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Masterful Argument

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On every side the free silverites are attacking Secretary Carlisle for his recent utterauces cm the all-important issue of the day. They make little effort to controvert his statements of facts or his logic, bilt they say he has changed his posición on the silver qnestion since he voted for unlimited coinage of silver seventeen years ago. That they are hard hit by his recent inasterful presentation of sound financial principies, in his Covington and Memphis speeches, is evidenced by this effort to turn public attention frora the same by befogging it with his change of position, but no one should be decieved by this dust raising scherae. For one to change his mind is many times is but an acknowledgement that he is wiser today than he was yesterday. Nonebut barbarians fail to modify their views on living issues with the change of circuinstances and oonditions. That circumstance and condition bearing upon the question of the unlimited coiuage of silver have radically changed dnring the past seventeen years, no one can successfully dispute. Besides, Mr. Carlisle was frank enugh to say that while subsequent events had changed the conditions bearing upon the problein, necessitatiug a change of view, other of his opinions had been altogether changed by more thorough investigation. It is a question of small importance what his views were seventeen years ago anyway, bnt that he has presen tpd the strongest, most comprehensive and lucid argument against the free, unlimited and independent coinage of silver by this nation yet bronght to the attention of the people, few will deny. His Memphis speech is a veritable commentary upon able and safe financial principies. It skould not only be read by everyone who would be posted on the great issue of the day, but it should be flled and read again. It will bear several readings and repay the diligent student for each efFort with more enlightemnent on the all-important issue. Acoording to Secretary Carlisle, Franco chauged her coinage ratio f or silver 150 timos in her efforts to raaintaiu the concurrent circulation of the two metáis and finally in 1876, fiuding that her gold was leaving her and that in ten years she had iinported $280,000,000 of silver, she stopped the coinage of legal tender silver. Our national history is rich in similar experience. From L792 to 1834 during the 15 to 1 ratio gold was undervalued and left the country or was hoarded. From 1834, under the 16 to 1 ratio, adopted with the view of correcting this difficulty, silver was under valued and went out of circulation, gi-v ing ns gold monometalism when we had any metal at all. England has had similar experience extending through live eenturies, but was nuable to maintain the concurrent circulation of the two metáis. The trouble is and always has been in keeping the legal and commercial or intrinsic ratios together. During the ontinuance of the Sherman act almost as much gold left the country as there was silver pnrchased, and we only savcd our.-elves from silver monometalism by repealing the purchase clause and selliug bonds to buy back the gold that lni'l been rapidly leaving us. White winged peace once more hovers over the Celestial empire and her doughty antagonist Japan. Both emperors have issued proolamations announcing the return of peace and diplomatic relations have been restored. The future of China is big with interest not alone for her own people but for the commercial nations of the world. The opening up of China to foreigners in all that pertains to residence, ownership of property, trade and manufactures will require much wisdom and forbearance on the part of all concerned. If the problem is handled wisely and China discovers a capacty for the assimilaton of modern ideas and modern ways, it means for her in the way of development and progress, advantages which will outweigh many times over, the cost of the war. For centnries China has remained practically stationary. She has not sharcd in the world"s advancement. If therefore the Chino-Japanese waar shall prove the entering wedge which is to open up to her ai era of progress, it will not have been ia vain. The Times-Herald pithily reniarks that "muoh of the oppositiou to the solid south will bo withdrawn if it be solid f or honest money. ' ' Recent occnrrenoes in that section indicate that it will not be so far froni "solid" for sound money as the silverites have claimed. If the signss of the times are auy criterion, there is a reaction in the south, as there is throughont the country, against silver monometalism, the fear of which was in large meaeure the cause of the industrial prostration of the past two years ; and in favor of a basic currenoy good the world over, a currency equally good for the creditor and the debtor, as valuable to buy with as to pay with and that will speed the rapidly rising tide of confidence aud thus insure business revival aud prosperity.


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Old News