The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1896-01-03
CHEAP DOLLARS.
THEY ARE STRONGLY CONDEMNED
BY PRESIDENT CLEVELAND.

| We Have Four Times Failed to Es
tablish imetailism-No Hope
For Success In Future-Danger of
Attempting to Depreciate Oar
Currency.
No part Of the Presidents annual
message to Congress is more worthy
of careful reading than that part in
which he exposes the folly and danger
of attempting any more legislation in
behalf of silver. It is absolutely I'M
answerable. Here are some extracts
from it:
While I have endeavored to make q
plain statement of the dlsordered con-
dition of our currency and the present
dangers menacing our prosperity, and
to suggest way which leads to safer
financial system, I have constantly had
in mind the fact that many of my
countrymsn, whose sincerity I do not
doubt, insist that the cure for the ills
now threatening us may be found in
the single and simple remedy of the
free coinage OF silver.
No government, no human contri-
vance or act of legislation, has ever
been able to hold the two metals to-
gether in free coinage at q ratio ap-
probably different from that which is
established in the markets of the world.
Those who believe that our indie
pendent free coinage of silver at an
artificial ratio with gold of 16 to l
would restore the parity between the
metals, and consequently between the
coins. oppose an unsupported and I'M
probable theory to the general belief
and practice of other nations, and to
the teaching of the wisest statesmen
the past and present, and. what is far
more conclusive, they run counter to
our own actual experiences.
Twice in our earlier history our
lawmakers in attempting to establish
q bimetallic currency undertook free
coinage upon ratio which accident
ally varied from the actual relative
values of the two metals not more than
three per cent. In both cases, notwith-
standing greater difficulties and cost
of transportation than now exist, the
coins, whose intrinsic worth was uu-
dervalued in the ratio, gradually and
surely disappeared from our circula-
ton and went to other countries where
there real value was better recognized.
Acts of Congress were impotent to
create equality where natural causes
decreed even slight inequality.
Twice in our recent history we have
signally failed to raise by legislation
the value of silver. Under an act of
Congress passed in 1873 the Govern
ment was required for more than
twelve years to expend annually at
least 1914, 10000 in the purchase OF
silver bullion for coinage. The act of
July IA, 1890, in a still holder effort
increased the amount of silver the
Government was compelled to pur-
chase, and forced it to become the
buyer annually of $4,000, 900 ounces,
or practically the .ntire product of
our mines. Upe both laws silver
rapidly and steaeIy declined in value
The prophecy and the expressed hope
and expectation of those in the Com
gress who led in the passage of the
last-mentioned act, that it would re-
establish and maintain the former
partly between the two metals, are still
fresh in our memory.
In the light of these experiences,
which accord with the experiences Of
other nations. there is certainly no
secure ground for the belief that an
act of Congress could now bridge an
inequality of fifty per cent. between
gold and silver at our present ratio,
nor is there the least possibility that
our country. which has less than one.
seventh of the silver money in the
world, could by its action alone raise
not only our own but all silver to its
lost ratio with gold. Our attempt to
accomplish this by the free coinage Of
silver at ratio differing widely from
actual relative values would be the
signal for the complete departure of
gold from our circulation, the imme-
diate and large contraction of our cir
culating medium, and q shrinkage in
the real value and monetary efficiency
of all other forms of currency as they
settled to the level of silver mono
metallism. Every one who receives .
fixed salary and every worker for
wages would find the dollar in his
hand ruthlessly scaled down to the
point of bitter disappointment IT not
to pinching privation.
A change in our standard to silver
monometallism would also bring on q
collapse of the entire system OF credit
which, when based on q standard
which is recognized and adopted by
the world of business, is many times
more potent and useful than the en-.
tire volume of currency and is safely
capable of almost indefinite expansion
to meet the growth of trade and en-
terprise.
In self-invited struggle through
darkness and uncertainty our humili-
stion would be increased by the con-
seriousness that we had parted COM
pany with all the enlightened and
progressive nations of the world, and
were desperately and hopelessly striv-
ing to meet the stress of modern COM
MERGE and competition with debased
and unsuitable currency and in asso-
citation with the few weak and laggard
nations which have silver alone as
| their standard of value.
All history warns us against rash ex-
periments which threaten violent
changes in our monetary standard and
the degradation of our currency. The
past is full of lessons teaching not
only the economic dangers, but the
national immortality that follows. in
the train of such experiments. will
not believe that the American people
can be persuaded after sober delibera-