Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-10-14

Fortunately one of the causes which
contributed largely to produce feeling Of
distrust and apprehension, and which
very greatly intensified that feeling at all
the stages of our long financial struggles
has substantially ceased to exert any in
fucncc over the minds of the people here
or abroad. ! mean the persistent and ag-
grcssive agitation in favor of the free coin
age of legal tender silver which for n long
time seriously threatened to rcVolutionize
our monetary system and reduce our en-
tire volume of currency to about half its
present value. | do not mean to assert
that there was ever u time when there
was rcal danger that this would be done.
but there Were times when the sentiment
in its favor was so strong and so aggressive
in its character that there were at least
reasonable grounds for such a fear upon
the part of investors abroad who could
not be expected to fully understand the
actual situation here but the free coinage
movement has lost its momentum and is
no longer formidable or aggressive.
1t Is on the defensive now and when a
revolutionary movement is compelled to
halt and defend itself, the end is not far
off. 1t would not he correct to say the CON
test Is over, because the sentiment in IA
vor of the free coinage of silver is still
quite strong in some parts of the country,
but it is not strong enough to exert II CON
trolling influence in the councils Of either
of the great political parties, and without
this it can accomplish nothing in the form
of legislation or in the determination of
the administrative policy.
Standard of Value Fixed.
No we'll informed man now believes that
our standard of values will be changed or
that the financial policy which has been
steadily pursued by the present admins
tration will be abandoned, and foreign
holders of our securities and foreign in
yestors in our industrial and commercial
enterprises will make a great mistake if
they permit themselves to be influenced
by the fear that our currency will be de-
preciated or that all our obligations will
not be promptly and honestly discharged
The proposition that the United States
alone shall adopt the policy of free coinage
at ratio which would make n silver
dollar intrinsically worth only about one
half rs much rs the gold dollar, and de-
clare both coins full legal tender in the
payment of debts, it Is so unreasonable
upon its face that it is difficult to under
stand how il could have received the sun
port of so large n part of our people,
That no two full legal tender aSins of
the same denomination, but of UNEQUAL
intrinsic value, can be kept in circulation
at the same time, has been SO often DEM
onstiated by actual experience that the
question is no longer open to serious dis
cussion In fact, very few of the advo-
Gates of free coinage now contend shat
gold and silver would continue to circu-
late together under their policy. But they
insist that the gold standard ought to be
abandoned, even though the gold coin
should be banished from the country. be.
cause, they say the effect of the present
system is to reduce the prices of com
modities, increase the burdens of what is
called the debtor class and enrich the hold.
ers of capital in the form of money at the
expense of the farmers and other pro-
duccrs.
1t must be admitted that there are Sc
rious allegations, and IL they could bt
proved n stroug case for relief would bt
made, but they have not been and cannot
be proved. In order to show that the
adoption anti maintenance of the gol,
standard OF value has of itself reduced tn,
prices or -,i~modit.es it would be neces
sary to prove that 1t had produced con
traction or the currency, or that it ha
impaired credit which is by far the mos
potent factor in trade. 1t has don
neither. we have amuch larger circula