| Show NATIONS THAT WENT IT ALONE I 1 there are a considerable number of men lit this country who while they believe in tho the free coinage of 0 silver are afraid that mat this country could not undertake it alone they hive have been cold that there would bo ba it a financial panic the moment that tree free silver was adopted that a change ot of standard would upset values that this country would become thi the dumping ground 0 of gliver that kold gold would be driven front from the country and that wel we would suffer buffer untold di gatter now it a prophecy like this Is valid only when it rests upon tho the experience ot of the iho past and it la 13 proper to inquire what nation hits had ever been ruined by adopting a standard oi 0 its ita own independently ot of other nations england adopted tho the single binelo gold bold standard in ill 1316 when all tho the other great commercial nations were bimetallic site she went it alone find and continued to go BO it 11 alono alone until she was joined by germany and the united states in 1873 1 she ask the ot of any other nation in making this dangerous experiment she acted independently sho she thing dun to tho char single gold fold standard during the gold which led from 1353 11 to 1860 it in iff decidedly interesting to etow that forty years ago tho the question confronted the financial world was ivas the probable deterioration of gold tile th same apprehensions were felt concerning it that aro are now nolo felt tor for balver Commer commercial elal values were threatened it was estimated that the ratio would fall from 26 to I 1 down donn to 8 to 1 all the nations or of europe were alarmed russia prohibited the exportation ot of silver holland nd and belgium de gold eold portugal tuRal legislated against all kold gold coins except the english sovereign at a meeting of tho german states stated at all of 0 them but austria could only secure the conce conceio amon ablon of tho the coinage ot of cold crowns as trade plows pieces the fright spread to england where as aa chevelle Clie veller r wrote some persons hivo have put forch the addeo RAN aco that the standard dard should bo be altered rind and that silver should be I 1 substituted for gold fold they ground thele their opinion primarily upon tho ch 0 aloa ot of principle in n that gold cold having ceased for an inter interval VII of time which may possibly bo be rather long to satisfy tho essential condition of 0 having a value relatively stable it thereby loses its aptitude f ton oil tho the functions of morter money 10 one english financier asserted that gold cold would soon be lit fit for the part pan and another proposed that life insurance corn com parties should Eliou II bo be established on a balver basis from tills this turvey jourvey ot of tho held field it la Is evident that gold eold was threatened with general such aa a eliat which las has overtaken overtake en silver in 1852 gold eold was tho the discredited metal and it if the situation ot of that day were transferred to the year ISM isac we presume tho the money men would be denouncing the free gold men as aa anarchists communists and cut but Eng england landl held on it to her gold bold standard slid elio risked and she did not perish she remained on a cheap longy dishonest dollar basis md and she lived sho she went her own gait gail I 1 but tho the example ot of france lr arao to Is lite iho most instructive of all during this great Illian financial clad crisis prom 1852 to tho the market ratio ot of gold eold and silver at no BO time was above ibi 15 to 1 and it was under it 16 at times yet franco france actually and literally declared tor for the tree free and unlimited coinage osgold of eold and sliver silver at uio the ratio ot of 15 1 to 1 independently of any other nat nation lort at a morge monetary tary convention some of her economists were in favor of tho bricle silver standard as the only hope ot of preserving industry and trado trade and social structure just as aa thero there aro are rn many y persons in tills alil country now who favor the single dingle gold standard on similar grounds Ch oveller proposed to rem re rate rato the two metals every six alx to twelve months to keep pace with tho the fall ot of gold cold but franco was not afraid to go eo it she took all tho the gold cold that chat was dumped upon her she parted with a part ot of her ter silver to other nations but she sha maintained bained the ratio of 0 ibi to 1 throughout ghouL commenting on the result ot of tills this policy tn in bl l 11 gen r francala ranch A walker I 1 isassi vinot only was franca franc without an ally it ini sustaining tho the ratio mile ot of 15 to 1 but lit in addition to the blows which fell upon her from the tha error enor production oi of eold cold she elie had to meet tho the hostile action 0 ot cf other nations ln in demerit bitzing itzing that metal or restricting its ws use within t their hole own circulation the other countries protected so 10 long lone by tho the action of the french were now experiencing the effects ot of the tha increased production of the precious metals in a not too tumultuous manner jy by gradual accessions which exerted us an influence on trado trade industry and the soda social structure herband here anil and there injurious to individuals L divi duals but on the iho whole immensely benell beneficial etal to mankind the result of this groat great inflation was highly beneficial to mankind it improved tile tha condition of the working classes opened now new avenues olt 0 industrial efforts effort gave more and ana better employment to them expand edl com commercio comin mertio erco and in a hundred ways improved this the condition of 0 man aro are we not then their justified justin cit in assuming that the restora restoration flon of silver would bring biln about a like result arid and the condition ot of the people again improve A reference to the experience of the nations that went it alone takes take all the edge front from tho the charge f that hat tile tho united states cannot undertake tree free coinage alono alone and places the advocacy ot of independent org on a firing and respect respectable ablo basis memphis commercial appeal |
