Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-03
the former parity between the two metals,


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 nations,
there is certainly no secure ground for the
belief that an act of Congress could now
bridge an inequality of fifty per cent be-
tween gold and silver 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 it's lost ratio with gold. Our at
tempt to accomplish this by the free coin
age of silver at ratio differing widely from
actual relative values would be the signal for
the complete departure Of gold from our cir
culation the immediate and large contrac-
ton of our circulating medium, and shrink
age in the real value and monetary efficiency
of al. other forms of currency as they set
tied to the level Of silver recommendation.
Everyone who receives fixed salary and
every worker for wages would find the dollar
in his hand ruthlessly scaled down to the
point of bitter disappointment if not to
pinching privation.
A change in our standard to silver mono
metallism would also bring on a collapse
OF the entire system of credit which. when
based on standard which is recognized
and adopted by the world of business, is
many times more potent and useful than
the entire volume of currency and is safely
capable of almost indefinite expansion to
meet the growth of trade and enterprise.
In a self-invited struggle through darkness
and uncertainty our humiliation would he
increased by the consciousness that We had
t1,, li,rhf cd
and progressive nations of the world, and
were desperately and hopelessly striving to
meet the stress of modern commerce and
competition with a debased and unsuitable
currency and in association with the few
weak and laggard nations which have sill
yer alone as their standard of value.
All history warns us against rash expert
ments which threaten violent changes in
our monetary standard and the degradation
o. cur currency. The past Is full of lessons
teaching not only the economic dangers,
but the national immortality that follows IN
the tarin of such experiments. 1 will not
believe that the American people can be
persuaded after sober deliberation to teop-
ardize their nations prestige and proud
standing by encouraging financial nostrums,
nor that they will yield to the false allure
ments of cheap money, when they realize
that 1t must result in the weakening of that
finar cial integrity and rectitude which thus
far In our history has been so devotedly
cherished as one of the traits of true Amer
iCanism.
Our country's indebtedness, whether
owing by the Government or existing be-
tween individuals, has been contracted with
reference to our present standard. To de-
cree by act of Congress that these debts
IN, o1,,oI, 10 Toll
than those within the contemplation and
intention of the parties when contracted,
would operate to transfer by the fiat Of
law and without compensation. an amount
of property anG a volume of rights and in
terests almost jncalculable.
These who advocate blind and headlong
plunge to free coinage IN the name of BIZ
metallism and protesting the belief, con-
trary to all experience, that We could thus
establish double standard and concur
rent circulation of both metals in our COIN
age, are certainly reckoning from cloudy
standpoint. Our present standard OF value
is the standard of the civilized world and
permits the only bimetajlism now possible,
OF at least that is within the independent
reach of any single nation, however pow
erful that nation may De. While the value
of gold as standard is steadiel by almost
universal commercial and business use, II
does not despise silver nor seek it's Danish
n.ent. Wherever this standard is main
tanned there is at Its side in free and
questioned circulation a volume of silver
currency sometimes equaling and some
times even exceeding 1t in amount beth
maintained at parity notwithstanding a
depreciation or fuctuation in the intrinsic
value of silver.
A Fixed Standard.
There is a vast difference between a
standard of value and a currency for none
tary use. The standard must necessarily lie
fixed and certain. The currency .xSy be
in divers forms and of various kinds. No
s:lver-standard country has a gold currency
in circulation; but an enlightened and wise
system of finance secures the benefits of
both gold and silver as currency and cir
culating medium by keeping the standard
stable and other currency at par with it.
Such a system and such a standard also
give free scope for the use and expansion
of safe and conservative credit, SO indis
pensable to broad and growing commercial
transactions and so well substituted for the
actual use of money. If a fixed and stable
standard is maintained such as The lnasni-
tude and safety of our commercial trans