The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1895-10-30
ANOTHER CONVERT.
GOVERNOR O'FERRALt DECIDES IN
FAVOR OF SOUND MONEY.
All h Commercial Nations of the World
Arc ON . Gold Basis-The Free Coinage
Of Silver Would Cause s~tsgnation Of
Trade In tho United States,

"A0 VA - OOAu 11ttStS-An no ETe0 NOlOHX0
Of Silver Would Cause st.gnation Of
Trade In the United States,
Governor O'Ferrall Of Virginia adds
another nam to the already long list
Of prominent men who have changed
their position GU the silver question aft
er long and careful study. His recent
four column open letter in the Rich
mond Dispatch will give cold comfort
to the friends of silver" We reprint
the following extracts from It:
II am opposed TO the free coinage Of
silver in the United States except
through an international agreement.
with the great commercial countries Of
the world.
II do not believe this country alone
car maintain a parity between gold and
silver at any fixed ratio.
"We are strong in resources and in
all the elements that go to- make o ma
ton powerful, but we are not strong
enough to- live within ourselves, trade
only with ourselves, raise and manufac-
ture all we need, onsuine and use all we
produce and make, import nothing, ex-
port nothing and have no commercial re-
lations with other countries. To deal,
then, with other countries our money
must be measured by their standard
when we are in their markets and the
principal countries whose markets we
seek and with which we must deal In
selling and buying havoa gold standard.
at may be surprising to some to
know it, yet it is an. incontrovertible
fact that gold standard countries furnish
SIX per cent Of the International CON
MERGE Of the world, and that about 9i
per cent Of the exports Of the United
States are to countries having a gold
standard, and about 80 per cent Of u
imports are from countries having the
game standard.
Shall we cut loose in our monetary
system from these countries Of such
commercial power and attach ourselves
to the small and weak nationalities to-
which we sell scarcely anything, and
from which our purchases are absolute
y insignificant?
"There is no country that has a dou-
bio monetary standard. Wherever there.
is free silver coinage, silver monometal-
lism prevails. A1lcouutries with a gold
standard utilize silver as far as it can
be kept at o parity with gold. That u.s.,
gold countries use both metals as mon
ey; silver countries only silver. The In
dependent free coinage of silver in the
United States would place her on a sill.
yer standard and in direct antagonism
to the standard Of the countries with
which she does nearly all Of her bust
ness.
Twill the United States lower her
crest, withdraw from the strong sister
hood Of nations which whitens the seas
with the sails Of commerce and unite
her monetary fortunes with the weak
combination whose craft are scarcely
ever seen aid whose products and fruits,
constitute SO small q percentage in the
grand total?
"Will she continue to stand with
Germany, Austria, France and England,
OF link her destiny with China, Japan
and Mexico?
"These are my views, stated briefly
and concisely as possible.
"For the reasons given I am opposed
to the doctrine Of free and unlimited
silver coinage without International
agreement with the principal CONNER
cial countries Of the world. We cannot,
adopt a monetary system different from
these great nationalities and force them
to recognize it. We cannot float a 90
cent silver dollar as o sound dollar In
this country, much less in the markets
OF Germany, France, Austria Or Eng
land, with whom our interests are close
~ identified. There are many things
We an do regardless Of the opinions or
wishes Of other lands. We can amend
or change u system Of government,
manage our internal affairs and enact
laws to govern our own people without
let or hindrance from any foreign source,
but there is one thing We cannot do.
We cannot coerce other peoples and
lands to recognize any money we may
see proper to engrave or coin as a me-
dunn Of exchange between them and US.
As we'll might we attempt to change
the laws Of gravitation or make water
run up hill.
II AM for q sound dollar, and what I
mean by o sound dollar is one that will
pass for 700 cents and be as good as any
other dollar anywhere within the limits
Of the civilized world. Gold is that dol
lar now. Silver may also be if kept on
a parity with gold. Bnt this only
be done by international agreement.
What l mean by a sound dollar is n
that the farmer. the mechanic and the La
boring man can use with q purchasing
power Of 100 cents and buy as much
with 1t as any other dollar. What I
mean BY a sound dollar is one that it's
holder may lay away to buy a home, ave
for a rainy day or provide for himself
in old age with absolute certainty that
it will be as good as any other dollar
when he wants to use it. Gold is that
dollar. Silver cannot be unless by inter-
national agreement it is made equiva-
lent to a gold dollar.
II am for a sound dollar for the poor
man as well as for the rich man. / shall
lever consent to a monetary system
which will place it i'll the power Of the
rich man to hoard his gold and pay his
poor creditor in a deprecated dollar"
A surprising Spectacle.