The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1895-12-04

goio ana silver dollars of full legal
tenderqusiity regardless of the action of
the Government and full view Of the fact
teae sne ratio esween the metals which
sney 1gges calls for 100 cents in gold
In 8 gold dollar at the present standard
ana only hfty cents in intrinsic worth
In a silver dollar, were the infinitely
stronger reasons can be adduced for
hoping that such action would secure
for us o bimesallio currency, moving on
lines OF parity an experiment SO novel
ana hazardous as that proposed might
well stagger those who believe that sta
olllty.is an imperative condition OF sound
money No government, no human
continuance or NC. of legislation mas
over been able to hold tho Two metals
together in free coinage at o ratio ap-
probably different from thnt which is
established In the markets of tho world.
These swno believe that an indie
Feudent free coinage OF silver OF an
artificial ratio with gold Of 10 10 l
would restore the parity between tho
metals, and consequently between the
coins, oppose 1t as unsupported and i'm
probable. Twice in our early history our
lawmakere in attempting to establish
q himotaillic currency undertook free
coinage upon q ratio which accidentally
varied from the actual relative values
OF the two metals not more than 8 per
cent In both cases, Notwithstanding
greater difficulties and cost OF transpo:-
tatlon than now exist, the coins whose
intrinaic worth WAS undervalued in tho
ratio gradually and surely disappeared
from our circulation and went to other
countries whore the real value was bet
ter recognized.
Acts of Congress were important to
create equality where natural causes
| canned a 9ltnht inan,alik. =.
our recent history we have eignally
failed to raise by legislation the value
OF silver. Under an act of Congress
passed In 1878 the Government was re-
CURED for more than twelve years to
expend annually at least So {, coo, 600 in
the purchase of silver bullion for COIN
age. The act Of July, 1890. in a still
better effort, the Government was com.
PEELED to purchase and forced IL to be-
come the buyer annually Of $4,000 O
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 the expectation OF those in Cor.
gress. who led in the passing of the las.
mentioned act that it would re-
establish and maintain the former
parity between the two metals are still
fresh in cur memory.
In the light Of these exoeriences
which accord with the experiences of
other nations there ia certainly no
secure ground for this belief that an act
II Congress could now bridge an in
equality OF SO per cent. betIeen gold
and silver ct 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 It's
lost ratio with gold. Our attempt TO
accomplish this by the free coinage of
silver at a ratio differing with actual
relative Issues would be the signal for
the complete departure of gold from our
circulation, the immediate and large
contraction of our circulating medium
and 3 s%hrinkage in the real value and
monetary efficiency of all forms of the
currency as they settled to the level OF
silver monOrnetalism.
Every n who received q fixed salary
and every worker for wages would md
the dollar in his hand ruthlessly scaled
down to the point of bitter disap-
p%ointment If not to p%iDching prIvation.
a change in our standard to silver mon
ometalism would also bring on a COL
lapse of tho entire system of credit when
based on 8 standard which ia recognized
and adopted by the world CT business is
many times more potent and useful
than the entire volume OF currency,
safely capable OF most ndefnise expan.
sion to meet the growth OF trade and en-.
terprise. In a s~elf-invited struggle
through darkness end uncertaintv our
humiliation would be increased by the
consciousness that we had parted COM
pauy with all the enlightened and pro-
gressive nations OF the world and were
desperately and hopelessly striving TO
meet the stress of modern caprice and
compatition with q debased and un..
suitable currency and in association
with "a laGgard nation which have clone
is o standard OF value 4
All history warns us against rash ex.
periments which threaten violent
changes in our monetary standards and
the degradation OF our currency. and the
+ past ia full OF Lessons teaching not only
the economy dangers but the national
immortality thas follows in the train of
such experiments. I will not believe
that the American people can be per-
suaded, after sober delfberstion, TO ieop.
ardize their nations prestige and proud
standing by encouraging financial nos
sruns, nor shat they will yield to the
false allurements OF tbs cheap money,
when they realize bat it must result in
she weakening Of that financial integ-
rity and rectitude which ;hus far in our
history has been so aevotedly cher shed
as one of the traits OF she true Ameri-
canism. Our country's Indebtedness. or
by the Government, but between indi-
vlduals, las been contracted with refer
ence to our present standard. To decree
by &C Of Congress hat these de bts shall
be payable in less value thar thoae
within the ontem plation and intention