The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-04

the passage of the last mentioned act,
that it would re-establish and mains
tain the former parity between the
two metals, are still fresh in our mem
DRY.
EXPERIENCE OF OTHER NATIONS
In the light of these experiences,
which accord 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 fifty 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 it's
lost ratio with gold. Our attempt to
accomplish this by free coinage of sill
| Yer at a ratio differing widely from
| actual relative values would be the
! signal for the complete departure Of
| gold from our circulation, the immedi
ate and large contraction of our cir
| culating medium, and a shrinkage i'm
| real value and monetary efficiency of
| all other forms of currency as they
settled to the level of silver monOmetai-
| lism. 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 pinch
ing privauon.
| A change in our standard TO silver
! monometallism 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 po-
! tent and useful than the entire volume
| of currency, and is safely capable OF
| almost indefinite expansion to meet
| the growth Of trade and enterprise.
In a self-invited struggle through
! darkness and uncertainty our humilia-
tion would be increased by the con-
! seriousness that we had parted com
| pany with all the enlightened and pro-
! gressiye nations Of the world. and
| were desperately and hopelessly striy-
| ing to meet the stress of modern com
| merce and competition with debas-
| ed and unsuitable currency, and in
| association with the few weak and
| laggard nations which have silver as
| their standard of value.
All history warns us against rash
| experiments which threaten violent
| changes in our monetary standard
| and the degradation of our currency.
The past is full of lessons teaching
not only the economic dangers, but the
national immortality that follows in
| the train of such experiments. | viii
not believe that the American people
| can be persuaded, after sober delibera-
| ton, to jeopartize their nations pres
| tige and proud standing by encour-
| aging emergency nostrums; that they
| will yield to the false allurements of
| cheap money, when they realize that
| it must result in the weakening of that
| financial integrity and rectitude which
| thus far i'm our history has been so de
| votedly cherished as one of the traits
| of true AmericaniSm. Our country's
| Indebtedness, whether owing by the
| government or existing between indi-
| viduals, has been contracted with ref
| erence TO our present standards. To
| decree by act of Congress that these
| debts shall be payable in less valuable
| dollars than those within the contem-
| plation and intention of the parties
| when contracted, would operate TO
| transfer by the fiat of law and with
| ont compensation, an amount of prop
! erty and volume of right and inter
| ests almost incalculable.
| Those who advocate a blind and
| headlong plunge to free coinage in the
| name of bi-metallism, and profess
| the belief, contrary to all experience,
! that we could thus establish a double
standard and concurrent circulation
| of both metals in our coinage. are GER
! tainly reckoning from cloudy stand
point. Our present standard of value
| is the standard of the civilized world,
and is the only bi-metallism now pos
| sible, or at least that is within the in
| dependent reach of any single nation,
| however powerful that nation may be.
| While the value of gold as a standard
| is steadied by almost universal com
mercial and business use, it does not
| despise silver nor seek it's Punishment.
| Wherever this standard is maintained
| there is at it's side, in free and unques-
| toned circulation, a volume of cur
rency sometimes equaling and some
! times even exceeding it in amount,
| both maintained at a parity notwith-
standing a depreciation or tiuctuation
III the intrinsic value of silver.
A STANDARD OF VALUE.
| There is vast difference between a
standard of value and currency for
/ y
necessarily be fixed and certain. The
currency may be in divers forms and
of various kinds. No silver standard
country has gold currency in circu-
lation, but 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
at par with it. Such system and
such a standard also give free scope
for the use and expansion of safe and
conservative credit so indispensable to
broad and growing commercial trans
actions and so well substantiated for
the actual use of money. If fixed
and stable standard is maintained,
such as the magnitude and safety of
our commercial transactions and bust
ness require, the use of money itself is
conveniently minimized. Every dollar
| of fixed and stable value has, through
|