The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-07-24
WOULD lNJuRE ALL.
Chairman Fairbanks says Free Colnsxs
Would Mean Ruin.

S'ssE"sn Eeir0an8s 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 OPEN
Ing speech:
The republican party has not been
unfriendly to the proper use Of silver.
It has always favored and favors today
the use Of silver as part Of our Cir
culating medium. But 1t favors that
use under such provisions and safe
guards as shall not imperil our pres
ent national standard. The policy Of
the republican party is to retain both
gold and silver as part of our cir
culattng medium, while the policy of
Tree coinage Of silver leads to certain
silver nonometallism. It is an i'm
mutable law that two moneys of un-
equal value will not circulate together
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 it's
mints to the free and Independent
coinage of silver at ratio of 16 to /,
when the commercial ratio in all the
great markets is 80 to /, and at the
same time not drive every dollar Of
gold out Of circulation. but deceive
themselves.
Great and splendid and powerful as
our government is, 1t cannot accom-
plish the impossible. It cannot create
value. 1t has not the alchemist's sub
tie art Of transmitting unlimited silver
into gold, nor can it, by omnipotent
hat, make 80 cents worth 100 cents.
AS well undertake by resolution Of
congress to suspend the law of CRAWL
tation as attempt to compel an I'M
limited number Of so cent dollars to
circulate with 100 cent dollars at a
parity with each other. An attempt to
compel unlimited dollars of such un-
equal value to circulate at parity is
bad In morals and is vicious in policy.
Upon opening our minis to the in
dependent free coinage of silver for
egn credits would be withdrawn and
domestic credits would be greatly cur
tailed. More than this, there would
be certain and sudden contraction of
our currency by the expulsion Of $780,
100000 of gold. and our paper and sill
yer currency would instantly and
greatly depreciate in purchasing power.
But one result would follow this-en-
terprise would be further embarrassed.
business Generalization would be in
creased, and still further and serious
injury would be inflicted upon the la
borers. the farmers, the merchants.
and all those whose welfare depends
upon wholesale 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 associa-
tons; salaries and incomes would
shrink; pensions would be cut in two;
the benefciaries Of life insurance
would suffer; in short, the injury
would be so universal 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
employe and the employer, the laborer
and the capitalist. Upon faith in its
worth, its stability, we go forward
planning for the future. The capital
list erects his factories, acquires his
materials. employs his mechanics. ar
tisans and laborers. He is confident
that his margin will not be swept
away by fluctuations in the currency
The laborer knows that the money
earned by his toll is as honest az his
labor. and that It is Of unquestioned
purchasing power.