The Portland daily press., 1895-12-04

Acts of Congress were impotent to create
equality where natural causes decreed
even a slight inequality.
Twice in our recent history we have sig
nally failed to raise by, legislation the
value of silver. Under an act of Congress
passed in 1878 the government was re-
quired for more than twelve years to ex-
pend annually at least 1900, 600 in the
purchase of silver bullion for coinage
The act of July IA. $780, in still bolder
effort increased the amount of silver the
government was compelled to purchase
and forced it to become the buyer annual :
ly of fifty four million ounces, or practi-
cally the entire product of our mines
Under both laws silver rapidly and steadi-
~ declined IN value. The prophecy and
the expressed hope and expectation of
those in the Congress who led in the pas
sage of the last mentioned act that it
would re-establish and maintain the for
mer parity between the two metals are
still fresh in our memory.
In the light OF these experiences, which
accord with the experiences of other ma
lions, there is certainly no secure ground
for the pellet that an act of Congress
could now bridge an inequality of fifty
per cent between gold and silver at our
present ratio, nor is there the least posi-
bility that our country. which has less
than one-seventh OF the silver money in
uu0 WOflus COuiu NY It's HCUlOlI tlOl6 fdlSG
not only our own but all silver to it's lost
ratio with gold. Our attempt tc accom-
plish this by the free coinage Of silver at
ratio differing widely from actual rela-
! tive values would be the signal for the
complete departure of gold from our cir
culation, the immediate and large CON
traction Of our circulating medium, and
shrinkage in the real value and none
! tary efficiency of all other forms of cur
! thor cottlbH tn no Of silver
recommendation. Every one who receives
a fixed salary and every worker for wages
would find the dollar in his hand ruth
lessiy scaled down to the point of bitter
disappointment if not to Dinching priva-
/ ton. A change in our STANDARD to silver
monometallism would also bring on a col
lapse of the entire system of credit which.
when based on standard which is recog-
nized and adopted by the world of bust
ness, is many times more potent and use
! full than the entire volume of currency
and is safely capable OF almost indefinite
expansion to meet the growth of trade
/ and enterprise.
| In self invited struggle through dark
ness and uncertainty our humiliation
/ that we had parted company with all the
enlightened and progressive nations o.
the world and were desperately and hope
| lesSlly striving to meet the stress OF mod
| ern commerce and competition with de
! based and unsuitable currency and in as
ISOLATION with the few weak and laggarc
nations which have silver alone as theil
standard of value.
| All history warns us against rash ex
perinients which threaten violent changes
in our monetary standard and the degra
dation of our currency.
| The past is full of lessons teaching moi
only the economic dangers but the ma
tional immortality that follows in thu
train of such experiments. l will not be
lieve that the American people can bt
persuaded after sober deiiberation to jeop
ardize their nation S prestige and PROUD
standing by encouraging financial nos
trums, nor that they will yield to the fee
BILE allurements of CHEAP money. wher
/ they realize that it must result III the
weakening of that financial integrity anc
rectitude which thus TAR in our history
has been SO devotedly cherished as one Of
the traits of true Americanisfn. Oul
country's Indebtedness. whether owing BY
/ the government or existing between indl
viduais, has been contracted with refer
! ence to our present standard TO decree
! by act of Congress that these debts shal
! be payable in less valuable dollars thar
those within the contemplation and in
/ tention of the parties when contracted
would operate to transfer by the fiat O
law and without compensation, al
amount of property and volume o.