Mexico weekly ledger., 1895-08-01
u. S, Hall on Free Silver.
THE MISSOURI CONGRESSMAN
EXPRESSES HIS VIEWS
FULLY.

"15hoohi
EXPRESSES HIS VIEWS
FULLY.
Voters of the Second District Appeal
ed To to Study the Question Dis
passionately and Consider the
Inevitable Effects of indie
pendent Coinage.
HUBBARD, Mo, July 22.-Congress-
man U. s. Hall, ex-president of the
state Alliance, has made public a Wig
orous letter to the voters of the Sec
ond congressional district in regard
to the silver question. He declares
that the time has come when all good
citizens should study the matter calm
iy and dispassionately, disregarding
the denunciations of all who have in
dulged in violent vituperation of their
opponents. He declared that he
voted for free silver coinage at the
ratio OF 16 to l in the last Congress
and will vote for it in the coming Con-
gress if the Democrats of the district
remain unchanged, but he holds that
he has the right and it is his duty to
express his views ON great public
questions regardless of personal po-
litical feeling.
Mr.. Hall declares that he has always
held that one of the golden rules of
finance should be 'sto give the debtor
the right to pay his debts, in money
of the same volume and value as ex-
listed when the debts we're contract
ed" He declares that So per cent of
the money transactions of the coun-
try are performed by the credit sys-
tenn and quotes from the works of a
few able economists as to the great
value OF credit. He holds that the
last financial panic manifested itself
in the contraction of credit. There
fore he holds that any contemplated
change in the money system which
would tend to impair credit at home
or abroad would be a vital blow at
circulation and would bring on a
panic; that the rapidity with which
money, currency and credit circulate
is as important as the volume in de-
termining its efficiency; that the law
set down by Sir Thomas Gresham in
Queen Elizabeth's time, that if the
legal ratio of two coined metals differ
from the commercial value, the more
valuable will disappear and the I've
valued will alone remain in commerce
and business. He adduces arguments
to forrn this and asks all voters to
consider the points set forth and ap-
ply them to the silver question.
MATTERS TO BE CONSIDERED.
Mr.. Hall continues: "If we have in
the United States alone and independ-
emily the free coinage of both gold
and silver the coinage ratio between
the two metals must take into con-
sideration their commercial ratio or
bullion value, or the following con-
sequences will inevitably follow:
"First-If the silver is overvalued
by the coinage law the gold will at
one disappear from circulation,
thereby contracting the volume of
our currencynot less than 600 millions
of dollars, or a contraction of 80 per
capita.
"Second-The credit feature of our
currency, which as above stated fur
nishes is with So per cent of our cir
culation, will be greatly impaired if
not entirely destroyed, thereby con
tracing the volume of our currency
| still more.
"Third-Every note, mortgage and
deed of trust which is now in exist
ence for the payment of dollars will
be collected or foreclosed Immediately
upon their becoming due, or renewed
only on condition of the debtor agree
ing to pay in gold dollars when his
ability to pay in gold will be destroy
ed by the very law he has asked pass
| ed; this will produce further contrac-
ton.
"Fourth-The rapidity of circula-
ton will be also greatly, if not entire
Iy destroyed, thereby contracting and
Gripping still further the efficiency of
our money and its circulation.
81 think, therefore, that the free
and unlimited coinage of silver in the
United States alone at a ratio less
than the commercial one will contract
the volume of currency and money
far more than one-half; impair, if not
destroy, our credit, individual and
national; bring a round of general
and almost universal foreclosure Of
mortgages and collection of debts;
entail upon u people such a finan-
ciaI panic as would cause almost uni
versal distress and suffering and for
ever bar the debtors from paying
their debts with the same volume per
capita in circulation as when the debts
were contracted"
WHAT FREE COINAGE WOULD Do.
Mr.. Hall holds that only two classes
of rnen would be benefited by such a
condition-tbe silver mine owner and
the money shark. He declares that
no men are more interested in a safe,
sound money than farmers and
laborers. He expresses the hope that
his friends who have voted for indie
pendent free silver coinage will study
this matter more carefully, convinced
that such study will modify their
views. He quotes from Thomas JEFF
ferson: "The proportion between the
value of gold and silver is a mercan-
tile problem altogether" and con-
tinues: "In all the markets of all the
OBSERVATION-DISCLOSURES NEUTRALITY-SUSPICIOUS. 4G
In