The Elk Mountain pilot., 1900-08-28

idency In 1896. Most of them dld not
intend to permanently leave the Re
publican party. They conceived it their
duty to unite with other bimetallists in
the endeavor to accomplish one spe-
cific change of policy, which, under
conditions then existing, seemed OF
prime Importance ana Ieasibie
through Democratic success at the
polls. The effort was futile, and since
then conditions have so changed as to
make impracticable and dangerous
what then seemed feasible and salu-
tary. Moreover, the attitude of the
Democratic party is not such as to now
invoke the confidence of hard-money
bimetallists.
l. Coinage and currency conditions
in the rest of the world have so
changed since 1896 as to make inde-
pendent bimetallism impracticable,
even If we had n Congress and presi-
dent disposed to bring it about.
In 1896 it could well be argued that
the United States could maintain the
parity of the metals If her mints were
open to both metals at the statutory ra-
ito of 16 to l. All the coined silver of
Europe was then circulating as money
at higher gold value than our ratio
would give it. India and Japan were
still depending on silver as their only
coined money; and having but one met
al for monetary uses, this would not be
drawn to our open mints. Under the
conditions then existing, the current
product Of the mines would be the on
ly large source of supply to the mints.
How is 1t now?
Since 1896 Japan has changed her
coinage laws, definitely adopting the
gold standard and recoining her gold,
so that coin of a given denomination
contains about one-half the amount of
gold it formerly contained, with the re-
suit that the ratio of value of gold to
silver, in the coinage of Japan is now
2SA to /, instead of about 16 to l, as
formerly. If our mints should now be
opened at 16 to l, ten Japaneses silver
yen would be convertible here into
about nine silver dollars; but ten gold
yen would be convertible into only 50
of American gold. But in Japan $40 Of
our silver would intrinsically be of the
same value as 11.15 silver yen, while
$40 of our gold could there be convert
ed into twenty gold yen.
Russia has since 1896 reformed her
coinage laws by similar process, so
that the gold imperial, which formerly
was valued at ten rubles, is now val
ued at fifteen rubles. Silver is no long
er standard money, but limited legal
tender, and the ratio between gold and
silver is 23H to 1; and Russia, which
formerly had nominally a silver stand
ard, has now definitely adopted the
gold standard.
The following conditions result: If
our mints were open to the free coin
age of both metals at 16 to 1, then ten
Russian silver rubles could be convert
ed into $74S in American silver dol
lars; but ten Russian gold rubles could
be converted into only S5.14 in gold. In
Russia $40 of American silver would
intrinsically be equal to 1887 silver
rubles, but $40 in American gold could
be converted there into 1943 gold
rubles.
1t must be apparent that the opening
of our mints to the free coinage OF
both metals at the ratio of 16 to 1
would cause a great rush of gold from
the United States and a corresponding
rush of silver from foreign countries
to our mints.
India, which suspended the coinage
of silver in 1898, further carried on her
process of coinage change by definite
ly adopting, in September, 1899, the
gold standard and attempting to intro
duce that standard into the actual cur
rency Of the country, fixing the ex-
change sterling rate of the rupee at Is.
Id, which makes the. ratio of value be-
tween gold and silver 30 to /. The re-
suits are, of course, similar to those
mentioned above as to Japan and Rus
sia.
Under these legislative changes
abroad, the opening of our mints now
to the free coinage of silver at the ra-
ito of 16 to 1 would present a radically
different problem from that which was
considered in 1896. The immense ac-
cumulation in India-that "sink for sill
ver'-supplemented by the silver coin
age of Japan and Russia, would come
into direct competition with the current
conditions, the inevitable effect of an
attempt to change our coinage laws, by
the independent adoption of free coin
age of silver, would be to render us
silver monometallic and the reyolu.