The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1895-12-12

1s9ss taken from Q s1Eplas rsvspus 10 ~
eold i ths market. OF course. h e6ald NOT d
this without paying . premium. Private ho1d-
ers of gold, unlike tho govsEnment having ~
parity to maintain. would not b restrained
from Daking the best bargain possible when
they furnished gold to the treasary: but the
moment the secretary Of tho treasury bought
gold on any terms above par he would estab.
lish a general and universal premium upoa il
thus breaking down the parity between gold
and silver which the government i plbged -
maintain, and opening tie way to now and
serious complications.
In tho meantime tho premium would not 10
main stationary and the absurd spectacle might
b presented Of dealer selling gold to the
Government and with United States notes or
treasury notes in his hands Immediately clam
oring for its return, and resale at . higher
premium It may b claimed that laHgo row
enue and reduced receipts might fhyoEably af.
fect tho situation under discussion by a60fding
IN opportunity affecting these notes in the
treasury when received. and thus preventing
their presentation for gold. Such retention to
be useful ought to be at least measurably per-
manent, and this is precisely what Is prohib-
tied so far a. United States notes are con-
cerned b. Law Of 1873. foehidding their re3
tirement Thatthe statute in 90 many words
provides that those notes when received into
the treasury and belonging to the United States
ton" 1t will moreover b readily seen that
the government could not refuse to pay out
United States notes and treasury notes in cur
rent transactions when demanded. and insist
on paying out silver alone and stiu maintain
tho parity between that metal and tho cur
rency representing gold Besides the accumu
lation in tho treasury q currs.cy Of any kind
c1actsd from. the people through taxation Is
justly regarded al IN evil and it cannot pro
coed far without vigorous protest against an
unjustifable retention of money.
Were there infinitely stronger reasons than
can 30 addueed for hoping that such acti on
would secure for rs Q bimetallic currency NOV
ing on lines Of parity an experiment 90 novel
and hazardous as that proposed might we'll
staeger those who believe that stability is An
imperative condition Of sound money. No gov
ernment NO hum 4 continuance OF act of le9is-
latiOn has ever been able to hold thetwo metals
together in free coinage at . ratio appreciably
different from that which is established in tho
markets Of the world.
In the light Of these experiences, which %.
cord with tho experiences of other nations.
there is certainly NO secure ground for tho be-
lief that an act of Congress could now bridge
an equality of 50 per cent between gold and sill
yer at our present ratio, nor Is there tho least
possibility that our country, which has Leo
than one seventh Of the silver money in tho
world, could BY its action raise not only our
own, but all silver. to its lost ratio with gold.
Our attempt to accomplish this by tho FREQ
coinage of silver at q ratio differing from the
actual relative value would be the signal for
complete departure OF gold from our circula-
ton, and the collapse Of our entire credit sys-
tenn.
Our country's indebtedness whether owing by
the government or existing between individuals.
has been contracted with reference to our pres
emit standard To decree by act Of Congress
that these debts shall be payable in less valua-
BILE dollars than those within tho contemplated
and intention Of tho parties when contracted.
without compensation. an amount OF property
and volume of rights and interests almost in
calculable Those who advocate . blind and
headlong plunge to FREQ coinage in tho name Of
bimetallism and protesting the belief, con-
trary to all experience, that No could
thus establish q double standard and .
concurrent circulation Of both metals in our
coinage are certainly reckoning from . cloudy
standpoint. Our present standard Of value Il
the standard Of the civilized world, and per
mits the only bi-metallism now possible or at
least that within the Independent roach Of any
single nation. however powerful that nation
may Be- While Will the value as..a; Of gold
almost universal commercial and business il
does not despise silver nor seek its banishment
Wherever this standard is maintained there il its
side in FREQ and unquestioned circulation . vol
ume of silver currency sometimes equAfins, and
sometimes even exceeding it in amount, both
MAR tanned at . parity Notwithstanding . de-
precation or 1uctuAtion In the intrinsic value Of
silver.
There is a vast difference between standard
Of value an currency for monetary use. The
standard must necessarily be fixed and certain.
The currency may be in diverse forms and Of
various kinds. No silver standard country has
Q gold currency in circulation but IN enlight-
ened and wise system Of finance secures the
benefits of both gold and silver as currency
and circula, ing medium by keeping tho stand
ard stable and all other currency at par with
it Such a system and such Q standard also
gives free scope tor the use and expansion OF
safe and conservative credit 80 indispensable
to broad and growing commercial transactions
and SO well substituted for the actual use Of
money.
The past is full of lessons, teaching not only
the economic dangers, but the national i'm
morality that follows in the train Of such ex-
pedient 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, nor that they will yield to the false al
lurements Of cheap money, whom they 1ealizs
that it must result In the weakening Of that
6nancirl integrity and rectituds which thus far
On our history has been 30 devotedly cherished
a. one Of the traits of true Americanism.
Ihave ventured to express myself on these
subjects with earnestness and plainness Of
speech because cannot rid myself Of tho belief
that there turks in the proposition for the free
coinage Of silver SO strongly approved and
60 enthus iasticaliy advocated BY q multitude
or my cauntrymen Q serious menace 70 our Dros-
perity and insidious temptation Of our people
to wander from tho allegiance they ove 70
public and private integrity. It il because do
not distrust tho good faith and sincerity Of
those who press this scheme that I have
imperfecNy bat with zeal sumbitted my
thoughts upon this momentous subject
cannot resrain from begging them
to re-examine their views and beliefs In The
Light Of patriots, reason and familiar expert
ence. and to weigh again and again the conse-
quences Of such legislation as their efforts have
invited. Even tho continued agitation Of the
subject adds greatly to tho difficulties Of .
dangerous financial situation already forced
upon Us.
In conclusion especially entreat tho peoples
representatives in tho Congress Who arc
charged with the responsibility or inaugural
ing measures for the safety and prosperity Of
our common country to promptly and e6Rec-
lively consider tho ills Of our critical financial
plight. 1 have suggested remedy " hich my
judgment approves I desire. 70 assure the
Congress that am prepared to cooperate with
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