Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-06-26
From the N. Y. Journal of Commerce
HENRY CLEWS' VIEWS.
He Gives Ten Reasons why He Opposes
Free Silver.

The Chamber of Commerce has ask
ed a number of representative men in
various professional lines to say why
they oppose free silver coinage. Among
the answers received was one from
Henry Clews, who sends the following
ten reasons:
My convictions are wholly against
the unrestricted coinage of silver in
the United States, at the ratio of six
teen parts of silver to one of gold.
First. Because it would be deliber-
ately dishonest debasement of large
and ultimately controlling portion of
our circulating medium.
Second. Because universal expert
ence has proved that a debased cur
rency always drives out of use and out
of the country full valued money, and
consequently our $600,000,000 of gold
would go to strengthen the currency
systems of other countries, while ours
would be correspOndingly weakened.
Third. Because the loss of that gold
would be so much contraction of the
volume of our money.
Fourth. Because when gold ceased
to circulate silver coin would fall to its
bullion value (Which is now so cents ON
the dollar, and its purchasing power
being thus reduced there would be q
corresponding virtual contraction in
the volume of our silver money.
Fifth. Because all our paper money,
becoming under the above conditions
redeemable in silver. would fall to the
same value as the silver dollar. Thus,
free coinage would involve the loss of
all our gold money and the reduction
by one-half of the value of all our
other forms of currency, which would
be equivalent to contraction of about
60 per cent in the present volume of
our circulating medium, the most
sweeping monetary revolution in his
tory.
Sixth. Because, if it be true, as the
silver advocates claim, that the volume
of purchasing power of the currency
controls prices, then this enormous
contraction of the volume and the val
ue of the currency would force cor
responding decline in the price of all
products and also in the rate of wages
| Seventh. Because reduction of one
4, half, more or less, in the market value
of properties would correspondingly
diminish the means from which debt
ors would have to pay their debts
and the outcome would therefore be
universal bankruptcy and panic, the
ruin of the banks, the destruction OF
the assets of the savings banks, and a
convulsive interruption of industry
arising from the inability of the peo-
pie to supply their wants.
Eighth. Because no effective re-
straints could be enforced to confne
free coinage to the home product; and
the mint would therefore stand expos
ed to having to coin an amount of the
metal equal to double our home pro.
duct of it, thereby increasing our pay
ments to other countries, for which
our money would be unavailable and
our securities equally so.
Ninth. Because, under the condi-
tions above cited, our foreign COM
merce would be utterly broken up; we
would be incapacitated by our inter
nal disOrganization for importing for
eign supplies, and as foreigners could
buy our products only SO far as we
bought theirs our trade with other
countries would be thrown into the
direct confusion.
Tenth. Because the folly and ignor-
ance involved in policy of this revo-
lutionary character would ruin the
credit and the reputation of the Uni
ted States before the world and sub
ject free government to the ridicule
and contempt of all mankind.