The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-24

To restore the price Of silver TO it's
value in 1873 you must remove ali the
causes which have reduced its value. Con-
cede for the sake of argument that the
action Of the United States was one Of
those causes. 1t is illogical to claim that
the removal of this one is to remove the
effect of all the others.
But II is urged that the United States
should try the experiment, and If it failed,
then abandon 1t or change the ratio. The
facts stated show. conclusively, in adj
vance, that it must fail. To lift the value
of 4l2l2 grains Of silver in. the United
States from 50 Ito 100 cents it.would be nee
essary to lift the value OF all the silver
in the world to the same extent less the
cost of transporting 1t to- the United
States. That volume to-day coined is 81,
051. 100000. If the burden were only to raise
the commercial value of the coined sill
Yer in those countries where It has dropped
TO bullion value the undertaking would
still be clearly impossible. India has $780,
600 600; China, $3.50 000 coo; Japan, 81 900 900;
Mexico, $50,000,000, South American states,
$50, 100000; total of $lS52, 600 used by
those countries alone. This silver, though
coined, circulates only at its bullion value.
In addition to this, if the silver mines
can afford to continue increasing their
production as they have from ISL, 900 900 in
1873 to 1914, 4sl, 900 in 1894, on a market which
has fallen 50 per cent, what would they
produce on a market which had risen 100
per cent? The volume to be raised in
value extends to the earth deposits, as
well as to that heretofore mined.
We were unable to keep the value of sill
yer up to gold under the free coinage act
of 1892 We were unable to keep gold up
to silver under the free coinage act of
1924 France and her associates In the Latin
Union found themselves unable to keep
silver up to gold in 1874. The failure of
these practical tests, under far more ia
vorable circumstances than those of the
present, demonstrated how ridiculous Is the
claim of the7silver advocates.
These facts fairly considered by any one,
will bring the conclusion that free coin
age at 16 to l means the use of no coin
but silver; means new standard of meas
ure equal in value to the present CONNER
cial value of the bullion now put into a sill
Yer dollar; means new dollar worth only
approximately half as much as the present
dollar, and the measure OF all values by
this new standard. asE .5fst
The immediate effect Of the election of a
President committed to such a policy
would be the separation of the gold and
silver dollar, the gold dollar going to a
premium Of about two for one.
We would lose at. ONCE s678, 900, 900 of gold
now in circulation and now in the treasury.
The greenbacks and TREASURY notes. $685.
100000 which would stiH remain outstand-
u
free silver bill, If passed. at all, would be
soon repealed This would take place i'm
mediately after the election Of a President
In November, 1896, and probably even after
the nomination by either of the great par
ties of a free silver candidate. The new
President could not be 'inaugurated until
March 4, 1897. During the six months or
more before it would be possible to pass
free silver legisla ton, the contraction of
the currency just described would precipi-
tate the most serious consequences. Those
owing gold obligations would put strain
upon the remaining silver currency and
bank notes, 10 buy gold to meet their old
obligations. The currency, consisting of
checks and bills Of exchange, amounting
to So per cent. Of our entire currency
would go out of use in consequence Of
loss Of confidence and credit, and the re-
suit would be the withdrawal of 9715 per
cent. Of our entire currency and the par
alysis of business would Immediately fol-
low. Banks would be raided by their de-
positors. Creditors would, seek to enforce
their debts before the reduction of the
standard to the silver basis. No extension
of debts would be given to anybody, except
where payable in gold at increased rates
of interest. Long time debts are in gold.
The amount to be paid on them would not
be reduced. Indebtedness not payable in
gold would be collected at once OF the
property owned by debtors taken from
them. Merchants would fail; workmen be
Idle; farm products without a market, and
poverty and distress found on all sides.
do not believe that a President would
ever improve such legislation, If elected
upon platform with congress pledged to
pass It. The calamitous effects following
such an election would bring 70 them the
prayers Of the very men who elected them.
appealing for the defeat Of such legisla-
ton. But II such a law should pass Il
would not be until the latter
part Of 1897 Then gem
eral adjustment 10 the new standard
would be necessary. Prices being tempo
rariiy reduced on account Of the panic,
Il would be some months before the actual