Crawford avalanche. (Grayling, Mich.) 1879-19??, 1895-12-12
The act of July "A, 1890, in still holder

chase, and forced il to become the buyer
annually of $4,000 900 ounces, or prac-
tically the entire product of our mines.
Under both laws silver rapidly and stead
lily declined In value. The prophecy, and
the expressed hope and expectation of
those In the Congress who led In the
passage of the aforementioned act, that
il would re-establish and maintain the
former 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
tions. there is certainly no secure ground
for the belief that an act Of Congress
could now bridge an inequality of 80 per
cent. between gold and silver at our pres
ent ratio, nor is there the least possi-
bility that our country, which has less
than ne-seventh of the silver money in
the world, could by it's action alone raise
not only our own but all silver to it's lost
ratio with gold. Our attempt to accom-
plish this by the free coinage of silver at
a 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 a
shrinkage in the real value and monetary
efficiency of all other forms of currency
as they settled to the level of silver mono
metallsm. Every one who receives a
| fixed salary and every worker for wages
would find the dollar in his hand ruthless
| ly scaled down to the point of bitter dis
appointment if not to pinching privation.
Warned by History,
All history warns us against rash exper-
iments which threaten violent changes in
| our monetary standard and the degrada-
| ton Of our currency. The past is full Of
| lessons teaching not only the economic
| dangers, but the national immortality that
| follows in the train of such experiments.
| l will not relieve that American people
can be persuaded after sober deliberation
| to jeopardize their nations prestige aud
| proud standing by encouraging financial
nostrums, nor that they will yield to the
| false allurements 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 cherished as one of
the traits of true Americanism.
| Our country's indebtedness. whether
| owing by the Government or existing be-
| tween individuals, has been contracted
with reference to our present standard.
| To decree by act of congress that these
debts shall be payable in less valuable
| dollars than those within the contempla-
tion and intention of the parties when
| contracted. would operate to transfer
| by the fiat of law and without compensa-
ton an amount of property and volume
| of rights and interests almost incalcula-
BILE.
| Those who advocate n blind and head.
| long plunge to free coinage in the name OF
bimetallism and processing the belief con.
| trary TO all experience that we could thus
establish double standard and con-
current circulation of both metals in our
| coinage are certainly reckoning from a
cloudy STANDPOINT. Our present standard
| of value is the standard of the civilized
| world, and permits the only bmetallism
now possible or at least that is within
| the Independent reach of any single ma
ton, however powerful that nation may
be. While the value of gold as a stand
ard is steadied by almost universal com
| mercial and business men. il does not de-
| spise silver nor seek its banishment.
| Wherever there is at it's side in free and
| unquestioned circulation volume of
| silver currency sometimes equaling. some
times even exceeding it in amount. both
are maintained at a parity notwithstand-
ing depreciation or huctuation in the in
trinsic value of silver.
| There is vast difference between n
| standard of value and currency of
| monetary use. The standard must neces-
sarily be fixed and certain. The currency
may be in divers forms and of various
kinds. No ver-standard country has a
gold currency in circulation, but an en-
lightened and wise system of finance Sc
| cures the benefits of both gold and silver
as currency and circulating medium by
keeping the standard stable and all other
currency at par with it,. Such n system
| and such standard also give free scope
for the use and expansion of safe and con-
servative credit, so indispensable to broad
and growing commercial transactions and
so well substituted for the actual use OF
money.
If a fixed and stable standard is main
tained. such as the magnitude and safety
of our commercial transactions and bust
! ness require. the use of money itself is
conveniently minimiZed. Every dollar OF
fixed and stable value has, through the
agency of confident credit, an astonishing
capacity of multiplying itself In financial
work. Every unstable and tiuctuating
dollar fails rs n basis of. credit. and in its
use begets gambling. speculation and un-
dermines the foundations Of honest enter
prise.
/ have ventured 10 express myself on
this subject with earnestness and plain.
ness of speech because / cannot rid myself
of the belief that there turks in the propo
sition for the free coinage of silver, 50
strongly approved and so enthusiastically
advocated by the multitsdc of my coun.
trymen, serious menace "a. our pros.
perity and an insidious temptation Of our
people to wander from tile allegiance
they owe to public and private integrity
1t is because l do not distrist the good
faith and sincerity of those who press this
scheme that / have imperfectly. but with
zeal, submitted my thoughts upon this
momentous subject. ] cannot refrain
from begging them to rc.eNaminc theii
views and beliefs in the light of patriotic
reason and familiar experience and ia
weigh again and again the consequcilet
of such legislation as their efforts hav,
invited Even the continued agitation
Of the subject adds greatly 10 the diiR.
culties of n dangerous financial situation
already forced upon us.
In conclusion. i especially entreat the
peoples representatives in the Congress
who are charged with the responsibility
of inaugurating measures for the safety
and prosperity of our common country
to promptly and effectively consider the
ills of our critical financial plight ]
have suggested remedy which my judg.
ment approves. | desire however. 10
| Al.