There are other questions, however, cognate to the silver question, that must receive consideration in the discussion of the present political situation, some of which we have already alluded to. The single gold standard is not only a monopoly of money, but it is used as a means to perpetuate and control other monopolies. While the gold standard advocates will contend that low prices are a good thing, we must be permitted to say that in reality they desire low prices for all the people except themselves. We have observed that all the monopolies are advocates of the gold standard; that all the trusts and combines, the stock gamblers, grain gamblers, all who seek to control the distribution of property for their selfish ends, belong to the gold standard class; that tariff barons are advocates of the gold standard, and that they are persuaded that the prices of all things, except what they produce, should be low; and that they even seek by every means within their power to secure legislation, the effect of which is to maintain their prices by giving them a monopoly of the market. All trusts and combinations, whether formed under the protection of the tariff, or from the amassing of enormous wealth in the hands of the few (and by this power controlling the markets), or whether by means of pooling and similar arrangements, have for their object the maintenance of the prices of things controlled by monopolies. They all aim at high prices for their property or for the things that they have to sell, and at low prices for the farmers and laborers of the country who produce the raw material. The restoration of the free coinage of silver would, therefore, have a tendency to place the prices on a common level by breaking up the gold monopoly and destroying the power of trusts and combines. Good prices maintained by the restoration of silver would affect all alike; it would not be class legislation, but, on the contrary, it would effect a more even distribution of the products of labor.

The promoters of the single gold standard advocate a monetary policy that compels low prices; but they refuse to conform to the results of their doctrine. They organize pools and combines to maintain the values of things in which they are especially interested.

The force of law, the power of wealth, the instrumentalities of trusts and combines are used unmercifully to keep up prices for the rich. Thus the farmers, as well as all other laborers and

producers, are made the helpless victims of a contracting standard of money. Bimetallism would support good prices for all alike, thus removing to a great extent the incentive or cause for class legislation, the unlawful and immoral practices referred to, in order to maintain prices.

It is useless for the gold standard advocates, in the face of the facts and arguments above stated, to pretend longer that low prices are a good thing, or that we have a sufficient amount of money now in circulation, or that the gold standard is not the creature of monopoly and in its turn the promoter of monopoly.

The silver question is, therefore, the paramount issue in our politics, for it means the restoration of the government to the control of the people, that it is no longer to be made the mere instrument by which certain classes are to prosper at the expense of the masses.

The question of international bimetallism is in the same condition as heretofore. That is to say, while good in theory, so to speak, from the standpoint of those who advocate it, yet as a practical proposition there has never been anything in it, except that it has had the effect of delaying action on the part of our government. No doubt, many who advocate international bimetallism, and who believe we ought to await the action of other countries, are sincere in their professions and theories; yet, as a matter of fact, the controlling influences that have brought about international conferences and dominated their proceedings and deliberations, have been adverse to bimetallism of any kind, national or international. The plea for international bimetallism has been used as a criminal in court would use an affidavit for a continuance, when his only object was delay and not justice. The scheme has worked well by amusing the people with hopes of the restoration of silver, while the single gold standard advocates, especially the great banking houses, have been busily engaged in the work of coercing one weak nation after another into the policy of adopting gold monometallism. Thus, pending the consideration of international bimetallism, Austria adopted the gold standard with other countries in Europe; then came India, which, under the coercion of the English government, suspended the free coinage of silver in 1893; and this country, responding to the same influences, suspended the purchase of silver under the Sherman act. A

committee of bankers from Japan, some three years ago, visited this country to investigate the subject of silver and gold, and from here they went to Mexico and elsewhere with the same view, so it was said. The result is that, under the advice of the bankers, Japan has put a limit upon the coinage of silver. Press dispatches from Mexico inform us that the great bankers of Mexico are contemplating urging upon their government the suspension of the coinage of silver, and the bankers of Europe, working through their agents throughout Central and South America, are exerting every effort to accomplish that purpose in the South American States. While we are delaying and amusing ourselves with efforts to bring about an international agreement, the only agreement that we see as the result is the concerted action of great banking houses in the world to conquer one nation after another and to force upon them the English monetary system.

Had we acted years ago by restoring the free coinage of silver, we would have settled the question for the world; or had the people at the last election voted for bimetallism, Japan and other nations would have gone on coining silver free, India would have probably opened her mints by this time, and perhaps France and the Latin Union; the whole tide would have been turned in favor of bimetallism. Hence the importance of this nation's acting at the earliest moment possible.

Our commercial power and demands for money exceed those of all Europe combined. The United States holds the key to the situation. We can unlock the vaults and set free the silver of the world. In other words, we can break down the dam that now confines silver by permitting that metal to flow freely into and out of our mints. We can thus establish an international bimetallism that will assure free circulation and glad acceptance to both gold and silver as money throughout the commercial world.

It needs a great, free and independent people such as ours, with our immense territory and resources, a population of over seventy millions-probably nearly eighty millions, and soon to reach one hundred millions-of industrious, enterprising citizens, to take the lead in undoing a great wrong for which in the main, at least, we were responsible. That we will do so in the future, and in the near future, all the indications go to point out as a certainty.

The silver question, therefore, as it pertains to this country and the world, is more pressing than ever, and must be settled, and settled rightly, before any lasting prosperity, or any hope of permanent prosperity for our great country, can be enjoyed by our people.

The effort now being made to divert attention from this subject because of a little spurt in business activities occasioned by the failure of crops abroad will soon be dissipated.

The vain hope of an enormous yield of gold in Alaska, as relied upon by the gold standard advocates, will prove a delusion. It is not at all likely that any great quantities of gold can be dug from that inhospitable region, even if gold may exist there in great quantities, as the difficulties of mining it are so great; therefore, no reliance can be placed upon that source of supply.

Our hope and safety is in the opening up of our own rich mines of silver, that the world may be blessed with a full volume of money, derived not from British gold alone, but also from the great silver product of the American continent.

To sum up the question. We must break up the gold monopoly, or the monopoly occasioned by the gold standard, by the restoration of the free coinage of silver. In accomplishing this, we will also, in a great measure, if not entirely, remove from further obstruction to trade and business the trusts, combines, pools and syndicates, now fattening upon the labor of the people of this country.

"Equal and exact justice to all men of whatever persuasion, religious or political," is one of the grand political maxims given to us by Thomas Jefferson. The advocates of the free coinage of silver aim at conforming to those principles and so bringing this government back to the control of the masses of the people that it may be conducted for their benefit-that is to say, for the benefit of all alike. The cause is just and will prevail.

R. P. BLAND.

INDIA'S CASE FOR SILVER.

BY A. S. GHOSH, PROF. OF ECONOMICS, CALCUTTA UNIVERSITY,

EXPERIENCE has taught us that the monetary policy of a nation which, because of its industrial activity or the size of its population, is an extensive user of the precious metals, often produces effects, for better or for worse, far beyond the zone of its political power and influence. During the first fifty years of this century the total production of silver in the world was about 27.6 times that of gold, whereas during the next twenty years, owing to the enormous gold discoveries in California and Australia, the "weight ratio" of silver production to that of gold fell to about 5.3; yet, during all that time the Latin Union was enabled by its bimetallic system to maintain an unvarying ratio of 15:1 throughout Europe. Again, in 1873, the course of Germany in demonetizing silver caused the suspension of the Latin Union, and thereby accelerated the fall in the value of silver. Finally, in 1890, the enactment of the Sherman Act in the United States produced the immediate effect in India of raising the exchange value of the rupee from 1s. 44d. to 1s. 8d.; and conversely, in 1893, the closing of the Indian mints to the free coinage of silver led to, or at least hastened, the repeal of the Sherman Act in America, and helped to accentuate those conditions which nearly brought about Mr. Bryan's election last year.

At the present moment, then, the two countries which are most vitally concerned in the solution of the silver question are the United States and India. To the former it is a question of general prosperity and happiness, and of national advancement; to the latter it is a question of life and death. It will, therefore, be interesting and profitable to the great American people, perhaps, to study the position of India in the matter, and to understand what co-operation she may be expected to give if Senator