The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-04
S an imperative condition Of sound

No government. no human co1tr1-
vance or act OF legislation has ever been
able to hold the two metals together in
free coinage 81 a ratio app-sciaSly dif-
fsrent from that which IS established
in the markets Of The world
Those who believe that our ir5spsn-
dent free coinage o. silver 81 an arti-
fetal ratio with gold OF Is 20 l would
restore the parity between the metals
and consequently between the coins
oppose AID support an improbable
theory to the general belief and practice
OF other nations and the teachings or
the wiSest sta ssnen and economists or
The world both In the past and present
and what Is for uisre conclusive they
run counter 70 our own actnal expert
ences. Twice in our earlier history
our law makers IN attempting 20 es'Ao-
Hsh a bsmetallic currency undertook
free coinage upon a ratio which accl-
dentally varies from the actual rela'
tive statute % tie two metals rot noTt
than 3 per cent in both cases Not
withstanding great difficulties and cost
OF transportation than now exist the
coins whose intrinsic worth was under
valued in the ratio gradually and sure
" disappeared from our circulation
and went 70 other countries where
their real value was better recognized.
Act of congress was impotent 20 create
where natural cause dec.sed even n
slight inequality. Twice II our re
cent history we have signaliy failed
TO raise by legislation the value Of
silver. Under an act OF congress n 1873
the government was required FOR more
than twelve years 10 expeld Annually
at least SIS. 600 900 in the purchase or
silver bullion for coinage.
The act OF July Il. 1899. IN stu
bolder effort increased the amount OF
silver, the government was compelled
10 purchase and forced u 20 become the
buyer annually OF 54.0o0,00e ounces or
practically the entire product OF our
mines. Under both laws silver rapidly
steadily declined IA value The pro
phecy and the expressed hope ana ex-
pectation OF those ii the congress who
led In the passage OF the last mentioned
act that Il would re-estahlish and main
tain the former parity between the two
metals are stil fresh in our memory.
DEPICTS 4 CALAMITY.
In the light OF these experiences
which accord with the exp sriences OF
other nations. there Is certainly no Sc
cure ground for the belief that an act
of congress could now bridge an eqCall-
~ OF 80 per cent between gold Dad sill
yer at our present ratio. nor Is there
the least possibility that our country.
which has less than one-seventh or the
silver money IN the world could BY Its
action alone raise not only our Own. but
all silver. 10 its lost ratio with gold. our
attempt to accomplish this by the free
coinage OF silver a. ratio dluerinS
from the actual relative value would
be the signal for complete departure OF
gold from our circulation. the imme-
date and large contraction OF our Circu-
lating 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 m0nometal-
ism. Every one who receives fixed
salary and every worker for wages
would find the dollar in his hand ruth
lessIy. scattered down to a point OF Bit
ter disappointment IL not TO piachins
privation. \ change in our standard
10 silver recommendation would also
bring on a collapse OF the entire sys-
TEN OF credit which when based on
standard which Is recognized and
adopted by the world OF business is
many illness more useful than the entire
volume or currency and - safely caps
bic OF almost indefinite expansion -
meet the growth of trade an enterprise.
In a self-invited struggle through
darkness and uncertainty our humilia-
ton would be Increased by the con-
seriousness that we had parted company
with all the enlightened and progressive
nations OF the world and were desperate
" and hopelessly striving 10 meet the
stress OF modern commerce and com
petition with a debased and unsuitable
currency and in association with the
few weak laggard nations which have
silver alone as their standard OF value.
All history warns Us against rash ex-
periments which threatens violent chan
&c in our monetary standard and de-
gredati0n OF our currency.
LESSON OF THE PAST.
The past is full OF lessons, teaching
not only the economic dangers hut the
national immortality that follows in the
train Of such experiments. ] VIII not
believe that the American people can
be persuaded after sober delibsratlon
to jeopardlze their nations prestige
and proud standing by encouraging
fnancitl nostrums nor that they Will
yield 70 the false allursments OF cheap
money, when they realize that Il must
result in the weakening Of that inan-
cjal integrity and recttude which thus
far in our history has been 30 dsvotedly
cherished as one OF the trails OF true
Ar1ericaD!sm.
our country's Indebtedness whether
owing by the government or existing
between individuals. has been contract
ed with reference To our present stan
dard. To decree by act Of congress
that these debts shall b. payable IN Jess
valuable dollars than those within the
contemplation and intention 81 the DsT-
ties when contracted would operate
20 transfer b. the fat OF law ana with
out compensation. an amount q proper
" and a volume OF rights and inter
ests almost !ncalculsble. T'hoee VINO
advocate a blind and headlpng plunge
70 free coinage IN the name q tlrne Ia
ism and protesting TIE belle. con-
tra-y 10 all experience that we could
thus establish z double standard and a
concurrent circulation q both metals
IN our coinage are certainly reckoning
from q cloudy standpoint Our pTsHer
standard q value Is the standard o. ire
civilized world and permits The oaiy b.
metailism TOW possible or a. leas; tia;
within the fadegendsat raca o. ar
single nation. however powerful that -
ton may be. While ne value - god
Is a standard 81 s.ezdled 81 Amos; uE3-
versaI commercial business usage q does
rot deED3Ee. nor sex its bAnIshrBfs - 2
Wherever this standard Is MAINTAINED
there s. AZ Sc side 10 FRYE and unques-
toned circulation = volume OF SILVER
currency EVnerirnes eg8a441g q Ee-l
currency and Sometimes even eTrf-eS- -
O. in amount. both nlsiutai1si a. q
parity n0-x ItastandlnR q depreciation
% hgctuation in the i1trlnsic value q
liver.
TALK On STANDARDS
There - q vzst cTercrce between q
standard q value and currency -
rlofsstsry use. TIE Etarsisr1 russt ne