The record-union., 1895-12-04

believe that the American people can
be persuaded, after sober deliberation,
to jeopardiZe their Nations preStlSe
and proud standing by encouragement
of financial noStrumS, nor that they VIII
yield to the false allurements OF cneap
money, when they realize that 1t must
result in the weakening of that imam
cial integrity and rectitude which thus
far in our history has been so devoted
ly cherished as one of the traits OF true
Americanism.
Our country's Indebtedness, whether
owing by the Government or existing
between individuals, has been con-
tracted 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
contemplation and intention of the
parties when contracted, would operate
TO transfer by thefat of law and with
out compensation an amount OF prop
erty and a volume of rights anu inter
ests almost incalculable
Those who advocate a blind and
headlong plunge in free coinage in the
name of bimetallism, and protesting
the belief contrary to all experience,
that we could thus establish a double
standard and a concurrent circulation
of both metals in our coinage, are GER
tainly reckoning from a cloudy stand
the standard of the civilized world, and
permits the only bimetaIlism now pos
sible, or at least that is within the inde-
pendent reach of any single nation,
however powerful that nation may be.
While the value of sol as a standard
is steadier, by almost uncomfortable
commercial and business use, it does
not despise silver nor seek it's Danish
ment
Wherever this standard is maintain
cd, there is at its side in free and un-
questioned circulation a volume of sill
yer currency, sometimes eQualling and
sometimes even exceeding it in amount,
both maintained at parity, notwith-
standing a depreciation or fuctuation
in the intrinsic value Of silver.
There is a vast difference between q
standard of value and a currency for
monetary use. The standard must nee
essaTily be fixed and certain. The our
rency may be in divers form and OF
various kinds. No silver standard
country has a gold currency in circuIa-
ton, but an enlightened and wise sys-
tenn of finance secures the benefits of
both gold and silver, as our currency
and circulating medium, by keeping the
standard stable, and all other currency
at par with it. Such a system and
such standard also give free scope
for the use and expansion of safe and
conservative credit, so indispensable TO
broad and growing commercial trans
actions, and so well substituted for the
actual use of money, is a fixed and
stable standard, and is maintained as
the magnitude and safety of our COM
mercial transactions and business re-
require. The use Of money itself is
conveniently minimized. Every dollar
of fixed and stable value has through
the agency of confident credit, an as
tonishing capacity of multiplying itself
in financial work.
fails as a basis of credit, and in it's use
begets gambling, speculation and
undermineS the foundations of honest
enterprise. l have Ventured to express
myself on this subject with earnestness
and plainneSS of speech, because [ can
not rid myself of the belief that there
turks in the proposition for the free
coinage of silver, so strongly approved,
and so enthusiastically advocated by a
multitude of my countrymen, q serious
menace to our prosperity, and an in
siduous temptation of our people to
wander from the allegiance they owe to
public and private integrity.
1t is because 1 do not distrust the
good faith and sincerity of those who
press this scheme, that I have imper-
fectly with zeal submitted my thoughts
upon this momentous subject / can
not refrain from begging them to re-
examine their views and beliefs in the
light of patriotic reason and familiar
experience, and to weigh again and
again the consequences of such legis-
IatiOn as their efforts have invited
Even the continued agitation of the
subject adds greatly to the difficulties
of a dangerous financial situation al
ready forced upon US.
In conclusion, I especially entreat the
peoples representatives in the Congress
who are charged with the responsible
ity of inaugurating measures for the
safety and prosperity of our common
country, to promptly and effectively
consider the ills of our critical finan-
cial plight. 1 have suggested a remedy
which my judgment approves.
l desire, however, to assure the Con-
gress that I am prepared to cooperate
with them in perfecting any other
measure promising thorough and prac-
tical relief, and that 1 will gladly 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.
GROVER CLEVELAND,
Washington, D. c.. Executive Mansion,
December q 1895.