The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-04

MAJ for the complete departure of gold
from our circulation. the Immediate
medium, and a shrinkage In the real
Vaiue and monetary efficiency Of all
other forms of currency as they settled
10 the level of silver recommendation.
| Every one who receives q fixed salary
| aud every worker for wages would And
the dollar In his hand ruthlessly scaled
| down to the point of bitter disappoint-
ment, If not to pinching privation.
a change In our standard to silver
recommendation would also bring on q
\ collapse of the entire system OF credit
which, when based on a standard which
ID recognized and adopted by the world
or business, is many times more potent
and usefnl than the entire volume of
currency, and Is safely capable Of al
most indefinite expansion to meet the
growth of trade and enterprise In a
seif-invited struggle through darkness
ana uncertainty our humiliation would
we had parted company with all the en-
lightened and progressive nations Of the
world, and were desperately and hone
iessy striving to meet the stress OF
anoaern commerce and competition with
aebased and unsuitable currency and
IN association with the faw weak and
| iasgard 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 degradation of our currency. The
past Is full OF lessons teaching not
only the economic dangers. but the ma
tional immortality that follows In the
train of such experiments. I will not
beiieVe that the American people can
pc persuaded after sober elaboration
10 1eopardfze their nations prestige and
proud standing by encouraging finan-
clai nostrums, nor that they Will yield
to the. false allurements OF cheaD money
when they realize that it must result in
the weakening of that financial inte-
srity and rectitude which thus far in
ished as one of the traits of true Ameri-
canism.
Our country's Indebtedness, whether
owing by the Government or existing
between individuals, has been con-
tTacted with reference to our present
standard. To decree by act of Congress
| that these debts shall be payabie i'm
less valuable dollars than those with
IN me contemplation and intention OF
the parties when contracted, would
operate to transfer, by the fiat of law Of
without compensation. an amount of
properly anu volume of rights and in
terSsts almost incalculable
l. Ihose who advocate n blind and
IheadlonE plunge to free coinage In the
name OF bimetallism and protesting tho
nelief. contrary to all experience. that
We could thus establish n double stand
aru ana concurrent circulation of both
reckoning from elond are certainly
our present standard of value Is tho
standard of the civilized world and
permits the only bimetallism now posi-
PIE, or, at least, that is within the in
dependent reach of any single nation
however powerful that nation may be.
ME the value of gold us n standard
| Is stcadied by almost universal com
mercial and business use. 1t does not
dcspise silver nor seek its banishrnent
| Wherever this standard Is maintained
there Is Mt Its side in free and unuues-
toned circulation a volume of silver
currency, sometimes equaling and some
.lmes even exceeding 1t in amount. both
maintained ut parity, notwithstand-
ing a depreciation or flucuation In the
intrinsic value of silver.
| There is vast difference between a
standard or value and currency for
monetary use. The standard must nee
| essarily be fixed, and certain. The chr
! rency may be in divers forms and of
various kinds. No silver standard coun-
try has gold currency in circulation
put an enlightened and wise system of
nnancc secures the benefits OF both gold
and silver as currency, and circulating
medium by keeping the standard stable
ana all other currency at par with It,
such system and such a standard
also gives free scope for the use and
Expansion OF safe and conservative
credit, so Indispensable to broad and
growing commercial transactions, and
so well substituted for the actual use
OF money. IF fixed and stable standard
is maintained, such as the magnitude
and safety of our commercial transac-
tons and business requires, the use of
money Itself Is conveniently mtnfmized
every dollar OF fixed and stable value
has. through the agency of confident
credit, an astonishing capacity OF null
tiplying itself in financial work every
unstable and fuctuating dollar fails
as basis of credit and in It's use begets
gambling speculation and undermines
the foundation of honest enterprise I
have ventured to express myself on
this subject with earnestness and plain
ness Of speech because l can not rid
myself of the belief that there turks
in the proposition for the free coinage
or silver so strongly approved and so
enthusiastically advocated by a multi
tude of my countrymen, n serious me-
nnce to our prosperity and nm insidious
temptation of our people to wander
from the allegiance they own to public
ana private integrity. 1t Is because 7
do not distrust the good faith and
sincerity of those who press this scheme
that have impcrfectIy, but with zeal,
submitted my thoughts upon this mo-
mentous subject. / cannot refrain from
begging them to rc-exaInine their views
and beliefs in the light of patriotic rea-
son and familiar experience and to
weigh again and again the consequences
or such legislation as their efforts have
invited. Even the continued agitation
of the subject adds greatly to the diff
culties of dangerous financial situa-