Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1895-12-05
In free coinage at a ratio appreciably diff
ferent from that which Is established in
the markets of the world.

tne nhrketS OF the WOrlu.
Opposed to Our Own Experience.
Those who believe that our independent
free coinage of silver at an artificial ratio
With gold of sixteen TO one would restore
the parity between the metals, and conse,
aueny @ ,ne eohs an W.
general belief and practice of other nations
and to the teaching of the wisest states
men and economists of the world. both in
the past and present and what is far more
conclusive, they run counter to our own
actual experiences. Twice in our earlier
history our lawmakers in attempting to
establish bimetallic currency undertook
free coinage upon ratio which accidental
~ varied from the actual relative values
of the two metals not more than three per
cent. In both cases, Notwithstanding
greater difficulties and cost of transporta-
ton than now exist, the coins whose In
trinsic worth was undervalued in the ratio
gradually and surely disappeared from our
circulation and went to other countries
where their real value was better recog
nized. Acts of congress We're impotent TO
create equality where natural causes de-
creed even slight inequality.
Twice in the recent history we have sig
nally failed to raise by legislation the
value of silver. Under an act of congress
passed in 1878 the government was re-
quired for more than ~ years to expend
annually at least s24. 100000 in the purchase
July IA, $780, in a still holder effort in
creased the amount of silver the govern
ment was compelled to purchase, and
IOrceu 1T TO become the DuyeF annually Oh
54,oO0,OOO ounces. or practically the entire
product of our mines. Under both laws
silver rapidly and steadily declined In
hope and expectation of those in the con-
gress who led in the passage of the last
mentioned act, that 1t would reestablish
and maintain the former parity between
the two metals, are still fresh in our mem
DRY.
Dire Eject of Free Coinage.
In the light of these experiences, which
accord with the experiences of other ma
for the belief that an act Of congress could
now bridge an inequality of 80 per cent.
between gold and silver at our present
ratio. nor is there the least possibility that
our country, which has less than one-sev-
enth 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 the free
coinage Of silver at Ratio differing widely
from actual relative values would be the
signal for the complete departure of gold
from our circulation, the immediate and
large contraction OF our circulating med
ium, and a shrinkage in the real value and
monetary efficiency of all other forms OF
silver monometallism. Every one who re-
ceives fixed salary and every worker for
wages would lind the dollar in his hand
ruthlessly scaled down to the point of Bit
ter disappointment II not to pinching priva-
ton.
A change in our standard to silver mon
ometallism would also bring on a collapse
OF the entire system of credit which, when
based on standard which is recognized
and adopted by the world of business, is
many times more potent and useful than
the entire volume of currency, and is safe
ly capable of almost indefinite expansion
to meet the growth of trade and enter
prise, in self-invted struggle through
darkness and uncertainty, our affiiction
would be increased by the consciousness
that we had parted company with all the
enlightened and progressive nations of the
world, and were desperately and hope
lessly striving to meet the stress of modern
commerce and competition with q debased
and unsuitable currency, and In associa-
ton with the few weak and laggard ma
tions which have silver alone as their
standard of value.
Has Faith In the People.
All history warns us against rash ex-
periments which threaten violent changes
in our monetary standard and the degrada-
ton of our currency. The past Is full of
lessons teaching not only the economic
danger, but the national immortality that
follows in the train of such experiments. I
will not believe that the American people
can be persuaded after sober elaboration
to jeopardize 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 1t must result in the weak
ening of that financial integrity and
rectitude which thus far in our history has
been so devotedly cherished as one of the
traits of our Americanism.
Our country's Indebtedness whether
tween individuals has been es Contracted ted
with reference to our present standing.
To. decree by act of congress that these
debts shall be payable in less value. dollars
than those within the contemplation and
intention of the parties when contracted
would operate to transfer by the fiat OF law
and without compensation an amount OF
property and a volume of rights and inter-
ests almost incalculable.
Must Maintain the Single Standard.
Those who advocate blind and head
long plunge to free coinage in the name
lief contrary to all experience that we
should thus establish double standard
and concurrent circulation of both met
ais of our coinage are certainly reckoning
from cloudy standpoint. Our present
standard of value Is the standard of the
civilized world and permits the only BIZ
metallism now possible, or at least that
is within the Independent reach of any
single nation, however powerful that ma
ton may be. While the value of gold
is steadied by almost universal CONNER
cial and business use, 1T does not deS-
pise silver nor seek it's Punishment.
Wherever that standard Is maintained
there is at its side, in free and unques-
toned circulation, volume of silver cur
rency sometimes equaling and sometimes
exceeding 1t in amount, both maintained
at parity, Notwithstanding deprecia-
ton or fiuctuation in the intrinsic value
of silver.
There is a vast difference between a
standard of value and currency for
monetary use. Standard must necessarily
be fixed and certain. The currency may
be in divers forms and of various kinds.
No silver-standard country has a gold cSr-
rency in circulation; but an enlightened
and wise system of finance secures the
benefit of both gold and silver as currency
and circulating medium by keeping the
standard stable and all other currency at
par with 1t. Such system and such a
standard also gives free scope for the use
and expansion 'of safe and conservative
credit SO indispensable to broad and grow
ing commercial transactions, and so well
substituted for the actual use of money.
II fixed and stable standard is main
tanned, such as the magnitude and safety
of our commercial transactions and bust
conveniently minimized. Every dollar of
fixed and stable value has through the
agency of confident credit an astonishing
capacity of multiplying itself in financial
work. Every unstable and nuctuating
dollar fails as basis OF credit, ard in It's
use begets gambling. speculation. and I'M
dermines the foundation of honest enter
prise.
have ventured to express myself on this
subject with earnestness and plainness Of
speech because / cannot rid myself OF the
belief that there turks in the proposition
for the free coinage of silver. SO strongly
approved and so enthusiastically advocated
by multitude of my countrymen, seri-
Gus menace to our prosperity and an in
siuious temptation of our people to wander
from the allegiance they owe to public and
private integrity. II Is because do not
distrust the good faith and sincerity of
those who press this scheme that ! have
imperfectly but with zeal, submitted my
10 fhfo athiant 7