Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-06-17

70 the value Of silver and make it equal
to q ratio Of 10 70 with gold prior to
1884, and it failed to add per cent 10
gold and make it equal TO a ratio Of /
to l6 with silver subsequent 70 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 abcut
60 cents an ounce IL is impossible TO
place and maintain pace upon such
commodity which wCnid give il n profit
entirely disproportioncd TO that earned
by the average enterprise. Yet the ad-
vocatcs Of free coinage Of silver now
propose to undertake the experiment at
local ratio # l6 TO !, although the
commercial ratio is 81 to l.
We are therefore confronted with
proposition 10 change the meaning Of
the dollar from 3.22 grains of gold
to 371H grains Of silver. AS 37l4
grains Of silver are worth only about l3
grains Of gold, il is practically propo-
sition, at single blow, TO reduce the
va'uc Of dollar onc-half
It is movement moro radical than
one to reduce openly the bullion in
gold dollar TO l3 grains This would be
r.ep dangerous. but definite No one
knows what 81 4 grains of silver would
beNorth under free and unlimited coin
age II is impossible 10 say whether the
increased demand for silver would carry
311I grains Of silver somewhat above
10 grains Of gold, or whether this in
creased demand would shortly produce
disproportioned increased supply and
carry the value Of 37l1l grains Of sill
yer somewhat below lS grains of gold.
am aware that the advocates of FREQ
coinage Of silver object 10 estimating
tho 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
merco is abandoned, our dollars will be
actually measured by gold, even though
We fix them upon a silver standard.
The movement for the free and UNI
limited coinage Of silver is therefore,
IN effort not only 10 reduce the value OF
dollar about one-half, but to leave II
in a state Of uncertainty. 1t threatens
complete change in the meaning Of the
term dollar 70 some meaning in the
neighborhood Of one-half its present
meaning. It 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 where 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 TO the mean
ing Of dollar must tend 20 suppress
business. Tho mere threat involves un-
certainty, aud this uncertainty must be
removed TO bring back 10 business nor
NAL prosperity.
To appreciate the importance Of re-
moving doubt upon this subject, con.
template briefly the process Of reaching
the proposed silver standard. We saw
in 1898 a paralysis Of business, in large
part produced by the threat Of silver
standard.
If president and congress were elect
ed in November committed 10 the free
and unlimited coinage Of 3714 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 II grains Of
gold, and they would ondeayor 10 make
collections before tbe unlimited coinage
Of deprecated dollars began. The debt
ors would not be allowed 10 remain
debtors until they could get the advan-
tage Of paying off what they owed at
90 cents on the dollar; they would be
forced 20 immediate settlements. Sher'
ifs and constables would call upoI
them without delay. Depositors in banks
would Withdraw their money. The
large merchants, forced 10 settle then
foreign Indebtedness, would insist upon
immediate payment of debts due from
smaller merchants The smaller mer.
chants in turn wauld be compelled tc
force collections from their customers
The great Volume 81 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 DO settled by the detcrmi'
nation Of just what 37lA grains Of sill
yer would prove 10 be worth Manufac.
tories would close Business houses
would fail Banks would be raidcd
The unemployed would be numbered by
millions. The tanners would ind few
purchasers for their produces Want and
famine wuuld peryade the land
~ the end Of few years, when busi-
pess settled down 10 tho new meaning
Of a dollar. fluctuations in the com
mercial price Of silver would still keet
our dollars Of uncertain value and hin
der domestic trade
Business interests, reaching from tho
richest banker 10 the poorest paid labor
er, require the removal Of all doubt
about the meaning Of 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 2922 grains Of gold. and who
Is not willing 10 openly declare his pur-
pose 10 help keep it there.
The Cheap MONEY will.o'-the-wisp.