The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1896-07-11
maintain a pric. upon : s.seh ) ssinaodisy

which would give it profit entirely
disproportioned to that earned by the
average enterprise, Yet the advocates
of free coinage Of silver at local ratio
Of sixteen to one, although the COM
mercial ratio is thirty-one to one.
We are therefore confronted with a
proposition to change the meaning OF |
| the dollar from 1922 grains of gold to
37iH grains of silver. AS 371H grains
of silver s.-e worth only about 10 grains
of gold, Il. is practically proposition.
at single blow, to produce the value Of
O dollar one-half.
1t is q movement more radical than
1 one. to reduce openly the bullion in a
gold dollar to 10 grains. This wonldbe
a step dangerous, but definite. No one
knows what 371H grains of silver would
be worth under free and unlimited coin-
age. 1t is impossible to say whether the
increased demand for silver would carry
37iHs grains of silver somewhat above
10 grains Of gold, or whether this in
creased demand would shortly produce
disproportioned increased supply and
carry the value of 371s grains of sill
yer somewhat below 13 grains of gold.
lam aware that the advocates of free
coinage of silver object TO estimating
the value of silver in gold, but all in
ternational trade is measured by grains
Of gold. No matter what system we
adopt, unless our international COM
merce is, Abandoned our dollars viii be
actually measured by gold, even though
, we fix them upon q silver standard.
The movement for the free and un-
limited coinage Of silver is therefore
an effort not only to reduce the value OF
, dollar about one-half. but to leave it
in state of uncertainty. Itthreatens
a complete change in the meaning OF
:. the term dollar to some meaning in the
!, neighborhood of one-half its present
!. meaning. 1t threatens an entire change
!, of the value of the term by which con-
tracts and credits are estimated and by
which business is conducted. -.
In every country where progress and
). prosperity are found the great bulk OF
!. business must depend upon credits. The
credits are estimated in dollars, and
whatever creates adoubt as to the mean
ing of a dollar must tend to suppress
business. The mere threat involves UNI
certainty, and this uncertainty must be
removed to bring back to business nor
: NAL prosperity. p, -se
= To appreciate the Importance of re-
J moving doubt upon this subject, con-
= template briefly the process of reaching
~ ! the proposed silver standard. We saw
= in 1898 n paralysis of business, in large
= part produced by the threat OF silver
= standard.
:. Ifapresidentan and congress were elect
- ed in November committed to the free
p and unlimited coinage of 371iA grains
y of silver into dollars, nearly six months
u would pass before they could be in
&c augurated and six months more before
y the proposed legislation could become
y law. During that time creditors would
y seek to protect themselves against be
ing, paid in dollars worth only abou
oe IS grains Of gold, and they would en-
v deavor to make collections before TIT
:, unlimited coinage ofdepreciated dollar
- began. The debtors would not lie al
u lowed to remain debtors until they ,oul'
get the advantage of paying Of wha
!" they owed ut 80 cents on the dollar
. they would be forced to immediat
" settlements. Sheriffs. and constable
" would call upon them without delay
neS Depositors In banks would WITHDRAW
'e their money The large merchants
forced to settle their foreign indebted
= ness, would insist upon immediate pay
&c ments of debts due from smaller mel
!" chants. The smaller merchants in tur
ne would be compelled to force collection
re- from their customers. The great vo
ume of business conducted upon credit
-, would cease -
gu Manufacturing enterprises could M
oi afford TO continue business or mall
PIN contracts until the value of the ne
ne dollar could be settled by the determ
ms nation Of just what S71H grains of 81
iu' yer would prove to be worth. Manufa
lge tories would close. business hous'
yer would fail. Banks would be raide
INC 20 The unemployed would be'npmbered
the millions. The farmers would find fe
ms purchasers for their products. Wa
an and famine would pervade'the land.
uc. lAtthe end Of q few years, when bu'
io' ness settled down 20 the new mea
rec ing of a dollar. fluctuations in the col
ge. merciai price of silver would still ke'
md our dollars Of uncertain value and hind
eye domestic trade.s ~ .vs<ssa
lps' Business interests, reaching from
DC richest anker,to the poorest paid labt
hey err, reduirei the removal of al dou
the about the meaning of dollar Nom
nan should be trusted even with an impt
IS tant nomination who does not recogni
rec that the volue of a dollar is now me;
nee ured by 1922 grains of gold, and W
~ is not willing to openly declare his p'
so pose to help keep it there's
tine - H = ~, !.
cen The cheap Msney w1n-d-t5sr v1sps