Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1895-12-13


laws Of 1878 and 1892 com pelling the Pur.
chase of silver by the Go vernment, Wnlcn
not only furnished a Few Treasury oDllSa-
ton uuon which its gold could be Withdrawn,
but so increased the fear Of an overwnelm-
ing food Of silver and forced descent 10
silver payments that even the repeal OF these
laws did not entirely cure the evils oil tnelr
existence.
TIE FREE SILVER QUESTION
While have endeavored TO make PLAIN
statement Of the disordered condition OF our
currency and the present danger menacing
our prosperity, and TO suggest way which
leads TO a safer financial system, | have con-
stautly had in mind the fact that many OF
nv countrynen, whose sincerity do not
doubt insist that the cure for the ills now
threatening US may be found IN the
single and simple remedy Ot tn9
frea coinage of silver. They contenu
that our mints SHALL be at once thrown open
I'd the free. unlimited and independent com
sgs NJ hotH gold and silver dollars OF full,
legal-tender quality, regardless OF the actlon
of any other government and in full view
of the fact that the ratio between the metals
which they suggest calls for 100 cents worm
of gold in the gold dollar at the present
, standard, aud only Atty cents in intrinsic
worth Of silver in the silver dollar.
mo Government, no human eontrlvance0fI OF
|
the two metals together in free coinage at a
ratio appreciably different from that Wnlcn
ia ps ablished in the markets of the world.
"THice in our earlier history our law
makers In attempting to establish oimetalic
currency undertook free coinage upon raCIY
which accidentally varied from the actual
relative values of the two metals not more
than per cent. In both cases, notwlsnstano-
: ing greater difficulties and cost OF trans,
uorta,iOn than now exist, tne COLTS
Vwhose intrinsic worth was undervalued in the
ratio, gradually and surely disappeared from
our circulation and went TO otner cOuntrlSSs iloS
where their real value was Detter Iecosnllstu.
"Acts of Congress were impotent TO create
equality where natural causes decreed even
.sTwice in our recent history We have sig
: nally failed IN raise by legislat on the value
of silver. Under an act of Congress passed IN
1873 the Government Was required for more
; than twelve years to expend annually at least
S?i00J0)O in the purchase o. sllVeT s61 1uIi6oI
still boldeT effort and increased the amount Of
si,yet the Government WAS compelled
to purchase and forced It q, TO become
4 tic buyer annually of 5tO)),1JJ ounces, or
practic lily the entire product OF our m nes.
3 Under both laws silver rapid and steadlIy
9 declined In value. The pr. 'phecy ana the ex. &
| pressed rope and expectation OF those in the
( Congress who led in the passage OF the last;
j, mentioned act, that 1t would re establish ana
= = mlintain the former partly between the TWO
. metals. are still fresh in our memory. 49,,
3 lin the light of these experienced whlch
d accord with the experiences OF other ations,
2 the is certainly no secure ground Tor tne
r beiief that au act of Congress could now
a bridge an inequality OF nifty per cent oetween
: ! 0o.d aud silver at our present ratio, nor is
, here tde least possibility that our country.
which has less than one-seventh OF the silver
9 money in the world, could by its action alone
0 raise not only our own, but all silver to It's
4 lost ratio With gold. Oar attempt TO accom-
/. plsh this By tie free coinage OF silver g. a
:. ratio differing widely from actual relatlve
| no ha the COmDleto
q departure of gold from our Circulation, the
= immediate aud large contraction OF our clrcu;
o lating medium. AMI a shrinSage In the real
! value and monetary efficiency OF az otner
= forms of currency as til ey settled to the level
Il of silver monome5alism. Every one VINO re-
= ceives fixed salary and every worker t0r
n wages won 1nd the dollar in his hand ruth
j. lesSIy sealed down to the point OF bitter disap-
Il pontment if not to pinchlng priYation.
v "a change in our standard to silver mono.
>, netalism would also bring on collapse OF
70 the en- tire system of credit which, when based
n on standard which is re e0gniZsd aud adopted
1t by the world of business, is many times more
9 p0teut aud useful than the entire volume OF
currency, and is sately eapaoIe Oh aioss m f,d "a,
: and enterprise la self-invlted struggle
" through darkness and uncertainty our nu'
initiation would be increased by the CONSCIOUS l u.s.
l. ness that we had parted company win al the
: enlightened aud progressive Nations or the
world, aud were desperately aud hopelessly
Vt striving to meet the stress OF m01ern CON,
y
- unsuitable currency and in association with
o the few weak and laggard Nations which have
=, silver alone as their standard OF value.
Il "All history warns US against raSh experl'
g. ments which threaten violent changes III our
D. monetary standard and thu degradation or
a. our currency. The past is tuil OF lessons
" teaching not only th5 economic dangers, ouC
Z / tha National immortality that follows in the
~ train of such experiments. will noS oeneVe
IL that the American people can be persuaded
is after sober deliberation to Jeopardlze tnelr
CT Nations prestige and proui stanllng Dy en- EN-
ID couraging financial nOstrums nor tnat tney
\ will yield ID the false allurements OF cheap
m money, when they realize that II must resull
=, - in the weakening of that financial integrity
y and rectitude which thus far in our history
p has been so devote lily cherished as one OF the
IN traits of true Americanlsm:
q "OIr country's Indebtedness. whether oW-
In ing by the Government or existing between
- Individuals has been contracted with refer
- ence to our present standard. 10 decree oy
L act of Congress that these deots snail De pay
5e able in less valuable dollars tnan tnose WlInll
e the contemplation and intention OF the partle
e. when contracted, would operate to transfer, oj
IL the hlt If Jaw aud without compensation, al
-, amount OF property aa1 volume OF rlgnt'
u and interests almost incAcua0le.
- Those who advocate blind and neadl0ni
plunge t0 free coinage in the nam OF Olmet
aiism aud processing the 3ele., contrary I,
all experience, that we co1ld thus estaonsn
e. double standard ana q concurrent clrculall0l
ay OF both metals in our coinage, are certalnl!
ce reckoning from a cloudy standpoint. Ou
of present standard of value is the standard o
all the civilized world and permits tne only oi
all m atalism now possible, or at least that i
Ve within the independent reach or any slngl
TO Nation however powerful that Nation may
en- be. While the value Of gold as standard !
er steAdied by almost universal com qanlSnment
nt wherever this standard is maintained, there
- | is at its side in free and unqueStlOned clrcula
- ton volume of silver currency sometime
@' eoualing aud some lines even exceeding IL II
rs amount both maintained at parity notWltn
Or standing depreciation or huctuation IN IN
id intrinsic value OF silver.
~ "Taere is p vast differ nce between stand
y ard Of value aud currency Tor mQneIar.
use The standard must necessarily De nxe
i'll and certain The currency may be in diver
Is forms and Of various kinds. No silver stand
u ard country has gold currency In circulation
IL blt an enlightened aud wise system OF nnanc
mr. secures the benefits OF both gold and sllVe
=. as currency and circulating medium Dy Keep
!. ing the standard stable and all other currenc
u az par with it. Sucl a system aud sucn
se standard also give free scope for toe use an
'fy expansion Of safe and conservative credit 6
i'd indispensable TO broad and growing CONNER
cial transactions and so well substitute
for the actual use of money If q fixed an
- stable standard is maintained such as Tn
nC magnitude and safety of our CONNER
ciaI transactions aud business require tn
u c of money itself Is conveniently min lmiZe,
Every dollar of fixed and stable value ma
n through the agency OF confident credit an a:
if tonishing capacity Of multiplying itself /
We financial work, Every unstable and nuctl
,of ating dollar fails as oasis OF credit aud in Il
49, use beQetS gambling speculation and under
We mines the foundations of honest enterprise.
ur II have Venturei to express myself on thi
)ly subject wi, earneStneSs and plainess OF speec
be because / cannot rid myself OF the belief tbs
is there turks in the proposition Tor tue IRE
ce coinage Of silver. so strongly approved and s
~ enthusia sticaly advocated by multitude {
on my countrymen, serious menace 10 OF
en prosperity and an insidious temptation OF ou