Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1895-12-07

can be adduced for hoping that such action
would secure for bimetallic currency NOV
| ing on lines OF parity, experiment. so novel
and hazardous as that proposed might well
Stagger 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 appT eciably different from that which
| is established in the markets of the world.
Those who believe that our independent free
coinage of silver at an artificial ratio with gold
OF Is to would restore the parity between the
metals and consequently between the coins OPP
pose unsupported and improbable theory
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 a bfmetallic currency
undertook free coinage upon ratio which ac-
cidentally varies from the actual rela-
tive value of the two metals not more than
per cent. in both cases, Notwithstanding
great difficulties and cost of transportation
than now exist the coins whose intrinsic worth
were undervalued 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 a slight inequality. Twice
in our recent history we have signally failed to
raise by legislation the valne of silver. Under
du ACT Oh congress IN 1910 JQ0 government was
required for more than eleven years to extend
annually at least S!600),O00 in the purchase in
silver bullion for coinage.
The act of July II, 1872 in a still holder eff
fort increased the amount of silver the gov
ern1nent was compelled to purchase and forced
it to become the buyer annually of ~, 900 900
ounces, or practically the entire product of our
mines. Under both laws silver rapidly and
steadily declined in value The prophecy and
the expressed hope and expectation Of those
In the congress-. who led in the Of the
last mentioned act that it would ra-establiSh
and maintain the former parity between the
two metals are still fresh in our memory.
In the light of these experiences, which ac-
cord with the experience of other nations,
there is certainly secure ground for the be-
lief that an act of congress could now bridge
an inequality of 50 per cent between gold and
silver at our present ratio, nor is there tho
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 accomplish this by
the free coinage of silver at a ratio differing
from the actual relative value would be the
signal for complete departure Of gold from
our circulating, the immediate and large con-
traction of our circulation medium and shrink {
age in the real value and monetary efficiency
of all other forms of currency as they settled
to the level of silver monometailism-
In a self-invited struggle through darkness
and uncertainty our humiliation would be in
parted company with all the enlightened and
progressive nations of the world, and were
desperately and hopelessly striving to meet
the stress Of modern commerce and competi-
ton with debaSed and unsuitable currency,
and in association with the few weak and lag
gard nations which have silver alone as their
standard of value. All history warns us
against rash experiments which threaten
violent changes in our monetary standard and
deg radiation of our currency.
he mast is fnll of lessons teachinO not onlv
the economic dangers, but the national immor-
atty that follows in the train of such expert
ment 1 will not believe that the American
people can be persuaded, after sober delibera-
ton, to jeopardize their nations prestige and
proud standing by encouraging financial nos
trums, that they will yield to the false al
lurementS OF cheap money, when they realize
that it must result in the weakening OF that
financial integrity and rectitude which thus
far in our history has been devotedly cher
ished as one of the traits of true Americanism.
Our couutry's indebtedness, whether owing
by the government existing between indi-
vidualS, has been contracted with reference to
our present standard. 10 decree by act of con-
greSs that these debts shall be payable in less
valuable dollars than those within the con-
temptation and intention of the parties when
contracted would operate to transfer, by the
fat OF law and without compensation, an
amount of property and volume of rights and
interests almost incalculable Those who adj
vocate a blind and headlong plunge to free
coinage In the name OF DllQoGalllSm ana pro-
Tossing the belief, contrary to all ex-
perience, that we could thus estab-
lsh double standard and a
concurrent circulation Of both metals in eur
coinage certainly reckoning from a 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 any
single nation. however powerful that nation
may be- While the value of gold as standard
is Steaded by almost universal commercial and
business usage, it does not deSpise silver nor
seek its banishment. Wherever this standard
is maintained there is a. its side in free and
unQueStioned circulation volume OF silver
currency sometimes equaling and sometimes
even exceeding it in amount, both ma intained
at parity Notwithstanding deprecia tion or
fiuctuation in the intrinsic value OF silver.
There is vast difference between stand
ard of value and currency for monetary use.
The standard must necessarily be fixed and
certain. The currency may be in Diverse forms
and I various kinds. No silver standard
country has a gold currency in circulation, but
an enlightened and wise system of finance Sc
cures the benefits OF both gold and silver as
currency and circulating medium by keeping
the standard stable and all other currency at
par with it. Such system and such stand
ard also gives free scope for the use and ex-
pansion Of safe and conservative credit
Indispensable to broad and growing
commercial transactions and well
substituted for the actual OF money.
II fixed and staple standard is maintained,
such the magnitude of safety of our COM
mercial transactions and business require the
use of money itself is conveniently minimized
Every dollar Of fixed and stable value has
brought the agency of confident credit in as
tonishing capacity OF multiplying itself in
financial work. Every unstable and huctuat-
ing dollar fails as . basis OF credit and its use
begets gambling speculation and undermines
the foundations OF honest enterprise. have
ventured to express myself on these subjects
with earnestness and plainness of speech be-
cause I cannot rid myself of the belief that
there turks in the proposition for the free coin
age OF silver so strongly approved aud so en-
Enthusiastically advocated by a multitude
Of my countrymen q serious menace to our
prosperity and insidious temptation of our
people to wander from the allegiance they owe
to public and private integrity. 1t is because
do not distrust the good faith and sincerity
Of those who press this scheme that have Inn
perfectly but with zeal submitted my Thoughts