The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1895-12-28

I
weakening of that financial integrity
and rectitude which thus far in oui
history has been so devotedly cher
ished as one of the traits of true
Americanism.
Our country's Indebtedness, wheth
er owing. by the Government or ex
listing between individuals, has been
contracted with reference to orr pres
ent standard. To decree by act OF
! Congress that these debts shall be
payable in less valuable dollars than
those within the eontemp lation and
intention of the parties when con.
traeted, would operate to transfer
by the fiat Of law, and without com.
pensation, an amount of property
and volume of rights and interests
almost incaleulable.
Those who advocate a blind and
headlong plunge to free coinage in
the name of bimetalism, and profes-
sing the belief, contrary to all expe
rience, that we could thus establish
double standard and a concurrent
circulation of both metals in our
coinage, are certainly reckoning from
cloudy standpoint Our present
standard of value is the standard OF
the civilized world, and permits the
only bimetalism now possible. or at
least that is within the independent
reach of any single nation, however
powerful that nation may be. While
the value of gold as standard is
steadied by almost universal com
mercial and business use, it does not
! despise silver nor seek its banish-
ment. Wherever this standard is
maintained there is at its side in free
and unquestioned circulation a vol
ume of silver currency sometimes
equalling and sometimes even ex-
eeeding it in amount, both maintain
ed at a parity Notwithstanding de
probation or fuctuation in the in
trinsic value of silver
There is vast difference between
a standard of value and currency
for monetary use The standard
must necessarily be fixed and Ger
tain. The currency may be in divers
forms and of various kinds. No sill.
YER standard country has a gold cur
reney in circulation; but an enlight-
ened and wise system of finance Sc
cures the benefits of both gold and
silver as currency and circulating
medium by keeping the standard
stable and all other currency at par
with it. Such system and such a
standard also give free scope for the
use and expansion of safe and con
sentative credit, so indispensable to
broad and growing commercial trans
actions and so well substituted for
the actual use of money. If a fixed
and stable standard is maintained
such as the magnitude and safety of
our commercial transactions and bus
mess require, the use of money itself
is conveniently minimized Every
dollar of fixed and stable value has
through the agency of confident
credit an astonishing capacity of
multiplying itself in financial work.
Every unstable and flnctuating dol
Jar fails as basis of credit, and its
use begets gambling speculation and
undermines the foundations of hon
est enterprise.
have ventured to express myself
on this subject with earnestness and
plainness of speech because | cannot
rid myself of the belief that there
turks in the proposition for the free
coinage of silver, so strongly approx
ed and so enthusiastically advocated
by multitude of my countrymen, a
serious menace TO our prosperity and
an insidious temptation OF our peo-
Pile to wander from the allegiance
they owe to public and private integ
rity. 1t is because / do not distrust
the good faith and sincerity of those
who press this scheme that ! have
imperfectlv but with zeal submitted
my thoughts upon this momentous
subject. | cannot refrain from beg
ging them to re examine their views
and beliefs in the light of patriotic
reason and familiar experience, and
to weigh again and again the conse,
quences of such legislation as their
efforts have invited. Even the con
tinued agitation of the subject adds
greatly to the difficulties of dan
gerous financial situation already
forced upon us.