The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-01-02
EER DEFENDED.

~ Dhr nNDnD'
. THsasAlN HOPE OF THE SOUTH AND
p 8 sTHEWEsT.
CD. foumans rlaDor"tes Some of His
IdSs on Monetary Questions, and Ar
eucs in Fxyor of the White Metal.
To the Editor of the State.
4n endeavoring to comply with the
request of your correspondent More
Than Onens L shall at first attempt to
meet your exceptions to my position
s<on silver IS expressed in your issue of
!. NoVembef 26th. In your editorial of
thaFdate you hold that the free and
! unlimited coinage of silver at the ra-
tio Of 16 to 1 should be entered upon
only by international agreement, that
its adoption by this country alone
would reduce our monetary unit to a
fifty cent standard, and that it being
Rso regarded by the great trading ma
IONS would be disaster. The ques-
pm of international agreement is al
ays broached by the advocates of the
bid standard, whenever the free
intage of silver is proposed, not that
ey have any idea of accomplishing
lything, for they know that is i'm
Rssible; but it is advanced, often like
yyer's move for continuance,
Fely for the purpose of evasion and
ponement. Three times has this
vernment admitted the disastrous eff
Its of the gold standard by calling
international conferences to reha-
late silver and three times have
american delegates labored under
Humiliation of rising in the con-
ences to vainly beseech the Euro
lean delegates to join with them in
hndoing the treacherous robbery of
fisherman and Ruggles and their CO.
conspirators, who engineered the de-
monetization of silver through Con-
kgress apparently as ignorant of the
laws of finance as the average voter
h the South and Northwest appears
to be of his own interest. Those who
how pretend to deny that the present
distressing situation has been caused
BY the refusal of free .mintage of sill
0ver, would do well to read and con-
slider the admissions of our govern
ment made by those who, as her dele
gates, voiced her sentiments in these
conferences. Even John Sherman
5 wrote Mr.. Goesback, a delegate to the
International Monetary Conference of,
1878, as follows: During the None,
tary Conference in Paris when silver
In our country was excluded from cir
culation by being under valued, I was
strongly in favor of the single stand
ard of gold, and wrote letter, which
!, you will find in the proceeding of
that conference. stating briefly my
view. At that time the wisest among
us did,not anticipate the sudden fall
nof silver or the rise of gold that has
occurred. This uncertainty of the re-
! lation between the two metals is one
&of the chief arguments in favor. of a
mQno-metalic system, but other argu-
mems, showing the dangerous effect
upon industry by dropping one of the
Aprecious metals from the standard of
value outweigh in my mind all theo-
[retical objections to the bimetalic sys-
tenn" In his address in this confer
ence RsQfessor f. A. Walker said:-
- ~ International Conference 1873,
-''Yet even more important,
Jew of the delegates from the
tates, is the probable effect
production of wealth, result
he diminution of the money
europe and America, alrea-
lEshed or in progress,
Inc S;atuitous demo onetization
Cuting, as in the first in
0es, q the very quick. into
pr theenterpreneur, or man
which profits constitute
I've to production under
fnlzation of industry,
5 as in its ultimate
at5a burden of all
'a Ech debts and
the mortgage
ives of past pro-
products of cur
hinution of the
of the gravest
aee mankind
trangulation, are
tong to express the
strfal body when
tai coils of the con-
pply. *** Against
TO civilization and to
kind the representa-
ed States here pres
earnest protest and
international confer
William NJ Eyarts, chief
United States (see in
onetary conference, 1881,
B and S29 said, = They
the way toEet at unity
B6ds to have but one metal
Inc sservice of the world for its
1Uheys, This was clear subordina-
ton of the end to the means; this was
sacrifice of money that could not be
spared in its volume and in its force,
in order that the symmetry of the
mintage might be more conveniently
attained. This.was in the nature of
sacrifice of the great and manifold
transactions of an open commerce to
the convenience and the simplicity of
the bookkeeping which records it.
The act of 1873, a coinage act, as I um-