Mexico weekly ledger., 1895-09-19

coined them at ratios ranging from
49, to 1 down. Seeing is believing,
and what has been done can be done
again.
Third. People have an indefeasible
right to pay their debts in the same
kind and volume of currency as they
We're contracted in. Every dollar of
our national debt, except that con-
tracted by recent bond sales, was con-
tracted when we had the free and I'M
limited coinage of silver and gold at
Is to l. Every dollar of our State
debt was contracted when the same
conditions prevailed. The bulk of
county, municipal, corporated and
private debts COR the debts out of
which subsisting obligations grew
were contracted under similar condi-
tons.
Fourth. When silver was demon
etized in 1878, the bullion in a silver
dollar W a worth 103 cents in gold. If
demonstration put it down, why
won't reconciliation put it up? It's
a poor rule that does not work both
ways. 1t went down when it was de-
monetized. 1t went up when the
Bland Allison act was passed. 1t
went up when the Sherman act was
passed. 1t went down when India
closed her minis to it. 1t went down
Union tho norobooinr olo1so +ba
Sherman law wal repealed. 1t would
go to par in so days if it were treated
as gold is treated.
THE COMMERCIAL RATIO.
Fifth. Those who clamor for a COM
mercial ratio under the present I'M
equal conditions should remember
that the rule of the church of good
morals is that before forgiveness must
come repentance and restitution. Put
silver back where it was prior to the
unconstitutional act of 1873, and then
it will be ample time to talk of a change
of ratios.
Sixth. All the talk about CONNER
cial ratios is nonsensical. Gold and
silver never have been and never can
be kept at any fixed commercial ratio,
for the self sufficient reason that the
commercial ratio changes every hour
sometimes in favor of silver and
sometimes in favor of gold, owing to
conditions which are patent to an and
which it would be a waste of time to
enumerate. The coinage ratio is ar
bitrary, and being arbitrary and fur
nishing an unlimited demand for both
gold and silver under free coinage
held the commercial ratio lowering
around 1516 to 1 until 1873. If we I'M
dertake to establish free coinage at
the commercial ratio-or if the whole
world should SO undertake. would
necessitate such frequent changes to
keep it at the shifting commercial
ratio that all business, all commerce
and all systems of finance would be
thrown into inextricable confusion;
for the conclusion is inevitable that If
the commercial ratio of to-day is to
prevail to-day, then the commercial
ratio of tomorrow must prevail to-
morrow. That would be a sort of
financial perpetual motion machine.
If we change the ratio to the pres
emit commercial ratio, one of two
things must be done: The size of the
gold dollar must be reduced one-half.
at great expense and delay, thereby
enriching those who have already all
the money by the enormous sum of
$500, 900 zoe. That is, the Govern
ment would virtually make them a
present of that much. 1t is an old
saying, applicable in this case, that
you should not grease a fat hog, be-
cause it's always the poor one that's
lousy. But while gaining this $780,
0oo, 600 they would lose practically half
of their debts measured in gold. III
you do not diminish the gold dollar
one-half, you must double the size of
the silver dollar. Then one of two
things would happen: Either we
would have two different sorts of sill
Yer dollars circulating side by side