Courier Democrat. (Langdon, N.D.) 1891-1920, 1895-12-12

peoed on the 14th day Of July, 1890, Withdrawals
Of gold from the treasury upon the notes given In
S $780, sh oos viz sas s
tlle Withdrawals upon both these notes and United
states notes Increased very largely, and have con-
that law there have been more thnn thirteen times
10 much gold taken out Of the treasury upon United
purchases az was thus Withdrawn within tho
ant h hf 1st a
specie payments were resumed. t
Silver Coinage.
It 10 neither unfair nor unjust to charge large
gers the operation Of the laws Of 1878 and $780,
compelling the purchase of silver by the govern
ment, which not only furnished new tteasury
obligation upon which its gold could I've with
| drawn, but 50 increased tic fear of overwhelm-
| ing flood OF silver and forced descent to silver
| payments that even the repeal of these laws did
not entirely cure the evils OF the'r existence.
While have endeayored to make plain state
/ ment OF the disurdered condition of our currency
| and the present dangers ncnacing our prosperity,
| and to suggest way which leads to L safer imam
| l have constantly had in mind the fact that
many OF my couitryInen, whose sincerity do not
doubt, insist that the the ills now threat
enlllg us may be found i'll the single and simple
| remedy of the free coinage OF silver. They con-
tend that our minis shall be ut once thrown open
| OF both gold and silver dollars OF full legal
lender quality, regardless OF the action of amy
| that the ratio between the metals which they
suggest calls for one hundred cents worth Of
and onIv. ttftS cnnts IN intrinsic worth of silver
| in the silver dollar.
be adducet for hoping that such action would Sc
cure for us u bimetallic currency moving Ola lines
of parity, an experiment so novel and hazardous
us that proposed plight well stasgsr those who
| believe that stability Is an imperative condition
Of sound money No government. no human con- con;
the two meta ls, together in free c5lnage at
ratio appreciaIly different from that which is
established in the markets of the world
| Those who believe that our independent free
coinage of silver ct artificial ratio with gold
metals. and consequently between the coins, OPP
posed an unsupported and improbable theory to
and to the teaching Of the wsest statesmen and
| economists of the world both in the past and
run counter to own actual experience. Twice
| in our earlier history our law makers in at
tempting to establish a bimeta1lc currency under
took free coinage upon ratio which accidentally
varied from the actual relative values of the two
metals not more than per cent: In both cases.
transportation than now exist the coins whose
INTRINSIC worth was underyalue1 in the ratio.
eulation and went to ether countries where. their
real value was better reeosnized Acts OF con
gress were imp0tent to create equality where
natural causes decrecd even slight inequality.
| Twice in our recent history we have signally
failed to raise by LEGISLATION the value s Of rs sye v
to expend annually At least s24,ooo;ooo in the
effort, increased the amount of silver the gov;
It to Become %s o te buyer annually Of
ounces. or practically the entire product Of lou our
Declined in 0e saue he prophecS md the
pressed hope and expectation Of those In the con-
who led in the passage Of the ass %
tain the former parity between the two metals,
are still fresh in our memory. .,
with the experiences of other nations, there is
certainly no secure ground for the belief that
present ratio nor is there the least possible
ity that our country which !, has less t than one
by its action alone raise not only our own, bus
all silver to its lost ratio with gold. Our at.
tempt to accomplish this by the free coinage OF
silver at a ration differing widely from actual
relative values would he the signal for the COM
plete departure of gold from our circulation. the
immediate and large contraction Of our circu c
lating medium and shrinkage in the real value
and monetary efficiency Of an other fo 1nsr OF
metallism. Every one who receives fixed sal
airy and every worker for wages would find the
dollar in his hand ruth'cssly scaled down to the
point of bitter disappointment If not to pinchns
rrivaitan. A change in our standard to silver
nloromctallism would also bring collapse Of
the entire system of credit which, when based
! OH n standard which is rNoGni@cd and adopted
by the world of business is MANY times more
rrency and is safely capable Of
Almost Indefinite Expansion.
to meet the growth of trade and enterprise. II
II self-inyited struggle through darkness and I'm
certainty our humiliation would be increased BY
the consciousness that we had parted COMPANY 1;an
of the world and were desperately end hopelessly
striving to meet the stress of modern commerce
and competition with a debased and unsuitable
currency, and in association with the few veal
and lnggard nations which have silver alone az
| their standard of value. All history warns Us
| threaten
changes in our monetary standard. ana the 1eGra
daton of currency in the past Is full OF i Les,
| sons teaching not only the economic dangers. ou'
the national immortality that follows In the trair
of such experiments. will not believe that tns
delib , ton, to jeopardze their nations pres
tige and proud standing by, encouraging hnaa 9
nosrms nor that they Will Yield 70 tbe 1he
that it must result in the weakening OF that d
nanciai integrity and reetitude which thus far Il
our history has been deyotedly cherished US ONT
| of the traits Of true Americanism
Our country's Indebtedness. whether owing ~
the government or existing between individuals
las been contracted with reference to our present
standard. To decree by act of congress that these
debts shall be payable in essvae aoiass mar ~
the parties when contracted would operate Il
thranfer by the fiat of law and without compsnsa.
and interests almost incaiculable. Those who ad
vocate blind and headlong plunge to free coin.
believe, contrary to all experience, that we should
| thus establish double standard and concurrent
| circulation OF OOtn metals, are EeShotiAAiS AOA
| cloudy standpoint. Our present standard OF va!ue
is the standard of the civilized world. and permits
the only bimetals1n possible, or at least that
is within the independent reach Of any single ma.
ton however powerful that nation may be. While
the value OF gold standard s steadied by al.
| most universal commercial and business use II
does not despise silver nor seek it's banishment
| Wherever this standard is maintained there L.
at its side in free AMI unquestoned circulation.
volume of silver currency. sometimes equaling and
sometimes even exceeding It in amount. both main
tanned at parity Notwithstanding deprecia'
thion or uctuation in the intrinsic value of silver
There is vast difference between standard q
value and Il currency for monetary use. The stand
ard must necessarily he fixed and certain. The
currency may be in divers forms and Of various
kinds No silver standard country has a gold cur.
rency in circulation; hut an enlightened and wise
system OF finance secures the benefits of both gold
and silver MS currency and circulating medium, by
| keeping the standard stable and all other currency
1T mar with it. Such system and such stand
ard also gives free for the and expansion
| Of safe and conservative credit so Indispensable
to broad and growing commercial transactions and
| 3, vel, substituted for the actual use of man. If
Fixed and Stable Currency
Is maintained. such as the magnitude and safety
| of our commercial transactions and business re
Guirc tho use of money itself is c,nvenientl,
| niuimixed Every dollar of fixed end stable value
| has through thr agency Of confident credit. ar