The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28


held for the redemption OF United states
notes and silver certificates, as follows:
Standard siiver dollars. siss1s al y,
Subsidiary silver. .......... is5Mq5Bo
Gold certificates. ........ Sn- IN an
Silver certificates. ........ 1isTa f16s 40
Trs. notes. act July IL. 1870 AtTSsiS.co
United States notes. ..... 1ei 80 ssc m
Cur: cert'f's. act June 5. 1872 iS9sSno
Naaonai pank notes. ....... 1n,6slS' 62O 10
Total ....................$ 8si. 5if. psf 90
All these forms of money have Nan.
maintained by the government, ~ mar
with gold and they travel the circle a
the world without diminution az their
purchasing power Though silver biil-
lion has fallen to nearly one. half lis
former value, yet We have USED n and
maintained silver coin made fror, AZ Al
parity with gold at the ratio Of ia to i.
But now we are brought face "a FACE
win proposition which II agreed 10 win
make silver the sole standard OF value
Tor al debts and credits, for the wages
OF labor and the purchase and .Sie az
property. The Democratic party nj its
recent convention at Chicago adopted q
resolution in favor OF the free eoinare
OF silver at the ratio OF Is parts az liver
TO one of gold. We know thar Ii, 'tha
United States and Ia all countries Ia thl
world % ounces or more or siiver Gan.
pe purchased BY one ounce OF gold.
win the free coinage of silver gold will
pc aemonetized. Nothing can be more
ceftalh than that the cheaper money
only Will circulate. The United States
has thus far maintained its silver coins
at parity with gold coins only by NJ
exclusive monopoly of coinage and by,
limiting the amount, but with free coln-
age OF silver there could be no iirnita.
uon. Silver bullion in every form will
be pressed upon the minis and with the
mandatory duty OF free coinage. silver
dollars will soon fill the channels of cir.
culation and the gold dollar viii be
hoarded or will be quoted and sold as
commodity at about 1874 cents of the
silver coin. Silver will stand as the par
of value and gold will be quoted at ia
commercial value.
Let US contemplate for awhile the In
evitable result OF the free coinage OF
silver even II repeat what saw. II
would violate every contract for the
payment OF money made since Jan. 1,
1873. The resumption act. which went
into operation on that day. provided for
the payment In coin on demand OF all
United States notes presented for re-
demption. All forms OF money, whether
OF silver or gold. or paper, were then
maintained at par with each other and
have been so maintained ever since.
During all this period gold and silver
coins at par with each other have been
the standards OF value OF all loans, con.
tracts or purchases and the faith OF the
United States was pledged for their
maintenance at parity with each other.
Although silver bullion declined In mar
ket value. the coins made from It have
been kept at par with gold coins at the
legal ratio of 16 to /. But II the free
coinage Of silver Is authorized, then the
market value Of silver bullion becomes
the standard for payments on all con-
tracts made in the past, the present or
the future; 4t2h grains OF standard sill
yer bullion worth now So cents. can with
free coinage be coined into dollar upon
the demand OF any holder of such bull
lion. This dollar Is delivered to the
owner of the bullion and is not support
ed by the fiat of the government. The
government does not undertake to
maintain its relative value with gold.
The government stamps II, This Is q
dollar" Its purchasing power Is So
cents. but its debt paying power Is one
dollar. It Is to be a legal tender for one
dollar Of debt, but in the purchase OF
any article II IL only worthS 50 cents, for
the seller of the article can fix his price
1t is the doctrine Of the Populist and the
anarchist. but is in direct opposition TO
the traditional policy Of Thomas Jeffer-
son, Andrew Jackson and the Demo-
cratic party.
When we contemplate the great
amount OF debt and credit that Is un-
avoidable in a vast but new country
like ours, we naturally shrink from any
measure that will either rob the lender
or do injustice to the borrower. II IA
impossible to estimate the wrong and
Injustice that will be done to creditors
by the scaling of nearly one-haIf Of
debts due them. The very threat to do
1t VIII lead to the prompt and harsh
can become law. am advised that
already debts that would have remained
uncalled for have. In fear OF such a law
been enforced. It Is certain that before
q free coinage bill can become a law
the wide distrust caused by the pending
OF such measure will lead to the rand
collection Of debts, the sacrifice Of prom
erty and deepen existing financial ali.
hculties growing out Of insufficient rev
enues for the national as well as for
many state governments.
It Is sometimes said OF creditors that
they are blood-thirsty Shylocks. aristos
Gratis, blood-suckers, extortloners n
may be that there are among MONEY
lenders some men who merit these eni.
thets. but the great body of the credit-
ors OF our country are among the thris
", industrious and intelligent men ana
women OF every community. One 1raat
oody OF creditors here is the go Ot1 Tins
ION soldiers, their widows and Orphans
who are creditors Of the United sfatss
TO the amount of over $40. 200, 900 a wear
Tor services and sacrifices In the Union
army. 1t would be an act OF nertidv
and meanness beyond expression Tor M.
great country to pay them with monav
OF less purchasing power than gold coli,
merely because the overproductIon ~
silver In the United States has REDUCED
the market value of silver bullion con-
tained In a silver dollar. To take al.
vantage OF this decline in order 10 "a.
duce the value Of the pittance TO these
pensioners Is worse than to rob the
graves of the dead.
There Is another class Of creditors
that the free coinage of silver win
greatly injure. It is the depositors n
savings institutions and kindred orran.
izattons. who. according to official sta
usttcs. number nearly 100000 people.
ana whose deposits amount to more
than eighteen hundred million doiiars
Will you cheat them by reducing the
value and purchasing power of the dol.
lars they have deposited?
Free coinage will also wipe out nearlv
one-half the value OF life Insurance.
which provident people OF the United
States have paid to secure In case an
their death some support and protection
to wife and children. It will AFFECT in
juriously the multitude OF clerks and
employees who depend upon monthly
pay and will reduce the purchasins
power of all salaries OF officers and em.
ployes In the public service OF the Unit
ed States and OF every state. county.
city or township In this broad iand'
But by far the greatest Injury resulting
from the free coinage OF silver will fan
rn0r xp0rIrin THEIR 80.