The Dickinson press., 1895-12-07

upnn United States notes and treasury notes
ed IL possible; hut these notea. having thus bee.
passed to the TREASURY. they became the money o
the scvernment; like any other nrdinary govern
ment funds. and there WINS nothing to do but Il
use them In paying government expenses whel
there been amy consideration Of the question o
paving the expenses of government with thei
G tses eaesti nneFe A. wf ne n t,m eec of escs to Son s'" ;ss,,
operations. exclusive Of the gold IL our reserve
was made: such surplus amounted to over Sls,
O0O!OO0: In November. when the second issu'
E sns % m Fe, # s%o"n 1ssS. to SS %s'e ,s than So 3d. go 20 o e,
% ss'ss . ss% y ns ce.o 'ss''ss' 'i Il now "''e a%o' %%s' to sss :
had no authority whatever to iasne bonds to ID
p 1ssass N ! e s%s%,ssFS Tut te tSins there ss Pay ~. e Sesn .o sn:
sue Of bonds and the results Of the WITHDRAW wall
nrmer, that, by substituting in the TREASURY
United States notes and treasury notes for gold,
the ast Instance subject to ordinary government
expenditure. Although the law compelling an In.
creased purchase OF silver by the government wa
geSsed on the 18th day Of I',v, 1890, withdrawal
q Cld from the treasury upon Tie Totes givc->s
payment on such purchases did not begin until
October, 1880; Immediately. following that date
me Withdrawals upon both these notes and United
-- % AuA6Ctys W. nave w
Gnued to such an extent that since the passage d
that law there have been more than thirteen times
States notes and treasury notes issued for silves
purchases as was thus Withdrawn within. the
s1es sna and .9as. a ,h half x Year, an, i% ~ gP. sss there;
specie payments were resumed.
silver Coinage.
It U neither unfair nor unjust to charge a large
share OF our present financial perplexities and dan.
gers to the operation Of the laws Of 1873 and 1SaO,
compelling the purchase Of silver BY the govern:
obligation upon which It's gold could be with.
drawn, but 50 increased the fear Of an overwhelm.
payments that even the repeal Of these laws did
not entirely cure the evils Of their existence.
While rave endeayosed to make a plain state.
and the present dangers menaclng our prosperity,
and to suggest a way which leads to a safer fnan-
l have constantly had In mind the fact that
many nan Of my countrymen, whose sincerity I do not
doubt, insist that the cure for the ills now threat
remedy Of the free coinage Of silver. They con.
tend that our mints shall be ut once thrown open
Of both gold and silver dollars Of full legal
t tender .s quality. regardless Of the action Of any
s that tie keSf 1asio s.. sSs an The ae'i m s , " Wbi tas t asss
suggest calls for one hundred cents worth of
seoolsd in the gold dollar at the present standard
Were there infinitely stronger reasons than can
cure for us u bimetallic currency moving on lines
Of parity, an experiment 30 novel ind hazardous
believe that stability is an imperative condition
Of sound money. No government, no human con.
trlvance or legislation has ever been able to hold
ratio appreciably different from that which 10
established IN the markets of the world.
Earlier Experiences.
Those who believe that our independent free
Of 10 to l would restore the parity between the
metals, and consequently between the coins. op-
posed an unsupported and Improbable theory to
the general &c era ts belief and nd prs practice M,se. Of ,t other nati sns
sea s1 sss esaf the w 81 dne b %lsei IN ' tle pasa s snd
present. and what is far more conclusive, they
run counter to our own actual experience. vice
tempting to establish a bimetallic currency under
t ssf.f fre seo coinage nag . upon a ratio which VI Iaa accidentally 6 e len lily
metals not more than 8 per cent. In both cases:
Notwithstanding greater diticilties and cost Of
transportation than now exist, the coins whose
gradually and surely disappeared from our cir.
c%ulation and went to other countries wherc. their
gress were impotent to create equality where
natural causes decreed even a slight inequality.
. Twice in our >, recent history we nave signaliy
Under an act of congress passed in 1873. the gov
eminent was required for more than ! twelve E years
purchase Of silver bullion for coinage.
The act Of July Il. 1900. in q still holder
eminent ennaSs VASE" was Compelled pei d'n to purchase &c h s,e.e. and d. forced Tssi
1t to become the buyer annually Of $4,000, 900
ounces, or practically the entire product of our
lily declined in value. The prophecy and the eI-
pressed hope and expectation of those In the con
TONED act, that it W would res.establish and main
tain the former parity between the two metals,
are n a tbe i frsss d y t our m s1Deryence. which accord
with the experiences of other nations. there !.
certainly no secure ground for the belief that
ity Of 80 per cent between gold and silver at
our present ratio, nor is there the least POSSIBLE
ity Tint our country. which has less than one;
ali silver to its lost ratio with gold. Our At:
silver at a ration differing widely from actual
relative values would be the signal for the COM
R I%%ed aspsFt sss # isr gold cd 6TSn ess e, IF oal e,. tas
lating medium, and a shrinkage in the real value
and monetary efficiency of all other forms of cur.
metallIsm. Every one who receives a fixed sal-
.ry and every worker for wages, would find the
point Of bitter DISAPPOINTMENT il not to pinchins
privaiton. A change in our standard to silver
recommendation would also bring on a collapse Of
BY. the world Of business, is many. times more
Almost Indefinite Expansion.
to meet the growth Of trade and enterprise. In
certainty 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 and hOpelessly
striving to meet the stress Of modern commerce
and competition with a debased and unsuitable
currency. and in association with the few weak
and iaggard nations which have silver alone al
their standard Of value. All history. warns ua
against rash experiments which threaten violent
changes In our monetary standard. and the degra-
dalton of our currency in the past IL full of les.
sons, teaching not only the economic dangers. but
Of such ~ experiments. / viii viii not believe We that the
American people can be persuaded. after sober
deliber tion. to jeopardize their nations pres:
nostrums. nor that they will yield to the false
allurements Of cheap money. when they realize
nancial integrity and %reetitude which thus far in
our history has been so devotedly cherished as one
Of the traits OF true Americanism.
the government or existing between individuals,
has been contracted with reference to our present
s a . sss,, t. g. df pssse Sy i ast ,e 81 saaSse' dollars 5S%s t tSae
those within the contemplation and intention of
the parties when contracted would operate to
tion an amount Of property and a volume Of rights
and interests almost incalculable. Those who ad-
vocate a blind and headlong plunge. to free coin
age, in the name Of blmetallisn. and protesting to
believe, contrary to all experience, that we should
thus establish a double standard and a concurrent rem
is the standard Of the civilized world. and permits
is within the independent reach Of any single ma
ton. however powerful that nation may be: While
| Gne VaIue OF gold as 8 SCnf0lru IL SteaQle0 Dy al.
most universal commercial and business use. 1t
does not despise silver nor seek Its banishment.
Wherever this standard Is maintained there is,
at Its side, In free and unquestioned circulation, q
volume Of silver currency, sometimes equaling and
sometimes even exceeding 1t in amount, DO. h main
tanned at a parity. notwithstanding a d%eprecia-
thion OF huctuatlOn In the intrinsic value of silver.
There Is q vast difference between q standard of
value and n currency for monetary use. The stand
ard must necessarily he fixed and certain. The
currency may be In divers forms and Of various
kinds. No silver standard country has a gold cur
rency In circulation; hut an enlightened and wise
system of finance secures the benefits Of both gold
and silver as currency and circulating medium, by
keeping the standard stable and all other currency
Mt rar with It.. Such a system and such a stand
ard also gives free scope for the use and expansion
Of safe and conservative credit, SO Indispensable
to broad md growing commercial transactions and
Fixed and Stable Currency
is maintained. such us the magnitude and safety
Of our commercial transactions and business re.
quire. the use of money itself is conveniently
miniMized. Every dollar Of fixed rnd stable value
has. through the agency Of confident credit. an
astonishing capacity of multiplying itself in hnan.
cial work. Every unstable and fnctnating dollar
fails as a basis Of credit. and in Its use begetl
gambling speculation. and undermines the f0unda,
lions Of honest enterprise.
! hive ventured to express myself on this sub
ject with earnestness and plninness of speech be.
cause I cannot rid myself Of the belief that there
Turks In the proposition for the free coinage of sill
yer. 80 strongly approved and 20 enthusiastically
advocated by a multitude Of my c%ountrymen. q