The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-04

to our own actual experiences.
PAST ATTEMPTS.
Twice I'm our early history our laws
makers. in attempting 10 establish b.
metallic currency undertook free coin
age upon ratio, which accipentdily va :
RED from the actual relative values Oh
the two metils not more than thiee p.r
cent. In both cases. Notwithstanding
greater difficulties and cost Of transporta-
ton than now exist. the coins whose m
| trinsc worth was undervalued IN inc
| ratio. gradually and surely disappeared
! from our circulation, and went to other
countries where their real value was Del-
| ter recognized.
Acts OF Congress were impotent to Gre
ate equality where natural causes de-
/ creed even slight inequality.
Twice In our recent history, VIC nave
| signally tailed TO raise by legislation the
| value Of silver. Under an act Of Congress
| passed in DIS, the government was re-
| CURED for more than twelve years TO
| cxpend annually at least S2iVW,orJ IN the
| purchase Of silver bullion for coinage.
The act Of July II, 1890. I'm a still Dolder
| effort. increased the amount OF silver the
| government was compelled 20 purchase
! ana forced IL TO become the buyer annual
! ~ OF Ji.VuD,pO ounces. or practically the
entire product Of our mines Under both
| laws SILVER rapidly and steadily declined
| IN value. The prophecy and the express
| ca hope and expectation OF those IN the
Congress. who led in the passage OF the
| aforementioned act that it would ro-estab-
lish ana maintain the former parity be-
tween the two metals are still fresh in
our memory
WHAT FREE SILVER WOULD DO.
In the light OF these experiences. which
accord with the experience OF other IA
| tons, there is certainly no secure ground
FOR the belief that an act Of Congress
could now bridge an inequality OF fifty
per cent. between gold ana silver at our
present ratio, nor IS there the least pos
sibility that our country, which has less
than one seventh OF the silver money in
world al
! raise not only our own but all silver TO
It's lost ratio with gold. our attempt 10
accomplish this by the free coinage or
| silver at ratio differing widely from
actual relative values would be the signal
for the complete departure OF gold from
our circulation, the immediate and large
contraction OF our circulating medluih,
and "a shrinkage in the real value. ana
monetary efficiency. of all other forms Oh
currency as they settled TO the level OF
| silver mOnomeiallism.
Every one who receives n fxed salary
and every worker for wages would ma
the dollar i'm his hand ruthlessly scaled
down TO the point Of bitter disappoint-
ment. If not TO pinchng privatiOn.
change i'm our standard 10 silver mon
ometallsm would also bring on a col
| lapse OF the entire system Of credit which,
when based on a standard which IS rec
ognzed and adopted by the world Of bus
| mess. is many times more potent ana use
| ful than the entire volume OF currency
expansion to meet the growth OF TRACE
and enterprise
a RASH EXPERIMENT
In self-invited struggle through dark
ness 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 were desperately ana
| hopeessly striving TO meet the stress OF
modern commerce and competition win
1 a debased and unsuitable currency ana
in association with the few weak ana
| laggard nations which have silver alone
| as their standard OF value.
All history warns ms against rash cN-
| porimcnts which threaten violent changes
! in our monetary standard and the degia.
dation of our currency. inc past Is ieh
| OF lessons teaching not only the economic
| dangers. but the national immortality that
| follows i'm the train Of such experiments
| ] will not believe that the American PEG
pie can be persuaded. after sober dehp-
| Grafton. 10 ieOrardize their nation s pres
J fige and proud standing by encourasins
| financial nostrums. nor that they VIII
j ,doid IN the false allurcmcnts OF cneap
= money. when they realize that ~ iuus,,
| result i'm the Weakening OF tnat hha ~ a.
| integrity and rectitudc which mus Tar III
| our history has been 50 deNoteulN chei
| iehed AS one Of the traits Of true Amerl-
| canism. ..,. on. er,.>rpApD
| ON conntrv's Indebtedness, WnfthtI "
| i,e, h,, the government or eNiSuhN ~,
| twson individuals has been coii,I o.,
| with reference 20 our pltSen' 80, these
| 10 decree by act Of CONGRESS tnat ,,,ol,ie
| dol,te shall be payable IN less N"lu .
! e'ut' -, those within the conlrul-
nlation and intention OF the pal'. 80 b,,
| contracted would operate va =, connnen-
| he fiat Of law and Witnont and a
eation. an amount oil pll,e air,ost in
| volume of rights ana ii'ei'S''
Tbose who dvocate blind ano n ,,,,l.,
! t,na nlunec TO free cclnate J" ~ 49,
| ~. federalism and nrof"ss .o,,,a
on 9i .r,, 80 al exnerience th1t We couio
| 49, 80 a blieh "A double Sthtl,soi" T.,
| concurrent circulation pl hotl IT,, ~. r,,,n
/ our coinage are ceftalIils i,'''t et,nl-
/ - tIcudv standpoint. our pirS' D, H'' ri,.
ard of value b. the siak,arod r Gi ttninetal-
.iiizel world and permits'he ON. ny j.
| ism now %, gsible, or AT 49, ~. -i,
, ,,3S,,hin Tho infcnendent reach OF any SIN
| Gle nation. howeve- poWeflui ''"'
"iNvsh iIe the value Of gold as standard IS
stcadied bv almost unN ,rsti toii,lie' IL
| ana business use 10 does not d,S2i7 sm ,
80 nor seek its hanishmenl Nh'it.'l
| fhis standard Is maintained, mere ~ ~ - IL
| side i'm free and unQucstonen chcult. w. ~ ;,
| q volume or SILVER vi u, oven ex.ssd-
| ~ IN in amount both maintained 4,
| a narfty Notwithstanding ttpfetlat
or lmctuaticn in the intrinsi, value. Oh
S"' 'sTANDAI.D MUST BE FIXED.
There * "A vast difference between q
| standard OF Value ana currency iei
| monetary use-the stdhudI" niuS' 49,
| sarilv be- fixed and certain. ne Gun .iN l's
| nav be in divers forms ana OF various
| iltrds No silver-standard country mas d
! @old currency in circulation but an on
| frightened and wise system OF hhahce 80
cures the benefits OF potn soiu al i,i, 81 e,
| as currency, and circulating medi9h ny
| k4eping the standard stable ana All olhtl
currency at par with it, Slcn a system
| AMI such a standard also. give Tree s'vp,
| fnr the Use and expansion OF sdlc fhu
| .e,,servativc credit so Indispensable Ia
! broad and growing commercial trahSac-
| tions and so well substituted Tor inc &C.
| tual use of money. IT. "A hNeu anu stahl'
| et.rdard Is maintained. such as the mag
| mind and safety of our conmerc ial
| Transactions and business require the
| ne of mercy itself Is conveniently mihi-
miatd.
THE STABLE DOLLAR.
Every dollar of fixed and stable value
! has through the agency OF CONNIE ~
credit an astonishing capacity OF niu IN
| plving itstlf i'm financial work Every hl-
| stable and huctuating dollar iails a.
| basis Of credit. and ia its use hegets gam
! blrg speculation, and undeInihe7 the
! foundations of honest entcrpll g.
| have Ventufed 10 express myseii on
| this subject with carncstncss ana pam
| ness OF speech. because ! cannon rln ny
| self of the belief that there ihIks ~ w
| proposltior for the free coi11gc OF sll-
| Yer so strongly approved ana 50 cnthu-
| siastically advocated by multitude oI
my corntrlmen. serious men &c - our
| nr,sn,ritv ard an insidiOus temptation
Of our people to wander from ihe alie-
yia nee nov ole to public ar1 private IN
4 tegrity. ,... A., 49, ,
| fo,fb and sincerity of those who press
| his scheme that l have imperfectly, but
WITT zeal submitted my thoughts upon
This momentous subject ! cannot re-
rain from begging them 10 re-eNaminc