Telegram-herald., 1891-02-06
FERRY ON FREE-coINAGE.
tie Hopes the Bin wsa Pass and Bscsns
kaN.

The Silver bin is constant topic for
discussion among ali public men. and
particularly those who have been prom
inently connected with National poll
ties. Ex-senator Ferry was asked 10y
correspondent. of the Detroit Free
Press. how he liked the Senate Free
Silver Coinage bill.
81 like It" he replied, "but should
regard il wiser were the free coinage of
silver confined Ia the American bullion
products. This Nation mas reached
point of independence Of European
methods or dlctatlon, lnasmuca as our
credit stands highest OF any other
nation. Brush consuls are at dis-
count, while the United States bonds
bearing like rate Of interest. are at
premium. Ii Is the interest OF England
II keep silver lower, for all financial
transactions IN the vast empire of India
are measured by silver, and the lower
England can buy silver for her Indian
trade, the greater her imperial profit.
ier purss necessarily tips the scale
against the reconciliation Of
silver 10y the United states, and
logically fights il. No gold bug
gainsays the fact tha. gold alone
cannot possibly supply the 40 per cent.
reserve deemed practically indispensa-
ble 10 safe redemption OF volume OF
currency. Silver, therefore, is the only
next associate Of gold of allied intrinsic
value, which can with gold assure conf
merclal redemption. This conceded. II
follows that silver will hold a likeness
to gold in several respects; first. IN rel
alive par value; second. IN equally free
coinage with gold, share the elastic
function which money must have and
the people hold, as the safest fiscal ad-
juster of the values of local and
growing nation; and third, free coinage
Of silver as of gold will make parity of
values OF those richest metal measures
that will jointly stimulate national
wealth, anu will enable the United
States to assume of right the financial
sceptre of the world.
"In basing treasury notes, gold and
silver certificates on gold and silver
bullion, the United States would step
TO the financial front of nations, be-
cause she would make the currency of
her people as secure and stable rs the
totality of national wealth and honor.
Under the existing disparity OF silver.
restriction Of silver coinage 10 the
American product would dismiss the
debasement of importation and raise
American silver TO It's normal, rIghtlul
relations ofparity with gold as = primal
condition. This, under free coinage,
would place IN the hands and sole con-
troll of the people, the stability and
fiexlbllity of value and volume, the
money OF the nation, and lodge with
the people, where il belongs, financial
Us well as political sovereignty.
Unlimited silver coinage subjects its
parity with gold TO the depreclating
effect Of European dumpage of cheap
silver and gold exhaustion of American
gold. That should be barred if free
coinage of American silver is 20 make
silver as valuable an agency as free
coinage of gold. Appreciation OF silver
to q normal rank with gold must fol-
low restriction of free coinage 20 Amer
lean bullion. This would end the spec
ulative f!uctuatlon of market value in
cldent TO the periodical purchases 10y
the government, moreover save trade,
traffic and values from generalization.
Restriction of coinage TO the Amer
can product would put silver up To par.
while coinage open TO foreign product
viii iltltC TIC NOiiu W IN tht csabAoaa
of American values.
al am TO much Of an American 10
commit American worth TO European
greed. have also faith 20 live TO see
F. day when, based on 60 gold and silver
bullion, our Government. whether IN
the form of notes or certificates. will
issue as legal tender for all public and
private purposes all OF the currency OF
| the Nation.
"Thenceforth VIC would never care D.
| look 10 see whether our wallets held
greenbacks, gold or silver certificates;
for then all alike would bear the
promise to pay OF the United States,
whose wealth, integrity and honor no
foreiga or domestic foe has thus far
successfully questioned, nor wall hence
forth waDtonly assall."