Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1895-10-25
ANOTHER CONVERT.
GOVERNOR O'FERRALL DECIDES IN
FAVOR OF SOUND MONEY.

2uothCr name TO the already long list
Of prominent men who have changed
their position on the silver question aft
cr long and careful study. His recent
four column open letter in the Rich
mond Dispatch will give cold comfort
10 the friends Of silver. We reprint
the following extracts from it:
q am opposed to the free coinage Of
silver in the United States except
through an international agreement
with the great commercial countries Of
the world
Il do not believe this country alone
IAN maintain a parity between gold and
silver at amy fixed ratio.
ave are strong in resources and in
all the elements that 90 to make a ma
tion powerful, but we are not strong
enough to live within ourselves, trade
only with ourselves, raise and manufac-
ture all we need, consume and use all we
produce and make, import nothing, ex-
port nothing and have no commercialre-
lations with other countries. To deal,
then, with other countries our money
must be measured by their standard
when we are in their markets and he
principal countries whose markets we
seek and with which we must dea. in
selling and buying have gold standard.
1T may be surprising to some to
know it, yet it is an inconToyertible
fact that gold standard countries furnish
81 per cent Of the international COM
merce Of the world. and that about o.
per cent Of the exports Of the United
States are to countries having gold
standard, and about so per cent Of our
imports are from countries having the
same standard.
shall we cut loose in our monetary
system from these countries Of such
commercial power and attach ourselves
to the small and weak nationalities to
which we sell scarcely anything, and
from which our purchases are absolute
" insignificant?
"There is no country that has a dOu-
bic monetary standard. Wherever there
is free silver coinage, silver monometal-
ism prevails. All countries with a gold
standard utilize silver as far as it can
be kept at a parity with gold. That is,
gold countries use both metals as mon
cy; silver countries only silver. The in
dependent free coinage Of silver in the
United States would place her on a sill
yer standard and in direct antagonism
to the standard Of the countries with
which she does nearly all Of her bust
ness.
"Will the United States lower her
crest, Withdraw from the strong sister
hood Of nations which Whitcns the seas
with the sails Of commerce and unite
her monetary fortunes with the weak
combination whose craft are scarcely
ever seen and whose products and fruits
constitute 50 small a percentage in the
grand total:
"Will she continue to stand with
Germany, Austria, France and England,
or link her destiny with China, Japan
and Mexico?
"These are my views, stated briefly
and coucisely as possible
Cor the reasons given I am opposed
to the doctrine Of free and unlimited
silver coinage without international
agreement with the principal CONNER
cial countries If the world. We cannot
adopt a monetary system different from
these great natiCualities and force them
to recognize it. We cannot float a 80
cent silver dollar a. a sound dollar in
this country, much less in the markets
Of Germany, Franco, Austria or Eng
land. with whom our interests are close
" identified. There are many things
we can do regardless Of the opinions or
wishes Of other lands We can amend
or change our system of government,
manage our internal affairs and enact
laws to govern Cur own people without
lat or hindrance from any foreign source,
but there is one thing We cannot do.
We cannot coerce other peoples and
lands 20 recognize any money we may
see proper to engrave or coin rs me-
dunn Of exchange between them and us
As we'll might we attempt to change
the laws Of grayitation or make water
run up hill.
Il am for a sound dollar, and what I
mean by a sound dollar is one that will
pass for 100 cents and be as good as any
other dollar anywhere within the limits
Of the civilized world Gold is that dol
lar now. Silver may also be if kept on
a parity with gold. But this can only
be done by international agreement.
What mean by a sound dollar is one
that the farmer, tho mechanic and the la
boring man can use with a purchasing
power q 100 cents ard buy as much
with it as any other dollar What
mean by a sound dollar is one that its
holder may lay away 10 buy home, save
for a rainy day or provide for himself
in old age with absolute certainty that
it Will be as good as any other dollar
when he wants to use it. Gold is that
dollar. Silver cannot be unless by inter-
national agreement it is made equiya-
lent to a gold dollar.
Il am for a sound dollar for the poor
man as well as for the rich man. l shall
never consent to a monetary system
which will place it in the power Of the
rich man to hoard his gold and pay his
poor creditor in a deprecated dollar. "