The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1895-12-06


cents worth OF gold in the gold dollar at the
present standard and only cents in intrinsic
worth of silver in the silver dollar
Were there infinitel stronger reasons than
can be addHcel for hoping that such action
woull secure for Us bimetallic currency NOV
ing on lines Of parity, an exper. ment so novel
AMI hazardous that proposed might weA
stagger thu sc who believe that stability is an
imperat We condition of sound money Ne
government no human continuance or act OF
legislation ms ever been able to hold tho
two metals together in free coinage az
a ratio apr eciab.y different frsm that which
is eft biiShed in the markets OF the word
Those who believe that our indeDen lent free
coinage OF silver at an artificial ratio with god
of Il to would restore the parit between the
met us and consequently between the coins op-
pose an unsupported and improbable theory
to the belief and practice Of other nations and
the teachings of the wise>t 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 law makers in
attempting to establish a bimetallic currency
undertook free coinage upon a ratio which &c
eilentally varies from the actual rels-
tive value Of the two metals not more than
3 per cent. In beth cases, Notwithstanding
great difficulties and cost OF transportation
than now exist the coins whose intrinsic worth
were undervalued in the ratio gradually and
surely disappeared from our circulation ana
went to other countries where their real value
was better recognized. Acts OF congress were
impotent to create equality where natural
causes decreed even slight inequality. Tvtcs
in our recent history we have signally failed to
raise by legislation the valne Of silver. Under
an act OF congress in 1873 the government was
required for more than eleven years u extend
annually at least $500. 600 In the purchase N
silver bullion for coinage,
The act OF July II. 1891. In still holder e.
fort increased the amount Of silver the CIV
eminent was compelled TO purchase and forced
il to,become. the buyer annually OF S4.OOO0O
ounces, or practically the entire product Of Sar
mines. Under both laws silver rapidly Aod
steadily declined in value The prophecy aRd
the expressed hope and expectation OF thoSS
IN the congress. who led in the passage OF Ehs
last mentioned act that II would ESTABLISH
and maintain the former parity between ths
TWO metals are still fresh IN our memory.
In the light Of these experiences, which &C.
cord with the experience OF other nations.
there Is certainly no secure ground for the be-
lief that an act OF congress could now bridge
an inequality OF 50 per cent. between gold ana
silver at our present ratio. nor IL there sne
least possibility that our country, which has
less than one-seventh OF the silver money N
the world, could By It's action alone raise nes
only our own but all silver, TO It's lost rattle
with gold. Our attempt to accomplish this BY
the free coinage OF silver a. ratio differing
from the actual relative value would be the
signal for q complete departure Of gold from
our circulating. the immediate and large con-
traction Of our circulation medium aud shrinA-
age in the real value and monetary efficiency
Of all other forms Of currency as they settled
TO the level OF silver monometailism
In a Self-invited struggle through darkness
and uncertainty our humiliation would be In
creased by tho consciousness that we bad
,,saa
progressive nations OF the world. and were
desperately and hopelesSly striving to meet
the stress OF modern commerce and compett-
tiou with debaSed and unsuitable currencT,
and in association with the few weak and lag
gard nations which have silver alone as their
standard of value. All history warns Us
against rash experiments which threaten
violent changes in our monetary standard ami
degradation of our currency.
The past is full OF lessons, teaching not only
the economic dIngerS. but the national lmmor-
Atty that follows in the train of such expert
ment / will not believe that the American
people can be persuaded after sober deliDera-
ton, to ieopardize their nations prestige and
proud standing 10y encouraging financial nos
lrums. nor that they will yield to the false al
luremcnts of cheap money. when they realizs
that it must result in the weakening of that
financial integrity aud rcctitude which thus
far in our history has bcea so devOtedly cher
Shcd ~ one o; tie tra.t, of true AmericaEiSIn
Our colHtry'S indebtedness, whether owing
by the government or existing bciweeH indl-
Viduals has been contracted with refc-c3ce TO
ar pr sent StIndIrl. 70 decree by ac; % con
TT that these debts shall be payable =. Icss,
yllI-br dollars than those with u tn con
temptation aad intention Of the parties hen
.onirIcte |, would op rate 10 trauSs'- y sz~s
ia; o. las ant wilton; cJnbcl .:Gl. an,
lrr0illt " r-oT Il and ,i1-.c & r.y'ItS and
;,fa oil, - oh -
v.c-tv . Oind and hesdlong plunge 70 fires
coinage in the name Of bimetallism and gro
Tossing the belief, contrary % all ex~
perieuce. that We could thus essab-
fish double stan. ard AID
concurrent circulation OF both metals s7O~G
coinage are certainly reckoning f-o-i e.JG!Iy
standpoint. Our present STANFORD Of value -
the standard Of the civilized world and per-
mts the only bimeta!lism now possible or at
least that within tn independent reach Of any
single nation. however powerful that natIOu
may b.. While the value Of gold as q standard
Is steadied hJ' almost universal commercial and
business usage. IL doe' not despiSe silver nor
seek It's punishment. Wherever this standard
is maintained there Is at its side In free md
unQuestIoued circulation volume Of silver
currency sometimes equaling and sometimes
even exceeding IL in amount. both ma intaiBGd
at parity Notwithstanding deprecia tiOo or
fiuctustion in the intrinsic value Of SILVER.
There Il a vast difference between n SsikBd@
ard OF value and cure neg for monetary Use.
The standard must necessarily he fixed and
certain. The currency may be in diverse forms
aud various kinds. No silver stsDdaF6
country has gold curreEcy IN circuistien, bus
an enlightened and wise system OF hnance
cures the benefits Of both gold and silver a.
currency and eircula ting medium By keeping
the standard stable and all other currency -
par with il. Such system and such stand
ard also gives fee scope for the use aud ex-
pansion OF o safe and conservative eFedib
so Indispensable 20 broad and growing
commercial transactions 3ud so ve4
substituted for the actual Use OF money.
II . iged and staple standard Is mainta aimed.
such a. the magnitude OF safety Of our CON-
mercial transactions and business require tho
use of none Itself l. conveniently niBimiZed-
Every dollar OF fixed and stable value has
brought the agency Of confident credit IN
tonishlng capacity OF multiplying Itself in
financial work Every unstable and fiUctuat-
ing dollar falls aS basis o! credit and It's use
begetS ga mbling speculation and undermiDes
the foundations OF honest enterprise. have
ventured 70 express myself on these subjects
with earnestness and plainneSS OF speech be-
cause / cannot rid myself OF the belief that
there turks in the proposition for the free coin
age OF silver so strongly approved aud en-
thuSias: icaily advocated BIZ y rnuitituda
of nv countrymen serious menace to or
prosperity and an inSidiOus temptation Of oar
people 20 wander from the allegiance they Owe
20 public ard private integrity II is beeaU-s