Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-10-23

| States alone have the power to adop
| free coinage and silver recommendation
| but whether, In view Of our own do
nestle conditions and interests. and 0
our extensive commercial and finan
cial relations with the other great civ
! ilized nations of the world 1t woult
tc good policy and good faith to max.
such a radical change in our currenc,
and such a wholesale Reputation O
our obligations. 1t is not question
of power: 1t is not a question of ma
tional Independence but it is a ques
ton of national prosperity and ma
tional honor"
secretary Carlisle proceeded to dis
cuss at length the economic effects o
free silver coinage. Its advocates ad-
vanced three distinct and wholly in.
consistent propositions, he said. "Theil
first proposition Is that free coinage
with the ratio of 16 to 1 will give the
people cheap money. that it will re
duce the value of the dollar about one
half, 50 that it will require about twice
as many dollars to produce a given
quantity of commodities as are re-
quired now. This Is the high price ar
gunient and is addressed to the far
mers and so-cailed debtor classes.
Their second proposition is that fret
coinage will not make cheap or de-
precjated money. but viii raise the
value of the silver dollar to an equality
with the present value of the gold dol
lar. and of course IL requires no afGu-
ment to convince an intelligent audi
ence that, If this is true, prices VIII h
no higher than they are row. and
producers and debtors wiz get no more
dollars than they get now This Is the
argument addressed to the more con
sentative classes who 10 not believe IN
a deprecated currency but who have
been persuaded that there is not o
sufficient amount of money III H."
country Their third proposition
which appears TO be a compromise be
tween the other TWO, is that free COR
age VIII not increase the value of the
silver dollar To an equality with TN
present value OF the gold dollar h;f,
that il will raise the value of the sl
Yer up and bring the value of Gol
down so that the two metals VIII mes
at some intermediate point and conss
quently establish parity Al the ratf1
Of 10 to /. This argument is address
to those who are supposed TO he II, II
vor of depre dated currency buI are
not yet quit ready To accept dolla
worth only fifty cents.
Driven away from the advocacy e
the first proposition in many parts :
the country by reason OF its manifesl
and gross injustice to the iaboring MAJ
to depositors in savings banks and
other institutions. and to creditor
generally. and forced by the unanswef
able arguments of their opponents IA
other parts Of the country. To abandon
the second on account of its demon
stratcd absurdity. they have resortei
TO the third as compromise betwee1
the advocates of absolute tiatism ar
the advocates of partial or modified
fatism but said Secretary Carlisl
the contention that the United State
alone can, by the free coinage of silveH
increase the value of that metal and al
so reduce the value Of gold sinpl
doubles the difficulties which our or
ponentS have encountered in this dis
cussion. To believe that free coinaf
hy the United States alone would az
complish either of these results re
quires a faith in fiatism which would
remove mountains. but to believe tina
1t would accomplish both exhibits Il
degree of incredulity unparalleled in II
annals of human affairs.
Taking UP in detail each of thes
three propositions Mr. Carlisle went On
to show how the law of supply ard
demand and the recorded experience ct
tie world for at least six centuries. r.
futed each of them. The natural la
on the subject which we could neithei
repeat nor alter seemed to be tina
when the production of coinage Il
either gold or silver into legal tend er
money were increased in proportion t .
the production and coinage of the otht J.
metal the relative value of the coins
thus disproportionately added to IL
circulation decreased and the rule Wa =
the same whether the increase CO..
sisted of gold coins or silver coins
To protect themselves against tn
evil effects of threatened depreciatici
of their money. and to enable them / 3
maintain the parity of their silver ana
gold coins already in use. Holland.
France. Belgium, Italy, Switzerland
Greece and Venezuela have all been
compelled since the year 1875 to su--
pend the coinage of legal tender silve~.
Spain was forced also to stop the col
age in 1873, except on government ac-
counts and in 1898 the government {,
British India, silver monometalr
country, after an exhaustive examine
ton of the subject in all its aspects,
suspended the coinage on individu;
account for the avowed purpose of pre-
venting the further fall of the silver
rupee and establishing a fixed par , t
exchange with London and other finar
cial centers in Europe. but according 10
the free silver advocates the Statesmen
and ilnanciers of all these countries
moved in exactly the wrong direction
and If they had wanted to maintain
parity, or to establish parity, the,r
ought to have opened their mints to
the free coinage of all the silver in the
world instead of closing them
The increased coinage of legal tender.
silver at ratio which over-valued thai
metal relatively to gold would not
diminish the demand for gold any
where or determine the struggle for il
possession but would greatly increasa
the demand and intensity the struggle
because if two kinds of money of Ii,
same denomination but of uneoual
value We're in existence EVERYDAY |
would strive to get the most valuable.
and & tho MN, har &c ..;l,,a..