The Butler weekly times., 1895-12-05

the metals which they suggest calls for IN
cents worth OF gold in the gold dollar AZ u
present standard and only 50 cents in intrinsia
worth Of silver in the silver doahs
We're there infinitely stronger reasons tAaa
can be adducei for hoping that such actioa
would secure for us a himetallic currency mo,.
ing On lines of parity, an experiment so noysl
and hazardous as that proposed might ven q
Stagger those who believe that stability Ia = 81
Imperative condition of sound money Nn n3
government, no human contrirance or act - s.
legislation has ever been able 10 hold ths s
two metals together in free coinage a 4
ratio app eciahly different from that which E
Is established IN the markets OF the wofla
Those who believe that independent fren
coinage OF silver at an artificial ratio with soaa
Of ID 10 would restore the parity between the 5
metals and consequently between the coins on s
pose nu unsupported and improbable theorv
10 the belief and practice Of other nations and
the teachings of the wtseSt statesmen and
economists OF the world. both III the past and Z
present, and what is far more conclusive thsy 8
run counter 10 our own actual experiences IS
Twice In our earlier history our law makers IN
attempting 10 establish n biuetallic currenev
undertook free coinage upon q ratio which ae.
ciicctally varies from the actual rela.
tive value Of the TWO metals not more than {
per cent, in both cases, notwithStaudinS s
great difficulties and cost of Transportation
than now exist the coins whose intrinsic worth
were undervalued in the ratio gradually and
surely disappeared from our circulation and
went to other countries where their real yalue
was better recognized. Acts OF congress wcro
impotent to create equality where natural
causes decreed even a slight inequality Twiee
in our recent history We have signally failed to
RAISE by legislation the valne of silver. Under
an act Of congress In 1873 the government was
required for more than eleven years to extend
annually at least $500 600 in the purchase In
silver bullion for coinage.
s1F j,tl,- s, tsIf
fort increased the amount of silver the gov
ernmeDt was compelled 10 purchase and forced
1t TO become the buyer annually OF 81 .00Q0W
ounces. or practically the entire product Of our
mines. Under both laws silver rapidly and
steadily declined i'll value. The prophecy and
the expressed hope and expectation of those s
IN the congress, who led in the passage Of the
last mentioned act that it would re-estabish
and maintain the former parity between the
two metals are still fresh in our memory.
In the light of these experiences, which ac.
cord with the experience OF other nations,
there is certainly no secure ground for the be.
lief that an act Of congress could now bridge
an inequality OF 50 per cent. between gold and
silver ut our present ratio, nor is there tha
least possibility that our country. which has
less than one-seventh of the silver money In
the world, could by its action alone raise not
only our own but all silver. to its lost ratio
with gold. Our attempt to accomplish this by
the free coinage OF silver at a ratio differing
from the actual relative value would be the
signal for complete departure of gold from
our circulating, the immediate and large con-
traction Of our circulation medium and shrink
age in the real value and monetary efficiency
of all other forms of currency as they settled
to the level of silver recommendation.
In u self-fnVlted struggle through darkness
and uncertainty our humiliation would be In
creased by the consciousness that we had
parted company with all the enlightened and
nrng iya matt ~ nd
desperately and hopeleSsly striving to meet
the stress OF modern commerce and eompeti.
tton with debased and unsuitable currency,
and III association with the few weak and lag.
gard nations which have silver alone their
standard of value. All history warns US
against rash experiments which threalen
violent changes in our monetary standard and
degradation of our currency.
The past is full OF lessons, teaching not only
thc economic dangers, but the national immoes
ality that follows in the train OF such experi-S
ment. viii not believe that the American
people can be persuaded after sober delibeFa.
tion. To jeopardize their nations prestige and
proud standing by encouraging financial nos.
trums, nor that they will yield to the false sl.
iuremehtS OF cheap money when they realize
that 1t must result In the weakening OF that
financial integrity and rectitude which thus
| far In our history has been so devotedy cher-
| ished AS one OF tho traits OF true Americanism
our country S indebtedness, whether owing
| by the government or existing between indi-
| riduals, has been contracted with reference TO
our present standard TO decree by net OF con.
| gress that these debts shall be PAYABLE In lesg
valuable dollars than those within the con-
temptation and intention OF the parties wheu
contracted, would operate to transfer, by the
fiat of law and without compensation, an
amount OF property and q volume of rights aud
| interests almost incalcuiable Those who cd.
| vocate n blind and headlong plunge to f4be
coinage in the name of bimetailism and ptD-
| Tossing the belief, contrary to all 3x.
perlence. that we could thus estab.
llsh double standard and q
| concurrent circulation of both metals in our
| coinage are certainly reckoning from d cloudy
| standpoint Our present standard Of value 10
| the standard OF the civilized world and Der.
| 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 q standard
is steadied by almost universal commercial and
business usage, it does not despise silver nor
| seek its banishment. Wherever this standard
| Is maintained there IS at its side in free and
| unquestioned circulation q volume OF silver
| currency sometimes equaiing and sometimes
| even exceeding it in amount. both ma intained
| at parity Notwithstanding deprecia tion O.
| fuctuation in the intrinsic value of silver
| There is a vast difference between stand
| ard OF value and a cure ncy for monetary useI
| The standard must necessarily be fixed ana
| certain. The currency may be in diverse forms
| and II various kinds No silver standard
| country has gold currency in circulation, but
| an enlightened and wise system OF finance So
| cures the benefits OF both gold and silver e
| currency and circulating medium by keeping
| the standard stable and all other currency 9
| par with it. Such system and such stand
ard also gives free scope for the use nTexs
| pansion Of safe and conservative credt
80 indispensable to broad and growing
commercial transactions and so vel
substituted for the actual use Of money.
II fixed and staple standard is maintained,
such as the magnitude Of safety Of our COM
mercfal transactions and business require ~
use Of money itself is conveniently minimized
Every dollar Of fixed and stable value has
brought the agency Of confident credit In -
tonishing capacity Of multiplying itself u
financial work. Every unstable and ffuctust.
ing dollar falls as basis Of credi. and its use
begets gambling speculation and underminee
the foundations OF honest enterprise Ihayt
ventured 70 express myself these subjee1s
with earnessness and plainness Of speech ~.
cause l. cannot rid myself OF the belief thse
there turks in the proposition for the free eoisr
| age OF silver 50 strongly approved and so -