious
empire OF sea and land has been possessed
in absolute peace and tranquility by tho
most intelligent. Industrious. progressive