The Covington leader. (Covington, Tenn.) 18??-current, 1895-05-31

ct
Ben --~1a certain
lard on Sue necessary to the ag-
Cultural, commercial and industrial
development and prosperity of our
common country, we favor the main
tenance of all our money, whether
gold, silver or paper, on parity to
the end that each dollar, whatever
may be It's composition, shall have
equal purchasing and debt-paYing
mower with every other dollar.
Z. Profting BY the experience of
Washington, Jefferson and Hamilton,
and the teachings of the great-students
OF monetary science from the time
when john Locke wrote to the discus
sion of the present day, we accept the
truth of the principles now universally
recognized and applied in the CONNER
cial world, that the bimetallic stand
ard cannot be maintained where the
ratio fixed by law for the free coinage
Of cold and silver does not correspond
with the market ratio of the two met
ais: and that wherever and whenever
the legal or coinage ratio varies from
the market or commercial ratio to any
appreciable extent, the dollar. whether
III goId or silver, which thereby be-
comes more valuable as bullion than as
money, will 60 to a premium and re-
tire from circulation. We saw this
princ.pl applied in our own national
experience when, uRde- the act of
1892. which fixed the coinage ratio at
Is 10 gold retired from circulation
because or a slight decline in the price
OF silver IN the open market, whereby
the bullion in a gold dollar became
worth a few cents more than the bull
lion in a silver dollar, and was there
fore sold as a commodity because 1t
was worth more as bullion than money
and again, under the act of 1884,
which fixed the ratio at is to i, when
fhe silver coin retired for a like rea-
son. We are therefore opposed to the
free. unlimited and independent coin
aoe Of silver at the ratio of is To /,
when the market or commercial ratio
"A more than 80 to l., and the differ
etce between the bullion value OF a
gold and a silver dollar is aboIt fifty
cents, on the ground that such action
instea,l Of restoring the bimetallIc
standard, would inevitably result IN
silver recommendation.
3. At this time there Is no country
81. abe world which maintains the bl-
metallic standard, and neither is there
any country where the free coinage OF
aflcerobtains which is not on silver
basis. Each country, on account OF
ia inability to adopt independently
anv bimetallic standard, must elect
Elr itself which il prefers, the gold or
me silver standard. We therefore
f.voi~ 10 the absence Of international
co-operafion, the retention and main
tenance Of the existing gold standard.
Because a change from the gold TO
4bs silver standard would have the eff
tect 10 ilepudiate all public and private
ALLEGATIONS to the extent Of the differ
enne between the bullion value Of the
cold and silver dollar.
Because whenever such change
should be seriously threatened it would
raase III Immediate attempt at col
4 Iection and liquidation Of all debts in
anticipation of the result it would pro-
duce.
Because such transition from the
gold 10 the silver basis would destroy
public and private confidence, and
w08ld involve the country in such
panic, confusion and distress that the
products of agriculture and the wages