The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

held Tor the redemption OF United States
notes and silver certificates, as follows:
stsndssd SILVER dollar. s.ssass.S S4S
Subsidiary silver. .......... iSSTlS76. 40
Gold certificates. ....... an 40 IN
Silver certificates. 1isWaoS IA
Trs. notes, act July IL, 1900 n IN Mn "a
United States notes. ..,.. l.i IN so a.
Cur: cert'f's. act June s. 1872 i5SsS'S,
Nntional bank notes. ....... 10 e9s t,1il IN
1osn .......'............$ 6s4. aip, pSi.O1
All these forms Of money have been
maintained by the government at par
WIN gold and they travel the circle OF
the world without diminution AZ their,
purchasing power. Though silver mi.
lion has fallen to nearly one-half ifs
FORMER value. yet we have used IL and
maintained silver coin made from, II AZ
parity with gold at the ratio OF 1e to i.
But now we are brought face IN face
with q prop osition which IL agreed 10 win
make silver the sole standard Of value
Tor all debts and credits. for the wages
o. lanor ana the purchase and sale OF
recent convention at Chicago nSonted 4
resolution In favor of the free eoinale
q silver ct the ratio OF IS parts OF silver
TO one OF gold. We know thar In the
United states and in ali countries IN the.
world 30 ounces or more OF silyer cal,
pc purchased by one ounce 81 gold.
WIN tne Tree coinage Of silver gold Will,
be demonetized. Nothing can Sc more
certain than that the cheaper money
only WIZ circulate. The United States
mas thus lar maintained its silver coins
at parity with gold coins only by It's
exclusive monopoly Of coinage and by.
limiting the amount. but with free coin
age OF silver there could be no linita.
uon. Silver bullion In every form will
be pressed upon the mints and with the
mandatory duty of free coinage. silver
dollars will soon fill the channels of CIR
culation and the gold dollar will be
hoarded or will be quoted and sold as
q commodity at about 194 cents of the
silver coin. Silver will stand as the par
OF value and gold will be quoted at its
commercial value.
Let US contemplate for awhile the in
evitable result of the free coinage OF
silver even II repeat what say. Il
would violate every contract for the
payment OF money made since Jan. /,
1878. The resumption act, which went
Into operation on that day. provided for
the payment in coin on demand OF all
United States notes presented for re-
demption. All forms of money, whether
OF SILVER or gold. or paper. were then
maintained at par with each other and
have been SO maintained ever since.
During all this period gold and silver
coins at par with each other have been
the standards OF value OF all loans, con-
tracts or purchases and the faith Of the
United States was pledged for their
maintenance at parity with each other.
Although silver bullion declined In mar
ket value. the coins made from 1t have
been kept at par with gold coins at the
legal ratio OF 16 to ]. But II the free
coinage of silver is authorized, then the
market value of silver bullion becomes
the standard for payments on all con-
tracts made in the past, the present or
the future; 412h grains of standard Sill
yer bullion worth now So cents. can with
free coinage be coined into dollar upon
the demand of any holder Of such bull.
lion. This dollar Is delivered to the
owner OF the bullion and is not support
ed by the fat of the government. The
government does not undertake TO
maintain its relative value with gold.
The government stamps It, This is o
dollar. Its purchasing power Is s.
cents. but its debt paying power Is one
dollar. It Is to be legal tender for one
dollar OF debt. but In the purchase Of
any article tbs only worth So cents, Tor
the seller Of the article can FIX his price
according to the kind OF money offered.
1t Is the doctrine Of the Popullst and the
the traditional policy of Thomas Jeffer-
son, Andrew Jackson and the Demo-
cratic party.
When we contemplate the great
amount OF debt and credit that Is un-
avoidable in a vast but new country
like ours. we naturally shrink from any
measure that will either rob the lender
or do injustice to the borrower. It is
impossible to estimate the wrong and
injustice that will be done to creditors
by the scaling OF nearly one-half of
debts due them. The very threat to do
1t Will lead to the prompt and harsh
collection OF debts before free coinage
can become law. am advised that
already debts that would have remained
uncalled for have. in fear of such law.
been enforced. It Is certain that before
Q free coinage bill can become a law
the wide distrust caused by the pending
OF such measure will lead to the rapid
collection Of debts, the sacrifice Of prop
erty and deepen existing financial dif-
hculties growing out OF insufficient rev
enues for the national as wei as for
many state governments.
1t Is sometimes said Of creditors that
they are blood thirsty Shylocks. aristo.
Gratis, blood-suckers. extortioners. II
may be that there are among money
lenders some men who merit these ami.
NETS but the great body Of the credit
ors OF our country are among the thris.
~. Industrious and intelligent men and
women OF every community. One great
pody OF creditors here Is the $4,000 lin
ION soldiers. their widows and orphans
who are creditors Of the United States
70 the amount Of over $140, 0O0, 900 a wear
Tor services and sacrifices In the IInio,,
army. 1t would be an act of perfidy,
and meanness beyond expression for this
great country to pay them with money
OF less purchasing power than gold coin
merely because the overproduction NJ
silver In the United States has reduced
me market value Of silver bullion COM
tanned In a silver dollar. To take ad.
vantage OF this decline in order 10 re-
duce the value OF the pittance to these
pensioners Is worse than to rob fha
graves of the dead.
There is another class of creditors
that the free coinage Of silver win
greatly inJure. It is the depositors In
savings institutions and kindred orgat1-
nations. who. according to official sta
tistics. number nearly 100000 people,
and whose deposits amount to fmore
than eighteen hundred million dollars.
Will you cheat them by reducing the
value and purchasing power of the dol.
lars they have deposited?
Free coinage will also wipe out neatlv
one-haH the value OF life Insurance
which provident people of the United
States have paid to secure in case OF
their death some support and protection
to wife and children. It will Affect in
juriously the multitude OF clerks and
employees who depend upon monthly
pay and will reduce the purchasing
power of all salaries of officers and en-.
ployes In the public service Of the Unit
ed States and of every state. county.
city or township in this broad LAND.
But by far the greatest injury resulting
from the free coinage Of silver will fan
upon workingmen. Their wages are