The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-01-16
The Silver Bill Again.

tOnSlucraDle space III the SurleHt 'ssuS
OF the Posr is given 10 the speech of SEN
ator Sherman on the Silver Bill. The
matter is important; and it will he well
for oil engaged in the Southern industrial
movement, and, indeed, all throughout the
country who are affected with either the
ereenback or silver mania, to read with
care and without prejudice the clear and
conclusive argument Of the ablest fnan-
cicr in the Senate
Mr.. Sherman has his faults. He is a
strong Republican partisan, and, at times,
n malignant one, which is grievous fault;
but on matters Of finance he has q broad
and sound understanding, which has, on
many occasions, proved of great value to
the country. On this subject his head is
about as long as his body, which is saying
a great deal.
1t has long been clear proposition to
our mind that no country can safely adopt
basis of value for itself alone, without
some reference to the standard of other
nations with whom it deals; and that it is
almost as difficult to force our own citi.
zens to accept money at more than its real
value as it is to force other nations to Go
so. We NAV indeed coin a limited num-
Der of silver dollars containing from ten
to twenty cents less than gold dollar and
still keep the two metals interchangeable
Mt par; but this is because the business
of the country requires a limited number
of silver dollars and of fractional silver
currency for convenience, to make change
in making settlements. Beyond this mat
ter of convenience no country can safely
70 and no country ought to try. 1t would be
better to he honest in the issue, even Of
this limited quantity Of silver, and put
enough of it in every dollar to make it
intrinsically equal with SO much gold; but
if government is not honest enough to
do this, the business elements may per-
NIT themselves TO be imposed on to the
extent Of accepting enough of the infer
Tor currency to suit their convenience but
no more.
The moment nation goes beyond this
point that moment the better currency,
the gold, is boarded or sent abroad where
it commands better price, ard no longer
appears in the currency of the country
that attempts to force an inferior metal
on par with it.
What the silver bill proposes is to
provide for the frss 7eaaa uniif;ted cottage
o. this silver dollar, to take all the silver
that is produced here or that is brought
here from other countries, and in the alb
surd hope that by the mere mechanical
process of stamping it, we can increase its
value to ten or twenty or thirty per cent,
and compel people to accept it at this ar
tiicial valuation.
The same experiment has been tried in
other countries and has always ended in
disaster Kings with forty fold the power
of our Congress have attempted to apply
the same principle in one form or another,
and always found it impossible. Yet with
instances that would fill volume, devices
of the most ingenious minds, fraud, force
and every other mode of imposition, all
proving worthless and injurious, our Con-
gress, in this enlightened age, with all the
lights Of history and all the utterances
and conclusions Of the greatest minds in
the world on the subject, would repeat the
experiment and bring upon the country
the same inevitable panic aid ruin.
1t is safe to say that within twenty-four
hours after the passage of the proposed
bill not piece of gold would appear in
circulation in any Of the cities or towns
in this country; and within month, not
piece would be circulated in the remote
rural districts.
1t is estimated that we have now about
S400, 600 600 of gold in actual circulation.
This vast sum would thus be suddenly
withdrawn, and it would be a physical inn
possibility for our minis to supply the
vacuum even in inferior silver dollars for
along time to come. Meanwhile all exist
ing standards of value would be disturbed
and a panic precipitatcd. These results
would as inevitably follow as the death of
an individual follows strangulation, or the
exhaustion of tank if the water flows
out faster than it flows in.
There is no principle in physics that is
clearer or more thoroughly established
after numberiess experiments, and yet
demagogues and quack financiers are per-
petualiy striving to furnish more exam
pies.
What would he said Of physician who
would persist in giving children some
strong poison because they asked for 1t,
ON the assumption that it has not been
sufficiently demonstrated that strong poi
sons willk children?
Yet this Is about what onr SWALLOW states
men wish to do, simply to CRAFTY the un-
informed and shoughtless elementof their
constituents. They know better, and
rely rpon such able fnancief as Sher-
! man and The .amented Manning, to de-
feat the measures they advocate, or they
have not eonscientiously studied the subs
Jet, o. shey are incapable Of compre-
xndinc ik g