The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1895-12-06

metals and consequently between the coins OPP
| pose an unsupported and improbable theory
| to the 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 far more conclusive they
run counter to our own actual experiences.
| Twice in our earlier history our law makers in
attempting to establish bimetallic currency
undertook free coinage upon q ratio which ac-
cidentally varies from the actual rela-
tive value Of the two metals not more than
| 8 per cent in both cases, Notwithstanding
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 value
was better recognized. Acts of congress were
| impotent to create equality where natural
causes decreed even slight inequality Twice
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 S26, GOD, 900 in the purchase in
silver bullion for coinage.
The act Of July II, 1899, In still holder eff
| fort increased the amount of silver the gov
eminent was compelled to purchase and forced
| 1t to become the buyer annually Of 81, 000 900
ounces, or practically the entire product Of our
mines. Under both laws silver rapidly and
| steadily declined in value The prophecy and
the expressed hope and expectation Of those
| in the congress, who led in the passage Of the
| last mentioned act that it 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 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 so per cent. between 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 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 o 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 they settled
to the level Of silver recommendation.
In self-invited struggle through darkness
and uncertainty our humiliation would be in
creased 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
the stress of modern commerce and com petit
| tion with debased and unsuitable currency.
and in association with the few weak and lag
gard nations which nave silver alone as their
standard of value. All history warns US
against rash experiments which threaten
violent changes in our monetary standard and
degradation of our currency.
The past is full Of lessons, teaching not only
the economic dangers. but the national immor-
ality that follows in the train Of such expert
ment. will not believe that the American
people can be persuaded, after sober delibera-
ton, to jeopardiZe their nations prestige and
proud standing by encouraging financial nos
trums. nor that they will yield to the false al
lurements Of cheap money, when they realize
that 1t must result in the weakening of that
financial integrity and rectitude which thus
IT n n history 6pvOtpdlv cher.
ished as one Of the traits Of true Americanism.
Our coun try's Indebtedness, whether owing
by the governm ent or existing between indi-
vidualS has been contracted with reference to
our present standard To de cree by act of con-
greSS that these debts shall be payable in less
valuable dollars than those within the
temptation and intention of the parties when
contracted, would operate to transfer, by the
fiat of law and without compensation. an
amount Of property and a volume of rights and
interests almost incalculable. Those who ad-
vocate q blind and headlong plunge to free
coinage in the name Of bi.-JtalHsm and pro-
Tossing the belief, contrary to all ex-
perience that we could thus estab-
lish double standard and
concurrent circulation of both metals in our
coinage are certainly reckoning from cloudy
standpoint. Our present standard OF value is
the standard Of the civilized world and per-
naits 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 a standard
is steadied by almost universal commercial and
business usage, it does not despise silver nor
seek Its Punishment. Wherever this standard
is maintained there is at its side in free and
unquestioned circulation a volume Of silver
currency sometimes eQualing and sometime:
even exceeding 1t In amount. both ma intained
at a parity Notwithstanding deprecia ton OF
fuctuation in the intrinsic value Of silver.
There is vast difference between a stand.
ard Of value and cure ncy for monetary use
The standard must necessarily be fixed and
certain. The currency may be in diverse formi
and various kinds. No silver STANDARD
country has a gold currency in circulation. bu'
an enlightened 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 q
par with it Such system and such stand
ard also gives free scope for the use and ex
pansion Of safe and conservative credf
SO Indispensable to broad and growing
commercial transactions and SO well
substituted for the actual use Of money.
II fixed and staple standard is maintained.
such as the magnitude Of safety Of our COM
mercial transactions and business require the
use Of money itself is conveniently minimtzed-
Every dollar Of fixed and stable value has
brought the agency Of confident credit in as
| tonishing capacity Of multiplying itself in
financial work. Every unstable and f1uctuat-
ing dollar fails as a basis Of credit and its use
begets gambling speculation and undermines
ventured to express myself on these subjects
with earnestness and plainness OF speech be-
cause cannot rid myself Of the belief that
there turks in the proposition for the free coin
age Of silver so strongly approved aud SO en-
Enthusiastically advocated by a multitude
of my countrymen a serious menace to our
prosperity and an insidious temptation Of our
people to wander from the allegiance they owe
to public and private integrity. 1t is because
do not distrust the good faith and sincerity
OF those who press this scheme that have i'm
perfectly but with zeal submitted my thoughts
upon this momentous subject. 1 cannot re-
frain from begging them to re-examine their
views and beliefs in the light Of patriots,
reason and familiar experience. and to weigh
again and again the consequences OF such leg
isation as their efforts have invited. Even
the continued agitation Of the subject adds
greatly to the difficulties of q danger
Gus financial situation already forced upon u.s.
In conclusion I especially entreat the peoples
representatives in the congress who are
charged with the responsibility Of inaugural
ing measures for the safety and prosperity of
our common country to promptly and effect
lively consider the ills Of our critical financial
plight have suggested remedy which my
judgment approves. desire, however, to as
sure the congress tina: am prepared to co..
operate with them in perfecting any other
measure promising thorough and practical re-
lief and that will gladly labor with them in
every patriotic endeavor to further the interests
and guard the welfare OF our countrymen.
whom in our respective places Of duty we
have undertaken TO serve.
GROVER CLEVELAND.
Executive Mansion, Washington, Dec. 2. lsos