The times. (Owosso, Mich.) 1882-1897, 1895-12-27

silver alono as their standard of value.
All history warn rs against rash ex-
periments which threaten violent
changes in our monetary standard and
tho degradation OF our currency. The
past is full of lessons teaching not only
the economic dangers, but the national
immortality that follows in the train Of
such experiments. / will not believe
that the American people can be per-
suaded after sober deliberation to jeop-
ardize their nations prestige and proud
standing by encouraging financial nos
trums. nor that they will yield to the
false allurements of cheap money, when
they realize that it must result In the
weakening of that financial integrity and
rectitude which thus far in our history
have been so devotedly cherished as one
Of the traits of true Americanism.
Our country's Indebtedness, whether
tween individuals, has been contracted
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 contem-
plation and intention of the parties
when contracted would operate to trans
fer, by the fiat Of law, and without COM
pensation, an amount Of property and a
volume Of rights and interests almost
i~ncalculable.
Those who advocate a blind and head
long plunge to free coinage in the name
of bimetallism and protesting the be-
lief, contrary to all experience, that we
could thus establish q double standard
and a concurrent circulation of both
metals in our coinage, are certainly
reckoning from a cloudy standpoint.
Our present standard of value is the
standard Of the civilized world and per-
mits the only bimetallism now possible,
or at least that is within the independ-
ent reach Of any single nation, however
powerful that nation may be.
There is a vast difference between a
standard Of value and a currency for
monetary use. The standard must neces-
sarily be fixed and certain. The currency
may be in divers forms and Of various
kinds. No silver standard country has a
gold currency in circulation, but an en-
lightened and wise system Of finance Sc
cures the benefits of both gold and silver
as currency and circulating medium by
keeping the standard stable and all
other currency at par with it. Such q
system and such a standard also give
free scope for the use and expansion Of
safe and conservative credit, so indis-
pensable to broad and growing CONNER
cial transactions and so we'll substituted
for the actual use of money. If a fixed
and stable standard is maintained such
as the magnitude and safety of our COM
mercial transactions and business re-
quire, the use of money itself is con-
veniently minimized. Every dollar Of
fixed and stable value has through the
agency of confident credit an astonishing
capacity of multiplying itself in finan-
cial work. Every unstable and fiuctuat-
ing dollar fails as a basis of credit, and
its use begets gambling speculation and
undermines the foundations of honest
1 have ventured to express myself on
this subject with earnestness and plain
ness Of speech because l cannot rid my
self of the belief that there Turks in the
proposition for the free coinage Of sill
yer, so strongly approved and so enthu-
siastically advocated ny Il multitude OF
my countrymen, q serious menace to our
prosperity and an insidious temptation
of our people to wander from the allie
they owe to public and private
integrity. 1t is because l donot distrust
the good faith and sincerity of those
who press this scheme that l have i'm
perfectly but with zeal submitted my
thoughts upon this momentous subject.
I cannot 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 legisla-
ton as their efforts have invited. Even
the continued agitation of the subject
adds greatly to the difficulties of q dan
gerous financial situation already forced
upon us.