Rocky Ford enterprise., 1900-10-19

circulation In the United States has,
since 1871, Increased more than TWEEN
ty-hye per cent. Money il seeking in-
vcstment; Interest has fallen: the pro-
Queer has larger returns for his wares,
aud the labOrer FOR his toll: debts have
been paid aud mortgages Cancelled. and
exports OF domestic products have in
creased beyond all precedent. This Is.
not the time 10 start on any dangerous
road OF experiment.
The money question never stands
still: and at any moment Of action II
must he considered In the light of then
existing conditions II In also u world
question, and the monetary legislation
Of one large country may seriously af-
feet the success OF monetary legislation
elsewhere.
In 1881. when W. proposed TO open
our mints 10 I'll. free coinage Of silver,
at the coinage value uf si.22o per ounce.
Mr.. Bryan, In arguing TINT this could
b. safely done. said;
Now how much silver can come
here; Not the coined silver OF the
world. because almost all OF IL Ii more
valuable NJ this time. In other lands.
than II viii be nj our mlnts under free
coinage"
This statement was then true. II Ii
not true to-day. India, Russia. Japan
nnd some South American countries
have since then changed their none
tary systems. Under their present laws
the coinage vnlu. Of silver In those
countries IL now much less than our
coinage value. The present legal ratio
between gold and silver il. In Japan.
ISL to I: In Russia. ~ To 1: In India,
about 80 10 I. The immediate opening
OF our mInts to the free coinage
OF silver. AT the ratio Of 10 to !
would. under thcs. conditions. cause
mn Influx Of the coined silver OF these
countries AMI cause corresponding
exodus of our gold.
Mr.. Shnfroth. I'll. Democratic canhi.
dat. FOR Congress In the First district.
recently In attempting To answer this
objection admitted Its force NJ applied
Ia Japan and Russia. whose stocks OF
silver. he said. Were small: hut he de-
MED the existence of the fact alleged
as To India. lie urged that the I'm.
mcnsc stock of silver In India was In
circulation Mt the ratio u II To !. or
ut coinag. vaiu. III Si.:i1 per ounce:
nnd that. ne India had iivc-siSths OF the
aggregate amount 81 silver In thcs.
three countries. ergo. ilv,ssiSihs OF the
argument fell to the ground.
\ recent inquiry addressed TO the d.
rector OF til. United States mint has
elected mn answer. In which the dircc.
tor speaks Of the recent adoption Of
the gold standard In India. OF the fact
that the gold sovereign and lalfsovcr-
cIgn nrc legal tender In payment Of
debts In India. on a basis of one gold
sovereign being equal In value 10 II
silver rupees. and Ii. then adds:
1.-The British sovereign contains t13..
0Oi597 grains of pure gold: and II r,i-
PEGS contain 2iI5 grains OF pure silver.
The legal ratio between gold and ST.
yer. and the ratio Mt which the coins
actually circulate. Is therefore u g.1O
to I. Those who dispute this PROPOSE
ton have doubtless In MUD the old
coinage ratio OF the rupee to the gold
mohur. The mohur contains 1i5 grains
OF pure gold. does not circulate. and Ii
worth considerably more than the SOW
crcign."
With this statement Of the existing
fact. Mr.. Shafro,ii. who has alrcady
conceded the force OF the reasoning. TO
the extent OF onc.siNth. must now con-
ccdc II rs to the residue. r..
II, then. we had n president and Con-
gross who would Immediately open our
mints TO 1.-THE free and unlimited coin
age OF silver and gold ut the present
ratio OF III to I. without waiting for the
mid or consent OF any other nation" the
Immediate effect would he that Indian
coined silver would come into compc-
tiiion with the product of our mines.
but with an initial advantage In favor
OF India Of ~ cents per ounce. our
gold would go To India In payment for
such silver. and thus aid the malntc-
nance OF the gold standard In that
country. The parity of gold aud silver
in this country would. under such cir
cumstanccs. inevitably be broken. and
period OF monetary chaos would sue.
coed our present monetary stability.
Whatever our desires and hopes as to
ultimate bimctallism. we cannot now
travel to that goal by the route of H.
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 n practical issue:
!. 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 1t cannot be trusted to advance
the cause of hard money.
.. The prevailing Democratic sentl-
mcnt In those states whose rcprcsen-
tntives 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 bimctnllism.
3. Present prosperity, which has
come without the aid of silver free
coinage, forb.ds any immediate attempt
ut Independent bimetallism. MS, 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
10 to !. which seemed feasible and safe
In 1906 has now become impracticable,
Ineffective and dangerous.