Alma record. (Alma, Mich.) 1878-1928, 1895-12-13

| the metals which they suggest calls for j
| 100 cents worth OF gold i'm the gold dollar |
| at the present standard. and only 10 cents
| I'm intrinsic worth ofsilver In the silver dol
| lar.
| than can be adduced for hoping that such
action would secure for us "A bimetalliC
| currency, moving on lines Of parity, an
| experiment so novel and hazardous rs that |
| proposed might well staggcr those who
believe that stability Is an imperative con-
| dition Of sound money. No government
| no human contrivance OF legislation has |
ev"' been able TO hold the metals together
Ia free coinage AT a ratio appreciahly ar 7
! ferent from that which is esta blished H.
the markets OF the world.
Opposed To our Own Experience.
Those who believe that our independent
free coinage OF silver at an artificial ratio
| with gold of sixteen TO one would restore
! the parity between the metals, ana conse-
quently between the coins, propose an I'M
| supported and improbable theory 10 the
| general belief and practice OF other nations |
| and to the teaching Of the wisest states
! men and economists OF the worc, both In |
! the past anu present, and what is far more
conclusive, they run counter 10 our own |
actual experiences. Twice in our earlier |
history our lawmakers in attempting to |
establish a bimetallic currency undertook |
free coinage upon a ratio which accidental |
ly varied from the actual relative values |
OF the two metals not more than three per |
cent. In both cases notWlthstahulnS
greater difficulties and cost OF transporta- |
ton 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 better recog- |
, nized Acts of congress were impotent TO |
create equality where natural causes de- !
creed even a slight inequality
nally failed to raise by legislation the
value Of silver. Under an act of congress
, passed in 1878 the government was re,
quired for more than II years to eXpend
annually at least s24, 100000 In the purchase
, OF silver bullion for coinage. The act or
July IA. 1890, In still holder enort IN
, / creased the amount OF silver the govern
; ment was compelled TO purchase, ana
forced it TO become the buyer annually OF
81. 100000 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 those In the con-
| gress who led in the passage OF the last
mentioned act, that II would reestablish
! and maintain the former parity between
the two metals, are still fresh in our mem
DRY.
Dire Eject of Free Coinage.
In the light Of these experiences, which
accord with the experiences or other ma
lions, there is certainly no secure ground
3 for the belief that an act OF congress couid
3 now bridge an inequality of % per cent
I between gold and silver at our present
r ratio nor is there the least possibility mat
= our country, which has less than one-seN-
v enth of the silver money in the world,
! could by it's action alone raise not only our
{ own but all silver TO its lost ratio with gold.
I Our attempt to accomplish this by the Tree
,. coinage of silver at a ratio dinerlnE Nluely
: from actual relative values would be me
u
s from our circulation, the immediate ana
: Large contraction OF our circulating med
n ium, and a shriukage in the real value ana
monetary efficiency OF all Olhcr lOfIhS OF
a currency as they settled to the leNel OF
o silver monometallism. Every one who re
{ CCiVcs fixed salary ana every worker tor
wages would lind the dollar in his hand
i ruthlcssiy scaled down 10 the point OF bit
J. ter disappointment If not TO plnchlns pIlNd-
= ton.
q ometalism would also bring on collapse
elmo. rf tom s.f a
based on a standard which is recognized
i and adopted by the world OF business, IS
d many times more potent and useful than
= the entire volume OF currency, ana Is sale-
[ ~ capable OF almost indefinite expansion
r TO meet the growth or trade ana enter
i prise, in a sclf-invited struggle through
q darkness and uncertainty, our atiiicton
II would be increased by the CONSEQUENCES
V that we had parted company with all the
q enlightened and progressive nations of the
n world, and were desperately ana nope
9 lessy striving to meet the stress or modern
q commerce and competition with a debased
9 and unsuitable currency, and in associa-
II ton with the few weak and laggard ma
< tions which have silver alone as their
70 standard Of value.
: Has Faith In the People
a All history warns us against rash ex-
periments which threaten violent changes
In our monetary standard and the degrade
tion OF our currency. The past Is fun OF
"a lessons teaching not only the economic
is danger, but the national immortality that
l. follows i'm the train Of such experiments.
al will not believe that the American people
ir can be persuaded after sober deliberation
10 TO jeopardize their nations prestige and
"a proud standing by encouraging financial
l. nostrums, nor that they VIII yield TO the
n false allurements OF cheap money, when
IN they realize that II must result in the weak
l. enng OF that financial integrity and
d rectitude which thus far in our history has
s. been SO devotedly cherished as one or the
n traits Of our Americanism.
4 Our countrys Indebtedness whether
4 owing by the government or existing be,
m tween individuals has been contracted
s. with reference to our present standing.
re To decree by act OF congress that these
v debts shall be payable III less value dollars
lie than those within the contemp lation and
intention Of the parties when contracted
would operate TO transfer by the nat or la "
-, and without compensation an amount OF
ne property and volume Of rights and inter
- ests almost incalculable.
~ Must Maintain the single Standard.
" Those who advocate a blind and head
m long plunge to free coinage In the name
Sc of bi-metalsm and processing the be-
g. lief contrary TO all experience that We
n should thus establish q double STANDARD
nj and "A concurrent circulation OF both met
to ais of our coinage are certainly reckoning
es from a cloudy standpoint. our present
Is standard OF value is the standard Of The
n civilized world and permits the only bi
he metallism now possible, or at least ina
o. is within the independent reach OF any
er single nation, however powerful that ma
I'd ton may be. While the value of golc
= is steadied by almost universal CONNER
Of Cial and business use. lt does not des
"A pise silver nor seek its Punishment
%, Wherever that standard Is MAINTAINED
70: there Is at it's side, in free and unques
"a toned circulation NOluIne OF silver cur
No. rency sometimes equaling and sometimes
ne exceeding ii In amount both maintalnet
us at a parity, nolVltlStandlnS utpItCla
Nv ton or nuctuation IN the Intrinsic value
Is of silver.
IL There iS vast ulIe1ehce pet"teh
Sc standard OF value and u currency 70
x | monetary use STANDARD must necessaril!
On be fixed and certain. The currency ma.
he be in divers forms ana OF various HlIus
ia No silVcr-standard country has a gold cur
IT, rcncy I'm circulation; but an enlightened
xxfge Of
90 benefit OF both gold and silver currenc!
n and circulating medium by keeping tn
ch standard stable and all other currency a
AZ par with Il. Such system and such
Standard also gives free scope for the us
and EXPANSION or safe and conservative
credit SO indispensable TO broad and grow
ed ing commercial transactions, and so wei
as substituted for the actual use OF money
h n fixed and stable standard is main
he tanned such as the magnitude and safet
ies Of our commercial transactions and bust
d. ness require, the use OF money itself