The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-12-05

economists of the world, both in the past
and present and what Is far more con-
elusive, they run counter 10 our own
actual experiences. Twice in our carrier
history our law makers, in attempting
the establishment Of a bimetallic curren-
cv. undertook free coinage upon a rauo
which accidentally varied from the actual
relative values of the two metals not more
than 3 per cent. In both cases. notwlth-
standing greater difficulties and cost OF
Transportation than now exists, the CONS
whose intrinsic worth was undervaIued
in the ratio gradually and surely dlsap-
Deared from our circulation and went 10
ether countries, where their value was
better recognized. Acts of congress were
impotent TO create equality where natural
causes designed even slight lnequallty.
Twice in our recent history we have sig
nally failed 10 raise by legislation the
value OF silver Under an act of congress
PASSED in 1878. the government was re-
auired for more than L. years TO eNpend
annually at least S24 600. 600 in the pur-
chase of silver bullion for coinage.
The act of July IA, 1890, still holder
effort, has increased the amount OF -sil-
yer the government was compelled 10
purchase and forced it TO become the
buyer annually of 54,000,o0O ounces, or
practically the entire product OF our
mines Under both laws, silver rapidly
and steadily declined in value. The
prophecy and the expressed hope and eN-
pectation Of those in the congress who
led In the passage Of the last mentioned
act that it would re-establish and main
tain the former parity between two met
ais, are still fresh in our memory.
In the light of these experiences, which
accord with the experience of other ma
tons, there is certainly no secure ground
for the belief that an act of congress
could bridge 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 accom-
plish this by the free coinage of silver at
a ratio differing widely from actual rela-
tive values would be the signal for the
complete departure Of gold from our cir
eHla ton, the immediate and large con-
traction of our circulating medium and
shrinkage in the real value and mon
tiary efficiency of all other forms of cur
ency. As they settled TO the level of
iilyer recommendation everyone who re-
reives a fixed salary and every worker
for wages would lind the dollar in his
Of bitter disappointment, if not TO pinch
ing privation. The change in our stand
ard 10 silver monometallism would also
bring on a collapse of the entire system
of credit, which, when based on 4 stand
ard which is recognized and accepted by
the world Of business, is many times more
useful than the entire volume of currency
and is safely capable of almost indefinite
expansion TO meet the growth Of trade
and enterprise.
In self invited struggle through
darkness and uncertainty, our humilia-
tion would be increased by the conscious
ness that We had parted company with
all the enlightened and progressive Ma
tions of the world, and were desperate
~ and purposely striving 10 meet the
stress OF modern commerce and compe-
tition with debaSed and unsuitable cur
rency, and in association with the few
laggad Nations which have silver as
their standard of value. All history
warns us against rash experiments which 4
threaten changes in our monetary stan
dard and the degradation of our cur
rency. The past is full of lessons teach I
ing not only the economic dangers, but 4
the National immortality that follows in /
the train OF such experiments. l will I
not believe that the American people can |
be persuaded. after sober deliberation. TO +,
jeopardiEe their Nations prestige and
proved standing by encouraging tinan- |
cial noStrumS, nor that they will yield 1
10 the false allurementS OF cheap money
when they realize that il must result in /
the weakening of that financial integrity 1
and rectitude which thus far in our his I
tory has been devOtedly cherished as one 4
of the traits of true Americanism.
Our countrys indebtedness. whether I.
h. .
between individuals, has been contract
ed with reference 10 our present stand .
ard. To decree By act of congress that ,
these debts shall be parable in less valu-
able dollars than those which We're in Z
and intended by the par
ties when contracted. would operate 10 I
transfer by the tat Of law, without COM
lenSatiOl, aud amount OF property and Of
EghtS and interests almost inCalculable. I
Those who advocate the adoption of BIZ I
metSlliSIn. protesting the belief, con I
trary 10 experience, that we could thus T.
establish double standard and concur I,
rent circulation Of both metals in cur 1
are certainly reckoning from 4
from cloudy standpoint. Our /.
present standard of value is
the standard Of the civilized world and .
permits the only bimetalhSm now posi- 4
BILE, or at least that is within the indie I
pendent reach OF 4 single nation how T
ever powerful that nation may be, while t.
the value of gold. as 4 standard, is stead 1
led by almost universal commercial sud 4
business use. Ii does not dcSp;Se silver I
nor ask its Punishment. Wherever this /
standard is maintained there ST its side. 1
and in free and unqueStioned circulation, |
a volume Of silver currency sometimes ]
eQuSllins, and sometimes even euhanc- I
ing in amount. both maintained II par I
ity, notwithstanding a depreciation OF /.
suctuation in the intrinsic value 81 sill /
yer.
There is vast difference between a /
standard of value and 4 currency for 4
use. The standard must neceS- (
Sarily b. fixed and certain; the curren- /
cy may be in diverse forms and Of va 3
riouS kinds. No silver standard country F.
has \ gold currency in circulation; but 4
an enlightened and wise SyStem OF finance I
secures the benefits Of hath gold and Sil /
yer as its currency and circulating ne I
dunn by keeping the standard stable and I
all other currency 1T par with 1t. Such /
r system and such : standard also give /
free scope for the Use and expansion Of /
safe and conservative credit. so indiS- I
penSlhl 10 growing commercial tranSac- I
tionS and so well substituted for the ac- 1
tuai use Of money. Ii fixed and stable ]
standard Is maintained. such as the mag I
hitude and safety of our commercial 1
hs.Ss-s,ss ~,