Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-24

other In the coinage laws Il was eN-
PEELED from the country. England per-
sisted In the attempt for nearly i've
hundred yearH and, notwithstanding
the enactment OF most severe penal
statutes against the expectation NJ
coins or bullion. was at last forced TO
abandon the EFFORT and adopt tho sin-
gle standard, France, In hor efforts 10
keep tho coins of the two metals Ia
circulation at the same time. changed
the legal ratio between them moro
than one hundred and hfty times IN a
single century. and finally, In 1876,
finding that gold was leaving her and
that in ten years her net Imports OF
silver amounted TO $3.50 600 900, stopped
the coinage OF lcgal-tondcr silver. and
for nineteen years the attempt has
been abandoned In that country.
Many other nations IN Europe and
other parts OF tho world have sub
jccted their people TO great loss and
expense by their adherence to none
tary systems based upon the theory
that double standard could be main
tanned. but In no case have they Huc-
cecded in keeping tho coins OF the two
metals In use at the same tim0, aN>
ccpt for very short periods, Our own
country IN not without experience up
on this subject, and the results here
were Just the same MS thoy have been
everywhere else, BY tho act OF i709,
which was our first coinage law, tho
legal ratio between gold and silver
was fixed ut 10 to I, when In fact the
tru0 commercial ratio was or soon be-
came about 10 lie to |. and the result
OF this small y cr-yaluatlon of silver
In the coinage was that gold went out
OF circulation and we had practically
silver monometallism until after the
passage Of the act OF 1884. For tile pur-
pose OF restoring gold to the clrcula-
ton congress- In 1884 changed the ratio
from 10 10 /. TO 10 10 I, ana M this was
an generalization OF gold In tho coin
age, silver left the country, and. from
that time In until 1878 we had practice
ally gold monOmotalliam. whenever we
had any metallic basis at all for our
currency,
II would be useless consumption Of
time to go into detailed account OF
the monetary legislation OF this aud
other countries. or 10 show at length
how II affected the movements and
usn OF the two metals by its repeated
failures to conform tho legal ratio to
tho actual commercial ratio between
them. The great and important fact
conclusivoly established by the history
OF that LEGISLATION and Its effects upon
tho circulation OF the coins OF the two
metals IS, that wenever one OF them IL
over-valued relatively TO tho other In
the coinage laws with free coinage or
coinage upon eogil terms, and both are
made legal tender. the coins Of the
under-yalued metal will be driven out
of circulation and ont OF use as money
In the country whore the unequal
valuation 81 made. The rcanIis for
this are perfectly plain. Both being
legal tenders, the luf q valulblc colnt
will always be used In making pay
ments, and win become the measures
OF ia tho gNRhunpa of gpUupNt.
ties, and consequently the more valu-
able coins will be boarded or sent out
AZ the country into market whore
their real value viii be recognized.
Now, ms this Is Just what has always
occurred--at least In modern times.
when commercial relations between diff
ferent countries are 30 intimate and
means OF transportation arc 80 rapid
and chcap--ovcn when the unred-valu-
alton or generalization amounted to
only 1 or per cent, ! think we are
fully Justified IN concluding that n the
United Htntes alone should adopt the
policy OF free and unlimited coinage Of
iegai-tender silver at the ratio OF 10 to
]. which would be an generalization OF
thnt metal TO the amount OF 100 per
cent. all the gold In the country would
be Immediately boarded or exported or
be held as commodity by Hpcculators
engaged in the business OF buying and
selling II NJ n premium II this should
be the result, the free coinage OF silver
would not for q long timo add any
thing whatever, even nominally. TO our
stock of money: on the contrary. the
Immediate effect OF such u policy would
be a contraction TO the extent OF fully
one-third Of our present volume OF cur
rency by the expulsion OF about $780,
900 900 IN gold. and II would require
more than fifteen years TO supply us
place with silver dollars. even II our
mlnts coined nothing else.
All who have been or may be In
duced 10 give their support TO this
revolutionary policy, upon the assur-
ance that Il will give the country more
money for use IN the transaction OF
business. will be greatly disappointed,
Tor they Will ind, when II is too late.
that Instead OF having more money they
will have less. and that II Will be de-
preclated in value besides. The intro
ductlon into the currency OF country
IN any kind OF money about which there
IA tho least doubt will always operate
ID drive out the same amount, or about
the same amount OF better money and
thus leave the people with substantially
the same volume OF currency they had
AZ the beginning. The act providing for
the purchase OF silver bullion and the
issue OF Icgai-tender treasury notes In
uaynent for Il was passed on the 18th
day OF July, 1890 and the purchasinR
ciatp,e Of that act was repealed Novem-
her /. 1889. while It remained in force