The Lamar register., 1900-10-17

circulation in the United States has.
since 1896. increased more than twen-
ty-five per cent. Money is seeking in
vestment; interest has fallen: the pro-
ducer has larger returns for his wares,
and the laborer for his toll: debts have
been paid and mortgages Cancelled, and
exports of domestic products have in
creased beyond all precedent. This is
not the time to start on any dangerous
road of experiment
The money question never stands
still; and at any moment of action 1t
must be considered in the light of then
existing conditions. 1t is also n world
question, and the monetary legislation
of one large country may seriously af-
feet the success of monetary legislation
elsewhere.
In 1896. when we proposed TO open
our mints to the free coinuge of silver,
at the coinage value of S1.20 per ounce,
Mr.. Bryan. in arguing that this could
be safely done, said:
Now how much silver can come
here? Not the coined silver of the
world because almost all of it is more
valuable ut this time, in other lands,
than 1t will be at our mints under free
coinage"
This statement was then true. 1t is
not true to-day. India, Russia, Japan
and some South American countries
have since then changed their none
tary systems. Under their present laws
the coinage value of silver in those
countries is now much less than our
coinage value. The present legal ratio
between gold and silver is. in Japan,
2SSi to 1; in Russia, 23A to /; in India,
III to. .trts
of our mints to the free coinnge
of silver, at the ratio of 16 to ]
would. under these conditions, cause
an influx of the coined silver of these
countries and cause II corresponding
exodus of our gold.
Mr. Shafrotll. the Democratic canui-
date for Congress in the First district,
recently in attempting to answer this
objection admitted its force as applied
to Japan and Russia, whose stocks of
silver he said, were small: but he de-
MED the existence of the fact alleged
as to India. He urged that the i'm
mcnse stock of silver in India was in
circulation ut the ratio of 10 to !. or
at coinage value of S1.3I per ounce:
and that. as India had five-sixths of the
| aggregate amount of silver in these
three countries. ergo, five-siNths of the
| argument fell to the ground.
A recent inquiry addressed to the di-
rector of the United States mint has
| ELECTED an answer. in which the uirec-
| tor speaks of the recent adoption of
| the gold standard in India. of the. fact
| that the gold sovereign and half-sovcr-
| eign are legal tender in payment OF
| debts in India. on Il basis of one gold
sovereign being equal in value to Ii
| silver rupees. and he then adds:
THE British sovereign contains 49,
OO1J9I grains of pure gold: and IL ru-
pees contain 24T5 grains of pure silver.
The legal ratio between gold and sill
YER. and the ratio at which the coins
actually circulate. is therefore 81 0-1O
to 1. Those who dispute this PROPOSE
tion have doubtless in mind the old
coinage ratio of the rupee to the gold
mOhur. The mohur contains 100 grains
| of pLD gold, does not circulate. and is
WORTH considerably more than the SOW
! ereign."
| with TINS statement OF the existing
| fact. Mr.. Shafroth. who has already
conc ed the force of the reasoning. to
the extent of onc-sixth. must now con
cede 1t rs to the residue.
If, then, we had a president and Con
grcss who would Immediately open our
| mints to the free and unlimited coin
| age of silver and gold at the present
| ratio of III to l. without waiting for the
| aid or consent of any other nation" the
| immediate effect would be that Indian
coined silver would come into compc-
| tition with the product of our mines,
| but with an initial advantage in favor
OF India of ID cents per ounce. Our
gold would go to India in payment for
| such silver. and thus aid the mante-
nance of the gold standard in that
| - nf nd SiI Iva
| in this country would. under such cir
cumstances. inevitably be broken. and
period of monetary chaos would sue
ceed our present monetary stability.
Whatever our desires and hopes as to
ultimate bimetalliSm. we cannot now
travel to that goal by the route of i'll
dependent free coinage of silver.
From review of the situation we
| are bound to conclude that, in the pres
ent campaign. the silver question does
not present practical issue:
l. That part of the Democratic par
ty which processes to favor the free
coinage of silver has become so i'm
bued with Populistic, soft-money ideas
that it cannot be trusted to advance
the cause Of hard money.
=. The prevailing Democratic senti-
ment in those states whose represent
tatives control federal legislation is
| now opposed to the free coinage of sill
YER. and Mr.. Bryans election can only
breed monetary disturbance. without
advancing the cause of bimetallism.
3. Present prosperity. which has
come without the aid of silver free
coinage. forb'ds any immediate attempt
at independent bimetallism as. under
present conditions. suhc an experiment
is fraught with danger
4. The changes in foreign legislation
since 1906 have injected new elements
into the problem, and the policy of in
dependent free coinage at the ratio of
16 to i. which seemed feasible and sa fe
in 1896. has now become impracticabIe
ineffective and dangerous.
FACTS ABOUT PORTO RICO.