The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-12-03

effects of the issue of bonds and the
| the latter process and not the former
| that by substituting in the Treasury
| United, States notes and Treasury notes
| money which was in the first instance
subject to ordinary government expedi-
ture.
creased purchase of silver by the govern
ment was passed on the 14th day of July,
1890 wthdTawals Of dn gGd ffom ; the rreas on
| such purchases did not begin until Oc-
tober, 1891. Immediately following that
date the Withdrawals upon both these
notes and United States notes increased
very largely and have continued to such
an extent that since the passage Of that
times as much gold taken out of the
Treasury upon United States notes and
Treasury notes issued for silver. pur-
| chases as was thus Withdrawn during
the eleven and half years Immediately
prior thereto and after January /, 1873,
when, specie, payments were. resumed.
while l have endeavored to make a
plain statement of the disordered con-
dition of our currency and the present
dangers menacing our prosperity. and to
financial system. / have constantly had
in mind the fact that many. of my coun-
trymen whose sincerity | do not doubt,
threatening US may be found in the
single and simple remedy of the free
coinage Of = silver. They contend that our
mints shall be at once thrown open to
the free, unlimited and Independent coin
age of both gold and silver dollars of full
ACTION Of any ney OF and ne
full view of the fact that the ratio be-
tween the metals that they Suggest calls
the, gold dollar at the present standard.
and only fifty cents in intrinsic worth of
silver in the silver dollar.
Were there infinitely stronger reasons
than can be adduced for hoping that
such action would secure for us BIZ
metallic currency moving on lines of
ardous as that proposed might well stag
ger those who believe that stability is an
imperative condition of sound money.
No government. no human contrivance
or act of legislation, has ever been able
to hold the two metals together in free
coinage at ratio appreciably different
from that which is established in the
markets of the world.
'"Those who believe that our independ-
ent free coinage of silver at an artificial
ratio with gold of 16 to l would restore
sequently between the coins. oppose an
unsupported and improbable theory to
the general belief and practice of other
nations, and to the teaching 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.
"All history warns US against rash ex-
periments which threaten violent changes
in our monetary standard and the degra-
dation of our currency. The past is
economic eco dangers, but the national i'm
morality that follows in the train of
such experiments. 1 will not believe
suaded sii after sober 5s deiiberation to jeop,
ardize their nations prestige and proud
standing by encouraging financial nos
trums. nor that they, will yield to the
false allurementS of cheap money, when
they realize that it must result in the
weakening of that financial integrity and
reotftude which thus far in our history
of the traits of true AmericaniSm.
Our countrys Indebtedness. whether
owing by the government or existing be-
tween individuals, has been contracted
with reference to our present standard.
To decree by act of Congress that these
debts shall be payable in less valuable
dollars than those within the contem-
plation and intention of the parties when
contracted, would operate to transfer, by
the fiat of law and without compensa-
ton, an amount of property and vol
ume of rights and interests almost incal-
culable.
Il have ventured to express myself
on this subject with earnestness and
plainness of speech because I cannot rid
myself of the belief that there turks
in the proposition for the free coinage of
silver. so strongly approved and so en-
Enthusiastically advocated by multitude
of my coun'trymen. a serious menace to
our prosperity and an insidiouS tempta.
tion of our people to wander from the
allegiance they owe to public and private
integrity. It is because I do not distrust
the good faith and sincerity of those who
press this. scheme that l have imperfect
ly but with zeal submitted my thoughts
upon this momentous subject I cannot
refrain from begging them to re-examdne
their views and beliefs in the light OF
patriotic reason and familiar experience,
and to weigh again and again the conse-
uuences of such legislation as their efforts
have invited Even the continued agita-
tion of the subject adds greatly to the
difficulties of dangerous situation al
ready forced upon us.
s.In conclusion especially entreat the
peoples representatives in the Congress,
who are charged with the responsibility
of inaugura ting measures for the safety
and prosperity of our common country,
to promptly and effectively, consider the
ills of our critical financial plight. I
desire to assure the Congress that am
prepared ITO cooperate with them in per-
fecting any measure promising thorough
and practical relief, and that / will glad
ly labor with them in every patriotic
endeavor to further the interests and
guard the welfare of our countrymen,
whom in our respective places of duty we
have undertaken to serve.