CanÌƒon City record. [volume] (CanÌƒon City, Colo.) 1883-192?, 1900-10-18

ty-five per cent. Money Is seeking in
yestment; 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 cf 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 it
must be considered in the light of then
existing conditions. 1t is also world
question. and the monetary legislation
of one large country may seriously az
feet the success of monetary legislation
elsewhere.
In 1896. when we proposed to open
our mints to the free coinage of silver,
at the coinage value of 81 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 1t is more
valuable al this time. in other lands,
than IL 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,
2s4 to /; in Russia. 23A to 1;,jn India.
about 22 TO /. The immediate opening
of our mints to the free coinage
OF silver. at 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 10 answer this
objection admitted Its force as applied
10 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
meDse stock OF silver in India was In
circulation at the ratio OF IL to /. or
nj a coinage value OF <1-3I per ounce:
and that. as India had five-sixths of the
aggregate amount of silver in these
three countries. ergo. fivesixths 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 balf-sover-
| eign are legal tender In payment OF
debts in India. on a basis OF one gold
| sovereign being equal in value to Is
silver rupees. and be then adds:
The British sovereign contains l13.-
ooi591 grains OF pure gold; and Is ru-
pees contain 2i15 grains Of pure silver.
The legal ratio between gold and sill
yer. and the ratio at which the coins
| actually circulate. Is therefore 81 9-10
to l. Those who dispute this PROPOSE
tion have doubtless in mind the old
| coinage ratio OF the rupee TO the gold
| mohur. The mohur contains 165 grains
OF pure gold. does not circulate. and is
worth considerably more than the SOW
! ereign.-
1 With this statement OF the existing
| fact. Mr.. Shafroth. who has already
conceded the force OF the reasoning. to
the extent Of one-siNih. must now con-
c.-de II as TO the residue.
II. then. we had n president and Con-
rress who would Immediately open our
minis to the free and unlimited coin
nvc 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 compe-
| tition with the product of our mines.
but with an initial advantage In favor
| of India Of II cents per ounce. Our
| gold would go TO India In payment for
such silver. and thus aid the main,e-
nance OF the gold standard in that
country. The parity OF gold and silver
In this country would. under such cir
cumstanccs. inevitably be broken. and
| a period OF monetary chaos would sue
coed our present monetary stability.
Whatever our desires and hopes as 10
ultimate bimetallism. we cannot now
travel TO that goal by the route OF in
dependent free coinage of silver.
From n review of the situation we
are bound TO conclude that. in the pres
ent campaign. the silver question does
not present practical issue:
]. That part OF the Democratic par
ty which processes 10 favor the free
coinage OF silver has become so i'm
bued with Populistic. soft-money ideas
that Il cannot be trusted to advance
the cause OF hard money.
.. The prevailing Democratic senti-
ment In those states whose represen-
tatives control federal legislation is
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.
J. Present prosperity. which has
come without the aid OF silver free
coinage, forb,ds any immediate attempt
at independent bimetallism. as, under
present conditions subc an experiment
is fraught with danger
4. The changes in foreign legislation
since 1896 have injected new elements
into the problem. and the policy of In
dependent free coinage at the ratio of
III TO !. which seemed feasible and safe
In 1896. has now become impracticable,
Ineffective and dangerous.
FACTS ABOUT PORTO RICO.
Out of poy,rty Nyon, ,n,, ni.,,.,,.,., ~, .