The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-09-06
aE OUTLINES HIS VIEWS
The Financial Faith of a Prominent
Prohibitionist.
Why He Opposes Free Silver. The
Charge That the Law of 1873 Was
a Crime Has Never Been
Proven. The Past Experi.
ence With Currency.

Prohibition national committee outlines
his views on the currency question rs
follows:
Without undertaking an argument in
behalf Of any proposition herein, sub
nit the following as in part a declara-
tion of my financial faith:
First-Upon any satisfactory plan
for equalizing the intrinsic and NOM
inal value Of our coins am n bimetal-
list. An international agreomont or all
increased ratio might sufficiently ap-
proximate the desired result. To de-
crease the amount Of gold in our gold
coins might accomplish tho same end,
but would be palpable fraud.
Second.-As between gold mono
metnllism and silver monometalhsm
unhesitatingly declare for tho former.
AS 10 free coinage--several years ago
when this question began to attract
public attention i found myself in
clined to sympnthizc with tho advo-
Gates of free coinage. Before commit
ting myself either way soughtto make
careful examination of tho question
and believe that was able to study the
problem as student and not Ks an adj
vocato. l began my examination Of tho
Issue, however, with tho belief that a
studious investigation would only tend
&c. confirm and strengthen impressions
and prejudiccs which, at tho time I
knew rested on no well established
foundation.
An examination Of tho issuo in all its
bearings has led me, almost against my
will, to tho conclusion that ut the ratio
proposed, and without international
agreement. tho free coinage of silver by
tho United States would be calamity
of no mean magnitude. In this position
find myself i'll harmony with tho best
thought of tho Prohibition party, rs
witness the rejection of u free coinage
plank at Cincinnati by tho decisive vote
of 335 for to 596 against. Tho follow
ing arc among tho conclusions which
have forced themselves upon mo;
First-Tho charge that tho law of
1878 was n 'crime" and the outcome Of
conspiracy has mover boon proved.
There is no direct testimony, the cir
cumstantial evidence is utterly made
quate, and the absence of motive is i'm
portant
Second. Tho effort Oh tho part OF
tho silver men to pose as tho especial
friends of the workingmcn and to hold
up thoir opponents in tho suiso of "aris-
tocrats," 'bondholdcrs, robbers, ("
gold barons," "Shyloclxs, " otc, is a
most disgusting exhibition of the dema-
gogue's nrt.
Third. Equally insincero and absurd
Is tho attempt to arouse prejudice against
an inert substance by tho violent dec
lalnation that gold is traitor, ""Cold
deserted the country when Sumter was
fired upon, gold never fought a bat
tie for us, +" gold fled i'll the time Of
danger, nobody saw any gold during
the war" Substitute SILVER for
gold in tho preceding quotations,
and they are equally true
Fourth. Gold, measured by human
toll, which is tho only truo standard,
has steadily deprecated in purchasing
power for many years.
Fifth. accommodates, produced by
improved methods Of production, ought
to depreciate i'll value, and such dcpre-
az Az N''hNbIC vi slh aDIIcClt-
ton in tho currency Of tho country.
Sixth. Debtors contracting debts
during or soon after the war and pay
ing dollar for dollar in tho late sew
enties or since certainly suffered serious
hardship This hardship was incident
to our recovery from AN era of depreci
ated money and was not caused bv tho
"crimo" Of 1878.
Seventh. coinage, ms proposed,
would mean silver monometallism de-
preciated currency and the prompt dis
appearance of gold
Eighth. To defend the debasement
OF onr currency on tho ground that
cheap money will benefit the debtor
class, enabling them to discharge thoir
obligations moro easily, is to advocate
rank dishonesty.
Ninth. "A reasonable prospect Of the
enactment Of such legislation as il adj
vocateu by tho silver men would pre-
0ipitate an era of forced liquidation
certain to yield calamitous results.
Tenth. All experience with do
based currency abundantly proves that
under such regime commodities
promptly advance in price, while the
advance in wages is always less prompt
and in the degree Of advance less per-
fectly compensates for the decreased
purchasing power OF the circulating