Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1895-05-15
Gold rs. SiIrer.

TIC MAEAAAEn VA AAN
the surprising feature Of the situation Is, that
the former do not see that popular sentiment,
or. what is more effective at the polls, poPu-
lar prejudice, is consolidating against them.
We believe that an intelligent majority is in
favor of bimetallism, and it is s%hortsighted
for the goldbug press to deny US q hearing.
Wise men aim at a financial policy which,
based on the approval Of IN enlightened
public opinion, may be safely accepted as
permanent. Such a policy must be out IN
the open. aud it will not eminate from bank
ers who think that all men, like the writer,
are either ignorant or d~emsgogues, and who,
however patriotic, are trained to look at a
situation only with an eve TO personal profit.
Some of tbe best and most patriotic talent
in the land is now studying this subject with
no motive but the general good. This tai
emit il outside Of the influences prompting
either the gold or silver prOpagandas. Lend
ing money, trading in stocks, Is not the best
school TO produce Hamiltons and Gallatins.
We NAV admit that bayouets should be sub
stituted for ballots, bur, unless this admls-
sion be made, it is q mistake to suppose that
the voters will accept the theory hat only
ignorant persons and d~emagogues differ with
Wall street as TO what financial policy
should be adopted. The wisest men Of this
AGE predicted the result if silver was boycott
ted. Their Judgment was vindicated by the
emergency which forced Mr.. Cleveland to
employ Rothschild to sustain, what is mis-
called. government credit" Many
thoughts and facts, questionable on Wall
street. are now clamoring for a hearing, but
there is not room for them here, our present
parpose Is only % suggest a safe middle
course on silver.
Attempting to maintain an unknown
supply of silver bullion on a parity with
gold bullion, is one thing attempting to
maintain exchangeabiliiy between silver
coin and gold coin, is another thing. Ex'
| cbangeabiity Of coin may be maintained if
there is always a gold dollar for every silver
dollar.
A silver dollar is now as valuable IS a gold
dollar oaly because the government under
/ takes TO exchange one for the other. The
volume may be infinitely increased proyid-
/ Cd excbaugeability is maintained. But e1-
| changeability cannot be maintained, if sill
yer is coined ia excess of gold.
Silver bullion would be exchaugeable for
/ ont. sixteenth its weight in gold, if the gov
eminent offered to coin all silver coming to
the mint. and was able and willing TO ex-
| change gold coin for silver coin, at the rate
/ sixteen for QUE. The bullion would be ex-
| chanceable because convertible into ex-
| c~hangeable coin. But this exchangeability
could not be maintained when the Produc-
/ ton of silver exceeded sixteen times the pro-
duc,ion Of gold The combined governments
of the world could not keep the two metals
On q parity, at a fixed ratio, unless the out
put of the miues be kept at the same ratio.
The silverites insist that production in the
future will be in the same proportion as in
the past. Perhaps they axe mistaken. A
prudent business man would not risk the
output of silver increasing more rapidly than
the output Of gold.
n the government should not attempt to
keep silver bullion on a parity with gold,
then free coinage must be abandoned. But
To- abandon free coinage does not necessarily
mean 10 continue boycouing silver. The
government may bind itself to coin sixteen
| grains of silver whenever il coins one of gold.
Tue coinage of silver would thus be limited
by The amount of gold brought to the mint.
We accept the proposition that the bull
lion 10 d silver COLLAR must be Of equal value
TO that ia q gold dollar.
Gold mouometallist will insist that the
supply Of gold will be insufficient to Offset
as much silver SIS may be offered at sixteen
10 one. They may be mistaken. Let US try
il. If the gold supply is less than oue-si1-
teenth. then raise the ratio. A certainty
that the ratio will be raised, will cheek an
excessive production of silver. The aim
should be to coin all of both metals brought
to the mint, aud yet keep the Treasury able
to maintain exchangeability.
It exhausts patience 10 anticipate objec-
tons by persons uufrendly to bimetallism
For example. 1t is outside the issue to sug-
gest that, as an original proposition, i single
standard would be better. Again. The in.
convenience Of 81 large dollar will be les:
than continuing to boycott silver. Again
Raising the ratio, may give us several issue:
OF silver dollars of different bullion value
bu. we have two answers (I if the incon.
veuience be serious, recoiuage will remedy
IT,. IN. The Inconvenience was not serious
when we frequently had two issues Of golC
coin of different bullion value although o
the same denomination Again. Bimetal
.lism would not cause a permanent outflow o
gold. because the bullion In q dollar woulC
be worth "A grains Of gold.
Permit one other point. Every one sees
the folly of buying gold to check its outflow
This outflow will cease when our securities
are held at home, and a policy may b'
adopted which will bring them home slowly
Selling bonds abroad relieves capitalists car
ryine too many watered stocks, but aggra.
II r