The Windham County reformer. (Battleboro, Vt.) 1876-1897, 1895-12-06

more conclusive, they run counter 10
our own actual experiences.
Twice in our earlier history our law
makers. in attempting to establish a
bimetalIc currency. undertook Tree
coinage upon ration which accident
ally varied from the actual reiallNe
values of the two metals not more than
3 per cent.
In both cases. not withstandlng
greater difficulties and cost OF trans
portation than now exist. the COINS
whose intrinsic worth was undcrvalued
in the ratio. gradually and surely dis
appeared from our circulation and
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.
Twice in our recent history We have
signallv failed to raise by legislation
the value of silver.
In the light of these experiences,
which accord with the experiences of
other nations. there Is certainty no
good grounds for the belief that an act
of congress could now bridge an IN
equality of 20 per cent. between gold
and silver at our present ration, 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 10 its
Iost ration with gold.
Our attempt to accomplish this by
the free coinage Of silver at ratio
differing widely from actua relative
values would be the signal for the
complete departure of gold from our
circulation, the immediate and large
contraction of our circulating medium.
and shrinka@e in the real value and
monetary efficiency OF all other forms
of currency as they settled To the level
of silver recommendation.
Every dollar ~ fixed and stable vulue
has through the agency of confident
credit an astonishing capacity of mul
tiplying itself in financial work
4 serious Menace.
Every unstable and huctuatinG dollar
fails as ii basis of credit. and its use
begets gambling, speculation and un
dcrmincs the foundation. of honest
enterprise. have venturcd to express
myself on this subject with earnest
ness and plainness of speech because
IL cannot rid myself Of the belief that
| there turks in the proposition for the
free coinage of silver. 50 strongly ap
proved and So enthusiastically advo-
Gated by multitude of my country
men. IA serious menace to our pros
perty and an insibious temptation of
our people to wander from the alliance
they owe to public and private integ
rity.
All history warns us against rash cN-
pcrimcnts 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.
| will not believe that the American
people can be persuaded after sober
! deliberation 10 icopartlize their
nations prestige and proud standing
by encouraging financial nostrums.
nor that they will yield to the false
allurements of cheap money, when
they realize that ii must result in the
Weakening of that financial integrity
history has been so deyotedly cherished
as one of the traits of true American
ism.
| have suggested Il remedy which
my judgment approves,
| desire, however. to assure the con
gress that | am prepared TO Co operate
with them in perfecting any other
measure promising thorough and prac
teal relief, and that | will gladly labor
with them in every patriotic endeavor
L
welfare ot our countrymcn, whom. in
our respective places of duty. We have
undertaken To- serve.
EpDEEp ~ E'EEIANn