Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-12-04

lesaltender quality. regardless Of the action -
any other government and in full View q -
they suggest calls SCR LOO cents worth of gold
in the gold dollar at the present standard, and
silver dea IN WE'RE Ser IN ase
reasons than can be adduced for hoping that
pch action would secure for us as
parity, an experiment so novel
and ,n;a,. E i.aa;; as that proposed
ths Sh .a f IS shSsi w aSodsn ess
sound money. and no government no human
Soptrivance of iesisa ion. has ever been able TO
boil the two metals togei her in free coinage at
ratio appreciably different from that which
Is established in the markets of the world.
Those who believe that our Independent free
of Is to would restore the parity between the
metals, and consequently between the coin-,
to the Senera belef and prnc c ,e'e Of sSer
nations and to he teaching of the wisest states
men ana economists OF the world, both in the
elusive. they run counter TO our own actal ex-
perience.
Twice Tried in Our History.
Twice in our earlier history our lawmakers
in attempting TO establish a timetable cur
rency undertook free coinage upon q ratio
which accidentally varied from the actual
relative values of the two metals not more
than three per cent. In both cases, not
withstanding greater difficulties and
cost of Transportation than, now exist,
valued in the ratio gradually and surely dis
appeared from our circulation and went TO
better recognized. Acts of congress were i'm
potent to create equality where natural
causes decreed even slight inequality.
failed to raise by legislation the value of sill
yer. Under AN act OF congress passed in 1873
the government was required for more than
S2i .Yto.0O in the purchase of silver bullion for
coinage The act Of July i, 1881,
the amount of silver the government
was compelled TO purchase and forced il to be-
come the buyer annually OF 5i.Uo"o ounces, or
lnder both laws silver rapidly and steadily de-
clined in value. The prophecy and the ex-
Congress who led in the passage OF the last
mentioned act. that il would re-establish and
maintain the former parity between the two
metals are still fresh in our memory.
United States Could Not do 1t Alone.
In the light of these experiences, which &C
cord with the experiences of other nations,
there is certainly no secure ground for the be-
an inequality OF - per cent. between gold and
silver al 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 q ratio
differing widely from actual relative values
Wou. d be the signal for the eompe,e departure
and large contraction of our circulating
medium. and sl,rinkage i'll the real value ard
monetary efficiency IF al other forms vi cur
rency they settled TO the level of silver
recommendation. Every one who receives u
t aSs salary and every worker for wages would
down to the point of bitter disappointment If
not pinching privation.
A change in our standard to silver monomet-
2llism would also bring on collapse of the
entire system of credit which. when based on {.
standard which is recognized and adopted by the
and useful than the entire volume of currency
and is safely capable of almost indefinite eX-
pansion to meet the growth of trade and in
terprise
In self invited struggle through darkness
and uncertainty our humiliation would be in
ere .sed by the consciousness that we had
parted company with all the enlightened and
progressive nations of the world and were
desperately and hopelessly striving to meet
tion with debased and insult able currency and
in association with the few weak and laggard
nations which have silver alone as their
standard of value
Warned by All History.
All history warns us against rash expert
ment5 which threaten violent changes in our
monetary standard and the degradation OF
our currency in the past il 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 ma
tons prestige and proud standing by en-
they will yield TO the false allurements of
cheap money, when they realize that it must
result in the weakening OF that financial in
tegrity and rectitude, which thus far in our
history has been SO devotedly cherished as one
of the traits of true Americanism. Our coun-
try's indebtedness, whether owing by the gov
ernment or existing between individuals, has
been contracted with reference to our present
standard. To decree by act of congress that
these debts shall be payable in less value dol
lars than those within the contemplation and
intention of the parties when contracted would
operate to transfer by the fiat OF law and with
out compensation in amount OF property and a
volume of rights and interests almost
incalculable. Those who advocate
blind and headiong plunge to free
coinage in the name Of bimetallism and pro-
Tossing the belief, contrary to all experience,
that we should thus establish a double stand
ard and a concurrent circulation OF both
metals in our coinage are certainly reckoning
from a cloudy standpoint. Our present stand
ard of value Is the standard of the civilized
world and permits the only bimetalism now
possble-or at least that is within tbs inde-
pendent reach of any single nation, however
powerful that nation may be.
While the value of gold as q standard is
steadied by almost universe !, commercial and
business use, it does not despise oliver nor
seeks its Punishment. Wherever this standard
is maintained there is at its side in free and I'M
questioned circulation a volume of silver cur
rency sometimes euual.ng and sometimes even
exceeding it in amount both maintained at q
parity Notwithstanding depreciation or fiuc
tuation in the intrinsic value of silver.