Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-12-03

troubles 1t is possible that the suggestion If
increased. revenue rs remedy for the diff
culties VIC are considering may have originated
in an intin alton or distinct allegation that
the bonds which have been issued ostensibi
to replenish our gold reserve were really is
sued to supply insufficient revenue Nothing
can be further from the truth. Bonds were
issued to obtain gold for the maintenance of
our national credit At no time when bonds
have been issued has there been any con-
sideration of the question of paying the ex-
penses Of government with their proceeds.
At the time of each bond issue we had safe
snrpns in the Treasury for ordinary opera
Tins, exclusive of the gold in our reserve.
BESIDES all this, tho Secretary of the Treasury
had no authority whstever to issue bonds to
increase the ord mary revenues or pay current
expenses / can not but think there has been
some confusion of ideas regarding the effects
of the issue of bonds and the results Of the
withdrawal of gold. 1t was the latter PRO-
cess and no. the former that by substituting
in the Treasury United States notes and
Treasury notes for gold increased by their
amount the money which was in the first
instance subject to ordinary government ex.
penditure. 1t is neither unfair nor unjust 10
charge large share of our present financial
perpe yities and dangers to the operation OF
the laws of 1878 and 1890 compelling the
purchase of silver by the Government. I
have constantly had in mind the fact thst
may whose sincerity do not doubt, insist
that the cure for the ills now threatening us
may be found in the single and simple remedy
of the free coinage of silver, regardless of the
action of any other government and in flu
view OF the fact that the ratio between the
metals which they suggest calls for one
hundred cents worth of gold in the gold
dollar ct the present standard, and only fl ty
cents in intrinsic worth Of silver in the silver
dollar. No government, no human con-
trivancs or act OF legislation. has ever been
able to hold the two metals t gether in free
coinage at ratio appreciably different from
th4t which is established in the markets Of
the world. Those who believe that our in
dependent free coinage of silver at an artifi-
cial ratio with gold of 16 to would restore
the parity between tho met,ls and conse-
quently between the coins oppose an unsup-
ported and Improbable theory to the general
belief and practice of other nations. and,
what is far moe conclusive. they run counter
to our own actual experiences. Twice in our
earlier history our lawmakers i'll attempting
to establish bimetaliic currency undertook
free coinage upon ratio witch accidentally
varied from the actual relative values OF the
TWO metals not more than three per cent. In
both cases, notwithstanding grea er difficult
tics and cost of transportation than now
exist, the coins whose intrinsic worth was
und.rvalued in the ratio, gradually and
surely disappeared from our circulation and
went to other countries where their real
value WAS better recognized. Twice in oar
recent history we have siznally failed to raise
by legislation the value of silver. Under an
act OF Congress passed in 1873 the Govern
| for han tyua
years to expend annually at least $24, 000,-
| 900 in the purchase of silver bullion for
coinage. The act of July IA, 1890, in
still bolder effort increased the amount OF
| silver the Government was compelled to
purchase, and forced it to become the buyer
annually of 100000 ounces or practically
| the entire product of our mines Under bo;h
laws silver rapidly aud steadily declined in
value. In the light of these experiences, which
accord with the experiences of other nations,
there is certainly no secure ground for the be-
lief that an act of Congress could now bridge
an inequality of fifty per cent between gold
and silver at our present ratio, nor Is there
the least possibility that our country, which
has less than one seventh of the silver money
in the world, could By its action alone raise
not only our own but sll silver to its lost ratio
with lold. Our attempt to accomplish this By
|
widely f-om actual relative values would b.
the sig al for the complete departure of gold
| from our circulation the immediate and large
contraction of our circulating medium, and a
| shrinksge in the real value and monetary eff
| cheney of all other forms OF currency as they
settled to the level of silver monometalism.
| Everyone VINO receives fixed salary and
every worker for wag 8 would find the dollar
in his hand ru.hlessly scaled down ID the
point of bitter disapI ointment if not to pinch
! ing privation. A change in our standard to
silver monometalism would also bring on s.
| collapse Of the entire 8! stem OF credit which,
when based on standard which is recognized
and adopted by the world of business, is many
times more potent and useful than the entire
volume of currency and is safely capable of
| almost indefinite expansion to meet the growth
Of trade and enterprise.
Our countrys Indebtedness, whether owing
| by the Government or existing between indi-
| yiduals, has been contracted with reference
to our present standard To decree by act Of
Congress that these debts shall be payable in
| less valuable dollars than those within the
contemplation and intention of the parties
when contracted, would operate to transfer,
| by the fiat of law and without compensation,
an amount of property and a volume OF rights
| and interests almost incalculable. Those who
advocate blind and headopg plunge to free
coinage in the nameof bimetalism and pro.
Tossing the belize, contrary to all experience,
that we could thus establish douhle stand
ard and concurrent circulation OF both met
ais in our coinage, are certsinly reckoning
from cloudy standpoint. Our present stand
ard of value is the standard of tho civilized
world. Wherever this standard is maintained
there is at its 81 9 in free and unquestioned
circulation volume of silver currency some
times equaling and sometimes even exceeding
it in amou {, both maint,incd at parity not
withstandipg depreciation or fuctuation Ill
the intrinsic value Of silver. / cannot rid
myself of the belief that there turks in the
proposition for the free coinage of silver, so
strongly approved and so enthusiastically ad
vocated by multitude of my countrYmen, a
serious menace to our prosperity and an insid-
ious temptation of our people TO wander from
the allegiance they owe to public and private
integrity. l cannot refrain from begging
them to re.examine their views and beliefs In
the light Of patriotic reason and familiar ex-
perience, and to weigh again and again the
consequences of such legislation as their eff
forts have invited. In conclusion especially
entrest the peoples representatives in the
Congress to promptly consider the ills of our
critical financial plight l have suggested
remedy which my judgment approves. ] de-
sire, however, to assure the Congress that / am
prepared to cooperate with them in perfect
ing any other measure promising thorough
and practical relief.
DEMOCRATIC CAUcUs.-Immediate-
ly after the adjournment of the House
of representatives yesterday notice
was given by the clerk that caucus of