Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-04-10
FOR SOUND MONEY.
cIEvELANo'S STRONG ARGUMENT
FOR ico CENT DOLLARS.

Each Other Tn Value Attempt Mt Free
Coinage Now v'onia Result In silver
MonOmetallISm and In Great Financial
Distress.
President Cleveland, in his message
to congress. reviews at considerable
length tho history Of our grcenbacks.
the great need Of retiring them and the
Urgent need of changes in our bank ny
aud currency laws to give us sudi
clent, safe and elastic currency. HIS
recommendations agree substantially
not only with those If Secretary Carlisle
and ComDtrciler Eckles, bat with these
OF many eminent authorities ca this
subject. They yshoald be. and we hone
have been' read by all good and patri.
otlc citizens. We, however. propose now
70 call repewed attention To his excel.
lent uiscusson of the free coinage ques
tioa. 1t is one OF the most convincing
arguments ever ipade aRains, cheap sill
yer dollars. We reproduce below tho
greater part OF this discussion:
While j have endeavored To mnke n
plain statement of the disoltlerod coudi.
tion Of our currency and the present
dangers monacing our prosperity, ara
To suggest way which leads 10 a safer
financial system, ! have constantly had
IN mind the fact that many of my coun-
trymen, whose sincerity do not doubt.
insist that the cure for the ills NOW
threatening US may bo found in tho sin
gle and simple remedy of the FREQ coin
uge of silver
We're thero infinitely stronger reasons
than can be adduced for hopinC that
such action would secure for us BIZ
metallic currency moving on lines of
parity, an experiment So novel and haz-
ardcus as that proposed might we'll stag
ger those who believe that stability is
an Imperative condition Of sound money.
No government, 10 human contri-
vance or act of legislation, has ever been
able go hold tho two metals together i'm
free coinage at a ratio appreciably diff.
ferent from that which il established in
the markets Of the world.
Those who believe that our indepeud-
ent free coinage of silver at an nrtifi-
cial ratio with gold If ! O 10 would re-
store the parity between the metals, and
consequently between The coins, oppose
nm unsupported and improbable theory
to the general belief and practice OF
other nations. and 10 the teaching OF the
wisest statesmen and economists OF the
world. both in tho past and present,
and, what is far more conclusive, they
run counter TO our own nctual expert
ences.
Twice in our earlier history orr law
makers in attempting TO establish bi-
metallic currency undertook free coin
age upon ratio which accidentally va
ried from tho actual relative values Of
the two metals not more than Der
cent. IN both cases, Notwithstanding
greater difficulties and cost OF trnnspor-
tation than now exist, the coins, whose
Intrinsic worth was undervalued in the
ratio, gradually and surely disappeared
from our circulation and went TO other
countries where their real value was
better recognized.
Acts OF congress Were impotent to
create equality where natural causes de-
creed even slight inequality.
Twice in our recent history we have
signally failed 10 raise by legislation
tho value of silver. Under an act OF con-
gress passed ia 1873 the government
was required for more than - yea's TO
expend annually at least @e4 coo, OOO in
the purchase CT silver bullion for coin
nge. Tho net Of July Ia, 1890, in a still
bolder effort increased the amount OF
silver the government was compelled 10
purchase, and forced il 10 become tho
buyer annually Of 54, 600. 900 ounces. or
practically the entire pa oduct of our
mines. Under both laws silver rapidly
and steadily declined in value. The
prophecy and the expressed hope and cx-
pectation of those in the congress who
led in the passage of the last mentioned
act, that ii would re-establish and main
tain the former parity 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 Sc
cure ground for the belief that an act Of
congress could now bridge an inequality
Of 30 per cent between gold and silver |
at our present ratio, nor is there the
least possibility that our country, which !
has less than one-seyenth Of the silver |
money III the world. could by its action |
alone raise not only cur own but all sill |
yer 10 its lost ratio with gold. Our at |
tempt to accomplish this by the free |
coinage Of silver at a ratio differing |
widely from actual relative values |
would be the signal for the complete de-
parture Of gold from our circulation, the
immediate and large contraction Of our
medium, and shrinkage in \
the real value and monetary efficiency
Of all other forms of currency as they /
settled to the level of silver mopometal- /
lism. Every one who receises a fixed |
salary and every worker for wages would
find the dollar in his hand ruthlessly |
scaled down 10 the point Of bitter disap-
pointment if not 10 pinching privation.
A change in our standard to silver
would also bring on a
collapse Of the entire system of credit
which, when based ON standard which
is recognized and adopted by the world
of business; is many times more potent
and useful than. the entire volume of
currency and is safely capable of almost
Indefinite expansion to meet the growth
of trade and enterprise.
In self invited sfru0ola th-onoyl,