The Hazel Green herald. [volume] (Hazel Green, Wolfe County, Ky.) 1885-19??, 1892-08-19


On the contrary, the price of silver bull
ion In all the markets of the world, In
those countries where there IL free coin.
age as well rs In those where the mints
are closed 70 silver, IL much lower now
than IL was in 1873, when this country
began TO purchase II at the rate of ga.
100000 worth per annum.
Neither gold nor silver coins, except
the subsidiary coins, will ever again en-
ter into very general use as currency In
any great commercial country. The
principal Office Of these coins 10 TO form
basis for the issue of notes or certif-
Gates which constitute the most conve-
nient form Of circulation among the peo-
pie. Any measure which would have a
tendency to broaden this basis Of circu.
lation by increasing the amount OF me-
tallic money with which the paper can
be redeemed would, In my opinion, be
beneficial not only 10 this country, but
to the world generally; but this can not
be done by the fabrication Of two coins
Of the same denomination, but of equal
intrinsic value, because both of the coins
can not constitute at the same time the
money Of redemption. Sixty.eight cents
worth Of silver and one dollars worth of
gold can not both be standards of value
at the same time and place. and this has
been fully demonstrated by our own ex-
perience during the last fourteen years,
for, although the silver dollar has been
all that time a full legal.tender under
the statutes of the United States, every
body admits that we are still on a gold
basis, and therefore the value Of all the
paper In circulation Is measured not by
silver but by gold.
How can We change this and 80 broad
en- the basis Of circulation as to make
silver part Of the real money by which
values shall be measured and paper re-
deemedY There are only two ways In
which this can be done by governmental
action; first, by the coinage Of a silver
dollar actually containing dollars
worth of silver; or, secondly, by an in
ternational agreement fixing the common
ratio between silver and gold for coinage
purposes. When either Of these things
is done silver will be fully remonetixed,
and silver and gold together will consti-
tute the real metallic money of the
world, the money with which all the
paper circulation will be redeemed and
into which all contracts will be resolved
upon final settlement.
If an attempt should be made now by
the United States alone 70 authorize the
free coinage Of silver and 80 fix the ratio
by legislation as to make gold and sill
yer dollar Of equal intrinsic value, IL
would be obviously unfair to make the
present commercial value OF silver bull.
ion the basis Of the adjustment, because
the partial demOnetization of silver by
limiting Its coinage has undoubtedly
had considerable influence ia depreciat.
ing its price and 10 approaching the
price or value OF gold. The free and I'M
limited coinage OF silver upon any ratio
that might be established would there
fore have tendency to bring the value
Of the two metals nearer TO each other,
and the true ratio for the purposes of
coinage would be found ut some point
between sixteen ~ one and the present
relative prices Of silver ard gold bullion.
1t may be impossible for any single gov
eminent ~ establish ratio which will
be sufficiently stable TO sustain the
free coinage Of both metals without
disturbing Its monetary system. II
30, an international conference Is the
only tribunal that can extricate US
from the existing situation. Any meas
ure which will fully remonetise silver
and insure the equality Of the dollars
coined from the two metals, whether
II be an act OF Congress or the agree
ment Of an international monetary con-
ference, will receive my cordial sup
port, for believe that the use of both
Is essential TO the prosperity Of this and
all commercial countries. l have uni
formly voted for both bills and resoIu.
tons inviting other nations 10 meet our
representatives for the purpose Of fully
re-establishing the use OF silver. and
sincerely hope that the conference which