The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1895-12-04

passssg 70 lie treasury, tIsgg6ssan tl1s,Snuney
OF the government, like any other ordinary
goYer1menb funds, acd thcre WAS nothing TO do
but 10 use them In paying governments ex-
penseS when needed.
At no time when bonds hav1 besr issued has
there been any consideration OF ohs questioaof
paying the eAEeaseS of governrhellt With their
proceeds, Ihore was no necessity so consider
tnat question. Lean not but think there has
been some confusion of ideas regarding the eff
fects OF the issue & bonds and tho results OF
the withdrawal OF gold. 1t was the latter pro-
cess and not-the tocmer, that by substituting in.
the treasury United states notes and treasury
notes for gold increased by their anGunt the
money whlcn4waS ia the Iirst instBnce subject
to ordinary gHHernment expenditures.
have constantly aad In mind the tact that
many OF my c0untrymen, wnOse aincerfty do
not doubt. inSisS that the cure for the ills now
threatening US may be found in thesingle and
simple remedViot the free coinage OF silver.
They contend that our mints shall he at once
thrown open toShe free, unlimited ana inde-
pendsnt eolnagAof both gold and silver dollars
OIL fon legal lender quality, regardless Of the
J0tlon OF any other government and infull view
OF the TACT that the ratio between the metals
which they Suggast.callAfo for 100 centssworth OF
gold in the gold dollar at the presenu standard,
and only so cents in4intIinsc worth OF silver in
th9 silver dollar.
Were there ininiazly stronger reasons
tnan can be adduced for hoping that such, ac-
tleh Fo'1ld secure tor us n bimetallic currency
moving ON lines Of. parity, an experiment so
newell and hazardous as Lnat proposed, might
wei stagger those who believe JhaU stability is
an imperative condition OF sound money. No
BoVernment, no human. cQutrivanCe or. act Of =
legislation, has ever been able to hold the two
metals together in Gree coinage at raCio ap-
preHably dlherent from that which is eStaD-
nshed In the marl1ets.of tha world. ThJ se- who
behave that our Independent free coinage Of
sllveG at an artliiciaL ratio with gold of ~ to
would restore the pavitY between the metals
ana Consequently between the coins, oppose. an
unsupporteu and Improbable theory to the
general beltef and practice, of other nations and
10 tlle- teaching OF the wisest statemen. and
economists OF the world, both in the past. and
preseniS ana what Is, far more conclusive. they
run counter 10 our own actual experiences.
Twice In our earlier history our lawmakersin
attempting TO establish. himetalllc currency un-
9ertook free coinage unon ratio which acci-
uentbLlK varied from the actual relative values
OF the two metals not more than per cent In
Doth cases. Notwithstanding greater difficulties
ana cost OF transportation than now exist, the
COINS whose Intrinsic worth was undervaluedin
the ratio, gradually and surely disappeared
from or circulation and went to other countries
Where their veal value was better recognized
Acts otcongress We're ilnpotent to create equal
Ivy Wnsre lalur2l causes deereed even slight
inequality twice in ouE recent history we
signallG tailed 10 raise by legislation the valns
Of silver
In aninvited strugglsthronSh darkness4and
uncertainty our humiliation would ne increased
py the CONSCIOUSNESS tnat we had parted COM
pany with all the enlightened and progressive
natlonSof the world and are desperately. and
uOp6lCsSlN SLrlNl0B LQeSJreSS OF lIOtleru
commerce and competition with debased and
unsuitable currency und in association with the
feW weak ana laggard nations which have silver
alone as thelr standard of value. All history
warns US against raSn experiments which
threaten changes in ourmonetary standard and
the degradation OF our currency.
Our countrys Indebtedness whether oEing
Dy the government or existing between indl-
vldualsr has been contracted with reference TO
our present standard 10 decree by act of con-
gress thai these debts snail be payable in less
valuable dollars than those within the contsm-
platlon and intention OF the parties wnen con-
tracted would operate to transfer by the fat OF
law, and without compensation, an amount OF
properly ana volume of rights and interests
almost lncalculGble,
Our present standard oG value is the stand
ard ot-the civilized world and permits the only
bimetalism now possible, or at least that is
within the independent reach Of any single ma
tlon however, powerful that nation NAV be.
While the value Of gold as q standard is
steadled by almost universal commercial and
business use 1t does not deSpiSe silver nor seek
its hanishment. Wherever its standard is
maintained there is at its side, in free and un-
questioned circulation, q volume OF silver. cur
rency sometimes equaling and sometimes even
exceeding 1t IN amount, both maintained at
parity Notwithstanding q depreciation or. tuc-
tuation in the intrinsic value of silver
There Is vast difference between standard
OF value and currency for monetary use. The
standard must necessarily be fixed and certain
the currency may be in divers forms and OF
various kinds. No silver-Standard currency
has gold currency in circulation; but an en-
ughtened and wise system OF finance secures
the benefits OF both gold and silver as currency,
and circulating medium, by keeping the stand-
ard stable and all other currency,at par with 1t.
Such system and such o standard also give
free scope for the use and expansion OF safe
and conservative credit, so Indispensable to
broad and growing commercial transactions
and SO well substituted for the actual use OF
money. Every dollar of fixed and stable value
has, through the agency OF confident credit, an
| astonishing capacity Of multiplying itself In
| financial work. Every unstable and ttuGtuating
dollar fails as basis OF credit, and In its use
| oegets gambling, speculation and undermines
| the foundations of honest enterprise.
l have ventured to express myself on this
| subject with earnestness and plainness OF
| speech because cannot rid myself Of the be-
lief that there turks in the proposition for the
free coinage OF silver, SO strongly approved and
| so enthusiastically advocated by multitude OF
| my countrymenr serious menace TO our pros
| perity and an insidious temptation Of our peo-
| pie to wander from the allegiance they owe to
public and private integrity.
| In conclusion especially entreatthe peoples
| representatives in congress, who are charged
with the responsibility Of tnaugurating
measures for the safety and prosperity OF our
common country, to promptly and effectively
consider the ills OF critical financial plight
/ have suggested remedy which my judgment
| approves. desire, however to assure the
congress that am prepared to cooperate with
them IN pertec.ing any other measure promis-
| Ing thorough una practical relief, and that
will gladly labor with Them In every patriotic
endeavor to further the interests and guard
the welfare OF our countrynen whom in our
respective places OF duty, We nave undertaken
to serve. GROVER CLEvaLAAD.
Executive Mansion. nec. =, l8Ah