Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-12-14
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CLEVELAND ON CURRENCY.
The Presidents Views on the Free Coin
nge of Sflvcr.

gives at great length his views upon the
currency question IN which he strongly
condemns the movement toward free
coinage of silver. Upon this subject he
says:
ut is neither unfair nor unjust to charge
a large share of our financial perplexities
and dangers to the operation of the laws
OF 1873 and 1890, compelling the purchase of
silver by the government, which not only
furnished new treasury obligation upon
which It's gold could be withdrawn, but
30 increased the fear of an overwhelming
flood of silver and forced descent to silver
payments that even the repeal of these
laws did not entirely cure the evils of their
existence.
while I have endeavored to mako a
plain statement of the disordcred condl-
tion of our currency and the present dam
gers menaclng our prosperity and to sug-
gest way which leads to n safer financial
system, / have constantly had in mind the
fact that many of my countrymen, whose
sincerity I do not doubt, insist that the cure
for the Ills now threatening us may be
found in the single and simple remedy OF
the free coinage OF silver. They contend
that our mnts shall be at once thrown open
to the free, unlimited and independent
coinage of both gold and silver dollars OF
full legal tender quality. regardless of the
action of any government and in full view
of the fact 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 dol
lar. Were there Infinitely stronger reasons
than can be adduced for hoping that such
action would secure for us a bimetallic
currency moving on lines of parity, an
experiment so novel and haza ardous as that
proposed might well stagger those who be-
lieve that stability is an imperative condi-
tion of sound money.
mo government, no human contrivance
of legislation has ever been able to hold
:he two metals together in free coinage at
ratio appreciably different from that
which Is established in the markets of tho
world. Those who believe that our inde-
pendent free coinage of silver at an artl-
fetal ratio with gold of sixteen to one would
restore the parity between the metals,
and consequently between the coins. op-
pose an unsupported and improbable the
Dry to the general belief and practice of
other nations, and to the teaching of the
wiseSt statesmen and economists of the
world, both in the past and present, and
what is far more conclusive, they run coun-
ter to our own actual experiences.
"A change in our standard to silver
monometallism would also bring on n col
lapse of the entire system of credit. which,
when based on n standard which is recog-
nized and adopted by the world OF business,
Is many times more potent and useful than
Inc entire VOluTle OF currency anu Is Sa le-
ly capable of almost indefinite expansion
to meet the growth of trade and enter
prise. In q self-invited struggle through
darkness and uncertainty our humiliation
would be increased by the consciousness
that we had parted company with all the
enlightened and progressive nations of the
world and were desperately and hopeless
ly striving to meet the stress of modern
commerce and competition with debased
and unsuitable currency and in association
with the few weak and laggard nations
which have silver alone as their standard
OF value
"All history warns US against rash ex-
periments which threaten violent changes
In our monetary standard and the degrada-
ton of our currency. The past is full of
lessons teaching not only the economic
dangers but the national immortality that
follows in the train of such experiments.
will not believe that the American peo-
pie can be persuaded after sober delibera-
ton to jeopardize their nations prestige
and proud standing by encouraging finan-
cial nostrums. nor that they will yield to
the false allurcments 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 cherished as one of
the traits of true Americanism.
Our country's Indebtedness. whether
owing by the government or existing be-
with reference to our present standard.
To decree by act of congress that these
debts shall be payable in leSs-value dollars
than those within the contemplation and
intention of the parties when contracted
would operate to transfer by the fiat lew
and without compensation an amount of
property and volume of rights and in
terests almost incalculable.
Those who advocate blind and head
long plunge to free coinage in the name
of bimetallsm, and protesting the belief,
contrary to all exeprience, that we should
then establish n double standard and
concurrent circulation of both metals in
our coinage are certainly reckoning from
q cloudy standpoint. Our present standard
of value Is the standard of the civilized
world. and permits the only bimetallism
now possible, or, at least, that Is 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 use, 1t does not despise silver
nor seek its banishment. Wherever this
standard Is maintained there is ut its
side, in free and unquestioned circulation,
| a volume of silver currency sometimes
equaling and sometimes even exceeding 1t
in amount, both maintained at parity, not
withstanding depreciation or fiuctuation
in the intrinsic value of silver. There Is
| vast difference between a standard of
value and currency for monetary use.
The standard must necessarily be fixed and
| certain. The currency may be in divers
| forms, and of various kinds. No silver
standard country has 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 all other currency at par with
| 1t. Such q system and such a standard
also give free scope for the use and expan-
sion of safe and conservative credit, so in
| dispensabe to broad and growing CONNER
| cial transactions and so well substituted
| for the actual use of money.
1T have ventured to express myself on
| this subject with earnestness and plainness
| of speech, because / cannot rid myself of
the belief that there turks in the proposi-
| ton for the free coinage of silver. 30
strongly approved and so enthusiastically
| advocated by the multitude OF my country
men. serious menace to our prosperity
and an insidious temptation OF our peo-
pie to wander from the allegiance they owe
to public and private integrity. 1t is be-
| 7 1a Il 1fst.., OF foif 4, "a a