Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-06-19

From 1892 to 1860 the subject Of coin
sge Of gold and silver was frequently
discussed by American statesmen, and
10 suggestion can be found from any
If them, that the government could
overcome even a small difference in the
commercial value Of metals by free and
unlimited coinage at a fixed ratio.
This country failed to add 3 per cent
to the value Of silver and make it equal
to a ratio Of 10 to with gold prior to
1884. and it failed to add 6 per cent to
gold and make it equal to a ratio If
to 10 with silver subsequent to 1910.
No limit can be placed upon tho
mass Of silver still unmined. Good au-
thority indicates that the present an
nual volume can be produced for about
60 cents an ounce. 1t is impossible TO
place and maintain a price upon such a
commodity which would give it "a profit
entirely disproportioncd to that earned
by the average enterprise. Yet the ad-
y0cates Of free coinage Of silver now
propose 70 undertake the experiment at
a local ratio Of 10 to 1, although the
commercial ratio is 81 to 1.
We are therefore confronted with a
proposition to change the meaning Of
the dollar from 1922 grains Of gold
to 3714 grains Of silver. As 37114
grains Of silver are worth only about -
grains Of gold, it is practically a propo-
sition, at single blow, to reduce the
value Of dollar one-half.
1t is a movement moro radical than
one to reduce openly the bullion in q
gold dollar to - grains. This would be
a step dangerous, but definite. No one
knowswhat 37llf 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
BIZ grains Of silver somewhat above
l3 grains Of gold, or whether this in
creased demand would shortly produce
disproportioned increased supply and
carry the value Of 37lll grains Of sill
yer somewhat below l3 grains Of gold.
am aware that the advocates of free
coinage Of silver object to estimating
the value Of silver in gold but all in
temational trade is measured by grains
Of gold. No matter what system We
adopt, unless our international COM
mcrce is abandoned. our dollars viii h.
actually measured by gold, even though
we hx them upon q silver standard.
The movement FIR the free and nm
limited coinage If silver is therefore
an effort rot only TO reduce the value cf
dollar about onc-half. but to leave it
in state Of uncertainty. 1t threatens a
complete change in the meaning Of the
term dollar to some meaning in the
ncichborh0.d Of oue-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 whore progress and
prosperity are found the great bulk Of
business must depend upon credits The
credits are estimated in dollars and
whatever creates doubt as 10 the mean
ing Of "a dollar must tend to suppress
business. The mere threat involves UNI
certainty, and this uncertainty must be
removed go bring back to business nor
mai prosperity.
To appreciate the importance Of re-
moving doubt upon this subject, con-
template briefly ;hc process Of reaching
the proposed silver standard. We saw
in 1898 a paralysis Of business, in large
part produced by the threat Of a silver
standard.
If president and congress were elect
ed in November committed 10 the free
and unlimited coinage If 3I4 grains
of silver into dollars, nearly six months
would pass before they could be inaugu-
rated and six months more before the
proposed legislation could become law.
During that time creditors would seek
to protect themselves against being paid
in dollars worth only about ID grains Of
gold and they would endeayor to make
collections before the unlimited coinage
Of deprecated dollars began. The debt
ors would not bee allowed 90 remain
debtors until they could get the aGyan-
tase Of paying off what they owed at
so cents on the dollar; they would be
forced To immediate settlements. Shcr-
ifs and conStablos would call upon
them without delay. Dopositors in banks
would withdraw their money. The
large merchants, forced 10 settle their
foreign Indebtedness, would insist upon
immediate payment If debts due from
smaller merchants The smaller mer-
chants in turn would be compelled to
force collections from their customers
The great volume # business conducted
upon credits would cease.
Manufacturing enterprises could not
afford to continue business or make
contracts until the value Of the new
dollar could be settled by the detemi-
nation Of just what 37lli grains Of sill
yer would prove to be worth. Manutac-
tories would close Business houses
would fail. Banks would be raldcd.
L ne ultMlINN ga NJ bNlA &c h"AA"'A'' -
millions The farmers would find few
purchasers for their products. Want and
famine would pervado the land.
Al the end of few years, when bust
ness settled down to the new meaning
Of a dollar, fluctuations in the COM
morcial price Of silver would still keep
our dollars Of uncertain value and him
der domestic trade.
Business interests. reaching from the
richest banker to the poorest paid labor
er, require the removal Of all doubt
about the meaning Of a dollar No man
should be trusted even with an impor-
tant nomination who does not recognize
that the value Of dollar is now meas
ured by 23.22 grains Of gold, and who
is not willing TO openly declare his pur-
pose to help keep it Il
A New Brand of Patriots.