People's Pilot, Volume 4, Number 20, Rensselaer, Jasper County, 2 November 1894 — CHASING A SHADOW. [ARTICLE]

CHASING A SHADOW.

Genuine Bimetallists Cannot Hope for Anything from England’s Move to Coin Silver Dollars. Information from reliable sources is to the effect that the British government will soon begin the coinage of silver dollars for use in the eastern trade. The number of these dollars that it is proposed to mint, if determined upon by the authorities, has not yet been made public, nor have the facts regarding the proposed weight and fineness of the new coin. The term “dollar” may or may not indicate a piece resembling the size and quality of our own coin of that name, though the mere fact that it is to be called a “dollar” and not a rupee or a florin or a crown would seem to point to the probability of its being of approximately the same value as our standard dollar, which contains 412% grains of silver .90 fine. This announcement from Great Britain really possessed little of interest or significance for the people of the United States or Europe. It is not at all likely that the coinage of these dollars will be extensive enough to affect the silver market to any appreciable extent, and there is no intention on England’s part to make these coins full legal tender on a par with gold in the United Kingdon. The only reason for noticing the announcement at any length is born of the certaity that the bogus bimetallists will at once seize upon the circumstance and exploit it as an argument in favor of their claim that international bimetallism is already in sight. In this insignificant coinage of silver into dollars for eastern trade these waiters upon England’s good pleasure will see, or claim to see, a beginning of the financial revolution in that country for which they have been looking and will attempt to bring about a cessation of the efforts of those courageous and honest advocates of silver who are urging immediate remonetization at the 16 to 1 ratio for the United States, without regard to England’s or any other country’s policy. But no well informed silver man will be misled by this British ignis fatuus which the international bimetallists are certain to hail as a divine beacon light. Whoever has given the money question serious study knows that the English financial policy is dictated by the bankers and money barons of Lombard street and that they have no intention of cutting the values of their appreciated gold loans and gold interest incomes in half by restoring gold to its normal price. They will fight for gold, bleed for gold, well nigh die for gold if needs be. This demand for silver which the imperial government has found it impossible to ignore entirely comes from India, where silver is the money standard. It will be gratified in just as slight degree as the imperial officials can manage. No more silver dollars will be coined than absolutely necessary to keep her majesty’s Indian subjects from becoming troublesome, and they will be no more legal tender in the United Kingdom or the English colonies than would be the bars of white bullion, which the Hindoos use as money when the volume of currency becomes too contracted to serve the needs of trade. This British coinage of silver dollars is done to supply an imperative demand, or to make a pretense of so doing. A return to bimetallism on the part of Great Britain is only to be looked for when bimetallism has been forced upon that country by the other nations of the world. It is the natural destiny of the United States to be the pioneer in the movement which shall eventually result in international, aye, universal, bimentallism. To that end silver must first be restored to its money function in this country by the passage of a law providing for the free and unlimited coinage of American silver dollars at a ratio of 16 to 1 with gold.— Chicago Times.