The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1895-12-12

tuieu JULIUS Ut large premium, ana
py large increase of its deposits In
national banks. and we easily remem-
Der that the abuse Of the treasury ac-
emulation has furnished a most per-
suasive argument in favor of leglsla-
tion reducing our tariff.
EVILS OF SILVER COINAGE.
Thinks 1t Would Lead to Terrible
Disasters.
While I have endeayored to make q
plain statement Of the disordered con-
dition OF our currency and the present
dangers menacing our prosperity. and
to suggest way which leads TO q
safer financial system, / have con-
stantly had In mind the fact that
many or my countrymen. whose sim
certify do not doubt. insist that the
cure for the Ills now threatening W.
may be found in the single and simple
remedy of the free coinage of silver.
They contend that our mints shall be
at once thrown open to the free. un-
limited and independent coinage of
both gold and silver dollars. of full le-
gal tender quality regardless Of the
action of any other government. and
In full view OF the fact that the ratio
between the metals which they suggest
calls for 100 cents worth of gold in the
gold dollar. at the present standard,
and only 80 cents in intrinsic worth OF
silver In the silver dollar.
Were there Infinitely stronger rea-
sons than can be adduced for hoping
that such action would secure for us
bimetallio currency moving on lines
OF parity. an experiment 80 novel and
hazardous as that proposed might well
stagger those who believe that stabfl-
ity Is an imperative condition of sound
money. No government. no human
contrivance OF act of legislation, has
ever been able to hold the two metals
together in free coinage at a ratio an
probably different from that which Ia
established In the markets Of the world
Those who believe that our indie
pendent coinage Of silver, at an arti-
fetal ratio of 10 to l. would restore the
parity between the metals and, conse-
quently. between the coins, oppose an
unsupported and improbable theory 10
the general belief and practice of other
nations. and to the teachings of the
wisest statesmen and economists of the
world, both In the past and present
and. what Is far more conclusive thew
run counter to our own actual EXPERT
ences. Twice In our earlier history our
lawmakers, In attempting to establish
q bimetallic currency. undertook free
coinage upon a ratio which accidental
ly varied from the actual relative
values OF the two metals not more than
8 per cent. In both cases, notwith-
standing greater difficulties and coat
of transportation than now exist. tha
coins whose intrinsic worth was nm
dervalued In the ratio gradually and
surely disappeared from our circulation
and went to other countries. whern
their real value was better recognized.
Acts OF Congress- were impotent 70
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 passed in 1878. the Govern.
ment was required for mora than
twelve years to expend annually al
least $24,000.0OO in the purchase OF sil-
yer bullion for coinage. The ACT ~
July IA, 1890. in a still holder effort In
creased the amount of silver the Gov
eminent was compelled to purchase
and forced 1t to become the buyer an
nually Of 54,000.000 ounces, or practi-
cally the entire product of our mines.
Under both laws silver rapidly and
steadily declined in value. The nro-
phecy and the expressed hope and er-
pectation Of those in Congress who
led in the passage of the last-men-
toned act. that II would re-estabiish
and maintain the former parity he
tween the two metals are still fresh In
our memory.
WOULD LEAD TO DISAsTEp
In the light Of those experiences
which accord with the experiences ~
other nations. there Is certainly No
secure ground for the belief that an
act Of Congress could now bridge an
inequality of so per cent between gold
and silver at our present ratio. nor 1.
there the least possibility that our
country. which has less than one-sav-
enth of the silver money in the world
could by its action alone raise not oniv
our own but all silver to it's lost ratio
with gold. Our attempt to accomniias
| this by the free coinage of silver a. !.
ratio differing widely from actual reia-
| tive values, would be the signal Co
the complete departure of gold from
our circulation. the Immediate ana
large contraction Of our circulatine
medium. and a shrinkage in the raa
value and monetary efficiency Of All
other forms Of currency as they settied
| to the level of silver monometaiisr,,
Every one who receives a fixed saiarv
and every worker for wages wc,,i,
| find the dollar in his hand ruthlae.is.
| scaled down to q point of bitter disa -
pointment. II not to pinching starvs.
ton.
| A change In our standard To s,,va,
monometallsm would also bring On .
collapse of the entire system OF cradst
which. when based on a standa ~
which is recognized and adopted nv AZ
world Of business. Is many times mors
potent and useful than the entire We,
ume of currency and Is safely caneb,,
OF almost indefinite expansion n me-
| the growth of trade and enterprise r.
q self-invited struggle through darL
( ness and uncertainty, our humil,s ttc,
would be increased by the consciom.
ness hat we had parted companv wst,
! an Una enlightened and progressiva ~
| ions OF the world and We're demarato
~ ana hopelessly striving to meat ~.
..ress or modern commerce and co,,,seo
aiulon with a debased and unsuitshS,
currency. and In associattor ' xt
rev weak and laggard nntsonws tn IN.
value 'ne'r standard O
All history warns ,ls aca,c..
periments which threata,s iasn ex
t .ha IN our monetary etandarr ,, y,
the degradation Of our cnrrannn an
PAST is fuli OF lessons teaching ~ IN
.ne economic dangers but the r 40. ON!
immortality that follows in ne nationa
s s experiments. 1 will not ha,,a. Q
that the American peonia n ~. penev
euaded. after sober daiiho 70 per
proud standing by enoourarinrs Am AM