The Coconino weekly sun. [volume] (Flagstaff, Ariz.) 1891-1896, 1895-12-12

imperative condition OF sound money NJ
government. no human continuance or act Of
legislation has ever been able to hold the
two metals together in free coinage al
ratio apr eciably different from that which
is established In the markets OF the world
Those who believe that our Independent free
coinage Of silver at an artificial ratio with gold
Of 10 to I would restore the parity between the
metals and consequently between the coins OPP
pose an unsupported and improbable theory
to the belief and practice OF other nations and
the teachings OF the wisest statesmen and
economists Of the world both In the past and
present. and what is far more conclusive they
run counter to our own actual experiences.
Twice In our earlier history our law makers In
attempting to establish a bimetallic currency
undertook free coinage upon ratio which ac-
cidentally varies from the actual rela-
tive value Of the two metals not more than
3 per cent. in both cases. Notwithstanding
great difficulties and cost OF transportation
than now exist the coins whose intrinsic worth
were undervalued in the ratio gradually and
surely disappeared from our circulation and
went to other countries where their real value
was better recognized. Acts OF congress were
impotent to create equality where natural
causes decreed even slight inequality. Twice
in our recent history We have signally failed to
raise by legislation the value Of silver Under
an act Of congress In 1873 the government was
required for more than eleven years to extend
annually at least 500 90 in the purchase in
silver bullion for coinage.
The act Of July II, 1897. in o still holder eff
fort increased the amount OF silver the gov
eminent was compelled to purchase and forced
it to become the buyer annually OF $1,000 800
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 expectation Of those
in the congress, who led in the passage OF the
last mentioned act that 1t would re-establish
and maintain the former parity between the
two metals are still fresh in our memory.
In the light Of these experiences, which ac-
cord with the experience OF other nations,
there Is certainly no secure ground for the be-
lief that an act Of congress could now bridge
an Inequality Of so per cent. between gold and
silver at 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 its lost ratio
with gold. Our attempt to accomplish this by
the free coinage Of silver at a ratio differing
from the actual relative value would be the
signal for q complete departure Of gold from
our circulating, the immediate and large con-
traction Of our circulation medium and shrink
age in the real value and monetary efficiency
Of all other forms Of currency as they settled
to the level Of silver recommendation
Every one who receives q fixed salary
and every worker for wages would
find the dollar in his hand ruthlessly
scaled down to the point Of bitter disap-
pointment IL not pinching privation. A change
in our standard to silver monometallsm would
also bring on a collapse Of the entire system
OF credit which, when based on q standard
which is recognized and adopted by the world
OF business Is many times more useful than
the entire volume Of currency and is safely
capable Of almost indefinite expansion to meet
the growth Of trade and enterprise.
In self-invited struggle through darkness
and uncertainty our humiliation would be in
parted company with all the enlightened and
desperately and hopelessly striving to meet
the stress OF modern commerce aud competi-
ton with deDased aud unsuitable currency,
and in association with the few weak and lag
gard nations which have silver alone as their
standard OF value. All history warns us
against rash experiments which threaten
violent changes in our monetary standard and
degradation Of our currency.
The past is full OF lessons, teaching not only
the economic dangers, but the national immor.
atty that follows In the train of such expert
ment will not believe that the American
people can be persuaded. after sober delibera-
tion, to jeopardiZe their nations prestige and
proud standing by encouraging fnaLsial nos.
trums, nor that they will yield to the false al.
lurements OF cheap money. when they realize
that 1t must result in the weakening OF that
financial integrity and rectitude which thus
far In our history has been so devotedly cher
ished as one OF the traits of true Americanism
Our countrys Indebtedness, whether owing
by the government or existing between indi-
viduals, has been contracted with reference to
our present standard. To decree by act of con.
gress that these debts shall be payable in less
dollars than those within the con-
and intention of the parties when
would operate to transfer, by the
fat OF law and without compensation. an
amount Of property and a volume OF rights and
interests almost incalcu!able. Those who ad.
vocate blind and headlong plunge to free |
coinage In the name Of bimetallism and pro- |
tossing the belief. contrary to oil ex-
perience. that we could thus estab-
fish double standard and al
concurrent circulation of both metals in our
coinage are certainly reckoning from a cloudy
standpoint. Our present standard Of value is |
the standard Of the civilized world and per.
mits the only bimetallism now possible or at
least that within the Independent reach OF any |
single nation. however powerful that nation
may be. While the value Of gold as q standard |
IS steadied by almost universal commercial and |
business usage, 1t does not despise silver no,
Seek ltS UuulSHmcnt. neTeVeT THIS STANDARD
s maintained there is at its side in free and |
InQuestioned circulation a volume of silver
currency sometimes equaling and sometimes
wen exceeding 1t in amount. both ma intained
It parity Notwithstanding o deprecia tion Oh
iuctuation in the intrinsic value of silver
There is vast difference between q stand
Ird Of value and q cure ncy for monetary USE
The standard must necessarily be fixed and
certain. The currency may be in diverse forms
md I various kinds. No silver standard
country has a gold currency in circulation but
IN enlightened and wise system OF finance So
lures the benefits Of both gold and silver as
urrency and circulating medium by keeping
he standard stable and all other currency at
,ar with it. Such system and such stand
'rd also gives free scope for the use and ex.
,ansion OF safe and conservative credit
% indispensable to broad and growing
transactions and SO well
for the actual use of money!
q fixed and staple standard is maintained
UGH as the magnitude Of safety OF our COM
nercial transactions and business REQUIRE the
Use of money itself is conveniently minimized.
every dollar OF fixed and stable value has
brought the agency Of confident credit in as.
onishing capacity Of multiplying itself il
work. Every unstable and iuctuat.
ng dollar fails as basis Of credit and its use
egets gambling speculation and underminesl
he foundations Of honest enterprise have
entured to express myself on these subiects