The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-02-20

purchase about $50 grains of pure silver
In other words, by act of Congress 27l =
grains Of silver are to be converted prac.
ticaIy into $50 grains of silver. The
alchemst never undertook more difficult
or profitable operation, if success were
possible.
! ut is difficult to see how free coinage
Of silver would in any way affect the pres
ent conditions Of domestic exchange, ex-
cept to complicatc them and to compel
the payment of balances in silver instead
Of gold"
After further reviewing the subject Mr.
Hewitt concludes:
at is not necessary to pass the pending
bill in order to force the country to do
business upon silver basis The exist
ing law requiring the purchase of a 800,
600 Of silver bullion monthly for coinage
into standard dollars will inevitably bring
this result to pass. The limit of safety
has already been reached if the parity be-
| tween gold and silver is to he permanently
| maintained. SO soon as the time arrives
when the receipts of the Treasury are
mainly in silver notes it will he forced to
pay out silver in discharge Of all obliga-
lions not specifically payable in gold. The
evils of the free coinage Of silver will then
he upon us and gold will disappear from
the operations of domestic trade; the
change, when it comes, will be sudden and
the consequences will he caamitous The
withdrawal from circulation of $500, 000,-
600 of gold now available as money will
act like stroke of paralysis upon
~ Of bn Ir,
even the Government itself to the verge
of bankruptcy"
These resolutions were passed unani-
mously:
Resolved, That the first requirement Of
a sound metallic currency is that its value
shall be permanently stable.
Resolved, That the equality of value be-
tween 4l215 grains of standard silver and
25S grains of standard gold asserted in
the bill for the free coinage Of silver is
untrue, in fact, is contradicted by the re-
cord of the market price of silver bullion
for many years, and cannot he sustained
against the financial policy of all civilized
nations.
Resolved, That the free coinage Of silver
on the basis of equality of value at the
ratio stated, in our Judgment will cause q
premium on gold and its immediate
Punishment from circulation and will de-
base the value of our dollar to the bullion
value of the silver it contains.
Resolved, That the proposed debase-
ment Of our currency is dishonest. 1t will
impair private and public credit. 1t will
confuse and hamper our commercial rela-
lions with good paying countries. 1t will
curtail legitimate business, and it will
violate The obligations of existing con-
tracts and disastrously affect many indus
tries. 1t will fall with peculiar severity
on the depositors in savings banks and
trust companies and those holding life in
surancc and mutual benft policies. II
will lessen The purchasing power of money
in which are paid the earnings of laborers
and the salaried classes. 1t will benefit
no one except temporarily the owners OF
silver or silver mines who may secure al
enhanced price for their product and
properties and the holders of gold or OF
gold values at financial centers, who would
be able to discharge their obligations in
dcbascd currency and retain the advantage
of the premium OH gold.
Resolved, That wcs!.all oppose with al
the means at our command the pending
bill or any one which favors the free coin
age of silver, without the cooperation Of
other nations.
A committee of ten members of the Re.
form Club will be appointed by Mr.. Ander
son to 60 to Washington and oppose the
passage of the silver bill.