Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-06-05
Is This True, Or Not Z

In his speech at Memphis Secretary
Carlisle mace this declaration in regard
to'the history of coinage since nations
began to experiment with it =
THE attempt to coin the two metals
without limit as to amount into full
legal tender money and keep both in
circulation at the same time has been
made by nearly every civilized nation
in the world and has failed in every
one of them. 1t has failed because in
every instance it has been found i'm
possible to maintain legal ratio cor
responding at all times with the in
trinsic or commercial ratio between the
two metals contained in the coins. and
because whenever either of the metals
was under valued relatively to the
other in the coinage laws it was ex-
PEELED from the country. England
persisted in the attempt for nearly five
hundred years, and, Notwithstanding
the enactment of most severe penal
statutes against the expectation of
coins or bullion, was at last forced to
abandon the effort and adopt the single
standard. France, in her efforts to
keep the coins of the two metals in cir
culation at the same time, changed the
legal ratio between them more than
one hundred and fifty times in single
century, and finally, in 1876, finding
that gold was leaving her and that in
ten years her net imports of silver had
amounted to $280,000 ,000 stopped the
coinage of legal tender silver. and for
nineteen years the attempt has been
abandoned in that country. Many
other nations in Europe and other
or.f IS I,o 81 4 81,
people to great loss and expense by
based upon the theory that double
standard could be maintained. but in
no case have they succeeded in keep
ing the coins of the two metals in use
at the same time, except for very short
periods. Our own country is not with
out experience upon this subject, and
the results here were just the same as
they have been everywhere else. By
the act OF 1899. which was our first
coinage law, the legal ratio between
gold and silver was fixed at Is to i,
when in fact the true commercial ratio
was or soon became about 49, to l, and
the result of this very small over val
uation 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 the purpose of restoring gold
to the circulation, Congress in 1884
changed the ratio from Is to to 16 to
/, and as this was an over valuation of
gold in the coinage, silver left the
country, and from that time on until
1878 we had practically gold monomet-
allism whenever we had any metallic
basis at all for our currency"
Now, is that historical truth, or not!
If it is let somebody show why it
should not be a guide for the people
and the governments of this genera
ton. What is the reason, if there is
any, why the same results should not
now as heretofore2 WhS are the
probabilities 1t may be said that
men cannot be certain of anything in
this world; but is it not true that we
are safer in proceeding upon the
theory that the experience of mankind
is likely to be repeated, under the seTne
general conditions? The wise genera
studies the plans of battle and the
campaigns of those who have gone
before to see what were the causes of
failure or success. He would be poor
soldier if he did not, and yet he must
make allowance for any differences in
conditions which arise from his imme-
date environment. If these things
which are stated by Mr.. Carlisle are
not true, let it be shown wherein they
are not and why his position is UNI
tenabie. but let it not be thought that
to say he does not think to-day pre-
cisely as he did fifteen years ago, is
, sufficient to discredit his argument
and make him an incompetent witness
in the case now being tried in the court
of the country.-NoqJolk Landmark,