Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-09-04

Obligation but there is a legal obi
CATION expressed in public statute
to maintain the parity
These dollars, IN the particulars
Ihave named are not the same al
the dollars which would be issued
under free coinage, They would
bs the same IN form, but dtfcre nj
in valne. The Government won Id
have no part in the transaction
except to coln the SILVER bullion
into dollars. 1t would share IN no
part of the profit. 1t would take
upon itself no obligation. II
would not put the dollars into
circulation. 1t could only get them
as any citizen would g-t them
by giving something for them. II
would deliver them to those who
deposited the silver and Its con
nectiOB with the trans 'ctiOn there
end. Such are tho silver dollars
which would be issued under free
coinage OF silver at ratio OF 10 to
/ |. Who would then maintain the
parity7 What would keep them at
par with goldl They would be no
obligation resting upon the Gov
ernment to DO it, and If there Were
it would be pOWerless to do 1t. The
simple truth Is We would be driven
TO silver basis-t0 silver mon
metallsm.
These dollars, therefore would
stand upon their real value. If the
free and unlimited coinage of
silver at a ratio Of Is ounces OF
silver to ounce of gold would az
some of its advocates assert, make
So cents in silver worth 100 cents,
aud the SILVER worth dollar
theu we would have no cheaper
money than now, and 1t would be
no easier to get.
Bat that such would be the re-
suit is against reason aud is cOu-
tradicted by experience in all times
and in all lands. Ii means the
debasement of our currency to tie
amount of the difference between
The commercial ard coin value of
the silver dollar, which is ever
changing, and the effect would be
to reduce property values, entail
untold financial loss, destroy cOud
dence, impair tho obligations of
existing contracts, further i'm.
poverish the labOrers and producers
OF the country, create a psnlc OF
unparalleled severity and lnhict
upon trade and commerce a de IDLY
blow. Against any such policy L
an unalterably opposed.
Bimetallism cannot be secured
by Independent action on our
pars It cannot be Obtained by open
ing our mlnts to the unlimited
coinage of the silver OF the world
at a ratio of 10 oounces of silver to
2 ounces Of gold when the CONNER
ciaI ratio is more than 30 ounces OF
silver to | ounce of gold. Mexico
and China have tried the expert
mcnt. Mexico has free coluage of
silver and gold at ratio slightly
in excess OF lo4 ounces OF silver to
| ounce of gold, and while her mlnts
are freely open to both metals at
that ratio not a single dollar in
cold bnllion is coined and circulat-
ed as money. Gold has been driven
out OF circulation in these countries
and they are on silver basis alone
Until International agreement is
had it is the plain duty OF the
United States to maintain the gold
standard. 1t is the recognized and
sole standard OF the great com
mercial nations OF the world, with
which We trade more largely than
auy other. Eigbty-four per cent
of our foreign trade for the fisca
year 1Ss5) was with gold.standard
countries. and our trade with Other
countries was settled on a gold
basis.
Chiefly by means of legislation
during and since 1878 there ha'
been pat in circulation more than
1921 600, 900 of silver or It's repre-
sentative. This has been done IL
the honest effort to give the silver,
if possible, the same bullion anC
coinage value aud encourage toe
concurrent use OF both gold and
silver as money. Prior to tha
time there had been less than nine
millions of silver dollars coined il
the entire history of the United
States, a period of 80 years. Thi
legislation secures the largest us
of silver consistent with financia
safety and the pledge To MAINTAIN
lis parity with gold. We have tc
day more silver than gold. Thi
has been accomplished at time
with grave peril 70 the public credit