The Indianapolis journal., 1896-06-03
NOT OPPOSED TO SILVER IN ITSELF.

NOT OPPOSED TO SILVER IN ITSELF.
In a communication on the money
question a correspondent Of the Journal
says: 1T is not silver that the sound
money men object to. but unnecessary
fluctuations In the standard of value.
There is no objection to- bimetallism at
a stated ratio, except that the first fuc-
tuation OF the bullion market converts
1t into monometallism of the cheaper
metal" This is entirely true. and 1t
emphasizes a point which has received
too little attention. AS remarked else
where, the money question Is .pre-emi-
nently a business question and should
be settled in accordance with estab-
Iished principles of finance and the
monetary experience of the world. There
is no room whatever in it for sentiment.
One Of the most common and plausible
arguments OF the free silverites is that
silver should be restored to the position
from which 1t was wrongfully displaced,
that we should return to the ancient
landmarks, the money of the fathers,
etc. The American people are so much
bound by precedents and have so much
reverence for everything connected with
the constitutional period or the work of
the fathers that many of them give un-
due weight to this sort Of an appeal. 1t
might as well be demanded that we
should return to the ancient landmarks
in the matter Of carrying the mails on
horseback and a thousand other things
which changed conditions have shown to
| be unwise or impracticable. An orator
who should insist with fiery eloquence
| that we ought to return to the fathers
methods in agriculture and manufacture
ing, restore the prices that prevailed in
the early part Of the century, substitute
| OK carts for locomotives, hand imple-
ments for farm machinery, the tinder
box and flint for matches and an endless
variety Of obsolete things for their mod
| ern successors would be no more absurd
than he who offers It as real argument
that we should resume the free coinage
of silver on the ratio OF 16 to / because
| our fathers agreed on that ratio more
than a hundred years ago. This is not
even healthy sentiment: 1t is twaddle.
The fact cannot be too strongly en-
phasized that it is not silver that the
sound-money men object to. but unneces-
sary fluctuations, in the standard Of
value. There is no objection to the white
metal In itself and no reason for any.
It possesses many Of the qualities of
good metallic currency, and during a
long period In the worlds history 1t was
fairly stable In value, or so nearly so
that 1t would circulate side by side with
gold under free coinage of both. This
was not always the case, however, and
during the last twenty-five years the
market price Of silver has steadily de-
clined in spite of the most heroic and
costly efforts Of the government to main-
tain 1t. Silver bullion, to be at a parity
with gold bullion, ought to\ bring $l.29
per ounce. whereas it is now worth only
6S or SO cents an ounce. If 1t held the
same relative commercial value to gold
that 1t did a hundred years ago, and If
there could be any assurance that it
would continue to hold its place there
could be no objection whatever to its
free coinage at the old ratio. Nor could
there be any objection to its free COIN
age at any ratio secured and established
by international agreement which would
insure its parity with gold and its un-
huctuating character. But these condi-
tions never have been secured in the
past, and the difficulty of doing 1t now
Is incomparably greater than ever be-
f2re A recent writer saws:
In view OF the unlimited supply of silver
In the mines within easy reach, and Of the
new arts by which Its cost Of production Is
absolutely certain that no human device car
restore our silver to a par with gold. They
naye parted forever on the existing ratio
respondingiy abundant. Our silver dollars
are utterly useless at their face in the mar
except as protected by our gold. and are
therefore a perpetual and grave menace. to
our whole curss5cy rem io system S which Is thus
valuation OF $500. 1000.
The advocates OF free silver would
convert this menace to our currency sys-
tenn into actual disaster OF tremendous
proportions by opening the fioodgates
and adding indefinitely to the number
of 50-cent dollars. thus driving gold on,
of circulation and placing the business
Of the country on basis as shifty a.
sand, and every dollar Of which woult
be living lie. Those who oppose thi!
are not enemies of silver. but OF a de
based and fiuctuating standard of value
II the conditions and values were re
versed they would be equally justified II
opposing the free coinage of gold.
nAuK SUnEc on xuur~ " anrur