Silver As Money

It is a favorite fallacy of the ad vocates of free silver that what the are pleased to cali the "strikin down of silver as money," thereb contractingby nearly one-half th circulating medium of. the world, i responsible for the depreciation o silver, or as they claim, the appre ciation of gold. An examination of the statistic computed by the director of th mint seems to show, however, tha all this is in the nature of the "bogy man." According to these statis tics the close of last year found $4, 055,700,000 of silver in circulation More that one-half of thisamoun was circulating too on a ratio of 16 to 1 or . less, notwithstanding the the fact that this coined valué o silver is doublé its bullion value. The following table contains a list of the countries using silver on this basis and also the amount of the metal in circulation: United States. 1835,800,01 United Kingdpm 112,1100,001 Prance- - - 4!,3uu,U0i Germany -- 215,UW.uo BelKium... 54,WX,0U italy :,0U0,üi. Swilzerland lö,(WU,W Greeoo - - - 3,üt,0,00 Spain - Kili,. (Mi IHj 1'onugKl - 24,,SUO.(). Moumknia 8,500.0 1 8urvia 1,!DO CM AuBtri:i-HunKiry 121.000,001 NettK-ilauds - 5b.BUO,0u Norway - 1.900,' 0 Jtwedon 4,80D,001 Denmark J-Ü'S Knssiii - 48,009,000 Huliraria .S'SKÜ-ÏÏ xumey - -mñniT ató EEEEE 3S8SS WtEEEEEEEE SSfj Total B,061,800,OÖ In the countries named below sil ver circulates at its bullion value, about 32 to 1 : Mexico 'O.OOO.OCK Central America JJ'iïïl'Pfii Sonth America S'ÏÏhïÏÏ. udi" - :::::::::::: n50.ouo.uoo Uhiua" " Ï50,UOU,OÜI ■!E::::::::::::::::::::::J Total - - 1,994,200,000 In this connection the reader should note the intellectual, scientific and financial standing of the nations in the first list as compared with those in the second. This comparison would seem to make it evident as to Vhich have made the most advance in the science of monetary affairs. The countries in the first list are able to maintain silver at the old ratio of value, doublé its present or bullion value, because they have restricted the amount of their circulation. The nations comprised in the second list have all the advantages of free and unrestricted coinage of silver and in every one it circulates only at its bullion value, or in other words, it takes 32 ounces of it to buy i ounce of gold. The same ratio exists also as to its purchasing power over all other producís, the wages of labor included. That is to say, a man will work as long for in ounce of gold as he will for thirty two ounces of silver. In all commercial transactions irs purchasing or selling power is only one-half what it is in those countries which have real bimetalism. The amount of silver in those countries where it is held up to a parity with gold has just twice the purchasing power that the same amount has in those countries possessed of the advantages of unrestricted coinage. Were the United States to be placed on the same basis as the countries in the second list, onehalf the value of our silver circulation would be lost. The buying or selling power of our $625,000,000 of silver would be reduced to half that amount. That is, it would circuíate at its bullion value. The advocates of free coinage insist that raoney is too dear, that they want cheap money. That means that the silver dollar under the policy of maintaining its parity with gold has avalué doublé what it ought to be, that it buys twice too much and that it would be to the advantage of the people to have it cheapened. At the same time they would reduce by onehalf the purchasing power of silver, they claim that one of the evils besetting the country at the present time is that there is not money enough. Yet their remedy would lessen the business transacting power of our present volume of silver to the amóunt of $i2}4 millions of dollars and scale down one-half the bank deposits of the people. It would enable the debtor to scale down his debtin the same ratio, but this would not be an unmixed blessing, since there is quite as much depending on the purchasing power of money as 011 debt paying power. The adoption of this policy would not only destroy one-half of the present purchasing power of our silver but it would farther contract the circulating medium by driving gold out entirely. The better policy would appear, therefore, to be the one now in vogue in the countries of the first list, namely, the maintenance of the parity of the two metáis by restricting the coinage of the more bulky, thereby retaining the full purchasing power of the present silver dollar, and at the same time keeping gold in circulation. The largest use of both, consistent with the joint circulation of the two, is certainly better for the country than the largest possible use of one at the expense of the total exclusión of the other. Once more China has given to the world a shocking example of bad faith and shameless duplicity. She seems to have learned nothing from humiliations that have been put upon her in times past on account of her failure to regard her most solemn obligations. Notwith standing the extremity to which she has been reduced by her daughty little neighbor, she seems not yet to have been sufficiently humbled to induce hex to lay aside treachery and keep faith. The peace cour missioners who were recently dispatched to Hirashima to meet the Japanese commissioners, were found when their credentials were opened, to be utterly without authority to conclude terms of peace. They supposed they had full and complete authority and so did the Japanese, as the Japs had repeatedly announced that they would have nothng to do with commissioners who had not plenary powers and had dlready sent a previous agent home because he had no authority. It is not surprising that these were ordered home with scant courtesy. l'his characteristic for prevarication and delay seems to be constitutional with the Chinese, for they resort to t even when they are in the worst straits, regardless of ultimate consequences. Present indications point to as great extravagance by the present legislature as by ts $-buck predecessor. If it appreciated its obligations to the people in these stringent times it would put on the breaks and stand for lower taxation in the state, county, city and township. While business of all kinds and commodities have decreased in value, taxes have mounted upward. The times are ripe for a change. The burdens of the tax payer in these times should also be lessened. "The president hesitates," says he New Vork Tribune. No. He waits. He waits, as the country is waiting, on congress. He waits, ery likely vainly, for the legislaive department to act. He has truck the alarm bell. He will asuredly, and most assuredly, act if ongress doesn't. He never dis)layed as much self-command, selfontrol and control over the situaïon as he is displaying to-day. - Cincinnati Commercial Gazette. Secretary Carlisle, in response to resolution of inquiry by the senate, ays that there is a sufficient surplus n the treasury to meet all demands or current expenses and that next december the surplus of the reveue will probably reach twenty two millions of dollars. His estímate s re considered conservative.