The news and herald. (Winnsboro, S.C.) 1877-1900, 1895-07-11
FREE ESILVER LETTER
SENATOR BACON OF GEORGIA
Says He is for Free and Unlimited
Coinage and Tells Why.

VA. - dNoh1uS ~ Gu0 hhoh SA1S
siuetallic convention O. July 18th will be one
IT the biggest affairs the state has ever
Lnowu. and she people there are preparing
accordingly. Among many ether letters to
Ihe local committee one tom Senator A o.
bacon. Geo.gia's junior senatot. fnos It i'm
possible to come to G.i1ln ana expresses
deep :egset because he ealcrses The conven-
ZION most heartily. He gives his views on
the aE-absorbing Question. however.
The letter is as follows, a3d will speak for
itself:
II am IN receipt o. yovr letter inviting ms
% attend the bimetallic convention which
convenes LII Griffin oD .he 18th instant
would. with pleasure, accept The inTjtat't',
but for the fact that 10 A"cordance WITH Plans
made four or five months ago, Will lease
home during the present week 10! sonie-
what protrarted absence. aud on :he dare
named will be unavuidapLY out 0, the STATE:
"For many Years past have regarded b'-
metailisIn as :he most important Qnesaor
beiu,e the public. in thatit, more than any
other, concerns the personal we'fa;e o1 :ne
people, ant the development ani rrospen;!
vi their industries. III shis believe tnas1
am it harmony with lie opinion OF the great
mass Of the American people: Tue cause 81
hilnetallisn is so strongly in:rercned ~ tne
tubli: fayof that no great polit;ca! party mas
ever dared TO 60 bef3,e the people in aroWed
opposition to t, and in advocacy OF raonc'-
metallism Of any kind. II IS doubtless .tue
that there are simca"e nimetalilsts who hes
tate 20 commit themselves TO free col1eEe
from honest app.ehensioas IS to its ef1ects:
Having ru reference to .nem, it IS proper 70
remark that macy, il not large Iusiorlty of
IL o.,s I'M ~
conceal their *rre sentiments, AID masque-
rade as the friends Of himeta'lic coinage,
while every power is exeI"ted by then. 70
maintain. the sing!e gold standard. Foo the
purpose Of catching votes they are theoret'
"a! hilnetaI1ists; but for .he purpose OF reap
ing for themselves and Their allise the golden
harvest troIn che single standard, they arc
practica, gold monometal]ists.
II rejoice in the hope that the time for
Juggling with ambiguous phrases has passed,
and that In the contests OF the nea- future
all those who are in either ayowedly Or at
heart gold mpnonetaiiists; will be ranged
together, and that. on the other side, there
will stand opposed to them, all true, praGtl-
cal oimetallists, who, while they may differ
as to methods and details nevertheless real
~ desire the restoration to the country 81
both gold and allva1 as primary money, Win
the coins Of each metal OF equal interchange
able value with tire other.
"Ths man who says such bimetsllIc
coinage OF equal interchangeable value
would not be sound money is not candid;
and be Who says that such practical bimetal-
lism is impossible, ought to aTow himself as
gold monometailis:, and should cease to
masquerade as theoretical bimetallist. -Or.
the other hand. ali who believe that sucn
practical bimetal!iSm is possible. ought to
adjust among themselves differences OF
method and Of detail, aud make common
causeagainst the advocates oftke single gold
standard, whether such advocates stand out
boldly as avowed monometallsts, or adroitly
concea! their true character under the dis
guise Of theoretical binetallists.
True bimetallisn means the use OF both
gold and silver coin as the money OF hnal
payment. A necessary consequence OF this
IS that practical bimetallism neceysitates gold
and silver coin of equal. interchangeable
value, and opposes a deprecated coin OF
either metal. Such deprecated coin ot
either metal would cause the coin Of the other
metal to disappear from active circulation,
and II such depreciation continued, the re-
suit would be practical monometallism.
single standard of either metal will entail the
evils Of ofmonometallism. Bimetallism Is in
consistent with monometallism Of any kind.
There is not in the world suff1clency OF
either gold OF silver, taken alone, to supply
the coin necessities to furnish the money OF
Anal payment required for the business OF
the world. This insuficiency Of either met
al is constantly increasing insuficiency,
through the rapid and continuing increase
iu the worlds population and business derel-
opment. The earnest contention Of the mo-
nometallist is that al nations should have
thesame standard. Ii, IL accordance with
this view, all the nations now using the sil,
YER standard should adopt the single gold
standard, this irsufflciency would De grossly
increased. It Is difficult to conceive that
gold monometallist could be found who
would seriously contend that in such case
the gold OF the world would be adequate to
the demands which would be made upon 1t.
On the other hand, il all nations should adopt
the single silver standard, the possible sup
DIV Of silver would be insufficient for the
purpose. To meet the demand for the
amount OF money OF final payment necessary
to do the business OF the world, the use OF all
both the gold and the silver of the world
which Is available for coinage ls necessary,
The exclusion Of either metal from equal
rights Of coinage necessarily results IN max
ing the coin Of the excluded metal merely
token money, and certainly effects contrac-
ton of the volume OF the money Of final pay
inent by confning the same to the other
metal. the coinage Of which is free and un-
limited. From this contraction Of the volume
Of money Of final payment, result disasters
and financial distress too painfully known
to US all, in the loss Of personal fortunes, the
staguation Of business, and the paralysis OF
enterprise.
There is no room for denial that by the
demonetization Of silver, gold has largely
appreciated. and silver has been correspond
ingly deprecated, in relative value. Re-
l,,,f bo InrnOnpfiZQtinD
of gold and the reconciliation OF silver, and
the relative values Of these two metals would
also promptly be reversed. Silver would be
the appreciated, and gold would be- the de-
preciated metal. Men may theorlze and dis
ouss until the crack OF doom upon the ques-
tcn Of the true ratio between thetwo metals,
end at last the only solurion mutt ne found
II practical experiment and that PRACTICAL
experiment can only be satisfactorily made
by coming the two metals Upon terms OF
exact and perfect equality. The true ratio
cannot be shown so long as one Ine1aI IS
allowed the free and unlimited coinage
which is denied by the law to the other.
When silver and gold are thus coined upon
terms Of equality, the true ratio or relative
value of the two metals will be correctly de-
monstrated by experience. II, as many con-
ddently believe, and as all patriots should
earnestly desire, the free and unlimited coin
hge Of gold and silver at the present legal
ratio OF l6 to shall prove that the coins OF
the two metals, when coined en- terms Of
perfect equality, are at such ratio, OF equal,
interchangeable value, the important ques-
ton will be most happily solved upon basis
which will do justice to both debtor and
creditor, and restore the proper relative
values Of property and money. II, on the
contrary, after Il fair trial OF such ratio, mad"
upon terms OF sqch perfct equality, and the
coius of the two netals should not prove OF
eoaal interchangeable value. the experiment
thus made will show practically what is the
true ratio. and the true ratio, when thus
ascertained. should be made the legal ratio.
Our people OF this section are not lntec-
ested in the products OF the silver mines, but
they are very deeply interested in having