Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-12-05

OF gold was entirely immaterlal TO the foreign
creditor and investor. His debt could only be
paid In gold and hiS only concern was our abil-
lty to keep on hand that kind OF money.
Inasmuch as the withdrawal OF our gold has
resulted largely from fright, there is nothing
apparent that will prevent It's continuance or
recurrence, with its natural consequences, ex- !
cept such u change in our financial methods as ,
will reassure the frightened and make the de-
sire for gold less intense 1t Is not clear how !
an increase in revenue, unless IL be in gold, can
be satisfactory to those whose only anxiety is to ]
gain gold from the governments store. 1t cam
not. therefore, be safe to rely upon increased |
revenues as a cure for our present troubles.
Although the law comrelling an increased
purchase Of silver by the government was
passed on the 18th day Of July, 1897, withdraw
ais Of gold from the treasury upon the notes
given in payment on such purchase did not be-
gin until October, 1891. Immediately following
that date the Withdrawals upon both these
notes AID Ulited States notes Increased very
largely ana have continued to such an extent
that since the passage of that law there has
been more than thirteen times Us much gold
taken out of the treasury upon United States
notes and treasury notes issued for silver pur-
chases rs was Withdrawn during the eleven
and half years Immediately prior thereto and
after the first day OF January, 1879, when spe-
Gle payment were resumed.
have constantly had in mind the fact that
many of my cOuItrytnen, whose sincerity l
d. not ,ubt insist that the cure for the ills
now threatening us may be found In the single
aud simple remedy of the free coinage of sill
ver They contend that our minis shall be at
once tarown open to the free and unlimited
lld independent coinage OF both gold and S!l-
yer dollars Of full legal tenler quality, regard
less of tn action Of any other government ana
In full view OF the fact that the ratio between
tho metals which they suggest calls for lCC
cents worth OF gold in the gold dollar at the
present standard and only 10 cents in intrinsic
worth Of silver in the silver dollar.
Were there infinitely stronger reasons than
can be adducel for hoping that such action
would secure for us II bimetallic currency NOV
ing on lines of parity an experiment so novel
and hazardous us that proposed might we'll
staEger those who believe that stability Is an
imperative condition Of sound money. No
government, no human continuance or act OF
legislation has ever been able TO hold the
two metals together in free coinage at
a ratio appI eciably different from that which
is established In the markets Of the world.
Those who believe that our independent free
coinage OF silver ut an artificial ratio with gold
OF IS to would restore the parity between the
metals and consequently between the coins OPP
4
to the belief and practice OF other nations and
the teachings OF the wisest statesmen 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 law makers In
| attempting to establish blmetallic currency
undertook free coinage upon u ratio which &C
| cidentIlly varies from the actual rela-
tive value OF the two metals not more than
| - L.. N,.N1 waNNyuEA NhpNu a HIM
great difficulties and cost of transportation
than now exist the coins whose intrinsic worth
were undervnlued In the ratio gradually and
surely disappeared 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 q slight inequality Twice
in our recent history we have signaly failed TO
raise by legislation the valne OF silver. Under
an act Of congress In 1873 the government was
required for more than eleven years - extend
annually ut least S!000lOJJ in the purchase In
silver bullion for coinage.
The act OF July II, 1871 in q still holder eff
fort increased the amount Of silver the gov
eminent WAS compelled to pucch lS3 AMI forced
1t TO become the buyer annually OF AI,Wlml
ounces, or practically the entire pro luct OF our
mines. Under both laws silver rapidly and
steadily declined In value The prophecy and
the expr sSed hope and expectation Of those
in the congress, who led in the passage OF the
last mentioned act that 1t would establish
ana maintain the former parity between the
two Ils are still fresh In our memory.
In the light OF Iese eX ierlen ;eS whlcl nc-
cord with the experience Of other natiO rs,
there is certainly no secure ground for the b5-
lief that an net nf congress could now bridge
an inequality Of 50 per cent. between gold and
silver ut our present rlti0, nor u 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, to its lost ratio
with gold. Our attempt to nccomoliSh this by
the free coinage of silver ut ratio differing
f.om the actual relative value wO I'D b. tn ;
signal for u complete departure OF gol from
our circulating. the immediate AMI larGe con-
traction OF our circulation medium AMI Shr,nS-
age In the real value an mo lstIrI efficiency
Of all other forms OF currency ~ they settled
to the level o. silver m IN met lilm.
In u Self-invted struggle through darkness
and uncertainty cur humiliation would he in-
creased by the ChnSciOuSl'sS that we had
parted company with all the enligltenel and
progressive nations OF the world and were
despcrate.y AMI hopeless IL striving TO mec5
the stress OF molcrn conner % aad conpItt-
ton with dcolsed anl unSuitaO cuTenc ,,
and In Il ,Socidtion with the few weai All lag
gard nations which have silver alone rs their
standard oi value. All history wlrlS us
against rash experiments which threaten
violent changes In our MONETARY standard AZ
degradation Of our currency
The pa It Is full Of lessons, teaching not only
the economi' myers. hut the national immor-
ality that follows in tAe train OF sueh expert
ment. win not believe that the American
people can be persuaded, after sober dellbera-
ton, to jcoDardize their nations prestige aud
pro I'd standing by encouraging financial nos
trums nor that they will yield to the false al
lurementS OF cheap money when they realize
that IL must result in the weakening OF that
financial integrity and rectItu ie which thus
far In our history has been 50 devOtedly cher
ished a. one Of the traits Of true AmerlcaniSm.
Our cOGutrys indebtedness, whether owing
by the government or existing between indi-
yiduals, has been contracted with reference 10
our present st lndard. 10 decree by act OF con-
greSi that these debts Shall be payable in less
valuable dollars than those within the con-
temptation and intention Of the parties when
contracte l. would operate to transfer, By tha
fiat OF law and without compensation. an
amount OF property and q volume OF r ghtS and
interests almost incalcuable. Those who ad
vocate a b ind and headlOng plunge to free
colnags In the name Of bimetalliSm nnd pro-
Tossing the belief, contrary to all eX'
perience, that We could thus estab'
fish double standard and a
concurrent circulation OF both metals in oul
coinage are certainly reckoning from cloudy
standpoint. Our present standard OF value Is
the standard Of the civilized world and per
mits the only bimetallism now possible or at
least that within the Independent reach OF aAy