THE PRESIDENT'S ELECTION.

Feilding Star, Volume XVIII, Issue 110, 6 November 1896, Page 2

THE PRESIDENT'S ELECTION.

The election of Major McKialey, a President of th« United States of America, by euch an overwhelming majority, appears to have given great satisfaction, and is regarded as an indication that the friends of social order are a vast and silent majority, while its foes are a soiall but' noisy minority. It m% now be taken for granted that the Republicans will stand firmly to the policy of a gold standard, which has really been the great question at issue in the contest. After that in importance comes the policy of Protection, which now stands ' high in the estimation of a vast majority of the people. The point about which the jaontroversy raged most fiercely, and over which many more battles will have to be lost and won before it is definitely settled, was ' the question of the effect on the pur- ' cbasmg power of the silver dollar if the United States threw open the mints to silver at the ratio of sixteen to one with gold. At present the dollar has a purchasing power equal to nearly double the bullion value of the silver contained in it. Of course if *ilver were admitted to free coinage ne value aud the coin value couhTnot IT* ft^ rt ia is *? y> They would hkv* * m e together somewhere. The great qC. Wtt At issue is, Where wt uld they come ** gethef ? The Silver men contend that opening the mints to silver at the ratio mentioned, and making silver dollars unlimited legal tender at that ratio would fix and maintain that as the ratio of bullion value. In other words, they affirm tbe effect of free coinage would be to nearly double the present bullion value of silver relatively to gold. On the other hand, the Gold men say free coinage means a fifty cent dollar, which is the same thing as saying the adoption of iree coinage by the States would not raise the bullion value of silver at all, but would leave it just where it is at pro-

sent. A thoughtful writer in the Nineteenth Century on the question suggests that there surely is a middle way between tbes>e two extremes. He thinks the adoption of free coinage would cause a substantial rise in the bullion value ot silver and, therefore, the fifty cent argument is wide of the truth. Another great point in the controversy is the honesty of free coinage. In brief, it is contended that paying a gold dollar debt contracted at one hundred cents with a silver dollar valued at fifty cents is a fraud on the creditor, which would be clearly and unquestionably dishonest In England, as our readers are doubtless aware, a controversy has been carried on for some years on much the same question, under the name of bimetallism. The common sense of the people composing the earning and commercial world has allowed the discussion to go on the even tenour of its way. Gold is the accepted standard, and silver a legal tender up to forty shillings, a mode which suits every- j body, and allows a vast amount of silver bullion to be worked up into articles of household utility and ornament. The rule which obtains in England may well be followed by the United States. It is anticipated the election of Major McKinley will cause the release of an immense quantity of gold, and thereby cause cheap money to flow inio the market and thus create an enormous revival in trade and commerce of all kinds. Best of all, confidence will be restored, a mental quality which can hardly be overestimated for its influence in the direction of general prosperity in the country whence it obtains.