The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1893-09-13

for an impending evil. Amid the
cloud of conflicting opinions one fact
stands out clear, that under the
Sherman Act gold has been driven
out of our currency as silver has
been infused into it, so that we are
brought perilously near the silver
standard. =
The gold in the treasury upon
| which the whole structure Of our
currency rests has steadily gone
down while the only source from
which it could be replenished (cus-
tom duties) has dried up, 1t is not
surprising that the steady disap-
pearance Of gold receipts and the de-
cline of the gold reserve in the treas
ury should shake confidence.
That there is real danger that tie
country will slip from a gold to sill
yer standard unless something be
done to avoid it is is fact so patent
that none will deny it.
The abuses heaped upon the money
power, against England, Wall Street,
Gold bugs and everybody who are
supposed to be not friendly to silver
are far away from the real danger
which has not yet been touched.
We are descending steadily from
gold standard to silver standard,
silver monometallism. The experience
Of all ages is that when gold is the
standard a great deal of silver is in
circulation, while no gold remains in
circulation in countries in which sill
yer is the standard. If we should
! sink to a silver standard all of our
gold viii disappear and the cur
rency be not only contracted but that
remaining would shrivel up in its
purchasing power and all labor be
! paid in silver dollars worth between
fifty and sixty cents. No words can
| exagerate SO great calamity. Our
present trouble would be like a
| zephyr to cyclone. Bi-metallism is
not now practical question; there is
| nothing before the House tending to
secure it. No one whose opinion is
aassqsisx sass : sss 3.sist1
ca8be secured by free coinage OF
silver in this country alone at the
ratio of Is or 20 to one.
There is great confusion of ideas
on the subjects to some hi hi,metslism
simply means the use OF gold and
silver in the currency, in this sense
every country has it and everybody
favors it; but bi-metallism proper
means o fixed relation, established
and fixed by law whereby both are
coined without discrimination at
certain fixed ratio; in this sense there
is no civilized or uncivilized nation
| which is bi-metallie Wherever bi
metallism existed it has been due to
| artificial regulations and manipula-
4 tions of governments. So long IS
there was comparative stability in the
production and price of the two
metals the greater part of the world
adhered to the bi-metallic system,
which adherence tended to preserve
| the steadiness of the price Of the
two metals. This stability in price
being due mainly to the action OF
governments, ceased when the prac-
tice ceased, and will not and cannot
revive until the practice revives, and
it is to this sort of bi-metallism that
the Democratic party stands pledged.
By our pledge we are bound to
make honest efforts to secure a bi-
metallic system, either through inter
national agreement or by such safe
puards Of legislation as will secure
that end. Our honor and interests
demand that we make an honest ef-
fort to secure it and would be much
mistaken and gr, atty disappointed if
some well digested plan is not pro
posed before our term of service
ends. When it is proposed it should
be, considered without passion OF
prejudice. Enormous difficulties
stand in its way, for events for the
last twenty years have been against
it, during this period there has been
such great economic change that
we may be said to live in new world
and appearances indicate this great
new industrial world prefers silver tc
gold.
The exact date when the worlc
began to discard silver cannot bs
precisely fixed but was gradual in it:
) operation. Just as surely as there
has been constant tendency from
, the lower to the higher forms of Gre
alton, just SO surely has the economic
: world sought after gold the highe
l metal and discarded silver. Ou
5 friends on the other side are con
S stantly harping on the scramble TO