The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-02-05

for enlarging credit may, and often do, avert
the evils OF a deficient circulatiOn; and redun-
dancy may sometimes modify its own evils be-
fore their results become universal, but for the
baleful effects OF a debased and iiuctuating cur
rency there is no remedy, except by the costly
and difficult return to sound money. As poison
in the blood permeates arteries, veins, nerves
brain, and heart, and speedily brings paralysis
or death, so does q debased or fiuetuating cur
rency permeate all the arteries of trade, para
lyze all kinds OF business, and bring disaster to
all classes of people. 1t is as impossible for COM
merce to flourish with such an Instrument as it
is for the human body to grow strong and vigor-
Gus with deadly poison lurking in the blood.
Such currency is bad enough in domestic
trade, but it is absolutely fatal to the prosperity
OF foreign commerce. The nation that attempts
TO conduct It's foreign trade with 3 currency of
uncertain value, OF of inferior quality, is placed
at fearful disadvantage. 1t would seem super
nuous to impress this universal and we'll known
experience were 1t not too apparent that this
nation has been in danger of repeating the cost
" experiment with just such a currency. The
tendency OF events has recently been i'll that di-
rection, and the apprehension of danger created
| thereby has caused the loss, since December /,
OF over s24, 100000 OF gold from the Treasury and
OF pfOpably much larger amount from the
circulation. am happy to say, however, that
TINS peril seems now to have passed, and it is to
The sober second thought of the people is as
serting itself as usual signal lights of safety
are here and there becoming visible.
Let me speak very plainly on this most inn
pOrtant subject.
Believing that there is not enough OF either
gold OF silver in the world to the lieceSSi-
ties or business, am an earnest hi metaisG, and
concede to no one stronger desire than feel
Tor the free and unlimited coinage OF silver, as
soon as conditions can be reached through in
ternational agreement, or otherwise, by which
sncii coinage Shall be safe BUT it is my firm
conviction that for this country to enter upon
that experiment now, and under existing cOndi-
tlons, would be extremely disastrous, and that
1T would result not in bimetaliSm, but in silver
mono-metaism. Such an experiment would in
my Judgment, prove a greater disappointment
TO us advocates than to any one else. They in
S st thai it would expand the circulation, and
permanently enhance the value Oh silver. be-
lleve 1t would produce a swift and severe con-
traction, and eventually reduce the market
value OF silver. Let me briefly suggest some OF
my reasons for this belief:
Free ana unlimited coinage of silver by the
United States, while the other great nations
pursue an opposite policy, would invite all the
! owners OF that metal. throughout the world, to
exchange 3Ia grains of pure silver, worth about
Sd cents for % q grains of pure gold, worth every
where 100 cents. Nearly all the nations of Europe
they would at once accept SO tempting an offer.
The mint statistics of the Treasury Department
in Europe amounts to 81, lOl 100000, and that Of
this amount the banks of France, Germany,
Austros Hungary, The Netherlands, and Belgium
hold S42S $3.50 large part of these vast stocks
OF silver would be ready for transfer to us at
once, and the swiftest steamers would be EN-
that with the proceeds the owners might buy
gold exchange on Europe, before our stock OF
gold should be exhausted.
Would our own people await the arrival of
these silver argosies from Europe before acting?
Not unless the Yankee has lost his quick scent
positors. trust companies, and the holders of
United States notes and gold certificates would
then join the panic-inspired procession to the
Treasury, each and all anxious to be In time to
grasp the golden prize before it is too late Pro,
land its silver cargo at New York, the last gold
dollar within reach would be safely hidden away
in private boxes and in the vaults Of safedepOSit
companies, to be brought out only by high
premium for expectation. This sudden retire.
ment of 5000 GEO. COO of gold, with the accompany
contraction
mercial disaster unparalleled i'll human expert
ence, and our country would at once step down
to the silver basis, when there would be no long
er any induccment for coinage, and silver dol
lars would sink to their bullion value
When the silver dollar ceases to have more
value than the bullion it contains, there win be
little inducement to coin our own silver, and
the cost Ct trsnspqrtation wiz prevent it's cont
age either expand the circulation or enhance
the value of silver?
AS il determined to omit nothing which might
accelerate these results the advocates of pres
ent free coinage insist that it shall not await the
slow process Of mint operations. but that the
printing press shall be set to work providing
certificates to be issued for silver bullion at 81
for 3T11 grains.
surely it will be il unlimited coinage be adopted
under existing conditions, the too ardent and
impetuous lovers of silver will sally realize the
truth uttered by the wise King OF srael, lie
that loveth silver shall not be satisfied with sill
Mr.. Presidents and gentlemen, my subject has
tempted me to impose upon your patience |
will close by merely calling your attention to |
one other thing which deem very important |
both to our commercial and financial interest |
viz: The passage of thebill now pending in Con
gross for the establishment of All international |
bank to facilitate our exchanges with Mexico |
and Central and South America. New York is |
destined, at no distant day, to become the f1nan-
cial as we'll as the commercial centre of the |
world, and such an institution would in my |
Judgment be long step toward that end. as |
well as most valuable instrimeasality for the |
promotion OF commerce with those countries.
Give us Direct and ample transportation facil-
tiles under the American flag, and controlled by |
American citizens; a currency sound in quality |
and adequate in quantity an International |
bank to facilitate exchanges, and a system of |
reciprocity carefully adjusted within the lines
of protection; and not only will our foreign COM
MERGE again invade every sea, but every Amepi- |
can industry will be quickeneG and oia whole
people feel the impulse Of q Aew and enduring
prosperity.