Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-12-05

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ana simple remedy OF the free coinage G:
silver. They contend that our mints shall
pc az once thrown open to the free, unllnl-
itou aad Independent coinage of both gold
ana silver dollars OF full legal tender quail.
W, regardless Of the action OF any other
government and in full view of tho feet that
the ratio between the metals which they
suggest calls for one hundred cents Of gold
III the gold dollar. at tie present standard.
anu only nifty cents In intrinsic worth Of
silver In the silver dollar.
Were there infinitely stronger reasons
than can be adduced for hoping that such
action would secure for us a bimctaliic cur
rency moving on lines Of parity, an expert
ment so novel and hazardous as that might
well stagger those who believe that stehll-
lily Is an imperative condition of sound
money. 1"l
No government, no human continuance or
act OF legislation, has ever been able to hold
the two metals together on free coinage at
ratio appreca5ly different from that
which is established in the markets of the
| world.
Those who believe that our independent
free coinage OF silver at an artificial ratio
with gold Of 16 to would restore the parity
between the metals, and consequently be-
tween the coins, oppose an unsupported and
improbable theory to the general belief and
practice OF other nations and to the teach
Ing OF the wisest statesmen and economists
Of the world, both In the past and present,
and, what is far more conclusive, they run
counter to our own actual experiences.
Twice in our earlier history our lawmakers
in attempting to establish bimetallic cur
rency undertook free coinage upon a ratio
which accidentally varied from the
actual relative values of the two
metals not more than three per
cent. In both cases, Notwithstanding.
greater difficulties and cost Of transpor-
tation than now exist, the coins whose in.
trinsic worth was undervalued in the
ratio. gradually and surely disappeared
from our circulation, and went to other
countries where their real value was bet
ter recognized.
Acts Of Congress were lmpotent to create
equality where natural causes decreed
even slight inequality. Twice in our re-
cent history, we have signally fallei to
raise by legislation the value OF silver.
Under an act Of Congress, passed in 1878,
the government was required for more
than twelve years to expend annually at
least s240OO,0OO in the purchase of silver
1890, in still holder effort increased the
amount of silver the government was
compelled to purchase, and forced II to
become the buyer annually OF 54,O0O00O
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
expectation Of these In the Congress who
led in the passage Of the last mentioned
act. that 1t would re-estabish and main
tain the former parity between the two
metals. are still fresh In our minds. In
the light Of these experiences which ac-
cord with the experiences Of other nations
there is certainly no secure ground for
the belief that an act of Congress could
now 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
culation, the immediate and large con-
traction OF our circulation medium and q
shrinkage in the real value and monetary
efficiency Of all other forms of currency as
they settled to the level OF silver mono
metallism. Every one who receives a
fixed salary and every worker for wages
would find the dollar in his hand ruth
lessly scaled down to the point of bitter
disappointment IL not to pinchng priva-
ton.
A change In our standard to silver mon
ometalism would also bring on collapse
of the entire system Of credit which, when
based on a 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 expan- |
sion to meet the growth Of trade and en-
terprse.
In self-invented struggle through dark
ness and uncertainty our humiliation |
would BIO increased by the consciousness
that we had parted company with all the |
enlightened and progressive nations of
the world, and were desperately and hope |
lsssly striving to meet the stress Of mod |
ern commerce and competition with a de- |
based and unsuitable currency, and in as
ISOLATION with the few weak and laggard |
nations which have silver alone as their
standard of value
All history warns us against rash ex-
periments which threaten violent changes |
In our monetary standard and the degreda-
tion Of our currency.
The past is full of lessons teaching not |
only the economic dangers, but the ma
tional immortality that follows in the train
of such experiments. l will not believe
that the American people can be persuaded
after sober elaboration to jeopardize their
nations prestige and proud standing by
encouraging financial nostrums, nor that
they will yield to the false allurements of
cheap money when they realize that II
must result in the weakening of that fnan-
cial integrity and reetitude which thus far
in our history has been so devotedly cher
ished as one of the traits of true Ameri-
canism. Our country's Indebtedness,
whether owing by the government or ex-
listing between individuals, has been con-
tracted with reference to our present
standard. To decree by act of Congress
that these debts shall be payable In less
dollars than those within the con-
temptation and intention of the parties
when contracted would operate to trans
fer, by the fiat of law and without COM
an amount of property and a
volume of rights and interests almost in
ralculable.
Those who advocate blind and headlong
plunge to free coinage in the name Of BIZ
metallism and protesting the belief, con-
trary to all experience, that we could thus
establish a double standard and a concur
rent circulation of both metals in olir coIn- |