Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-05-20
,lerrron Postmasler- eeneraIWiIson.
May IS So.

UNNN NLINILUE me III tic AAsAAAN VI @~---- -
Democratic friends in Hardy to attend and
address their county convention. would
GLADLY do so if 1 could spare the time from my
exacting labors here to make the journey. Al
though have no longer anything to ask oil
the people Of my old district, am as keenly
alive as ever to my obligations to them, and as
anxious as ever to preserve in all the warmth
of past years their friendship and confidence.
To the Democrats OF Hardy / owe special
debt Of gratitude. They not only supported
me i'm an my candidates. with party loyalty
and enthusiasm. but with personal friendship
that I can never forget or requite. If 1t were
possible for me TO respond TO any summons
from them I should do so With alacrity and
I should especially feel IL privilege and
duty Just now to urge upon them continued
fidelity 10 Democratic principles and TO warn
then, against that disaster which now hangs
So portentiously over its Immediate future, and
even threatens its disruption as a national
party. amer a history co-extensive with that oil
our government, and a record OF patriotic
achievements that ought 20 inspire it TO a still
greater future.
That danger is its possible adoption, or rath-
er the adoption by the Democrats Of the South
Of the policy Of free coinage Of silver at the
ratio of Is to / to gold. cannot in the limits
of a brief letter make more than meagre
statement of the meaning Of this policy or oil
It's effects on the country or on the fortunes Of
any party that should assert it as its party
policy.
First. let me say that financial questions are
not easy for the people to understand What
we know about them is the result Of centuries
of experience, and yet there are no questions
ON which men who have never studied the
experience of the pas and Of the great nations
of the world. are so ready to spin theories out
of their own minds. and none upon which
they viii speak with a boldness in such IN
verse proportion to their knowledge OF human
history.
Let me state a few facts
We have now in the United States about two
thousand million dollars of money, made up
of over six hundred millions Of gold, four
hundred and tweuty-six millions Of standard
silver dollars. aud the residue in smaller silver
coin. minor coins, and paper money, which
/ includes ereenbacks, treasury notes and ma
| tional bank notes. The gold dollar is by law,
/ since 1878. the standard, and the government
pledges itself 10 keep, and does keep, all other
/ kinds of dollars on par with gold. This Is
more than four times as much money as We
had in circulation in 1859, and nearly twice as
much per head of population notwithstand-
ing the fact that present business methods
tend more and more, through banks and
/ clearing houses, to q smaller use OF money
and an ever expanding use of credit represen-
tatiyes Of money. Every existing debt, bond,
obligation, note, or contract for salary or wa
yes made since the resumption Of specie pay
ments I'm 1879 is payable in the gold standard
I and every part of these two thousand millions
is available for such payment, for none OF us
care whether we receive gold, silver or paper
as long as the government keeps all on parity.
We have now free coinage Of gold, and as
| consequence the gold coin is worth exactly as
much os, and no moro than, the bullion out
OF which 10 is coined.
/ I, has not been found possible for any gov
eminent I'm recent times to fix such ratio be-
/ tween cold and silver as TO keep both in full
ana o1AlUIiel' ''IO''''-'o" 0''''' IL 00
hence all free silver countries TO-DAY nave no
| full. legal tender metal currency but silver
But all the gold standard countries com on
| government account more or less silver coins
and keep them at Par with their gold. The
United States have coined thus over four nun
dred million silver dollars oil iuH lesai tender
/ power and large amount OF smaller sl'er
and other coins for use as change IN snaH
transactions, with limited Legal tender power
Free coinage of silver at TO to l means 'ha'
/ any private owner of silver bullion may orins
to TO the minis and have it coined without
charge into dollars of the present weight and
lneaess which, OF course, would thereafter De
worth as much as and no more than the oul-
lion of which they were coined, "n'cu IS no"
about nLty cents TO tne dollar. NO so'o "o'-0
/ then be coined because with the ouiion nee
/ cssary to- coin gold dollar could be purchas-
\ ed enough silver bullion to coin two silver
dollars. No one would use gold dollars 10 pay
debts which lac could pay with less valuable
I silver dollars. The first effect OF free silver
would be to drive out Of circulation the 625
I millions of gold and TO sink all silver and pa
I per money TO the standard of the silver dollar.
I There would be at once shrnkase OF our
/ currency of two-thirds of ITS present purchas-
D inr power or money efficiency, by the OlSap-