The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1895-12-07


general belief and practice OF other ma
lions. and to the teachings OF the wisest
statesmen and economists OF the world.
both In the past and present. and Whist -
far more conclusive, they run counter 10
our own actual experiences.
HE QUOTES HIETpRY.
Twice In our earlier history our law
makers. in attempting to establish . b.
metallic currency. undertook free coinage
upon a ratio which accidentally varied
from the actual relative values OF the
two metals not more than per cent. In
both cases. Notwithstanding greater DIM
culties and cost of transportation than
now exists, the coins whose intrinsic
worth were underyalued In the rauo'
gradually and surely disappeared from
our circulation and went to other coun-
tries where their real value WAS beitef
recognized. Acts OF congress were Inn
potent to create equality where natural
causes decreed even slight inequality.
Twice In our recent history we have
signaliy failed 10 raise by legislation the
value Of silver. Under an act Of congress
passed in 1878 the government was requir-
ed for more than u years to expend an
nually at least s2i.0g0,0o0 In the purchase
| Of silver bullion for coinage.
The act Of July II. 1880. in still holder
| effort increased the amount OF SILVER.
| The government was compelled 10 pur-
chase and forced TO become the buyer
annually of g4,010J090 ounces, or practically
1 the entire product Of our mines. Unoef
both laws. silver rapidly and steadily de-
/ clined In value. The prophecy and the ex-
| pressed hope and expectation oil those
In congress who led in the passage OF the
last mentioned act, that IL would re-es-
tablish and maintain the former parity
between the two metals. are sfili tresh In
our memories.
In the light Of these experiences winch
| accord with the experiences Of other ma
lions there is certainly no secure ground
for The belief that an act OF congress
could now bridge an inequality OF ~ per
| cent between gold and silver at our pres
| ent ratio nor il there the least POSSIBLE
lily that our country. which has less thar
| one-seyenth Of the silver money IN the
world could by its action alone raise moi
| only our own. but all silver to its los'
ratio with gold. Our attempt TO accom-
piish this by the free coinage OF silver al
a ratio differing widely from actual reia
tive values would be the signal for thu
: complete departure Of gold from ou
: circulation, the immediate and large di
, | minution of our circulating medium. ans
l | a shrinkage in the real value and none
. tary efficiency of all other offers Of eur
I rency as they settled to the level OF silve
y | nonome tallism. Every one who receive
= 4 fixed salary and every worker Tor wage
. would ind the dollar In his hand ruth
lessiy scaled down 10 the point OF bite
! disappointment If not TO pinching priva
|, | ton A change in our standard TO silve
e monome taiiism would also bring on col
y lapse Of the entire system of credit which
!. when based on a standard which Is rec
= ognlzed and adopted by the world q
i business, is many times more potent an
II useful than the entire volume Of curref
I. cy and lis safely capable of almost indie
= mite expansion TO meet the growth {
n | trade and enterprtSe.
q In q selfinyiied struggle through dari
ii | ness and uncertainty our humihauo
he would be increased by the CONSCIOUSNESS
IT that we had parted company with a
se the enlightened and progressive nation
~ Of the world and were desperately al
~ hopei~ssiy striving 10 meet the stress
DE modern commerce and competition Wi
re N debased and unsuitable currency al
In association with the few weak al
n laggard nations which have silver aio
T. as their standard Of value.
We DARK DAYS PRoPHEsIED.
All history warns US against rash e
= | perfments which threaten violent chang
;, | In our monetary standard and the de
relation Of our currency. The past
full Of lessons teaching not only
" economic dangers. but the national Il
- morality that follows in the train OF su
a.. experiments. ] viii not believe that I
m American people can be persuaded AT
TONS prestige and proud standing by
- | couragtny financial nosirums nor n
=, they will yield to the false alluremei
-, OF cheap money when they realize II
- | IL must result IN the weakening of n
financial Integrity and rectitude VIII
"n thus far in our history has been so
, vo,edly cherished one of the ira
~. OF true AmericAnism.
- Our country's Indebtedness, whether c
- Ing by the government or existing
.iS tween individuals. has been contrac
e. with reference TO our present stands
80 To decree by act OF congress that III
~ ,s debts shall be payable In less yaiua
"A' dollars than those within the contemI
'sn ton and intention OF the parties vi
'ne contracted would operate TO transfer
." the fiat of law and without compensai
vas an amount Of property and a volume
W. ! rights and interests almost incalculs
io' Those who advocate blind and he
'us long plunge to free coinage in the ma
~ of blmctallism and processing the be
AL contrary to all experience that we CO
no thus establish a double standard an
IN concurrent circulation Of both metals
ur- our coinage are certainly reckoning II
NAT a cloudy standpoint Our present sta
re- ard OF value Is the standard OF the Ct
mas ised world and permits the only bime
ola usm now possible or least that is vii
the the independent reach OF any single
,ss- ton, however powerful that nation ]
80 I he, ME the NaluN u gnu az a rNAAAN
ont is steadled by almost universal conn
nee cial and business uses IL does not des
ndi- silver or seek its Punishment Whcr,
this standard is maintained there is a
aas- side In free and unaues,ioned circula
lent n y,olume OF silver currency sonnet
lS'A equalling and sometimes even exeee'
Jury IL In amount. both maintained at a pal
uch Notwithstanding a depreciation or fuc
1881. ton in the intrinsic value Of silver
ith- There Is vast difference betwee
tied standard OF value and currency
and monetary use. The standard must
that essarily be fixed and certain. The
has rency may be in diverse forms and of
gold ious kinds No silver standard cou
ited has n gold currency In circulation.
liver an enlic htened and wise system OF I'M
ring | secures the benefit OF both gold and s
re;o as currency and circulating medium,
1872. | standard stable and other currency AT
II with it, Such n system and such a st
20 n nr,i also give free scope for the use
per- EXPANSION of safe and conservative {
n of a. SO Indispensable to broad and Ero'
the commercial transactions and SO well
,eu; stI,uted for the actual use of money.
sury IL an affixed and stable s,andar
A be maintained such as the magnitude
" an safety OF our commercial trahsachohs
reed business require the use Of money
the | is conveniently minimized. Every d
cure OF fixed and stable value has through
agency OF confident credit an asto
ing capacity Of multiplying itself In 4
x.p cial work. Every unstable and fuctu,
dollar fails as basis of credit and
levi, use begets gambling speculation and
dermines the foundations of honest e
prise.
ke have ventured to express myse'
ondi- this subject with earnestness and I
dam ness of speech because l cannot rid
sug- selfof the belief that there turks II
nam proposition for the free coinage of $
IA in so strongly approved and SO enthu