The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-09-10

no difference In principle between a
dollar half Hat and one all Hat, 'rhs lat
ter, as the cheapest, under the logic OF
Cheap money" would surely drive
the other out.
Any attempt on the part OF the gov.
ernment TO create by lis nat, money OF
a fictitious value. would dIshonor us In
tho eyes OF oher peoples, and bring In.
ilnltc repronch upon che national char
ncter, The business and financial con-
sequences OF such an immoral &C,
would be Worldwide, because our com.
merclal relations are worldwide. All
our settlements with other lands must
be made, not with the money which
may be legally current In our oYncoun-
try, but in gold, che standard Of all
nations with which our relations are
most cordial and extensive. and no leg.
iSlatlve enactment can free us from
that Inevitable necessity. 1t Is a known
Tact that more than eighty per cent OF
the commerce OF the world is settled In
gold or on u gold basis.
Free Coinage Discrimination.
Such free coinage legislation, II ever
consummated. would discriminate
against every producer OF wheat, cot
ton, corn or rye-who should In Justice
be equally entitled, with the silver
owner, TO sell his products to the Uni
ted States treasury. at n profit fixed by
the Sovernment-and against all pro-
ducers OF Iron. steel. zinc or copper,
who might properly claim to have their
metals made into current coin. II
would, as we'll, be fraud upon all per-
sons forced to accept a currency thus
stimulated and at the same time de-
graded.
In every aspect the proposed policy
Is partial and one-slded. because It is
only when a profit can be made by q
mine owner or dealer, that he takes
his silver TO the mint for coinage. Tho
government is always at the losing end.
Stamp such fictitious value upon silver
ore, und q dishonest and unjust dis
elimination Will be made against every
other form OF Industry. When silver
bullion. worth little more than fifty
cents. is made into legal tender dol
lar. driving out one having q purchas-
ing and de6t-paylng power OF one hun
dred cents. It will clearly be done az
the expense and injury OF every class
OF the community.
Those who contend for the free and
unlimited coinage OF silver may believe
In nll honesty that while the present
ratio OF silver 10 gold is as thirty TO
one (not sixteen TO one). silver will
rise above the existing market value.
II II does so rise the effect VIII be 10
make the loss 10 all the people SO much
less. but such an opinion Is but haZ-
ardous conjecture at best, and Is not
justified by experience. Within the last
twenty years this government has
~ - -
silver from which II has coined approx
imately 40 millions OF silver dollars In
silver certificates, and the prkce OF the
metal has steadily declined from 81 Is
per ounce TO sixty-eight cents per
ounce. What will be the decline when
the supply Is augmented by the offer
inSs OF all the world? The loss upon
these silver purchases to the people OF
this country has now been nearly 80
millions OF dollars.
The dollars OF our fathers. about
which so much IS said, was an honest
dollar, silver a full parity
OF Intrinsic value with gold The faith
ers would have spurned and ridlculed
proposition TO make silver dollar
worth only fifty three cents, stand OF
equal value with n gold one worth a
hundred cents. The experience OF all
nations proves that any depreciation.
however Elight, OF another standard,
from the parity with gold, has driven
the more valuable one out OF circula-
ton. and such experience In q matter
OF thIs kind Is worth much more than
mere interested speculative opinion.
The fact that few gold coins are seen
In ordinary circulation for domestic
uses Is no proof at all that the metal
Is not performing most importaH:
function IN business affairs. The f0un-
dalton OF the house IS not always In
sight, but the house would not stand
an hour Il there were no foundation.
The great enginery that moves tn,
ocean steamship IS not always IN view
OF the passenger, but IL Is, all the same,
the propelling force OF the vessel. with
out which 1t would coon become q
worthless derelict-
II may be instructive to consider q
moment how the free and unlimited
coinage OF silver would affect q few
great interests, and l mention only
enough to demonstrate what a calam-
fly may lie before us II the platform
formulated At Chicago is permitted 10
be carried out.
Where Free Silver wouId Strike Hardest
There are now on deposit In the saw
Ings banks Of thirty-threc states and
territories OF this union. the vast sum
| OF g, 900, 900. 900. These are the savings
OF almost 100000 depOsItors. In many
cases they represent tie labor and
economics Of years. Any depreciation
in the value Of the dollar would de-
| fraud every man, woman and child 70
whom these savings belong. Every
dollar OF their earnings when deposited
was worth one hundred cents in gold
OF the present standard OF weight and
| fineness. Are they not entitled TO re-
ccive in full,- with Interest. all they
| have 20 deposited? Any legislation that
would reduce It by the value OF n sin
| gle dime would be an intOlerable wrong
10 each dispositor. Every bank or bank
er who has accepted the earnings o!
| these millions OF dollars 10 the credi.
OF our citizens must be required to pay
| them back IN money not one whit less
| valuable than that which these banks
and bankers received In trust
There are, In this country, nearly six
| thousand building and loan asSocia-
| tIOns, with shareholders 10 the num-
| bcr Of 100000; and with assets
amounting to more than $500, 1000, 900
| Their average OF holdings ~ nearly
5000 per capita, and in many cases they
represent the savings of men and wo-
men who have denied themselves the
comforts OF life In the hope of being
able to accumulate enough 10 buy or
| build homes of their own. They have
aided In the erection OF over n million
| Of houses. which are now nforIlinE
comfort and shelter for ilvc millions OF
our thrifty people.
Free coinage at the arbitrary ratio Of
sixteen ounces OF silver 10 one Of gold
would be equivalent 10 the conilsCat!On
OF nearly half the savings thnt these
| people have invested. Il would be tant-
amount to war upon American home
makers. II would be an invasion OF
| "the homes OF the providentr" ana tend
IL al It.niI