The people's journal. (Pickens, S.C.) 1891-1903, 1895-12-12

'nOFe COuCiuSIVe Iney run counter t(
>ur own actual experiences.
OUR OWN EXPERIENCE WITH BI-MET
ALISM.
Twice in our early history our law
makers in attempting to establish @
bimetalic currency undertook free
coinage upon u ratio which accidental.
ly varied from the actual relation OF
two metals not more than 3 per cent
In both cases, Notwithstanding greater
difficulties and cost of transportation
than now exist, the coins whose intrin.
sic worth was undervulued in the ratio,
gradually and surely disappeared from
our circulation and went to other coun-
tries, where their real value was better
recognized. Acts Of Congress wore
impotcnt to create equality where nat
ural causes decreed oven q slight in
equality.
Twice in our recent history we have
signally failed to raise by legislation
the value of silver. Under an Act of
Congress passed in 1878 the Govern
ment was required for moro than
Twelve years to expend annually at
least $24. .ooo,oc 900 in tht purchase of sill.
yer bullion for coinage. The Act OF
July IA, 1890, in Il still bolder effort in.
creased the amount of silver tho Gov
ernment was compelled to purchase,
and forced 1t to become the buyer an
nually of 54,0O0,000 ounces, or practi.
cally the entire product Of our mines.
Under both laws silver rapidly and
steadily declined in value. The proph-
ecy and the expressed hope and expec.
tatiOn Of those in the Congress who led
in the passage of the last mentioned
Act, that 1t would re-establish and
maintain the former parity between
the two metals, are still fresh in our
memory.
In tho light Of these experiences.
which accord with the experiences Of
| other nations, there is certainly no Sc.
euro ground for the belief that an Act
Of Congress could now bridge an inc
quality Of so per cont. between gold
and silver vt our present ratio, nor is
there the least possibility that our
country, which has less than one-scv-
enth 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
ratio differing widely from actual rel
ative values would be the signal for
the complete departure of gold from
our circulation, tho Immediate and
large contraction Of our circulating
LuCuluul, duu " SuTluhdBC Ill Guc fcul
value and monetary efficiency Of all
other forms OF currency as they settled
to the Lowell Of silver monometalism.
Every one who receives q fixed salary
and every worker for wages would
find the dollar in his hand ruthlessiy
scaled down to the point of bitter dis.
appointment if not to pinching priva-
tion.
THE STANDARD OF VALUE. d
There is vast difference between
etanda,rd Of uamn and q currenc:' 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 circula-
tion, but an enlightened and wise sys-
TEN of finance secures the benefits of
both gold and silver as currency and
circulating medium by currency at par
with it, Such system keeping the
standard staple and all other and such
q standard also give free scope for the
use and expansion Of safe and cOnscrv-
ative credit, SO Indispensable to broad
and growing commercial transactions
aud 50 we'll substituted for the actual
use of money. If IL fixed and staple
standard Is maintained such as the
magnitude and safety Of our CONNER
cial transactions and business require,
the use Of money is conveniently mini
mized. Every dollar of fixed and sta
pie value has through the agency Of
confident credit an astonishing capa-
city of multi ying itself IN financial
work every unstable and fluctuating
dollar fails as basis Of credit and in
its use begets gambling, speculation
and undermines the foundations OF
honest enterprise.
| have venturcd to express mysoif on
I this subject with carncstncss and plain
ness of speech because cannot rid my
solf of the belief that there turks In
the proposition for the free coinage Of
silver, so strongly approved and SO en-
Enthusiastically advocated by multi
tude of my c0untrymcn, serious
menace to our prosperity and an lnsld-
uous temptation OF our people to wan
der from the allegiance they owe to
public and private integrity. 1t 10 be-
| .auSe do not diStrust the good lalth
and sincerity Of those who press this
scheme tnat have imperfcctly, but
with zeal submitted my thoughts upon
this momentous subject. cannot re-
frain from begging them to re-examinc
their views and beliefs in the light OF
patriotic reason and familiar expert
| CDCG, ana 10 WclSn again anu again inc
consequences Ut such Legislation as
their efforts have invited. Even the
continued agitation Of the subject adds
| greatly to tn difficulties Of danger
ous financial situation already forced
/ upon us.
AN APPEAL TO CONGRESS-.
In conclusion especially ontrcat the
peoples representatives in the Con-
grcss, who are charged with the re-
sponsibility Of inaugurating measures
for the safety and prosperity of our
common country, to promptly and Of,
| fcctively consider the ills OF GU" criti-
cal financial plight. | have suggested
IL remedy which my judgment ap'
proves. desire, however, to assure
the Congress that am prepared to CO
operate with them in perfccting any
other measure promising thorough
and practical relief, and that will
gladly labor with them in every patri-
otic endeavor to further the interests
and guard the welfare Of our country.
men whom in our respective places OF
duty VIC have undertaken to scrve.
| GROVER CLEVELAND.
| Evoo,,tivo Munsion Dec q 1899,