La Junta tribune., 1900-10-17

circulation In the Untte0 Sthteo mas,
since 1906. increased more than twen-
ty-fve per cent Money Is seeking in
vestment: interest has fallen; the pro-
Queer 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 Mt any moment OF action 1t
must be considered In the light OF then
existing conditions. 1t is also a world
question. and the monetary legislation
OF one large country may seriOusly af-
feet the success Of monetary legislation
elsewhere.
In 1906, when We proposed to open
our mints to the free coinage of silver,
at the coinage value Of $1.29 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 II more
valuable at 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 IL now much less than our
coinage value. The present legal ratio
between gold and silver ls, in Japan,
2SA to 1; In Russia, 23A to 1; in India,
about % to I. The immediate opening
of our mints to the free coinage
Of silver, mt the ratio OF 16 to ]
would. under these conditions. cause
an influx of the coined silver Of these
countries and cause a corresponding
exodus Of our gold.
Mr.. ShafrOth, the Democratic candi-
date for Congress In the First district
recently in attempting to answer this
objection admitted It's force as applied
to Japan and Russia, whose stocks of
silver. he said. We're small; but he de-
MED the existence Of the fact alleged
as to India. He urged that the i'm
mense stock OF silver In India was in
circulation mt the ratio of Is to I, or
at coinage value of $1.37 per ounce:
and that. as India had five-sixths Of the
aggregate amount OF silver In these
three countries. ergo, five-sIxths 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 direc-
tor speaks of the recent adoption OF
the gold standard In India. Of the fact
that the gold sovereign and half-eOvcr-
eiRn are legal tender in payment Of
debts In India. on n basis OF one gold
sovereign being equal In value to l5
silver rupees. and he then adds:
The British sovereign contains 113.-
OO1507 grnins OF pure gold; and ID ru-
pees contain 2416 grains OF pure silver.
The legal ratio between gold and sill
yer, and the ratio mt which the coins
actually circulate, Is therefore 81 0-l0
to 1. Those who dispute this PROPOSE
tion have doubtless IN mind the old
coinage ratio Of the rupee to the gold
m0hur. The mohur contains 161 grains
Of pure gold, docs not circulate, and is
worth considerably more than the SOW
erefen. =
With this statement OF the existing
fact, Mr.. ShafrOth. who has already
conceded the force OF the reasoning. to
the extent Of One-Rixth, must now con-
cede II N to the residue.
|, II. then, we had q president and Con-
Gress who would Immediately open our
mints to ''the free and unlimited COIN
age Of silver and gold at the present
ratio OF 10 to 1, 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 IS 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
,fv-~r -
In this country would. under such cir
cumstances. inevitably be. broken, and
a period OF monetary chaos would sue
ceed our present monetary stability.
Whatever our desires and hopes as to
ultimate bimetallisn. we cannot now
travel to that gonl by the route Of in-
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: M
y /. That part Of the Democratic par
ty which processes to favor the free
coinage Of silver has become so im.
bued with Popullstic, soft money ideas
that 1t cannot be trusted to advance
the cause Of hard money.
2. The prevailing Democratic sentl-
ment In those states whose represen-
tativeS control federal legislation 10
now opposed to the free coinage OF sill
yer, and Mr.. Bryan's election can only
breed monetary disturbance. without
advancing the cause Of bimetallism.
8. Present prosperity, which has
come without the aid Of silver free
coinage, forb,ds any immediate attempt
at Independent bimetaliism, as, under
present conditions, suhc an experiment
IL fraught with danger.
4. The changes IN foreign legislation
since 1898 have injected new elements
into the problem, and the policy of in
dependent free coinage at the ratio or
10 to 1. which seemed feasible and safe
in 1895, has now become impracticabIe,
ineffective and dangerous.