The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-12-04

ala not entirely cure the evils of their existence
OPPOSES FREE COINAGE.
Objections TO MINIS Being Opened to
White Metal.
While have endeavored TO make plain state
ment OF the disordered condition of currency
anu the present dangers menacing our prosperity,
aud TO suggest way which leads TO a safer finan-
car system, have consistently had in mind the
lact that many of my countrymen, whose sincerity
90 not doubt insist that the 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 minis shall be at once thrown
open 10 the free unlimited and Independent coin
age OF silver, both gold and silver dollars of full
ega tender quality, regardless OF the action OF any
other government and i'll full view of the fact that
the ratio between the metals which they suggest
calls Tor 100 cents worth of gold in the gold dol
ar az the present standard and only so cents in
intrinsic worth OF silver in the silver dollar.
Were there infinitely stronger reasons than can
De adduced for hoping that such action would Sc
cure Tor US a bmetalic currency moving on lines
OF parity an experiment so novel and hazardous as
tnat proposed might well stagger those who believe
That stability is an imperative condition of sound
money. No Government, no human contrivance
or act OF legislation has ever been able to hold the
TWO metals together in free coinage at ratio APP
precably different from that which is established
In the markets OF the world.
Those who believe thar our Independent free
coinage OF silver at an artificial ratio of l6 10 l
would restore the parity between the metals, and
consequently between the coins. oppose an I'M
supported and improbable theory to the general
belief and practice of other nations and TO the
teachings of the wiSest statesmen and economists
or 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 lawmakers in attempting 10 establish
a bimetallic currency undertook free coinage upon
a ratio which accidentally varied from the actual
relative values of the two metals not more
than per cent. In both cases. Notwithstanding
greater difficulties and cost of transportation than
now exist, the coins whose intrinsic worth was
undervalued in the ratio gradually and surely dis
appeared from our circulation and went TO other
countries where their real value was better recog-
nlZed Acts of Congress were lnlpotent 10 create
equality where natural causes decreed even
slight inequality Twice IN our recent history we
have SignallY tailed 10 raise by legislation the
value OF silver. nder an act OF Congress passed
IN 1878, the government was required Tor more
than twelve years to eXpend annually $4,000 900
in the purchase of silver bullion for coinage
The act OF July IA. 1894, in still holder effort
increased the amount of silver the Government
was compelled to purchase and forced it TO become
the buyer of "a 0U0 600 ounces annuayor practical
y 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 Congress who led in the passage of the
last mentioned act that It would reestablish and
maintain the former parity between the two metals
/ still fresh in memory.
In the light OF those experiences which accord
with the experiences of other nations there is
tanly no secure ground for the BELIEF 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
I country, which has less than one-seventh OF the
silver money the world, could by its action alone
! raise only own, but all silver to its lost
ratio with gold. Our attempt accomplish this by
/ the free coinage of silver a ratio differing widely
from actual relative value would be the signal for
! the complete departure OF our gold from circula-
/ tion and immediate and large contraction OF our
circulating medium and "a shrnkage in the real
value and monetary efficiency of all other forms of
/ currency they settled TO the level of silver
I recommendation.
Every one who receives fixed salary ana every
worker for wages would find the dollar in his hand
/ ruthleSSly scaled down point or btt er disap-
/ pointment if not 10 pinching privation. change
n6aT6 IN gfa l1Sr al cn
bring collapse OF the entire system of ere dit
which is based on a standard which is recogu lied
and adopted by the world OF business, is many
/ times more potent and useful than the entire vol
OF currency and is safely capable OF almost in
definite expansion 10 meet the growth OF trade and
enterprise.
/ In self-nvited 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 We're desperately and hopelessly
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 US
against rash experiments which threaten violent
changes in our monetary standard and degrade
ton OF our currency.
The past is fun OF lessons teaching not only the
economic danger, but the National immortality
that follows in the train of such experiments. 1
Will not believe that the American people be
persuaded after careful deIiberaton O ieoparcize
their Nations prestige and proud standing by
couragement of financial nostrums, nor that they
will yield to the false alluremeDt OF cheap money,
when they realize that ii must result in the weak
ening of that financial integrity and rectitude
which thus far in our history has been SO devotedy
cherished one the traits OF true America nsm.
Our country's Indebtedness, whether owing by
the Government or existing between individuals,
has been contracted with reference to present
standard, and to decree by act of Congress that
these debts shall be payable in less valuable dol
lars than those within the contemplation and in
tentiou OF the parties when contracted would ope-
rate to transfer by the fiat of and without
compensation an amount Of properly and vol
ume OF rights and interests almost inca culable
Those who advocate blind and headlong plunge
into free coinage in the name of bimetallism,
protesting the BELIEF contrary 10 all experience.
that could thus establish double standard and
a concurrent circulation OF both metals in
coinage, are certainly reasoning from cloudy
standpoint. Our present standard of value is the
standard Of the civilized world and permits the
only bmetalllsm now possible, or at least that Is
within the Independent reach OF any single
tion, however powerful that nation may be. While
the value of gold a standard is steadier b.
almost universal commercial and business use it
does not despise silver nor seek It's banishment.
Wherever this standard is maintained there is at
its side in free and unquestioned circulation vol
ume of silver currency sometimes equaing ana
Sometimes even exceeding il In amount bofh
maintained at parity. Notwithstanding a depre-
citation uctuation in the intrinsic value of silver.
There is vast difference between standard OF
value and currency for monetary use. The
standard must necessarily be fixed and ain.
currency may be in diverse forms and OF vari-
GUS 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 our currency and circulating
medium by keeping the standard stable and all
| other currency par with il. Such q system and
such standard also give free scope for the use
and expansion OF safe and conservative credit, so
/ indispensable to broad and growing commercial
transactions, and so we'll substituted for the actual
use of money
+ If a fixed and stable standard is maintained,
such the magnitude and safety of CONNER
cial transactions and business require, the use OF
money itself is conveniently minimiZed. Every
dollar of fixed and stable value has through
the agency of confident credit, astOnish-
ing capacity OF multiplying itself in fnan-
cial work. Every unstable and fuCtuating dollar
fails basis OF credit, and in its begets gam
bling speculation and undermines the foundations
OF honest enterprise. / have ventured to express
myself this subject with earnestnesS and plain
ness OF speech. because cannot rid myself OF the
| belief that there turks in the proposition for
the free coinage of silver, strongly appro we'd
and so enthusiastically advocated by multitude
Of my countrymen, serious menace to pros
perity and an psidiOus temptation of people
TO wander from the allegiance they owe to public
and private integrity. 1t is because do not dis
trust the good faith and sincerity of those who
press this scheme that I have imperfectly with
zeal submitted my thoughts upon this momentous
subject.
1 cannot refrain from begging them to re-
examine their views and beliefs in the right,
patriotic reason and familiar experience and 10
weigh again and again the consequences of such
legislation as their efforts have invited. Even the
continued agitation OF the subject adds greatly TO
the difficulties OF dangerous financial situation
already forced upon us.
In conc usion ] especially entreat the peoples
representatives in Congress who charged