Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1895-12-06

creased ere &c ~ their heir amount the money which
nary government expenditure
Silver Largely Responsible.
Aithough thelaw compelling an increased
purchase of silver by the government was
drawas of gold from the trea sury 9 ,lno m the
notes given In payment on such purchases
ately following that date the Wit WithdraWais
upon both these notes ard United States
notes Increased very largely and have con-
passage of that law there has been more
than ID times as much gold taken out Of
treasury notes issued for silver purchaser
as was thus withdrawn during the liz
years Immediately prior thereto and after
payments were resumed. 1t is neither uno
fair nor unjust to charge a large share OF
gers to the operation of the laws of 1878 and
t tssso' compelling the purchase of silver by
ahe ne government reaa which not only furnished
goad could be withdrawn, but so Increased
the the fear e of an overwhelming flood of silver
that even the repeal of these laws did not
entirely cure the evils of their existence.
Hazardous Experiment..
s.s Mhlae haye + sndeavored to make plain
our currency and the present dangers
menacing our prosperity. and to suggest a
tenn. have constantly had in mind the
fact that many of my countrymen, whose
fo the Ills Insist that tho
tn the free coinage Of silver. They contend
to- the free. unlimited and Independent
coinage Of both gold and silver of full
ten Of anY aHhaty Of the t aG,
view of the fact that the ratio between
the tdhne metals which they suggest calls for
at the present standard and only 80 cents
In intrinsic worth of silver in the silver dol
Were there infinitely stronger reasons
than can be adduced for hoping that such
action as,rnnn would secure for us q bimetallio
experiment SO novel and hazardous as that
proposed might well stagger those who
dition of sound money. No government,
no human contrivance of legislation has
ever been able to hold the metals together
III free coinage at ratio appreciably diff
ferent from that which is esta blished in
the markets of the world.
Opposed to Our Own Experience.
Those who believe that our independent
free coinage of silver at artificial ratio
with gold of sixteen to one would restore
the parity between the metals. and conse-
supported and Improbable theory to the
general belief and practice of other nations
and to the Of the wssst states
the past and and What is far more
history our lawmakers in attempting to
establish a bimetallic currency undertook
free coinage upon ratio which accidental
ly varied from the. actual relative values
of the two metals not more than three, per
cent to,. In both cases notWithstanding
ton than now exist. the coins whose in
trinsic worth was undervalued in the ratio
circulation and went to other countries
where their real value was better recog-
nsed Acts Of congress We're impotent to
creed even a slight inequality.
Twice e In in. the recent history we have sig
vaiue of silver Under an act act of Of congress
passed in 1878 the government was re-
annuay va at least in the 20
| Of silver bullion for coinage. The act of
July u. 1870. in still holder, effort in
| ment was compelled to purchase, and
| forced it to become the buyer annually of
OF ovr 9nes ndey sws
| silver rapidly and steadily declined in
value. The prophecy and the expressed
| gress who led in the passage of the last
| mentioned act, that it would reestabfish
and maintain the former parity between
| the two metals, are still fresh in our mem
| Dry.
Dire Eject of Free Coinage.
In the light Of these experiences, which
| tions, there is certainly no secure ground
for the belief that an act of congress could
prdge ed an OF 30 per sent
ratio, nor is there the least possibility that
our country. which has less than one-sey-
could by its acton alone raise not only our
4 o#sR but all silver to its lost alto with gold.
81 s " at ato Mdsy
from actual Tela tive values would BE the
signal for the cornpTete departure of gold
from our circulation, the immediate and
large contraction of our circulating med
ium, and shrinkage in the real valuersad
monetary efficiency of all other forms of
In1 To f1,n 1ntya ~
| silver monometallism. livery one who re-
ccives a fixed salary and every worker for
ruthlessly scaled down to the point of Bit
ter disappointment II not to pinching priva-
| ton.
A change in our standard to silver mon
ometallism would also bring on collapse
of the entire system of credit which. when
based on a standard which is recognized
and adopted by the world of business, is
many times more potent and useful than
the entire volume Of currency. and is safe
| ly capable of almost indefinite expansion
to meet the growth of trade and enter
prise, in self-invited struggle through
would be Increased by the consciousness
that we had parted company with all the
enlightened and progressive nations Of the
world, and We're desperately and hope
lessly striving to meet the stress of modern
commerce and competition with a debased
ton with the few weak and laggard ma
tons which have silver alone as their
standard of value.
fGODI6s
All history warns us against rash ex-
periments which threaten violent changes
In our monetary standard and the degrada-
ton OF our currency. The past Is full of
lessons teaching not only the economic
danger. but the national immortality that
follows in the train of such experiments. I
will not believe that the American people
can be persuaded after sober elaboration
to jeopardize their nations prestige and
ssn aon sX eheS W ged to
false allurements of cheap money, when
they realize that it must result in the weak
ening of that financial integrity and
Iectitude which thus far in our history has
been so devotedly cherished as one of the
traits of our Americanism.
our countryS Indebtedness whether
owing by the government or existing be.
tween individuals has been contracted
with reference to our present standing
70 decree by act of congress that these
than those within the contemplation and
Ill intention of the parties when contracted
would operate to transfer by the fiat of Law
ana without compensation an amount OF
property and a volume of rights and inter.
ests almost incalculable.
Must Maintain the Single Standard.
Those who advocate blind and head
long plunge to free coinage in the name
lief contrary to all experience that we
should thus establish a double standard
and concurrent circula ton of both met
from cloudy standpoint. Our present
standard OF value Is the standard of the
civilized world and permits the only BIZ
metaiiism now possible. or at least that
single nation, however powerful that ma
ton may be. While the value of gold
is steadied by almost universal CONNER
pise silver nor seek its banishment.
, Wherever that standard is maintained
there Is at Its side, in free and unaues-