Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-08-13


specie resumption and the interconverti-
bliiy Of the two precious metals-a |
fund which, be IL remembered, was. OBJ
tained by the sale of government bonds, |
upon which interest has ever since been |
regularly paid? Can this single bull
wark. which has been the quiet but po- |
tcntial factor in maintaining unques-
toned confidence in every dollar in the
hands of the mon, women and children
of the land, withstand the current of
slemand for gold when it shall command
u premium, and the panic that is sure
to follow?
Let any man ask himself why the en-
tire business of the country has been
carried on for the last twelve years
with such smoothness and facility
alike in the smallest as the greatest
transaction-from the dollar that paid
for the toll of the day, to the millions
represented in the loans of great States
or Incorporated companies-with no dis
counts or calculations arising from the
form of tho money empl0yedI 1t has
been BECAUSE the central pivot upon
which the entire business of the country
has rcvolved, has been the pivot of stand
ard value of the gold coin held in re-
serve IN the Treasury-place there TO
meet, md ready and able to pay when
due and on demand, every obligation of
the government in specie-in coin of
either metal.-And the gold SO reserved
has Impaired its own stability of value
to the silver coin, to which was attached
the quality and legal right of conyerti-
bility into gold.
But if the silver coin had not been
fortified by this convertibility at the
will of the holder into gold-then we
would have witnessed the disastrous
effects of instability in measures of value
and the transactions of business / have
referred to would have been impossible.
Only by careful administrat iOn-only
by the creation aud maintenance of
their gold reserve-have the United
States been able to maintain in circula-
tiOn everywhere within their jurisdic-
tion. every dollar, under every form of
authorized paper or coin emission on an
absolute, unquestioned equality-equal
only because convertible into gold.
Now who will dare--or what Ameri-
can who pause to think will have the
heart-to deprive the muses. of his
countrymen of that which gives life and
health to their daily dealings?
Yet the free coinage of silver, as pro-
posed by the bill now before Congress,
would accomplish this heinous wrong.
How long would it be before the sue
tion-pipes of demand for gold would
drain the treasury of every ounce of that
metal, and throw upon our silver cur
rency and the various forms of paper
substitutes, the test of their actual
value? If Congress can create values,
ruin may be stayed; but Congress can
do no such thing-Congress cannot make
blade of grass. Yet such is the power
claimed by the legislation now proposed.
Then would come the era of distrust,
and its shadow would darken every
avenue of industry and enterprise-dis-
couraging outlay, diminishing employ
ment, reducing wages, and sending busi-
ness men into liquidation.
If, with such nominal money, debts
already incurred may be discharged,
future transactions would he beyond the
reach of such bad faith and defalcation
and prices would advance and adjust
themselves to meet the risks.
Labor, poor labor. would be fine last
TO have its wages join in the procession
of advancing rates-and yet the daily
wages of the working people form by
far the largest aggregate of money to he
affected by the degradation in the value
of the dollar.
Let this thought be horne in mind
when the immense aggregate of the
wages of labor is assailrd by any policy
that would make n silver dollar, or II
legalized paper dollar, of less purchasing
power, than gold dollar.
1t is not necessary to draw a picture
of the distressful results that atilict II
country deprived Of the anchorage of a
stable standard of value, for uncertainty
would attend every business transaction,
self-denial and wise economies would be
set ut naught,, gambling in the chances
would replace careful and settled calcu-
lations, aud fluctuations, like the tides
of the sea, would not only twice day,
but every hour in the day, unsettle bar
gains and destroy all calculations.
Surely il does not require courage to
oppose measures that threaten TO bring
about such Il condition of affairs, and
indeed nothing but foOlhardiness can de,
scribe the condition of mind That can
deliberately advocate it.
There seems to he body of unpatri
Otic politicians in the ranks of the Re.
publicans of the House of Representa-,
tives, who find nothing but pleasure il
the present dangerous condition OF
things, and to enjoy the opportunity OF
assisting to increase public danger il
order TO place their party opponents in
a false position: but the stern Judgment
of an earnest and honest public senti
ment will award them the contempt and
punishment they well deserve.
But my word of earnest and sincere
warning is to those Democrats, VIII,
shall have thoughtlessly assisted to pusl
aside the great and Essential measures
of reduction and reformation in our pres
ent onerous and sitting system of tariff
taxation and administrations system
that has driven our merchant MARINE
from the high seas, and blighted tn,
great vocation of agriculture in all il.
branches, has pent American industr,
up within our own boundaries, ant
turned loose upon il the fangs and talon.
of monopolists from which it cannot es
cape.
TO them | appeal to remember upoI
what issues the present Democratic ma
jOrity in Congress was elected, and wha
the popular will really intended when /
cast Reed and his rules, Lodge and hi
Force bill Mckinley and his Tariff
down in the dust!
If the earnest desire continue-ant
fervently l trust it may--to achieve TIN
fullest and safest use of both the prec
ious metals employed as money-let tn
movement take shape in pressing upol
other nations the wisdom and exped
l