The Caucasian. (Clinton, N.C.) 188?-1913, 1895-12-12

suggest way WHICH, leauS " safer
financial system | have constantly had
in mind the fact that many OF my cOun-
trymen, whose sincerity do not doubt,
insist that the cure for the ills now
threatening us may be found in the
single and simple remedy of the free
coinage Of silver. They contend that
our minis shall be at once thrown open
to the free, unlimited and Independent
coinage of both gold and silver dollars
Of full legal tendon quality regardless
Of the action Of any other government
and in full view of the fact that the
ratio between the metals which they
suggest calls for 100 cents worth Of gold
in the gold dollar at the present stand
ard
AND ONLY so CENTS
in intrinsic worth of silver in the silver
dollar.
Twice in our recent history we have
signally failed to raise by legislation
the value of silver. Under an act of
Congress passed in 1873 the govern
ment was required for more than twelve
years to expend annually at least $24,-
OOO, 900 in the purchase of silver bullion
for coinage. The act of July IA, 1890,
in still holder effort, increased the
amount of silver the government was
compelled to purchase and forced it to
become the buyer annually of 54,OOO,OOO
ounces, or practically the entire pro-
duct of our mines. Under both laws
silver rapidly and steadily declined in
value. The
PROPHECY AND EXPRESSED HOPE
and expectation of those in the Con-
gress who led in the passage of the last
mentioned act, that it would re-estab-
lish and maintain the former parity
between the two metals, are still fresh
in our memory.
In the light of these experiences
which accord with the experiences OF
| other nations, there is certainly no Sc
cure ground for the belief that an act
of Congress GOULD now bridge an inc
quality of so per cent. between gold
| and silver at cur 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 its lost ratio
with gold. Our attempt to accomplish
this by the free coinage of silver at q
ratio differing widely from actual rela.
| tive values would be the signal for the
complete
| DEPARTURE OF GOLD
from our circulation, the immediate
and large contraction Of our circulating
medium and a shrinkage in the real
value and monetary efficiency of all
other forms of currency as they settled
to the level of silver mono-metallism
Every one who receives a fixed salary
and every worker for wages would find
the dollar in his hand ruthlessly scaled
down to the point of bitter disappOint.
ment, if not to pinching privation.
There is vast difference between 8
standard OF value and a currency fol
monetary use. The standard must
necessarily be fixed and certain. The
currency may be in divers forms and
of various kinds. No silver standard
country has gold currency in circu.
latiOn, but an enlightened and wise
system Of finance secures the benefit.
of both gold and silver as currenc,
and circulating medium, keeping thu
standard stable and all other currenc,
at par with it. Such system and sucl
a standard also give free scope for tn,
use and expansion of
SAFE AND CONSERVATIVES CREDIT.
so indispensable to broad and CROWNS
commercial transactions and SO wei
substituted for the actual use of money
If fixed and stable standard is main
tanned, as the magnitude and safety O
our commercial transactions and bust
ness require, the use of money itself il
conveniently minimized.
Every dollar of fixed and stable valu,
has through the agency of confiden
credit an astonishing capacity of null
tiplying itself in financial work. Ever
unstable and t1uctuating dollar fails a
basis of credit, and in it's use beget
gambling speculation and undermine
the foundation of honest enterprise.
| have ventured to express myself Q,
this subject with earnestness and plain
ness Of speech because cannot rid my
self of the belief that there turks in tn
proposition for the free coinage of sill
yer, so strongly approved and so enthu
siastically advocated by multitude o
my country men, a serious menace to GU
prosperity and an insidious Temptation
Of our people to wander from the allie
glance they owe tOpublic and privat
integrity. 1t is because 1 do not dis
trust the good faith and sincerity O
those who press this schem
that | have imperfectly, but with yea
Suouilteu Wy thoughts upon this mo
mentOus subject. l cannot refrain
from begging them to re-examine thei
views and beliefs in the light of pa
triotic reason and familiar experienc
and to weigh again and again the con
sequences Of such legislation as thei
efforts have invited. Even the contin
ued agitation of the subject adds great
ly to the difficulties of a dangerou
financial situation already forced upo1
us. In conclusion especially entrea
the peoples representatives in tn
Congress. who are charged with tn
responsibility of inaugurating meas
ures for the safety and prosperity O
. our common country, to promptly an,
effectively consider the ills of our crit
ical financial plight. have suggest
ed remedy, which my Judgment ap
proves.