Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-09-09
wHEELINe DAILY REGIsFER SATURDAY. SEPTEMBER g. 1893

require the use of both on terms OF per-
feet equality before the law as to their
coinage and legal-tender functions.
Mr.. President, In the doubts which /
have expressed as TO the ability OF the
United States Government TO maintain
free aDd unlimited coinage OF silver al
parity with gold, at any ratio, think
l may say with perfect sincerity that
the wish Is not father to the thought.
as fully realizs and as deeply deplore as
any Senator here can what an accumu-
| lation OF sorrow, privation. distress aud
misery, and what shrinkags Of prop
erty values must result from the demon
citation OF one.hali OF the metallic le-
| gal tender money OF the world.
Irecoil from the contemplation OF the
disastrous effects which have In the
past and will In the future follow the
depreciation OF values which will here
after be measured by a standard that
has appreciated by rerson of the in
creasing demand for its use, and the
failure or an Increase in its production.
Study and reflection have caused me to
appreciate the material losses, and the
| industrial crisis through which other
great nations have passed Ia seeking to
establish single gold standard by
which to measure the value OF eX-
changes, and fear IL the principle OF
gold monometallism is finally triumph
art in this country, history will repeat
itself, and we will be forced to pass
through period of depression, the
like OF which has never boon ex-
Derienced on this contiuaut
HOW 1T WAS IN ENGLAND.
Sir James Graham tersely and fore.
IDLY describes the effect upon she Eng
lish people Of the demonstration Of sill
yer in 1916, when he says:
Zone class 1ourished. and that was
triumphant-the class Of annuitants-
and the tax-eater rejoiced in the In
creased value OF money, 10 the sacrifice
Of productive industry TO unproductiye
wealth, in the victory OF the drones
over the bees"
IL Is estimated by Mr.. Tidman that
the action Of Germany in 1872 aud the
United States Ia 1873 ia demonetiZlng
silver caused shrinkage In the value
OF the exports OF England 20 per cent.
in four years.
Mr.. Geschen said at the conference Of
1873 that 1.-THE scramble 10 get rid OF
silver might provoke one OF the gravest
crises ever undergone by commerce."
and Baron Rothschild In 1851 Endorsed
the views Of statesmen and statisticians
when he declared that
The suppression Of silver would
amount 10 veritaole destruction OF
values without any compensation"
II such have been the effects result
ing from the action OF two countries,
and such the predictions In case Of the
suspension OF silver coinage by silver
nations, how will you measure the loss
to the husbaudman, the effect upon the
productive energies OF the people, the
increase Of burdens to the debtor, and
the ultimate influence upon the wages
Of labor, when you realize the fact that,
with but few minor exceptions, every
nation Of Europe and the government
of India have declared In favor OF the
single gold standard, leaving not q SIN
gle nation Of prominece or commercial
Importance upon the face OF the globe
that has not by law dshonored the
white metal and denied 10 1t the right
OF free coinage?
Aristotle truthfully says:
money hath its value In virtue OF
law, and hath not by nature; hence an
alteration OF the consensus between
them that use 1t hath power to destroy
the value which as money IL possesseth
A STUDY OF THE CHANGES.
Mr.. President, a study OF the none
tary changes which have been going on
throughout the world must convince
any rejecting mind that the policy OF
gold monometallism, which has no"
become almost universal, has, In many
Instances, been adoption through neees-
sIty and not from choice. The action
of Germany compelled France ano
other nations Of the Latin Union 10
follow in her footsteps, and their ACTON
in turn has compelled other nations 10
self-defense, to follow the path marked
ont for them by the selfshness OF that
class that now rules the destinies OF
nations. The thought seek TO convey
/, best expressed In the language OF the
italian delegate to the Paris conference
when he gave utterance TO the reasons
which would control his country In the
adontion OF the gold standard. de SAID:
because she Italy sees silver de-
preciated by the suspension or colnaEe
in the Latin Union; by the gold mono
metallic legislation OF Germany; because
she is obliged by the most elementary
nrndence not TO expose herself TO serve
"a reservoir OF debased metal, and as
tba 6nance minister said In the Italinn
parliament, to become the monetary
india OF Europe"
Statesmen of every nation have been
appalled when contemplating the re-
suits which must flow from the univer-
sal adoption OF gold monometalllsm. NO
less a financial authority than MI. uos-
chen said at the conference OF 1878:
"If all nations should resolve on the
adontIon of the gold standard. the cues
tIon arose, would there be sufficient gold
for the purpose without a tremendous
crisis?"
Did not his experience and reflection
enable him to correctly foresnadow the
results of the policy that the selfish
ness Of few powerful nations, includ-
inc our own, has at last succeeded In
accommodating? The last few years
have verified his prophecy, and we have
been witnessing throughout the world
the rising tide OF monetary troubles aud
financial upheavals. The recent per-
turbstions have been partially manu-
| featured to order. but from the opinion.
expressed by the ablest writer's, and
from conclusions drawn from the teach
ings of history. fear the American
people are destined to pass through
many scenes OF Individual misery and
20 experience many national perils De-
fore that tremendous crisis" Is pasL
| AN ALARMING FORECAST.