Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1895-09-27
OUTLINES HIS VIEWS.
THE FINANCIAL FAITH OF A PROM
NeNT PROHlBlTlONlST.

NeNT PROHlBlTlONlST.
Why He Opposes Free silver-Charge That
the Law OF 1873 Was Crime Has Never
Been Proved-Past Experience With De-
based Currency.
In a letter published in The New
Era, Chairman Samuel Dickie Of the
Prohibition national committee outlines
his views on the currency question as
follows:
Without undertaking an argument in
behalf Of any proposition herein, sub
NIT the following as in part q declara-
ton Of my financial faith:
First.-Upon any satisfactory plan
for equalizing the intrinsic and NOM
inal value Of our coins 1 am a bimetal-
list An international agreement or an
increased ratio might sufficiently ap-
proximate the desired result To de-
crease the amount Of gold in our gold
coins might accomplish the same end,
but would be palpable fraud.
Second. AS between gold mono
metallism and silver monometallism
unhesitatingly declare for the former.
As to free coinage-several years ago
when this question began to attract
public attention 1 found myself in
clined to sympathize with the advo-
Gates Of free coinage. Before commit
ting myself either way sought to make
careful examination Of the question,
and believe that was able to study the
problem as a student and not as an adj
vocate. l began my examination Of the
issue, however, with the belief that a
studious investigation would only tend
to confirm and strengthen impressions
and prejudices which, at the time,
knew rested on no well established
foundation.
An examination Of the issue in all its
bearings has led me, almost against my
will, to the conclusion that at the ratio
proposed, and without international
agreement, the free coinage of silver by
the United States would be a calamity
Of no mean magnitude. In this position
find myself in harmony with the best
thought Of the Prohibition party, as
witness the rejection Of a free coinage
plank at Cincinnati by the decisive vote
of 33j for to 500 against. The follow
ing are among the conclusions which
have forced themselves upon me:
First-The charge that the law Of
1878 was "crime" and the outcome Of
a conspiracy" has never been proved.
There is no direct testimony, the cir
cumstantial evidence is utterly made
quate, and the absence Of motive is i'm
portant
Second. The effort on the part Of
tho silver men to pose as the especial
friends of the workingmen and to hold
up their opponents in the guise Of "aris-
tocrats, "bondholders, " robbers"
"gold barons, " "Shylocks, " etc, is a
most disgusting exhibition Of the dema-
gogue's art
Third Equally insincere and absurd |
is the attempt to arouse prejudice against |
an inert substance by the violent dec
lamation that gold is a traitor, gold |
deserted the country when Sumter was |
fired upon, " "gold never fought bat
tie for US, " "gold fed in the time Of
danger, " nobody saw any gold during
the war" Substitute "silver" for
gold" in the preceding quotations,
and they are equally true
Fourth Gold, measured by human |
toll, which is the only true standard,
has steadily deprecated in purchasing
power for many years.
Fifth.-Commodities, produced by
improved methods Of production, ought
to depreciate in value, and such depre-
citation is no evidence Of an apprecia-
ton in the currency Of the country.
Sixth. Debtors contracting debts
during or soon after the war and pay
ing dollar for dollar" in the late sew
entities or since certainly suffered serious
hardship. This hardship was incident
to our recovery from an era Of depreci-
atcd money and was not caused by the
crime" Of 1873
Seventh. Free coinage, as proposed,
would mean silver monometallism, de-
preciated currency and the prompt dis
Of gold.
Eighth. TO defend the debasement
of our currency on the ground that
cheap money will benefit the debtor
class, enabling them to discharge their
more easily, is to advocate
rank dishonesty.
Ninth. "A reasonable prospect Of the
enactment Of such legislation as is adj
vocated by the silver men would pre-
sipitate an era of forced liquidation
certain to yield calamitous results.
Tenth. ALL experience with de-
based currency abundantly proves that
under such regime commodities
promptly advance in price, while the {
advance in wages is always less prompt
and in the degree Of advance less per-
fectly compensates for the decreased
purchasing power Of the circulating
medium. To add 80 per cent to the
wages and 100 per cent ,
to his expenses will be q sorry pleasure
of relief. SAMUEL DIcKIE.
Albion, Mich, July q.
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