Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1891-02-13

universal, but for the baleful effects of |
u dcbased and tuctuating currency !
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 debascd or fluctuating currency
pcrmeate all the arteries Of trade, para
lyze all kinds of business and bring dis
astcr to all classes of people.
Tits as impossible for commerce to flour
ish with such an instrument as it is for
the body to grow strong and vigorous
with deadly poison lurking in the
blood. Such a currency is bad enough
in domestic trade, but it is absolutely
fatal to the prosperity of foreign COM
merce. The nation that attempts to
conduct it's foreign trade with cur
rency of uncertain value, or of inferior
quality, is placed at Il fearful disadvant-
age. 1t would seem supertluous to inn
press this universal and well-known ex-
pcricncc were it not too apparent that
this nation has been in danger of repeat
ing the costly experiment with just
such a currency. The tendency of
events has recently been in that direc-
ton, and the apprehension of danger
created thereby has caused the loss,
since December l., of over $24,00o,OO0
of gold from the treasury and of proba-
bly, much larger amount from the cis-
culation. ] am happy to say, however,
that this peril seems now to have passed,
, and it is to be hoped its evil effects will
soon disappear. Tho sober second
thought of the people is asserting itself
as usual and signal lights of safety arc
| 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 or silver in the world to meet
the necessities of business, | am an earn
{ est bimetallist, and concede to no one
a stronger desire than l feel for the free
and unlimited coinage of silver as soon
: as conditions can be reached, through
: international agreement or otherwise,
by which such coinage shall be safe.
G But it is my firm conviction that for
v this country to enter upon that expert
Il ment now, and under existing conditions,
z would be extremely disastrous, and that
n it would result, not in bi-metallism, but
d in silver recommendation. Such an en-
@ pertinent would, in my Judgment prove
d a greater disappointment to its advo-
a Gates than to any one else. They insist
that 1t would expand the circulation and
y permanently enhance the value of silver.
l. believe it would produce q swift and
q severe contraction and eventually reduce
e, the market value of silver.
ID Let me briefly suggest some Of my
n reasons for this belief: Free and un-
j, limited coinage Of silver by the United
or States while the other great nations pur-
in sue an opposite policy would invite all
ut the owners of that metal throughout the
IN world to exchange 3T4 grains of pure
u
D. grains of pure gold, worth everywhere
he rope are anxious to exchange their silve
ur for gold, and they would at once accep
nd so tempting an offer. The mint Stats
er tics of the treasury department SHOW
lr- that the stock of full legal tende
he silver in Europe amounts to 81,
he 1o1, 400, 900, and that of thi
amount the banks of France, Gel
many, Anstro-H Hungary, the Netherland
tut and Belgium hold S42s, s66,66 A larg
ev- part Of these vast stocks of silver woul
AZ. be ready for transfer to us at once, ar
ub- the swiftest steamers would be employ'
en- to deliver it to the treasury, in o
BILE der that with the proceeds the ow
or ers might buy gold exchange on Eurol
ost before our stock of gold should be e
On hausted.
I'll. WOulu OuI OWu PCOplC CIV 1Ao ohS ~
co. rival of these silver argosies from EuroE
at before acting? Not unless the Yanke
is, has lost his quick scent of danger an
o. forgotten his cunning. Bank depositor
= trust companies, the holders of Unite
gn States notes and gold certificates wonl
instantly lock up all the gold at con
ar mand, and then join the panic-inspire
tai procession to the treasury, each and q
or anxious to be in time to grasp the golde
q prize before it was too late. Probabl
o. before the swiftest ocean greyhoun
ed could land it's silver cargo at New Yor
IRE the last gold dollar within reach woul
ne be safely hidden away in private boxe:
CO. and in the vaults Of safe deposit con
Tor panies, to be brought out only by hig
o. premium for expectation. This sudde
", retirement of 5000, 1000, 900 of gold, wit
e. the accompanying panic, would caus
we contraction and commercial disaster VI
re paralleled in human experience, an
our country would at once step down
as the silver basis when there would be n
,e- longer any inducement for coinage an
to silver dollars would sink to the bullio
m value.
it'll When the silver dollar ceases to hay
9TH more value than the bullion it contain
of there will be little inducement to col
or our own silver, and the cost of transpol
lr- tation will prevent its coming iron
I'D abroad. How then will unlimited COLI
gh age either expand the circulation or Ell
he nance the value of silver? AS if deter
re, mined to omit nothing which might az
ity celerate these results, the advocates {
ng present free coinage insist that it sha
his not await the slow process Of mint opel
be- ations, but that the printing press sha
I'D be set to work providing certificates
I'd, be issued for silver bullion at 81 for BIZ
ch grains
ed. When this contamination shall
ZEN reached as surely it will be if unlimite
,ed coinage be adopted under existing col
in ditions, the too ardent and impetuol
,ur lovers of silver will sadly realize tt
be truth uttered by the wise king of lsrae
ny s'He that loveth silver shall not be sa
we ised with silver
Pc Mr.. President and gentlemen, my sui
The ject has tempted me to impose upon yol
yer patience. I will close by merely calm
alf your attention to one other thing whic
on- deem very important both to our con