The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-01-02

bankruptcy that threatened the deDIor
ness in general
Even in 1896 the republican part
=. pledged itself to international
femetallisin and one of the first Off
cfal acts of President Mckinley was
the appointment of a commission to
solicit the cooperation of the lead
ing nations Of Europe in opening tn
mints to the white metal.
Blamed Failure on Gold Standard
Talk.
Former Vice President Stevenson
and Senator Wolcott of Colorado. We're
members Of this commission, and the
latter. speaking in the United States
senate, charged that the failure of the
commission was due to the fact that
Secretary Gage of the treasury depart
ment, was making speeches in favor
Of the gold standard. while the com
mission was appealing to Europe for
aid in the re-establishment Of the
double sta ndard.
The general objection raised by the
financfers to bimeta1lism. whether in
dependent or international, was it is
difficult to maintain an exact parity
between the two metals, but this argu
ment was conclusively answered by
international bimetaIlists who con-
tended tina. a joint agreement between
nations would reduce fluctuations to a
fraction so small as to create no dis
turbance tti business. and they pointed
out that a continual rise in the value
of the dollar was more injurious to the
world than any slight variation in the
relative value of the metal under inter-
Anational binetallism could possibly be.
e.8ritain THEW Her influences to Dollar
The thejretica1 objections to the
double sta ldards, however, had but
LITTLE Influence compared with the
practical objection raised by Great
Britains opposition. Being the great
creditor ne tion Of the world, Great
Britain threw her influence on the side
of a rising dollar. her financiers being
short sighted enough to imagine that
she could permanently prosper by
policy that did justice to other nations
and 1t was injustice to compel debt
ors to pay in a dollar that constantly
appreciated because Of legislation that
gave to goli monopoly of the privi-
lege OF mintage.
Conditions are now entirely changed.
An abundant currency has been Sc
cured from other sources. but, while
the debtor class is no longer suffering
erom a rising dollar and falling prices,
as il was prior to 1896. the chief argu-
lnent against silver coinage has dis
appeared ard new arguments bring
demand for bimetallism from the very
classes that previously opposed it.
Now that the bullion in a silver dol
lar is worth more on the market than
the bullion N a gold dollar Ca situation
produced, rot BY legislation. but in
spite Of it's we hear no more of the
dumping ground" bugbear or of the
melting poi test
Silver Dolia, No Longer Cheap Dollar
The silver dollar is no longer a
cheap doIlsr"; It is the gold dollar
that is cheap. if we may borrow the
phraseology employed by the finan-
eiers 25 Yeas ago.
And just as the objections to silver
aee being silenced by the unprecented
dfmand for that metal. the world
avgakens to Il need for basic money so
great that gold viii not supply it, and |
tho situation ID Europe is made sfin
raore acute by the fact that we have
&bsorbed much more than our per
capits share of the gold coin OF the
world
During and since the war the vol 4
ume of papes- money has been swollen /
10 fabulous amounts and no resump- /
lion of specie payments can be thought |
Of without a very large increase in the {
quantity Of standard money. Gold is
a fair weather friend.
To use q familiar phase often ap-
piled to individuals. it is 'invincible
ia peace and invisible in war" 1t goes
into hiding when it is most needed. II
II had silver for companion it would
be more bold, but gold and silver to-
gether might not have been sufficient
70 meet all demands made upon them
during the conflict through which we /
have Just passed.
Would Furnish Stability in Exchange l
Bimetallisn would furnish another
advantage, namely, a stability in ex-
change between the east and the west.
Under bimetallism debts can be paid
at fixed ratio in either metal, and
business can be carried on without
violent fluctuations in the charge for
exchange. No one can now doubt our
ability 10 m,dntain bimetallism inde-
pendentiy OF the act of other nations,
hat bimetallhm would give US such an
advantage IL trading with the two
halves Of the world that the CONNER ;
elal nations would soon be compelled {;