The Hastings Standard Published Daily WEDNESDAY, AUGUST 11, 1897. THE DUAL STANDARD.

Hastings Standard, Issue 396, 11 August 1897, Page 2

The Hastings Standard Published Daily

WEDNESDAY, AUGUST 11, 1897. THE DUAL STANDARD.

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance. And the good that we can do.

The delegates appointed by President M'Kinley, to sound the European Governments- as to the holding of another conference to discuss, and if possible to bring about, the general adoption of bimetallism have not apparently been met with that warmth and cordiality in England which they experienced in Continental Europe. The Chancellor of the Exechequer has promised to consult the Indian Department relative to the desirability of an international agreement and forward a reply to the delegates. This is about as chilling a reply as could be given, and bimetallism for the present may be considered dead. The appointment of the delegates by the President is somewhat amusing. In November last year M'Kinley stood for " sound money," as against Bryan's straight-out advocacy of bimetallism. The defeated candidate was for the free coinage of silver at a ratio of 16 to 1 without reference to what other countries may do. M'Kinley, though a professed bimetallist, changed his tune to suit the party bosses and declared for sound money, but with him sound money is " sound " and nothing more. The chief end and aim of M'Kinley was to recompense his friends for assisting him into the Presidential chair. That obligation could be discharged only by a high tariff. But to obtain the protective duties he had to make terms with the silverites, and one of the conditions was that strong efforts should be made by the Government to obtain for silver a universal recognition as a currency metal. The delegates have been to Europe, and we venture to think they will return to the States fully convinced that silver must stand as it is. At any rate it is significant that the white metal has tumbled in prices during the past few days owing mainly to the heavy sales by Americans. The stock argument of the Yankee dual standard advocates is that there is an insufficiency of the yellow metal to serve the purposes of trade and commerce, and that the assistance of silver is absolutely needful. Coming from a highly protected country this is delicious. Most people believe that what the world wants is a free interchange of its manufactures without such obstacles to jump as the Dingley tariff. It is decidedly American to seek to shut out the goods of the foreigner and yet to expect the foreigner to meekly and gladly assist in the settlement of the monetary problem which is distressing the country. The currency trouble is causing serious inconvenience and financial unrest. The truth is that the Republic is so steeped in political corruption that its laws are framed for the benefit of the few. Owing to excessive State imposts banking accommodation is limited, consequently the usurer finds ample scope for his energy. Free banking would drive the usurer out of the land, because bis occupation would be gone. Through the restriction of banking facilities there exists a lack of currency, and primitive and wasteful substitutes take its place to the detriment of the people. The banking laws of America require to be trimmed up before there can be any prospect of dealing adequately with the currency. Reforms are urged, but the usurers with the other mono-

polists have a tight grip of the political machiue, and reforms are unobtainable. The Indianopolis Monetary Convention recently submitted certain reforms which are thus set forth : " First that the present gold standard should be taken to insure the ultimate letirement of all classes of United States notes by a gradual and steady process, and so as to avoid the injurious contraction of the currency or disturbance of the business interest of the country, and that until such retirement provision should be made for a separation of the revenue and note issue departments of the Treasury; third, that a banking system be provided which should furnish credit facilities to every portion of the country and a safe and elastic circulation, and especially with a view of securing such a distribution of the loanable capital of the country as ill tend to equalise the rates of interest in all parts thereof." Instead of taking the reasonable and proper course for rehabilitating the currency and circulating medium, the Yankees are anxious to find purchasers for their silver. They really ask Great Britain to accept 9s in the £ from her debtors, Yankees included. The ratio of the metals now is about 40 to 1, and it is conceivable that as other nations adopt a gold standard the price will go lower than the low price now ruling for silver. Bimetallism is next door neighbor to dishonesty, and that perhaps is a reason why it has such a strong hold upon certain sections of the people of the United States. It is safe to say that Great Britain will not abandon her present monetary standard merely to please President M'Kinley and his faction.