The Lamar register., 1900-08-22


publican MANY Republicans in Colo
rado supported Mr.. Bryan for the pres
idency in 1896 Most OF them did not
intend 10 permanently leave the Re
publican party They conceived 1t their
duty to unite with other bimetalhsts in
the endeayor 10 accomplish one spe-
eitie change of policy. which, under
conditions then existing, seemed of
prime Importance and feasible
through Democratic success al the
polls. The effort was futile. and since
then conditions have so change IS 10
make fmpractieable and dangerous
what then seemed feasible and sslu-
tary Moreover, the attitude of the
Democratic party is not such as TO now
invoke the confidence of hard-money
himstaIiists.
l. Coinage and cur.-asy conditions
in the rest Of the world have 50
changed since 1896 as to make indie
pendent bimetallisn impraeticable,
even II we had Congress and presi-
dent disposed to bring 1t about
In 1896 IL could well be argued that
the United States could maintain the
parity of the metals If her mlnts were
open TO both metals at the statutory ra-
ITO of I6 to /. All the coined silver Of
Europe was then circulating as money
at a 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 no; be
drawn to our open mInts- Under the
conditions then existing, the current
product of the mines would be the on
Iy large source Of supply TO the mlnts-
How is 1t nowf
Since 1886 Japan has changed her
coinage laws. definitely adopting the
gold standard and recolning her gold
So that coin Of given denomination
contains about one-half the amount Of
gold IL formerly contained, with the re-
suit that the ratio Of value Of gold To
silver, in the coinage OF Japan is now
as4. TO i, Instead Of about 10 70 /, as
formerly. II our mints should now be
opened at 16 to /, ten Japaneses silver
yen would he convertible here into
about nine silver dollars: bat ten gold
ven would be convertible into only s.
of American gold But in Japan $40 Of
our silver would tntrinsicaliy be Of the
same value as 1Li5 silver yen. while
$40 OF our gold could there be convert
ed into twenty gold yen
Russia has since 1895 reformed her
coinage laws by q similar process, 50
that the gold imperial which formerly
was valued At ten rubIes, is Dow val
ued AZ fifteen rubles Silver is no long
er standard money, bat II limited legal
| tender. and the ratio between gold and
silver Is 23A to /; and Russia. which
formerly had nominaIiy 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 I6 TO /, then ten
/ Russian silver rubles could be convert
| ed into s7.iS 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
| intrinsicaIIy be equal TO 1857 silver
| rubIes, bur $40 In American gold could
! be converted there into 1913 gold
/ rubles.
1t must be apparent that the opening
/ Of our mints to the free coinage Of
I both metals at the ratio Of l6 to l
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 crinage
of silver in 1898, further carried on her
process of coinage change by definite
ly adopting, in September, 1889. the
gold standard and attempting 10 intro
duee 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.
tweSh gold and silver - to l. The re
suits are, of course. similar to those
mentioned above as to Japan and Rus
sla-