West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1891-09-17
TIE SILVER QUESTION.
Eleven Reasons why Free Coinag,
should not be Adopted.

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United States, without internation-
al cooperation (Which has not been
procured) must inevitably involve
the depreciation of the silver dollar
as compared with the gold dollar.
2. When silver has become de-
preoiated, then, beinga legal ten
der, it alone will DO used for ordi.
nary payments, as the money Of
least value.
3. Gold coin will, in that event,
be boarded and used OILY for the
settlement of contracts made pay
able specifically in gold.
4. Following the invariable rule
under such conditions, gold will
leave the country, finding its per-
manent resting place in currencics
of Europe.
8. That depletion of gold would
involve corresponding largo con.
traction of the volume Of our cir
culating medium.
6. The depreciation Of silver coin
would also involve corresponding
depreciation of the paper circula-
ton: for as our paper money is as
much redcsmable in silver as in
gold, its value would conform to
the value of silver, that being tho
cheaper metal and the only one
available for the redemption of pa
per. Thus the final issue would be
Il reduction both in the volume and
the purchasing power Of the entire
mass OF our current money.
z. Free coinage, therefore, in.
stead of meaning an expansion Of
the currency, as claimed by its adj
yocates, would end IN n contraction
of probably some hundreds of mil
lions Of the effective monetary
power Of our circulating medium.
8. The ultimatum of free coinage,
then, is to put the United States
upon an exclusive basis, in com
pany with the semi-civilized nations
and in isolation from the great
progressive countries, and to en-.
able Europe to adhere more flxedly
than ever to the gold basis.
0. One of the results of this state
Of things would be to give us a cur
rency Of constantly fluctuating val
ne, as compared with the stable
valuation of European moneys and
with the worlds standard of value;
thereby ontailing large and perpet-
ual uncertainties in prices and in
the result Of contracts connected
with both our import and export
commerce, and equally deranging
values in our home markets A.
more serious embargo upon our
foreign commerce, both inward and
outward, could not well be con
trIyed
10. Another effect would be to
subject the value of our currency
TO speculative or other arbitrary
control. 1t would only be necessary
to control the price Of the small
stock Of silver bullion IN the worlds
markets in order to enhance or de-
preciate the whole mass Of our
money, paper or metallic, the val
uc Of which would be regulated by
the current gold price Of silver
bullion. Considering tho strong
commercial and financial tempta-
tions to such tampcring that would
constantly occur IN connection with
foreign trade and exchange opera.
tons, it is PLAIN that such spccu-
lativo intoferor CO with the value Of
silver would become matters Of ordi-
nary occurrences. What would be
the moral status Of the commerce OF
a nation exposed to such operations.
H.. The transition t6a currency
Of deprecated and nuctuating galue
would involve con scation i'm tho
settlement Of the Thousands Of mil
lions Of bonds, mortgages and
other contracts now outstanding:
and such wrong being deliberate
and not the consequence OF any
inability to pay in full, 20 would
constitute one Of the most disgrace.
ful dishoncsties ever pcrpctrated by
the Legislature 5f civilized nation.
and would stand az an everlasting
stigma upon tho honor Of tho
American people and upon The Re
publican institutions Of which we