The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1895-12-06

legal tender quality. regardless of the action a
fact that the ratio between the metals which
they suggest calls sor lD cents worth OF gold
in the gold dollar at the present standard. and
silver dollar Were there infinitely stronger
reasons than can be adduced for hoping that
geh action would secure for US a.
parity. an experiment so move!
and hazardous as that proposed
nigh, well stagger those who believe
und IN ney, and no go nnient no human
contriyance of lesisla ion, has ever been able To
hol tn two metals togo her In free coinage ct
IL established IN The mark In Of he worl l.
Those who believe that our independent 90
coinage OF nver at an artificial ratio with gold
OF ID TO would restore the parity between the
metals and consequently between the coin,
oppose An unsupported and improb BILE theory
to the general belief and pract ce Of other
nations and to he tea hing of he wisest ststes-
men aud economists OF the world. both In tho
past and present and what 10 far more con
elusive, tney run counter 10 our own actal sx'
perience.
Twice Tried In Our History.
Twice in our earlier history our lawmakers
in attempting to establish bimetallic cur.
which accidentally varied from the actual
relative values of the two metals not more
than three per cent In both cases, not
cost OF transportation than now exist.
the coins whose intrinsic worth under
valued in the ratio gradually and surely dis
appeared from our circulation and went to
other countries where their real value was
better recognized Acts of congress were i'm
potent TO create equality. where natural
Twice In our recent history we have signally
failed to raise by legislation the value of sill
yer. Under an act OF congress- passed In 1873
the government was required for moro than
twelve years to expend annually at least
$A,OOO,OOO In the purchase of silver bullion for
coinage D still The b sat Of effort %y increased
the amount of silver the government
was compelled to purchase, and forced it to be-
come the buyer annually OF "a, OO,o GOO ounces. or
practically the entire product of our mines.
Under both laws silver rapidly and steadily do
clined in value. The prophecy and the ex-
pressed hope and expectation OF those In the
mentioned act: that it would reestablish and
maintain the former parity between the two
metals are still fresh in our memory.
United States Could Not DO 1t Alone.
In the light of these experiences which 40
cord with the experiences of other nations,
there is certainly no secure ground for the be-
an inequality of 80 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 all silver, to its lost ratio with
gold. Our attempt to accomplish this
by the free coinage of silver at ratio
differ ng widely from &C ual relative values
would be the signal for the complete departure
OF gold from our circulation, the immediate
medium, and shrinkage In the real value and
monetary efficiency Of all other forms of cur
rency as they settled to the level Of silver
fixed salary and every worker for wages would
find the dollar in his hand ruthlessy scaled
down TO the point Of bitter disappointment II
A change in our standard to silver monomet-
alism would also bring on a collapse OF the
entire system of credit which, when based on
standard which Is recognized and adopted by the
world OF business. u many times more potent
an(plseful than the entire volume of currency
and 10 safely capable OF almo,t indefinite ex-
pansion to meet the growth OF trade and In
terprise.
In self invited struggle through darkness
and uncertainty our humiliation would be In
ere sed bv the consciousness that we had
parted company with all the emil Ihtened and
progressive nations OF the world and were
desperately and hopelessly striving, to meet
the stress of modern commerce and competi-
ton with debased and unsuitable currency and
in association with the few weak and lsggard
nations which have silver alone rs their
standard Of value.
Warned by All History.
All history warns US against rash expert
ments which threaten violent changes In
monetary standard and the degradation OF
our currency in the past is full OF lessons
teaching not only the economic dangers, but
the national immortality that follows in the
train of such experiments. l will not believe
tnat INC pcoPio Sah VIC
after sober elaboration to jeopardize their ma
tons prestige and proud standing by en-
couraginng financial nostrums nor that
they will yield to the false allurements or
cheap money, when they realize that IL must
result in the weakening of that financial in
tegrity and rectitude, which thus far in our
history has been so devotedly cherished one
of the traits of true Amercanism. Our coun-
try's Indebtedness, whether owing by the gov
eminent or existing between individuals, has
been contracted with reference to our present
standard To decree by act of congress that
these debts shall be payable in less value dol
lars than those within the contemplation and
intention of the parties when contracted would
out compensation in amount of property and q
volume of rights and interests almost
incalculable Those who advocate
blind aud head ong plunge to free
coinage in the name Of bimetallism and pro
Tossing the belief, contrary to all experience,
that we should thus establish dou lie stand
ard and concurrent circulation of both
metals in our coinage are certainly reckoning
from cloudy standpoint. Our p esent stand
ard of value Ia the standard OF the civilized
world and permits the only bimetali IN now
possible-or at least that is within the inoe
pendent reach of any single nation, however
powerful that nation may be
While the value of gold as standard Is
steadied by almost universal, commercial and
busn use, it does not despise liver nor
seeks its Punishment. Wherever this standard
Is maintained there is at its side In free and I'M
questioned circulation volume of silver cur
rency sometimes equal ng and sometimes even
exceeding il In amount, both maintained at .
parity notwithstanding depreciation or huc-
tuation in the intrin lie value OF silver.