Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-08-28
GOV. O'FERRALL ON THE FREE
COINAGE OF SILVER.
An Able Letter, Giving Clear State
ment of His Views.

Gov. O'Ferrall has published an open
letter giving his views on the question
of the free coinage of silver. AS it is
too long for our space this week-tilling
four columns of small type in the Rich
mond Dispatch of Sunday-we can only
give the extracts which follow, which
will enable our readers to see what his
views are, and his reasons for enter
tanning and maintaining them
81 am opposed to the free coinage of
silver in the United States, except
through an international agreement
with the great commercial countries of
the world.
Il do not believe this country alone
can maintain a parity between gold and
silver at any fixed ratio.
I'VE are strong in resources and in
all the elements that go to make ma
ton powerful. but we are not strong
enough to live within ourselves, trade
only with ourselves, raise and mann
facture all we need, consume and use
all we produce and make, import moth
ing, export nothing, and have no COM
mercial relations with other countries.
= y Il 4
There is no country that has double
monetary standard Wherever there
is free silver coinage, silver monomet-
allsm prevails All countries with a
gold standard utilize silver as far as it
can be kept at a parity with gold. That
is, gold countries use both metals as
money; silver countries only silver. The
independent free coinage of silver in
the United States would place her on a
silver standard, and in direct antago-
nism to the standard of the countries
with which she does nearly all her bust
ness.
The entire continent of Europe, Cana
da, Brazil, Chile. and Australia are on
the gold basis. These countries, with
the United States, furnish. as l have
said, virtually all the international
commerce of the world-S74 per cent,
or seven -eighths. Mexico, Central
America, most of the South American
States, India, Ceylon, Japan, and the
Straits settlements are on silver basis,
and supply 124 per cent, or one eighth
of the international commerce.
Will the United States lower her
crest, withdraw from the strong sister
hood of nations, which whiten the seas
with the sails of commerce, and unite
her monetary fortunes with the weak
combination whose craft are scarcely
ever seen and wuose products and fruits
constitute so small percentage in the
grand total?
Will she continue to stand with Ger
many, Austria, France and England, or
link her destiny with China, Japan,
and Mexico?
Now, there has been so much sophis-
try in the discussion of the silver Ques-
ton, think it would be we'll to state
in a few plain words just what the term
implies.
Free coinage means that silver
mine-owner may take all his uncOined
silver, which is called silver bullion, to
a mint of the United States and have
it made or coined into silver dollars,
each, at the ratio of 16 to /, containing
3714 grains of pure silver, troy weight.
Whose money is it when it is coined I?
Does it belong to the people or govern
ment? No it is the money of the sill
ver-mine owner. How does it get into
circulation? By the silver, mine owner
paying it out. To whom does he pay
it To those only who have something
to give him in exchange for it. He does
not put it in circulation for nothing,
nor give it free to those who are needy,
in debt or y out t, of employment.
For the reasons given I am opposed
to the doctrine of free and unlimited
silver coinage without international
agreement with the principal CONNER
cial countries of the world. We cannot
adopt a monetary system different from
these great nationalities and force them
to recognize it. We cannot float So
cent silver dollar as a sound dollar in
this country, much less in the markets
of Germany, France, Austria, or Eng
land, with whom our interests are close
ly identified. There are many things
we can do regardless of the opinions or
wishes of other lands. We can amend
or change our system of government,
manage our internal affairs, and enact
laws to govern our own people, with
out let or hindrance from any foreign
source, but there is one thing we can
not do. We cannot coerce other peo-
piles and lands to recognize any money
we may see proper to engrave or coin
as a medium of exchange between them
and US. AS well might we attempt to
change the laws Of gravitation or make
water run up hill
[ am for sound dollar, and what |
mean by a sound dollar is one that will
pass for 100 cents and be as good as any
other dollar anywhere within the limits
of the civilized world. Gold is that
dollar now; silver may also be, if kept
on parity with gold. But this can
only be done by international agree
ment. What [ mean by sound dollar
is one that the farmer, the mechanic,
and the laboring- man can use with
purchasing power of 100 cents, and buy
as much with it as any other dollar.
What | mean by a sound dollar is one
that its holder may lay away to buy a
home, save for a rainy day, or provide
for himself in old age with absolute
certainty that it will be as good as any
other dollar when he wants to use it.
Gold is that dollar, silver cannot be,
unless by international agreement it is
made equivalent to gold dollar.
am for sound dollar for the poor
man as well as for the rich man. |
shall never consent to monetary sys
tenn which will place it in the power of
the rich man to hoard his gold and pay
his poor creditor in a deprecated dol
lar.
~ u n y
Will the independent free silver
succeed 1 am not a proph-
ct, but l predict that it will meet the
fate of greenbackism, which few years
since was for time apparently so for
nlidable. 1t has reached its flood tide,
and is fast receding. The masses are
MISUNDERSTANDING for themselves
The returning tide of prosperity. the
advancement of prices and wages, the
resumption of enterprises, the starting
up of furnaces aud factories so long
closed, and the general upward ten
deucy in all lines of business will soon
make the movement a thing of the past. |
Agitation may continue for awhile yet |
to retard progress and make capital |
timid, but the agriculturists of this
country will never consent to lose a |
foreign market for their surplus prod |
lcts, nor receive in the home market |
a deprecated silver dollar, simply to
enrich silver-m mine owners or holders of
silver-mine stock; they will never con
sent to unsettle values and make them
dependent upon the price of silver; they
will never consent to drive all gold out
Of circulation and substitute silver COL
airs without the purchasing power of
gold; they will never consent to adopt