The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-12-04
PRESIDENT'SMESSACE


SoAiha6c upon ratio Wnlcn accidentally
varied from the actual relative values
of the two metals not more than three
per cent. In both cases. notwithstand-
ing greater difficulties and cost of
transportation than now exist, the coin
whose intrinsic worth was undervalued
In the ratio gradually and surely dis
appeared from our circulation. and
went to other countries, where the real
value was better recognized. Acts Of
congress were impotent to create equal
ity where natural causes decreed even
slight inequality.
SILvER-PURCHAsE FAILURE.
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 more than II
years to expend annually at least s24,-
0oo'0OO in the purchase of silver bullion
for coinage.
The act OF July IA, 1890, In a still
bolder effort, increased the amount of
silver the government was compelled
to purchase and forced 1t to become
buyer annually of $4,000 ounces, or
practically the entire product of our
mines. Under both laws silver rapidly
ana steadily declined in value. The
prophecy and the expressed hope and
expectation of those in congress who
led In the passage of the last mentioned
oSts budI WOulQ IeeSla DUSn and
maintain the former parity between
the two metals, are still fresh in our
memory.
In the light of these experiences.
which accord with the experiences of
other nations, there is certainly no Sc
cure ground for the belief. that an act
or congress could now bridge an inc
quality of fifty per cent. between gold
and silver at our present ratio, nor is
there the least possibility that our
country, which has less than one-sev-
enth OF the silver money in the world.
could by its action alone, raise not only
our own, but all silver of the world 70
its lost ratio with gold Our attempt to
accomplish this by the free coinage of
silver at ratio differing widely from
actual relative values would be the
signal for the complete departure of
gold from our circulation the immedi-
ate and large contraction of our circ,-
iating medium, and shrinkage in the
real value and monetary efficiency of
all other forms of currency, as they
settled to the level of silver monomet-
aiiism Every one who receives a fixed
salary and every worker for wages
would hnd a dollar in his hand ruth
disappointment If not to pinching prI.
walton.
A GOLDBUGS OPINION.
chdnse IN our standard to silver
monometallism would also bring on a
collapse Of the entire system of credit,
which. when based on a standard
winch is recognized and adopted bv
the world Of business, is many times
more potent and useful than the en-
tire volume Of currency and is safely
capable of almost indefinite expansion
10 meet the growth of trade and en-
terprise. In a self-invited struggle
through darkness and uncertainty. our
humiliation would be increased by the
consciousness that we had parted COM
pany with all the enlightened and pro-
gressive nations of the world and were
desperately and hopelessly striving to
meet the stress of modern commerce
and competition with a debased and
unsuitable currency, in ASSOCIATE ton
with the Few weak and laggard nations
which have silver alone as their STAN |
dard OF value. All history warns us |
against rash experiments which threat |
en- violent changes in our monetary |
standard and the degradation of our |
currency. The past is full of lessons |
teaching, not only the economic dam |
gers. but the national immortality that |
follows In the train of such expert
ments. 1 will not believe that the |
American people can be persuaded, af-
ter elaboration, to jeopardize their ma
TONS prestige and proud standing by
encouraging financial nostrums, nor
that they will yield to the false allure
ment OF cheap money, when they real
ize that 1t must result in the weaken
ing of that financial integrity and rec
titude which thus far in our history
has been so devotedly cherished as
one of the traits of true Americanism.
AGAINST SILVER FIRST AND LAST
Our country's Indebtedness, whether
owing by the government or existing
between individuals, has been con-
tracted with reference to our present
standard to a decree by act of congress
that. If these debts shall be payable in
less valuable dollars than those with
in the contemplation and intention of
the parties when contracted, would
operate to transfer by the fiat of law
and without compensation an amount
of property and volume of rights
and interests almost incalculable.
Those who advocate a blind and head
long plunge into free coinage in the |
name of bimetallism and profess the
belief contrary to all experience, that
we could thus establish a double stan
dard and a concurrent circulation of
both metals in our coinage, are GER
tainly reckoning from a cloudy stand
point. Our present standard of value
Is the standard of the civilized world,
and permits the only bimetallism now
possible. or. 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
is steadier by almost univer-
sal commercial and business use, II
does not despise silver nor seek its
Wherever this standard
Is maintained there is at its side. in free
and unauestioned circulation. volume
Of silver currency, sometimes equaling
and sometimes even exceeding gold in
amount both maintained at a parity |
a depreciation or iuc-
tuation in the intrinsic value Of silver.
There Is a vast difference between a
OF value and a currency for
monetary use. The standard must ne
be fixed and certain. The
may be in divers forms and
~ various kinds. No silver standard
country has gold currency in circula-
ion. but an enlightened and wise sys-
EN- of finance secures the benefits OF !
both gold and silver. as our currency {
Ind circulating medium, by keeping Z
he standard Stanla and all o4har o.,r