New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-04

| Cheapest prices
silver They contend that our minis shall be at
| once thrown open to the free. unlimited and IN
dependent coinage of both gold and silver dollars
| of full legal-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 one hundred cents
worth Of gold In the gold dollar at the present
standard. and only fifty cents in intrinsic worth
| of silver In the silver dollar.
! Were there infinitely stronger reasons than can
! be adduced for hoping that such action would
secure for a bimetallic currency moving on
| lines Of parity an experiment novel and haZ-
ardous as that proposed might we'll stagger those
who believe that stability is an imperative con-
| dtion Of sound money
| No Government no human cOntrlvance or act
| of legislation has ever been able to hold the two
metals together in free coinage at ratio appre,
| Gladly different from that which is established
| In the markets Of the world.
Those who believe that our independent free
! coinage of silver at artificial ratio with gold
| Of l6 to / would restore the parity between the
| metals, and consequently between the COINS, OPP
| pose an unsupported and improbable theory to
! the general belief and practice Of other nations
and to the teaching of the wisest statesmen ana
! economists of the world, both In the past ana
| present and. what is far more conclusive, they
| run counter to our own actual experiences.
| Twice In earlier history our lawmakers In
| attempting to establish bimetallc currency
| undertook free coinage upon ratio which acct
dentally varied from the actual relative values OF
! the two metals not more than per cent In both
! cases Notwithstanding greater difficulties ana
| cost of transportation than now exist the COINS
whose intrinsic worth undervaued in the
| ratio gradually and surely disappeared from our
| circulation and went TO other countries, Where
their real value better recognized.
Acts Of Congress were impotent to create equal
! fly where natural causes decreed even slight
! inequality.
| Twice in our recent history have sgnally
failed TO raise by legislation the value OF silver
Under an act of Congress passed in 1873, the
Government was required for more tnan Twelve
years to expend annually at least s2iOO0OOO In
the purchase OF silver bullion for coinage. The
act OF July a. 1890 In still holder effort increased
the amount Of silver the Government was com
PEELED to purchase and forced IL to become the
buyer annually of 54.0O0000 ounces, or practcally
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 aforementioned act, that it would re-esta5-
lish and mantaic the former parity between the
two metals are still fresh in our memory.
no HOPE FOR BIMETALLIsM.
| In the light Of these experiences, which accord
with the experiences of other nations there Is GER
tanly no secure ground for the belief that an act
OF Congress could now bridge 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 acti 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
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
real value and monetary efficiency or all other
forms OF currency as they settled 10 the level or
silver monometasm. Every one who receives
a fixed salary and every worker for wages would
find the dollar In his hand ruthlessy scaled down
to the point Of bitter disappointment II not to
plnchng privation.
a change in our standard 10 silver nonOmetal-
lism would also bring on q collapse of the entire
system Of credit which when based on stand
ard 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-
panson to meet the growth Of trade and enter
prise In self-invited struggle through
darkness and uncertainty our humiliation
would be increased by the consciousness
that we had parted company with all the
enlightened and progressive nations OF the
world, and were despera tey and hopeessly striv-
ing to meet the stress OF modern commerce and
competition with a debased and unsuitable cur
rency and In association with the few weak and
laggard nations which have silver alone as their
standard Of value.
which threaten violent changes in our monetary
standard and the degradation Of our currency.
The pas. is full CT lessons teaching not only the
economic dangers, but the National immortality
that follows in the train OF such experiments. L
will not believe that the American people can be
persuaded after sober deliberation to jeopardze
their Nations prestige and proud standing by
encouraging financial nostrums nor that they
Will yield to the false allurements 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 cherished Of the traits OF true
Americanism.
Our country's Indebtedness whether owing by
the Government or existing between individuals,
has been contracted with reference to our pres
emf standard. To decree by act OF Congress that
these debts shall be payable in less valuable
dollars than those within the contemplation and
intention OF the parties when contracted. would
operate to transfer by the fiat OF law and without
top of a M a
ume Of rights and interests almost incalculable
DANGERS OF FREE SILVER.
Those who advocate a blind and headlong
plunge to free coinage in the name of bmetal-
llsm and processing the belief. contrary to all
experience that we could thus establish double
standard and 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 permits the only bimetasm now possible
at least that is within the Independent reach Of
any single nation. however powerful that nation
may be- While the value Of gold as a standard
is steaded by almost universal commercial and
business use 1t does not despise silver nor seek
its Punishment Wherever this standard is
maintained there is at It's side i'm free and I'M
questioned circulation a volume OF silver cur
rency sometimes equalling and sometimes even
exceeding it in amount. both maintained at a
parity Notwithstanding depreciation or huctua-
ton in the intrinsic value of silver
There is vast difference between a standard
OF value and a currency for monetary use. The
standard must necessarily be fixed and GER
tain. The currency may be In divers forms
and Of various kinds No silver standard
country has gold currency in circula-
ton; but enlightened and wise system OF
finance secures the benefits Of both gold and sill
yer as currency and circulating medium by keep
Ing the standard stable and all other currency
at par with II. Such system and such a stand
ard also give free scope for the use and expan-
sion OF safe ai1 conservative credit, indis-
pensable to broad and growing commercial trans
actions and so we'll substituted for the actual
use OF money. II fixed and stable standard Is
maintained such as the magnitude and safety OF
our commercial transactions and business re-
quire. the use of money itself IL conveniently
minimZed
Every dollar of fixed and stable value has