The Penn's Grove record., 1895-12-06

ROId. Our attempt 10 TINS Dy
the free coinage of silver at a ratio differ
ing widely from actual relative values,
would be the signal for the complete de-
partue of gold from our circulation, the
immediate and large contraction of our cir
c~ulating medium and a shrinkage in the
real value and monetary efficiency of all
other forms of currency, as they settled to
the level of silver mon0metallism. Every
one who receives a fixed salary and every
worker for wages would find the dollar in
his hand ruthlessly scaled down to the point
of bitter disappointment, If not to pinchinP
starvation.
Effect Of Silver Mono-mstaliism.
A change in our standard to silver mono.
metallism 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 safely capable of almost indefinite ex-
pansion TO meet the growth of trade and
enterprise.
In a self-invited struggle through dark.
ness and uncertainty our humiliation would
be increased by the consciousness that
we had parted company with all the en-
l~ightened and progressive nations of the
world, and were desperately and hopesless-
ly striving to meet the stress of modern
commerce and competition with a debased
and unsuitab BILE currency, and In associa-
" NAh nv le" NCuh uhu IdkEdtu uu-
tons which have silver alone as their
standard of value.
All history warns us against rash exper-.
iments which threatened violent changes
in our monetary STANDARD and the degra-
dation of our currency.
The past is full of lessons, teaching not
only the economic dangers, but the ma
tional immortality that follows in the train
of such experiments. l will not believe that
the American people can be persuaded,
after sober deliberation to jeopardize their
after sober elaboration to leopard their
encouraging financial nostrums, nor that
they will yield to the false allurements of
cheap money when they realize that it
must result in the weakening of that
financial integrity and reetitude which thus
far in our history has been so devotedly5
cherished as one of the straits of true
Americanism.
The National Obligation.
Our country's Indebtedness, whether
owing by the government or existing be
tween individuals, has been contracted
with reference to our present standard.
To decree by act of Congress that these
debts shall be payable in less valuable
dollars than those within the contempla-
ton and intention of the parties when con-
tracted would operate to transfer, by the
Fat of law and without compensation, an
amount of property n a volume of rights
and interests almost incalculable.
1HOSe WIZ duNuCuLe Il Jill anu uehu
long plunge to free coinage in the name of
bimetallism and processing the belief, con-
trary to all experience, that We could thus
establish a double standar and a concur
rent circulation of both metals In our coin
age, are certainly reckoning from a cloudy
standpoint. Our present standard of value
Is the standard of the civilized world and
permits the only bimetallism now possible,
or at least that is within the independent
reach of any single nation. however pow
erful that nation may be. While the value j.
of gold as a standard is steadied by almost
universal commercial and business use. it
does not despise silver nor seek its Danish
ment. Wherever this tandard is maintained
there is at its side in free and unquestion-
ed circulation a volume of silver currency
sometimes equaling and sometimes even
exceeding it in amount, both maintained at
a parity Notwithstanding a depreciation or
%Huctuation in the intrinsic value of silver.
There is a vast difference between a
standard of value and a currency for none-5i
larry use. The standard must necessarily {
he 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 hem j
ehts of both gold and silver, as currency
pnd circulating medium by keeping the
standard stable n all other currency at
par with 1t. Such a system and such q
standard also give free scope for the use and
expansion of safe and conservative credit,
so indispensable to broad and growing .
commercial transactions and so well substi-
suted for the actual use of money. .,
- Affixed STANDARD.
If a fixed and stable standard is main.
aimed such as, the magnitude and safety
of our commercial transactions and Sbusi- !
ness require, the use of money itself Is
conveniently minimized. Every dollar of 2
fixed and stable value has through the
agency of confident credit an astonishing
capacity of multiplying itself In financial
work. Every unstable and fuctuating dol
lar fails as a basis of credit. and in its use
begets gambling speculation and under
mines the foundations of honest enterprise. /,
i have ventured to express myself on This 4,
subject with earnestness and. piainness
Of speech because l canot rid myself of the
belief that there turks in the proposition ;
for the free coinage Of silver so strongly
approved and SO enthusiastically adyo,7
Gated by a multitude of my countrymen. a
serious menace to our prosperity and in /,
sidious temptation of our people to wan
der from the allegiance they owe to public
and private integrity. 1t is because L do
not distrust the good faith and sincerity ,
of those who press this scheme that ! haze /,
imperfectiy but with zeal submitted my
thoughts upon this momentous subject.
/ cannot refrain from begging them TO re-s
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 continued agita-'
ton of the subject adds greatly to- the .
difficulties of a dangerous financial situa
ton already forced upon us. ~ ,.ni-t
Our Critical Financial Plight.
In conclusion, l especially entreat the
peoples representatives in the Congress,
who are charged with the responsibility
of inaugurating measures for the safety
and prosperity of our common country,
to promptly and effectively consider the
ills of 0ur critical financial plight. I have
suggested a remedy which my judg-
ment, approves. l desire. however, to as
sure the Congress that l am prepared to
cooperate with them in perfeeting any
practical relief, and that / viii gladly
labor with them in every patriotic en-
deayor to further the interests and guard
the welfare of our countrymen whom in .
our respective places of duty we have