People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1895-12-05

boNtIuHlrOl ana IN Iull view OF the TACT
that the ratio between the metals which
they suggest calls for 100 cents worth
Of gold in the gold dollar at the present
standard and only so cents in intrinsic
worth Of silver in the silver dollar.
AS To FREE COINAGE.
Were there infinitely stronger bust
ness than can be adduced for hoping
that such action would secure for us a
bimetallic currency moving on lines Of
parity an experiment 50 novel and haz-
ardous as that proposed might well
stagger those who believe that stability
is an imperative condition Of sound
money.
No government. no human contrl-
vance or act Of legislation has ever been
able to hold the two metals together in
free coinage at a ratio appreciably diff
ferent from that which is established
in the markets Of the world.
Those who believe that our indepen-
dent free coinage Of silver at an arti-
fetal ratio with gold Of 16 to l would
restore the parity between the metals
and consequently between the coins
oppose and support an improbable
theory to the general belief and practice
Of other nations and the teachings Of
the wisest statesmen and economists OF
the world both in the past and present
and what is for mare conclusive they
run counter to our own actual expert
ences. Twice in our earlier history
our law makers in attempting to estab-
lish bimetallic currency undertook
free coinage upon a ratio which acct
dentally varies from the actual rela.
tive statute Of the two metals not more
than 3 per cent in both cases. Not
withstanding great difficulties and cost
Of transportation than now exist the
coins whose intrinsic worth was under
valued in the ratio gradually and sure
ly disappeared from our circulation
and went to other countries where
their real value was better recognized.
Act Of congress was impOtent to create
where natural cause decreed even a
slight inequality. Twice in our re-
cent history We have signally failed
to raise by legislation the value Of
silver. Under an act of congress in 1878
the government was required for more
than twelve years TO eXpend annually
at least S26,OOO,OOO in the purchase of
silver bullion for coinage.
The act Of July IA, 1890, in a still
holder effort increased the amount Of
silver, the government was compelled
to purchase and forced it to become the
buyer annually of $4,000 900 ounces or
practically the entire product of our
mines. Under both laws silver rapidly
steadily declined in value. The pro-
phecy and the expressed hope and ex-
pectatiOn Of those in the congress who
led in the passage of the last mentioned
act that it would re-establish and MAIN
tain the former parity between the two
metals are still fresh in our memory.
DEPICTS A CALAMITY.
In the light Of these experiences
which accord with the experiences Of
other nations, there is certainly no Sc
cure ground for the belief that an act
Of congress could now bridge an equali-
ty Of so per cent between gold Ond sill
yer at our present ratio, nor is there
the 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 ratio differing
from the actual relative value would
be the signal for complete departure Of
gold from our circulation, the imme-
date and large contraction Of our circu-
lating 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 mOnOmetal-
ism. Every one who receives a fixed
salary and every worker for wages
would find the dollar in his hand ruth
lessly scattered down to a point Of bit
ter disappointment if not to pinching
privation. A change in our standard
to silver mOnOmetallism would also
bring on a collapse Of the entire sys-
tenn Of credit which when based on
a standard which is recognized and
adopted by the world of business is
many timess more useful than the entire
49, S.sSISiIiiand is safely capa-
meet en-srowthSf trade an enterprises
In a self-invited struggle through
darkness and uncertainty our humilia-
ton would be increased by the con-
seriousness that we had parted company
with all the enlightened and progressive
nations Of the world and were desperate
ly and hOpelessly striving to meet the
stress Of modern commerce and COM
petition with a debased and unsuitable
currency and in association with the
few weak laggard nations which have
silver alone as their standard of value.
All history warns US against rash ex-
periments which threatens violent chan
ge in our monetary standard and de-
gredation Of our currency.
LESSON OF THE PAST.
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
believe that the American people can
be persuaded after sober elaboration
to jeOpardiZe their nations prestige
and proud standing by encouraging
financit 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 finan-
cial 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
between individuals, has been contract
ed with reference to our present STAN
dard. To decree by act of congress
that these debts shall be payable in less
valuable dollars than those within the
contemplation and intention of the par
ties when contracted, would operate
to transfer by the fat OF law and with
out compensation, an amount Of proper
ty and a volume Of rights and inter-
ests almost incalculable. Those who
advocate a blind and headlOng plunge
to free coinage in the name Of bimetal-
ism and protesting the belief, con-
trary to all experience that we could
thus establish a double standard and a
concurrent 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 BIZ
metallism now possible or at least that
within the independent rach Of any
single nation, however powerful that ma
ton may be. While the value Of gold
as a standard is steadied by almost uni
versal commercial business usageitdoes
not despise, nor seek its Punishment.
Wherever this standard is maintained
there is at its side in free and unques-
TONED circulation a volume Of silver
currency sometimes equalhng a gold
currency and enroaffpoas a,.a,, $780,. At