Rocky Ford enterprise., 1900-08-24

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publican. MANY Republicans in Colo
RADIO supported Mr.. Bryan for the pres
ldency In 1896. Most OF them did no
intend TO permanently leave the Re
publican party. They conceived II theil
duty TO unite with other bimctaliists II
the endeavor to accomplish one spe
ciiic change OF policy, which, undei
conditions then existing. seemed oil
prime Importance and feasible
through Democratic success AT thu
polls. The effort WAS futile. and since
then conditions have SO changed as Il
make Impracticable and dangerous
what then seemed feasible and s''iu'
tary. Moreover. the attitude OF the
Democratic party Is not such as 10 now
invoke the confidence OF hard'noney
blmctailIsts.
]. Coinage and currency conditions
In the rest OF the world have 81
changed since 1896 rs TO make indie
pendent bImctniiIsm lmpractlcnblc,
even IL we hnd Congress and prcsi'
dent disposed to bring II about.
In 1896 Il could well BE- argued that
the United States could maintain the
parity OF the metals II her mints were
open to both metals at the statutory rsi-
Ito OF 10 to /. All the coined silver OF
Europe was then circulating ns money
Mt n higher gold value than our ratio
would give II. India and Japan Were
still depending ON silver as their only
coined money: and having but one met
nj for monetary uses. this would not be
drawn TO our open mints. Under the
conditions then existing. the current
product OF the mines would bc the on
iy large source OF supply 10 the minis.
How IL Il now;
Since 1886 Japan hns changed her
coinage laws. definitely adopting the
gold standard and rccolning her gold.
no That coin OF n given denomination
contains about onc-hnif the amount OF
gold IL formerly contained. with the rc-
suit that the ratio of value OF gold TO
silver. In the coinage OF japan Is now
81. to !. instead Of about III TO j. as
formerly. II our minis should now bc
opened Mt II, to !. ten Iapancscs silver
yen would L. convertible here Into
about nine silver dollars: but ten gold
yen would bc convertible into only s.
OF American gold. hut In Japan $40 Of
our silver would intrinsicaiiy bc OF the
same value as II.i5 silver yen. while
$40 Of our gold could there L. convert
ci into twenty gold yen.
Russia hns since 1890 reformed her
coinage laws by similar process. so
that the gold imperial. which formerly
was valued a; ten rublcs. Ia now val
n.d nj fifteen rubics. Silver IL no long
or standard money. but n limited legal
tender. and the ratio between gold and
silver ia olii to ]: aud Russia. which
formerly had nominnlly n silver stand.
ard. has now definitely adopted the
gold standard.
The following conditions result: II
our mints were open TO the free coin
age Of both metals at 10 TO 1. then ten
Rus.inn silver rubics could he convert
cd into sI.is in American silver dol.
lars: but ten Russian gold rublcs could
be converted into only s5.iI In gold. In
Russia $40 OF American silver would
iniriusicaliy bc equal TO i3.5I silver
be converted there into 1o.i3 gold
tublcs.
II must be apparent that the opening
Of our miBts to the free coinage OF
both metals Mt the ratio of lG to
would cause n great rush OF gold from
the United States and corresponding
rush of silver from foreign countries
TO our mints.
India. which suspended the coinage
of silver in 1893. further carried on her
ly adopting. in September. 1859. the
gold standard and attempting TO intro.
ducc that standard into the actual cur
rcncy of the country. fixing the cx-
change sterling rate Of the rupee Mt Is
Id, which makes the ratio OF value be-
tween gold and silver 80 TO /. The re-.
suits are. OF course. similar TO those
mentioned above as to Japan and Rus
sin.
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 radically
different problem from that which was
considered in 1soG. The immense ac-
cumulation in India-that sink for sill.
vcr''-supplcmcntcd 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