Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-04

our mines. Under both laws silver
rapidly and steadily declined IN value
The prophecy and Tho expressed hope
and expectation OF those in Che Congress
who led I'm TIE passage N the last-mcn-
toned act hat 81 would fe-estahlish
and maintain the former parity between
the two metals are siill fresh In our
memory
In the light OF these experiences which
accord with The experiences of other
nations. there Is certainly no secure
ground for the belief that an act Of Con
grcss could now bridge an inequality 81
20 per cent between gold and silver at
our present ratio. nor ~ there the least
possibility that our country which has
less than one seventh Of the silver money
ln the world could boy its action alone
raise not only our own, but all silver
20 its lost ratio with gold.
SILVER MONOMETALLIsM.
Our attempt to accomplish this by the
free coinage of silver at q ratio differ
ing widely from actual relative values
would be tht signal for the complete de-
parture OF gold from our circulation. the
immediate and large contraction Of our
circulating medium, and a shrLkdse in
the real value and monetary efficiency
Of all other forms Of currency. as they
settled 70 the level of silver monometal'
ism.
Every one who receives a fixed salary,
and every worker for wages would IND
the dollar I'm his hand ruthiessly scaled
down to the point Of bitter disappoint-
ment, If not to pinching prvation.
A change i'm our standard TO silver
mCnomotallism would also bring on
collapse Of the entire system Of credit
which when based on a standard whici
&c recognized and adopted by the worlo
of business. is many times more potent
and useful than the entire volume or
currency. apd is safely capable OF -
most Indefinite expansion 10 NEE, th'
growth Of trade and enterprise. IN
self-invited struggle through dafEu-ss
and uncertainty our humiliation Wo"i1 ~
Increased by the consciousness mat w
had parted company with an lhe 81.
Hghtened and progressive nations q, w.
world. and were desperately ana 'oP-
legslv striving TO meet lhe sucSa
modern commerce and compeu'loh VIZ"
debased and unsuitable currency anu ~
sesociation with the few weak ana ias
gard nations which have SILVER "'o''e
their standard of value. 80
All history warns us against rash eN
nerirneuts which threaten Nioleht cNa'i1''
an our monetary standard ana lhe ~ -,
dotion Of our currency. The past u l"''
80 Lessons teaching not only the ecoio
mic dangers. but the nauOnal hhiiol"''''
mat follows in the train OF such 49,
,,ente I will not believe that the Amer
loan noople can be persuaded alleI sDo.
deliberation to ieopardize tler na''0'.
prestige and proud staining ID!
couraging financial nostrums' "ol 20.
tbev viii Weld TO the false alureInel'l7
n must result i'm the weakening Oh VA
eponcial integrity and rectitude wren
inns far I'm our history have peeh 20
devofedlv cherished as one OF the Idl'9
Of true Americanism .,..
Our country's Indebtedness Mhe'i0i
owing by the government or eNisihs ue
tween individuals. has been conlIacltr
with reference TO our present s'ah w.
To decree by act Of Congress thaI lhes
debts shall be payable IN less NdiuaDI'
do.iars than those within the contempia-
don and intention Of the parties when
contracted. would operate 10 transfer Dy
tho fiat of law and without compensa-
lion an amount Of property ana
volume Of rights and interests almost IN
caculable.
oNry RIMETALLIsM POSSIBLE.
Those who advocate blind and head
long plunge 10 free coinage In the name
of bimetalism, and protesting the pellei,
contrary to all experience that We ooui"
tbus establish a double standard ana
concurrent circulation Of both metals IN
orr coinage. are certainly reckoning
from a cloudy standpoint our present
standard Of value is the standard OF the
civilized world. and permits the oh's
bimetallism now possible, or at leaSS
tbo+ is within the INDEPENDENT reach OF
anv single nation. however powerful that
nation may be. While the Vaiue OF so,u
as a standard is steadied by almost UNI
versal commercial ana business use IL
does not despise silver nor seek us pan
ishment. Wherever this standard is
maintained. there is at its side, in free
and unouestioned circulation. volume
Of silver currency sometimes equalhHs
and sometimes even exceeding II III
amount both maintained at parity not
withstanding depreciation or nuctudlioh
in the intrinsic value Of silver.
There is a vast difference between
standard Of value and a currency Tor
monetary use. The standard must neces-
sarily be fixed and certain. The cur
rency may be in divers forms and OF
,arious kinds No ei.Ver-standard cOun-
trv has a gold currency in circulation;
but an enlightened and wise sys EN- Of
finance secures the benefits Of both gold
and silver as currency and a circulating
medium by keeping the standard stable
and all other currency at par with II.
such a system and such a standard also
give free ecOpe lOr the use and expansion
of safe and conservative credit, 50 indis-
pensable 10 broad and growing CONNER
cial transactions. and so well substituted
for the actual use OF money. If liked
and stable standard is maintained. such
as the magnitude and safety OF our COM
mercial transactions and business re-
qulre, the use Of money itself IS conyen-
icntly minimiZed.
Every dollar OF fixed and stable value
has. through the az ncy Of confident
credit. an astonishing capacity Of multi
plying itself in financial work. Every un-
stable and huctuating dollar fails as
basis of credit, and in its use begets
gambling speculation. and undermines
the foundations Of honest enterprise.
MENACE TO INTEGRITY.
I have ventured 20 express myself on
this subject with eaTnestness and PLAIN
ness OF speech. because / cannot rid my
self OF the belief that there turks in
the proposition for She free coinage or
silver. so strongly approved and so en-
Enthusiastically advocated by a multitude
of nv countrymen. a serious menace TO
our prosperity. and an insiduous tempta-
ton 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
Khis scheme that / have imperfectly, but
with zeal. submitted my thoughts upon
this mOmentOus subject. | cannot refrain
from begging them 10 re-examine their
views i'm the light Of patriotic reason
and familiar experience. and 20 weigh
again and again the consequences of such
legislation as their efforts have invited.
Even the continued agitation of the sub
iect adds greatly TO the difficulties OF
dangerous financial situation already