The Canton times. (Canton, Miss.) 1893-1906, 1895-12-06

simple remedy of the free coinage OF silver
| Ihey contend that our mints shall be at oncoI
| thrown open to the free, Unlimited aud inde-l
pendent coinage of both gold and silver dol-i
lars OF full egal-tender quality regardless OF
tne action OF any other government and In full
view OF Inc fact that the ratio between the
metals which they suggest calls for one hum
dred cents worth OF gold In the gold dollar at
STANDARD and only hfty cents in
were there infinitely stronger reasons than can
De adduced for hoping that such action would
secure ior us bimetallic currency moving on
tihes OF parity an experiment so novel and
hazardous as that proposed might well staggeri
tnose vino believe that stability Is an fmpera-
i've condition Of sound money.
no government, no human contrvance or
hco ol leglSlatlon, has ever been able to hold
the two metals together in free coinage at a
ratio appreciate different from that which
| IS established in the markets OF the world.
HAZARDOUS EXPERIMENT..
| inose VINO believe that our Independent free
coinage OF silver at an artificial ratio with gold
OF 10 10 would restore the parity between tho
metals. and consequently between the coins,
oppose an unsupported and improbable theory
TO the general belief and practice of other ma
| tions and to the teaching Of the wisest states
men and economists Of the world, both In the
past and present, and. what is far more con-
| elusive. they run counter to our own actual ex-
| perienees. Twice in our earlier history our
Lawmakers. in attempting to establish biz
metallic currency. undertook free coinage up
on ratio which accidentally varied
from the actual relative value OF the
| two metals not more than pc.
| Ceub LII DOM cases. Notwithstanding
| greater difficulties and cost OF transportation
! than now exist the coins whose intrinsic worth
was nndervalued in the ratio gradually and
surely disappeared from circulation and
went to other countries where their real value
was better recognized. Acts OF congress were
lmpotent to create equality where natural
causes decreed even Slight inequality
Twice In our recent history we have signaly
failedto raise by legislation the value OF sill
yer. Under an act of congress passed in 1873,
the government was required for more than
twelve years toexpend annually at least s24C0l,-
0O0 In the purchase OF silver bullion for coinage
The act OF July "a, 1890 in still holder effort
increased the amount of silver the govern
ment was compelled to purchase and forced it
to become the buyer annually Of 5i,OOOOOO
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 it would re-establish
and maintain the former parity between the
two metals, are still fresh in our memory.
IN THE LIGHT OF PAST EXPERIENCE.
In the light of these experiences which ac-
cord with the experiences Of other nations
there is certainly no secure ground for the be-
llef that an act OF congress could now bridge
an inequality of 80 per cent between gold and
silver at our present ratio, nor is there in the
least possibility that our country, which has
less than one-seventh of the silver money in
the world, could by it's action alone raise not
only our own but all silver to it's lost ratio
with gold. Our attempt to accomplish this by
the free coinage of silver at q ratio differing
widely from actual relative values would be
the signal for the complete departure OF gold
from our circulation. the immediate and large
contraction of our circulating medium and
Shrinkage in the rea value and monetary eff
cheney of all other forms of currency as they
settled to the level of silver recommendation.
Everyone who receives q fixed salary and
every worker for wages would find the dollar
in his hand ruthes>ly scaled down to the point
of bitter disappointment If not to pinchiue
prfvation. A change in standard to silver
monometallism would also br ng on a collapse
OF the entire system OF credit, which when
based on u 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 in
definite expansion to meet the growth of trade
and enterprise.
In a self-invited struggle through darkness
and uncertainty our humiliation would be in
creased by the consciousness that had
parted company with all the enlightened and
nations of the world and were
desperately and hopelessly striving to meet
the stress of modern commerce and COMPETE
tlon with u debaSed and 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
-ash experiments which threaten violent
changes i'll our monetary standard and the de-
sradatlon OF our currency.
NATIONAL FINANCIAL HONOR INVOLVED
Our couatrys Indebtedness whether owing
~ the government or existing between indi-
'iduals has been contracted with reference to
'ur present standard. To decree by act of con-
'ress that these debts shall be payable in less
aluable dollars than those within the contem-
'latlon and intention OF the parties when con-
racted would operate to transfer, by the fiat
4 law and without compensation, an amount
f property and volume of rights and inter-
SITS almost tncalculable. Those who advocate
blind and headlong plunge to free coinage in
be name OF bimetallism, and protesting the
'elef, contrary to all experience that We
ould thus establish double standard and
oncurrent circulation of both metals in our
oinage are certainly reckoning from a cloudy
Our present standard of value is
ne standard of the civilized world and permits
he only DlmetllllSm DOSSiDlP least
nat within the independent reach of any single
alton however powerful that nation may be.
nile the value of gold as a standard is stead
I'd by almost universal commercial and bust
esS use. it does not despise silver nor seek its
anshment. Wherever this standard is main
lined there by its side in free and unQues-
oned circulation, is found a volume of silver
lrrency, sometimes equalling, and sometimes
zen exceeding it in amount. both maintained
parity Notwithstanding a depreciation or
in the intrinsic value of silver.
MUST BE FIXED AND CERTAIN
There is a vast difference between standard
value and a currency for monetary use The
andard must necessarily by fixed and GER
in. The currency may be in diverse forms
Id of various kinds. No silver standard coun-
y has gold currency in circulation, but an
Heightened and wise system u finance
cures the benefits of both gold and silver as
rrency and circulating medium by keeping
e standard stable and all other currency at
+ with it. Such system and such stand
d also give free scope for the use and expan-
IN of safe and conservative credit SO indis-
ensible to broad and growing COM
srcial transactions and well sub
tuted for the actual use of money
affixed and staple standard is maintained
ch as the magnitude and safety of our COM
,rcial transactions and business require, the
:. OF money itself is conveniently minim-
d.
have ventured to express myself on these
olects with earnestness and plainness of
sech because can not rid myself OF the be-
I that there turks in the proposition for the
G coinage OF silver so strongly approved and
advocated by n multitude
NY countrymen. q serious menance TO our
sporty and an insidious temptation Of our
'ple to wander from the allegiance they owe
public and private integrity. 1t is because
D diSfr11St ha fat md cip arft ~