Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1896-08-27

currency that we have ever enjoyed
md will effectually aid IN solving
Ill of the problems by which our IL
lancial situation is surrounded.
"On the much-vexed question Of a
bl-metallic standard, my own views
are sufficiently indicated in the re-
marks | have made. / believe the
struggle now going on in this coun-
try, and in other countries. would, If
successful, produce disaster in the
end throughout the commercial world.
The destruction Of silver as money,
and the establishment of gold as the
sole unit Of value, must have ruin
Gus effect upon all forms of property
except those investments which yield
fixed return in money. These
would be enormously enhanced IN
value, and would gain dlsprOpor-
tionate, and therefore unfair advan-
tage over every other species of prop
erty. If, as the most reliable statis-
tics affirm, there are nearly $1,000,
100000 of coin or bullion in the
world, not very unequally divided be
tween gold and silver, it is impossible
to strike silver out of existence as
money without results which will
prove disastrous to millions, and ut
terly disastrous to tens of thousands.
Alexander Hamilton declared in his
able and invaluable report in 1871
on the establishment Of a mint that
to annul the use of either gold or
silver as money is to abridge the
quantity of-cwculatlng medium, and
is liable to all the objections which
arise from a comparison of the coils
of scanty circulation | take no
risks in saying that the benefits Of a
full circulation, and the evils Of a
scantv circulation are both immeas-
urably greater to-day than they were
when Mr.. Hamilton uttered these
weighty words, always provided that
the circulation is one of actual mon
! ey and not Of deprecated promises
to pay
"In the report from which / have
already quoted, Mr.. Hamilton argues
at length in favor of double stand
ard, and all the subsequent expert
ence of ninety years has brought out
no clearer statement of the case, or
: developed more complete compre-
5 hension of this subtle and difficult
9 subject "On the whole" says Mr..
u Hamilton, cit seems most advisable
/ not to attach the unit exclusively to
S either of the metals, because this
e can not be done effectually without
, destroying the Office and character Of
/ one of them as money, and reducing
/ it to the situation of mere merchan'
.e disc" Mr.. Hamilton wisely con
/ cludes that this reduction of either OF
), the metals to mere merchandise | a
q gain quote his exact words) 'woulc
q probably be a greater evil than oc-
= casional variations in the unit iron
}, the fluctuations in the relative value
u u of the metals, especially if care bt
IL IL taken to regulate the proportion be
a. a. tween them, with an eye to their av
u Il erage commercial value | do no
~ s think that this country, holding s.
OF vast a proportion of the world
d supply of silver in its mountains an'
a its mines can afford to reduce tn
le metal to the situation of mere mer
e- chandise.' If silver ceases to b
lu used as money in Europe and Amer
.55 aS lea, the mines of the Pacific Slop
III III will be closed and dead, Mining en-
~ terprises OF the gigantic scale existln
uo " IN this country cannot be carried o
=, to provide backs for mirrors and t
h ~. manufacture cream pitchers and su
5@ gar bowls A source of incalculabl
10 wealth to this country Is desroye
oI I the moment silver Is permanently dis