The times. (Owosso, Mich.) 1882-1897, 1896-07-24
WOULD iNJURE ALL.
Chairman Fairbanks Says Free Coinage
Would Mean Ruin.

Chairman Fairbanks Says Free Coinage
Would Mean Ruin.
Before the Republican party at st.
Louis adopted its clear cut sound money
plank Temporary Chairman Charles W.
Fairbanks said in his opening speech:
The Republican party has not been
unfriendly to the proper use OF silver.
1t has always favored and favors today
the use of silver as part Of our circu-
lating medium. But it favors that use
under such provisions and safeguards as
shall not imperil our present national
standard. The policy of the Republican
party is to retain both gold and silver
as part Of our circulating medium,
while the policy Of free coinage of silver
leads to certain silver recommendation.
1t is an immutable law that two moneys
Of unequal value will not circulate to-
gether and that the poorer always drives
out the better.
Those who profess to believe that this
government, independent of other great
commercial powers, can open its minis
to the free and independent coinage Of
silver at ratio of 16 to 1 when the
commercial ratio in all the great mar
kets is 80 to 1, and at the same time not
drive every dollar Of gold out Of circu-
lation, but deceive themselves.
Great and splendid and powerful as
our government is, it cannot accomplish
the impossible. It cannot create value.
1t has not the alchemist's subtle art of
transmitting unlimited silver into gold,
nor can it, by omnipotent fat, make 80
cents worth 100 cents. AS we'll under
take by resolution of congress to sus-
pend the law Of gravitation as attempt
to compel an unlimited number Of so
cent dollars to circulate with 100 cent
dollars at parity with each other. An
attempt to compel unlimited dollars Of
such unequal value to circulate at a
parity is bad in morals and is vicious in
policy.
Upon opening our minis to the indie
pendent free coinage of silver foreign
credits would be withdrawn and domes-
tic credits would be greatly curtailed.
More than this there would be certain
and sudden contraction Of our currency
by the expulsion of $500, 900, 900 Of gold
and our paper and silver currency would
instantly and greatly depreciate in pur-
chasing power. But one result would
follow this--enterprise would be further
embarrassed, business Generalization
would be increased and still further and
serious injury would be inflicted upon
the laborers, the farmers, the merchants
and all those whose welfare depends
upon wholesome commerce.
A change from the present standard
to the low silver standard would cut
down the recompense Of labor; reduce
the value of the savings in savings banks
and building and loan associations; sal
aries and incomes would shrink; pen
sions would be cut in two; the bepefl-
Charles Of life insurance would suffer;
in short, the injury would be so univer-
sal and far reaching that radical
change can be contemplated only with
the gravest apprehension.
A sound currency defrauds no one. 1t
is good alike in the hands Of the en-
ployee and the employer, the laborer
and the capitalist. Upon faith in its
worth, its stability, we 60 forward
planning for the future. The capitalist
erects his factories, acquires his ma
terials, employs his artisans, mechanics
and laborers. He is confident that his
margin will not be swept away by fuc-
tuations in the currency. The laborer
knows that the money earned by his toll
is as honest as his labor, and that it is
of unquestioned purchasing power.