The advocate., 1895-12-11
PRESIDENTS MESSAGE.
lContinued from page ID

traction OF our circulation medium and shrink
age In the real value and monetary efficiency
OF all other forms Of currency as they settled
90 the level OF silver monometaillSm.
IN self-invlted struggle through darkness
and uncertainty our humiliation would be ina
creased by the consciousness that we had
parted company with oil the enlightened and
progressive nations Of the world, and were
desperately and hopelessly striving to meet
the stress OF modern commerce and compete
zion with debased and unsuitable currency,
and in association with the few weak and lag
gard nations which have silver alone as their
standard Of value. All history warns US
against rash experiments which threaten
violent changes in our monetary standard and
degradation Of our currency.
The past Is full Of lessons, teaching not only
the economic dangers, but the national immor-
ality that follows In the train Of such expert.
ment Twill not believe that the American
people can be persuaded, after sober delibera-
tion, to jeopardize their nations prestige and
proud standing by encouraging financial nos
trums, nor that they will yield to the false ale
lurementS Of cheap money, when they realize
that it must result in the weakening Of that
financial integrity and rectitude which thus
far in our history has been so devotedly cher
ished as one Of the traits OF true Americanism
Our couutry's indebtedness, whether owing
by the government or existing between indi-
VidualS, has been contracted with reference to
our present standard. TO decree by act OF con-
greSS that these debts shall be payable In less
valuable dollars than those within the con-
temptation and intention of the parties when
contracted, would operate to transfer, by the
nat OF law and without compensation, an
amount Of property and volume Of rights and
interests almost incalCulable Those who ad.
1fvaA
coinage in the name Of bimetallism and pro-
Tossing the belief, contrary to all ex-
perience, that we could thus estab-
lish a double standard and
concurrent circulation Of both metals in our
coinage are certainly reckoning from cloudy
standpoint. Our present standard Of value Is
the standard OF the civilized world and per.
mits the only bimetallism now possible or at
least that within the independent reach of any
single nation, however powerful that nation
may be- While the value Of gold as o standard
Is stesdied by almost universal commercial and
business usage, it does not despise silver nor
seek its banishment. Wherever this standard
II maintained there Is at its side in free and
unQueStioned circulation volume Of silver
currency sometimes equaling and sometimes
even exceeding it in amount, both ma intained
at parity Notwithstanding deprecia tion or
huctu8ti0n In the intrinsic value Of silver.
There Is vast difference between q stand
ard Of value and currency for monetary use
The standard must necessarily be fixed and
certain. The currency may be in diverse forms
and u various kinds No silver standard
country has gold currency In circulation, buA
an enlightened and wise system Of finance se-
cures the benefits OF both gold and silver az
currency and circulating medium by keeping
the standard stable and all other currencV at
NM milf O,aNh nv,A =.
ard also gives free scope for the use and OK.
panslon Of o safe and conservative credit
so indispensable to broad and growing
commercial transactions and so well
substituted for the actual use Of money,
II hXed and staple standard Is maintained,
such as the magnitude of safety OF our com.
merclal transactions and business require the
use OF money itself is conveniently minimized.
Every dollar Of fixed and stable value has
brought the agency Of confident credit In as.
tonishing capacity Of multiplying itself in
financial work. Every unstable and fuctuat.
ing dollar fails as basis Of credit and its use
begets gambling speculation and undermines
the foundations Of honest enterpriRA have
ventured to express myself on these subjects
with earnestness and plainness Of speech be-
cause 1 cannot rid myself Of the belief that
there turks In the proposition for the free COIN
age OF silver so strongly approved aud so en-.
Enthusiastically advocated by multitude
OF my countrymen Q serious menace to our
prosperity and an insidious temptation Of our
people to wander from the allegiance they owe
to public and private integrity. Il Is because
1 do not distrust the good faith and sincerity
OF those who press this scheme that have i'm.
perfectly but with zeal submitted my thoughts
upon this momentOus subject. I cannot re-
frain from begging them to re-examine their
views and beliefs in the light Of patriots,
reason and familiar experience, and 70 weigh
again and again the consequences Of such leg.
islAtion as their efforts have invited. Even
the continued agitation Of the subject ADDS
greatly to the diflculties OF a danger.
Gus financial situation already forced upon IA
n Z