The times. (Owosso, Mich.) 1882-1897, 1895-12-06

WITH BOlu OF SlAIcen 10 Ohc WCHit $500
the parity between the metals, and consS-
quently between the coins, propose an un-
supported and improbable theory 10 the
general belief and practice or other nations
and to the teaching OF the wisest states-
men and economists of the world, Dotn IN
the past ana present. ana, Wnrt 10 % our own
actual experiences. Twice in our carrier
history our lawmakers In attempting 70
establish a bmetallic currency undertook
/. free coinage upon a ratio which accidental
ly varied from the actual relative vaiues
of the two metals not more than three per
cent In both cases, notwithstanding
greater difficulties and cost or Transports
ton than now exist, the coins whose IN
trinsic worth was undervalued IN the ratio
gradually and surely disappeared from our
circulation and went to other countries
where their real value was better ,t recoE -
create equality where natural causes oe-
creed even q, slight inequality.
Twice in the recent history we nave Sig
nally failed to raise by legislation the
value of silver. Under an act OF congress
passed in 1878 the government was re,
annually at least $24, 900 600 in the purchase
of silver bullion for coinage, The act OF
July Il. $780, In stu bolder he eH snyar I'm
ment was compelled to purchase, ana
forced 1t to become the buyer annually OF
product of our mines. Under both laws
silver rapidly and steadily declined IN
value. The prophecy and the expressed
gress who led in the passage of the last
mentioned act, that 1t would reestablish
and maintain the former parity between
the two metals, are still fresh in our men,
ory
Dire Eject of Free Coinage.
In the light of these experiences, which
accord with the experiences of other ma
lions, there is certainly no secure ground
for the belief that an act of congress could
now bridge an inequality or 6o per cent.
ratio, nor is there the least possibility that
our country. which has less than one-sev-
enth of the silver money IN the world.
own but all silver to its lost ratio with gold.
Our attempt to accomplish this by the free
coinage of silver at ratio differing widely
from actual relative values would be the
signal for the complete departure of gold
from our circulation, the immediate and
ium, and q shrinkage in the real value and
monetary efficiency of all other forms or
currency as they settled to the level Of
silver monometallism. Every one who re-
ccives q fixed salary and every worker for
wages would find the dollar in his hand
ruthlessy scaled down to the point OF Bit
ter disappointment IL not to pinching priva-
ton.
A change in our standard to silver mon
ometallism would also bring on a collapse
of the entire system of credit which, when
based on a standard which is recognized
and adopted by the world of business, is
many times more potent and useful than
the entire volume of currency, and is safe
ly capable Of almost indefinite expansion
prise, in a seif-invited struggle through
darkness and uncertainty, our ahiiction
would be increased by the consciousness
enlightened and progressive nations of the
world, and were desperately and hope
lessly striving, to meet the stress Of modern
commerce and competition with debased
and unsuitable currency and in associa-
ton with the few weak and laggard ma
tions which shave silver alone as their
standard of value.
Has Faith In the People.
All history warns us against rash ex-
periments which threaten violent changes
In our monetary standard and the degrada-
lessons teaching not emily the economic
danger but the national immortality that
follows in the train Of such experiments. I
will not believe that the American people
can be persuaded after sober elaboration
to jeopardize their nations prestige and
proud standing by encouraging financial
nostrums, nor that they will yield to the
false allurements of cheap money, when
ening of that financial integrity and
Iectitude which thus far in our history has
been so devotedly cherished as one of the
traits of our Americanism.
Our countrys Indebtedness whether
owing by the government or existing be-
tween individuals has been contracted
with reference TO our present standing.
To decree by act of congress that these
debts shall be payable in less value dollars
than those within. the contemplation and
intention of the parties when contracted
would operate to transfer by the fiat of law
and without compensation an amount of
ests almost incalculable
Must Maintain the SINCE Standard.
Those who advocate blind and head
long plunge to free coinage in the name
OF bi-metalism and processing the be-
lief contrary to all experience that we
should thus establish a double standard
and q concurrent circulation of both met
ais of our coinage are certainly reckoning
from cloudy standpoint Our present
standard of value is the standard of the
civilized world and permits the only BIZ
metalllsm now possible, or at least that
is within the Independent reach of any
sins nation h9W h powerful that ma
is steadied by almost universal CONNER
cial and business use, It does not des-
Wherever that standard is maintained
there is at its side, in free and unques-
toned circulation, volume of silver cur
rency sometimes equaling and sometimes
exceeding it in amount, both maintained
at a parity, Notwithstanding deprecia-
ton or fluctuation in the intrinsic value
of silver.
There is a vast difference between a
standard of value and currency for
monetary use. Standard must necessarily
be fixed and certain. The currency may
be in divers forms and OF various kinds
No silver-standard country has a gold cur
rency in circulation; but an enlightened
and wise system of finance secures the
benefit of both gold and silver as currency
and circulating medium by keeping the
standard stable and all other currency at
par with it. Such q system and such
standard also gives free scope for the use
credit so indispensable to broad and grow
ing commercial transactions, and so we'll
substituted for the actual use of money.
If q fixed ard stable standard is main
tanned, such as the magnitude and safety
of our commercial transactions and busi-
ness 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 fiuctuating
dollar fails as basis of credit, and in its
use begets gambling, speculation, and I'M
dermines the foundation of honest enter
prise.
have ventured to express myself on this
subject with earnestness and plainness of
speech because j cannot rid myself of the
belief that there turks in the proposition
for the free coinage of silver. so strongly
approved and so enthusiastically advocated
by q multitude of my countrymen, a seri-
Gus menace to our prosperity and an IN
sidious temptation of our people to wander
from the allegiance they owe to public and
private integrity. IL Is because do not
distrust the good faith and sincerity Of
those who press this scheme that / have
imperfectly but with zeal, submitted my
thoughts upon this momentous subject. I
cannot refrain from begging them to re-
examine their Views and beliefs in the
light of patriotic reason and familiar ex-
pcrience. and to weigh again and again
the consciences of such legislation as their
efforts have invited. Even the continued