Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-06-27
Valid OBJECTIONS
TO FREE COINAGE OF SILVER, AS
URGED BY THE SILVERITEs,

Free Coinage Would Raise Interest,
Lower Wages, Paralyzc Industry.
Impoverish the Poor and Enrich
the Rich.
81 am opposed" says ex-Congress-
man John Dewitt Warner, ITO free
coinage Of silver, as now urged by its
advocates: First, because it is only Q
cloak, and a very thin one at that, for
what they really want-forced cur
rency of deprecated silver.
II am one OF those who believe that
the main function OF Government is to
protect each man in his freedom to do
what he pleases, so far as consistent
with protecting every other man in
the same right; and am therefore OPP
posed to all arbitrary interference by
Government with the business con-
Germs of its citizens, and especially
any Intervention by 1t in their con-
tracts which shall assist any man to
break, directly or indirectly, the con-
tracts he has made.
"When man buys coat for ten
dollars. the one who sells it to him
buys ten dollars for coat. I am op.
posed to Government interference in
order to induce man to accept DIFF
ferent kind of dollar from that which
he would naturally choose, or to OBJ
struct his getting whatever sort OF
dollar he prefers; and when it comes
to proposing to compel him to accept
any kind of dollars for which he has
not contracted, it is no more defensi-
BILE than it would be to compel man
to accept coat different from that
which he had bought.
''Again, am opposed to so-called
free coinage'-tbat is, forced cur
rency-of silver for the very reason
for which it is pressed by its adyo-
Gates, namely, that it would raise,
and probably would double, the nom
inal price of all kinds of property, es-
pecially the commodities in general
use, prices of which are adjusted from
day to day. This means that goods or
services, the prices of which are con.
servative, will be for considerable
time at a disadvantage in comparison
with those which are promptly
changed. Generally speaking, whole
sale prices Of food and foods huctuate
daily; retail prices weekly or month
ly; while rates Of wages-the price OF
the one thing the wage-earner has to
sell-change only at comparatively
long intervals, once or twice year or
once in one or two years.
"The result. therefore. Of depre.
citation OF our currency, which
would put up prices of goods in
general use, would be almost imme-
diately to reduce by one-half the
purchasing power of the wages re-
celved by labor, and leave to labor o
long period of years OF agitation and
organization before the rate OF wages
would be correspondingly increased.
1t is hard to imagine worse disaster
than one which, to start with, practi-
cally reduces the wages of labor by
one-half and then ensures demorali-
zatlon for years to come in the rela-
tions between capital and labor, pend
ing the REIMBURSEMENT thus necessitated.
Another reason why / am opposed,
not merely to the so,called free COIN
age OF silver, but to the agitation OF
it, is its effect upon the development
OF our country. Under normal con-
ditions the capital of all civilized
countries is at the disposal OF any one
one who wants to develop either Of
them, at a rate of interest com
mensurate with the risk the lend
er assumes that there is OF hi
sure and adequate repayment. If We
have abundant capital at low interesl
enterprising men can afford to improve
real estate, build factories, lay ou
new railroads and enter upon ever,
kind OF undertaking which builds vi
the country and keeps labor we'll EN-
ployed at high wages.
s'If the rate of interest is higl
and money hard to get fewe
can afford to undertake plan
which involve the borrowing o
money, and the result is stagnatiol
OF enterprise, a paralysis in the de
velopment Of the country, and unen
ployed labor, with its pitiful and dan
gerous consequences. In proportion
as any one who has money to LEM
fears that he may get back poore
money than that which he pays out
he will be conservative in lending it
and will either charge very high in
terest or elseiwill keep it idle in bank
and trust companies so that he cal
transfer it instanter in advance Of an,
considerable depreciation.
! at is the fear OF depreciation tina
keeps so much money idle in the coun
try, and it is one Of the main causes TO
the very high rate of interest charge
| by those who lend money at all in tha
part of the country where people be
lieve that there is a real probabilit
OF our coming to a silver basis. On
| year Of the prosperity that woul
come to us all were the capitalists {
this country and OF the world at larg
absolutely certain that our currenc
would never be deprecated would b
worth ten-fold more to our peopl
than all the benefits which even j