Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-12-07

passed to the treasury, they became tho money
OF the government, like any other o linary
government FUNDS and there was nothing TO do
but to use them In paying government ex-
penSes when needed.
At no time when bonds have been issued has
there been any consideration of the question Of
paying the O. p>nses OF government with their
proceeds, Thyre was no necessity to consider
that question. can not but think there has
been some confusion of ideas regarding the ef-
fects of the issue of bonds and the results OF
cess and not the former that by substituting in
the treasury United States notes and treasury
notes for gold increased by their amount the
money which was In the first instance subject
to ordinary government expenditures.
have constantly had In mind the fact that
many of my countrymen. whose sincerity do
not doubt, insist that the cure for the Ills now
threatening us may be found in the single and
simple remedy of the free coinage Of silver.
They contend that our mints shall be Mt once
thrown open to the Free unlimited, and inde-
pendent coinage OF both gold and silver dollars
OF full legal lender quality, regardless Of the
action OF any other government and in full view
OF the fnct that the ratio between the metals
wnich they suggest calls for 100 cents worth OF
gold in the gold dollar ut the present standard,
ana only 30 cents In intrinsic worth Of silver in
the silver dollar.
Were there infinitely stronger reasons
than can be adduced for hoping that such ac-
ton would secure for us u bimetallic currency
moving on lines of parity, an experiment. so
novel and hazardous as that proposed might
wen stagger those who believe that stability Is
an imperative condition of sound money. No
| Legislation, has ever been able to hold the two
metals together in free coinage ut q ratio ap-
preeiapiy dinerent from that which Is estao-
| believe that our independent free coinage OF
| silver Mt an artificial ratio with gold Of 10 to
| would restore the parity between tie metals,
| and consequently between the coins, oppose an
unsupported and improbable theory TO the
general belief and practice of other nations and
to the teaching of the wisest statemen 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 lawmakers in
| attempting to establish bimetnllio currency un-
| dentally varied from the actual relative values
| of the two metals not more than per cent In
both cases, Notwithstanding greater difficulties
and cost OF transportation than now exist tho
coins whose intrinsic worth was 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 equal
ity where natural causes decreed even slight
lnequanty. Twice in our recent history we
signally failed to raise by Legislation the value
| OF silver.
In an invited struggle through darkness nnd
uncertainty our humiliation would be increased
| by the consciousness tnat we had parted COM
pany with oil the enlightened and progressive
| nations OF the world and are desperately and
hopelessly striving to meet the stress Of modern
| commerce and competition with debased and
! unsuitable currency and in association with tho
few weak and laggard nations which have silver
| alone as their standard OF value. All history
| warns us against rash experiments which
| the degradation OF our currency.
| Our country's indebtedness, whether owing
| by the government or existing between InuI-
| viduals, has been contracted with reference to
our present standard. 10 decree by act of con-
| gress that these debts shall be payable in less
valuable dollars than those within the contem-
plation and intention OF the parties when con-
| tracted would operate to transfer by the Hat OF
| law. and without compensation, an amount Of
property and u volume OF rights and interests
almost incalculable
Our present standard OF value is the stand
n nd nf "a ~ ~ tna NIvr
| blmetalliSm now possible, or at least that Is
| within the independent reach of any single na-
| tion however, powerful that nation may be.
| While the value of gold q standard is
steadied by almost universal commercial and
business use it does not despise silver nor seek
its punishment. Wherever its standard Is
maintained there is ut its side, in free and un-
questioned circulation, volume OF silver cur
rency sometimes equuling and sometimes even
exceeding 1t in amount both maintained at q
parity Notwithstanding depreciation or huc-
tuation in the intrinsic value of silver.
There is a vast difference between standard
OF value and currency for monetary use. The
standard must necessarily be fixed and certain
various kinds. No silyer-standard currency
has gold currency in circulation; but an en-
llShtened anu wise system OF finance secures
the benefits OF both gold and silver as currency,
and circulating medium, by keeping the Stnnd-
ard stable ana oil other currency.at par with it.
Such 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
money. 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 nuctuating
dollar fails Us basis of credit, and in its use
begets gambling, speculation and undermines
the foundations of honest enterprise.
l have ventured TO express myself on this
subject with earnestneSS and plainneSs ot
speech because L cannot rid myself of the be-
lief that there turks in the proposition for the
free coinage of silver, so strongly approved and
SO enthusiastically advocated by multitude oi
, my countrymen u serious menace to our pros
| perity and an inSidious temptation OF our peo-
| pie to wander from the allegiance they owe tc
| public and private integrity.
| In conclusion especnliy entreat the people'l
representatives in congress, who are charged
with the responsibility OF tnaugurannG
measures for the safety and prosperity of ouI
common country, to promptly and effectively
consider the Ills Of our critical financial plight
1 have suggested remedy which my Judgment
approves L DESIRE however, to assure the
congress that 1 am prepared to cooperate with
them in perfecsirg any other measure prQmis-
Ing thorough and practical relief, and that
will gladly labor with them In every patriotic
endeavor to further the interests and gunrd
the welfare OF our countrymen whom, in our
respective places OF duty, We have undertaken
| to serve GROVER CLEY ELANn
Executive Mansion. Dec 2 1889