The Canton times. (Canton, Miss.) 1893-1906, 1894-08-10
CHEAP DOLLARS.
THEY ARE STRONGLY CONDEMNED
By PRESIDENT CLEVELAND.

We Have Four Times Failed to Es-
tablish Bimetallism-No Hope
For Success In Future-Danger of
Attempting to Depreciate Our
Currency.
No part Of thes Presidents annual
m essage to Congress is more worthy
of careful reading than that part in
which he exposes the folly and danger
OF attempting anymore legislation in
behalf of silver. 1t is absolutely un-
answerable. Here are some extracts
from it: "A
While have endeavored to make
plain statement oEthe dlsordered CON
dition of our currency and the present
dangers menacing our prosperity, and
to suggest way which leads to safer
financial system, Ihave constantly had
in mind the fact that many of my
countrymen, whose sincerity I do not
doubt, insist that, the cure for the ills
now threatening us may be found in
the single and simple remedy of the
free coinage OF silver.
No government, no human contri-
vance or act of legislation, has ever
been able to hold the two metals to-
gether in free coinage at ratio APP
preciably different from that which ia
established in the markets of the world.
Those who believe that our indie
pendent free coinage t silver OF an
artificial ratio with gold of 16 to
would restore the parity between tfSel.
metals, and consequently between II 7
coins. oppose an Unsupported and I'M
probable theory to the general belief
and practice of other nations, and to
the teaching of the wisest statesmen
and economists OF the world, both in
the past and present, and, what is far
more conclusive, they run counter to
our own actual experiences.
Twice in our earlier history our
lawmakers in attempting to establish
bimetall;c currency undertook free
coinage upon ratio which accident
ally varied from the actual relative
values OF the two metals not more than
three per cent. In both cases, notwith-
standing greater. difficulties and cost
of transportation than now exist, the
coins, whose intrinsic worth was I'M
dervalued in the ratio, gradually and
surely disappeared from our circula-
ton and went to other countries where
there real value was better recognized.
Acts of Congress were impotent to
create equality where natural causes
decreed even slight inequality.
Twice in our recent history we have
signally failed to raise by legislation
the value of silver. Under an act of
Congress passed in 1878 the Govern
ment was required for more than
twelve years to expend annually at
least 1874, 00O, 900 in the purchase of
silver bullion for coinage. The act of
July IA, 1890, in. still holder effort
increased the amount of silver the
Government was compelled to pur-
chase, and forged it to become the
buyer annually of $4,000, 900 ounces,
or practically the entire product of
our mines. Under both laws silver
rapidly and steadily declined in value.
The prophecy and the expressed hope
and expectation of those in the Con-
gress who led in the passage OF the
aforementioned act, that it would re-
establish and maintain the former
partly between the two metals, are still
fresh in our memory.
In the light of these experiences,
which accord with the experiences of
other nations, there is certainly no
secure ground for the belief that an
act of Congress could now bridge an
inequality of fifty per cent. between
gold and silver at our present ratio,
nor is there the least possibility that
our country, which has less than one
seventh of the silver money in the.
world, could by its action alone raise
not only our own but all silver to its
ost ratio with gold. Our attempt to
this by the free coinage of
'ilver at ratio differing widely from
actual relative values would be the
lignal for the complete departure of
yoid from our circulation, the imme-
hate and large contraction of our cir
,ulating medium, and shrinkage in
he real value and monetary efficiency
If all other forms of currency as they
ettled to the level of silver mono
Every one who receives
ixed salary and every worker for
wages would find the dollar in his
land ruthlessly scaled down to the
Joint of bitter disappointment if not
o pinching privation.
A change in our standard to silver
would also bring on a
ollapse Of the entire system OF credit
fhich. when based on standard
Ihich is recognized and adopted by