The Canton times. (Canton, Miss.) 1893-1906, 1896-06-12

k This country failed to add three pe
/. cent. to the value of silver and make
| equal to ratio of fifteen to one wit
E gold prior to 1884, and it failed to ed
six per cent. to gold and make it ecu;
70 ratio OF one to sixteen with silvc
subsequent to 1910.
NO limit can be placed upon the mas
OF silver still unmined. Good authorit
indicates that the present annual vo
ume can be produced for about 80 cent
an ounce. 1t is impossible to place an
maintain price upon such commodit
which would give it profit entirel
dlsproportioned to that earned by th
average enterprise. Yet the advocate
OF free coinage of silver at local ra til
OF sixteen to one, although the com
mercial ratio is thirty-one to one.
We are therefore confronted with :
proposition to change the meaning O
the dollar from 1922 grains of gold t.
31lA grains of silver. AS 371A grain.
OF silver are worth only about ID grain.
OF gold, it is practically proposition
at single blow, to reduce the value Of
a dollar one-half.
1t is movement more radical thar
one to reduce openly the bullion in q
gold dollar to 13 grains. This would be
a step dangerous, but definite. No one
knows what 371A grains of silver would
be worth under free and unlimited coin
age. 1t is impossible to say whether the
increased demand for silver would carry
| 371A grains of silver somewhat above
Is grains of gold, or whether this in
creased demand would shortly produce
disproportioned increased supply and
carry the value of 371A grains of sill
yer somewhat below 10 grains of gold
am aware that the advocates of free
coinage of silver object to estimating
the value of silver in gold, but all in
ternationaI trade is measured by grains
OF gold. No matter what system we
adopt, unless our international COM
merce is abandoned, our dollars will be
actually measured by gold, even though
we fix them upon silver standard.
The movement for the free and un-
limited coinage of silver is therefore
an effort not only to reduce the value of
a dollar about one-half, but to leave it
in state of uncertainty. 1t threatens
a complete change in the meaning OF
the term dollar to some meaning in the
neighborhood of one-half it's present
1t threatens an entire change
OF the value of the term by which con-
tracts and credits are estimated and by
which business is conducted.
In every country where progress and
prosperity are found the great bulk of
business must depend upon credits. The
credits are estimated in dollars, and |
whatever creates doubt as to the mean
ng of dollar must tend to suppress
business. The mere threat involves I'M
and this uncertainty must be
'emoved to bring back to business nor
nal prosperity.
To appreciate the importance of re-
moving doubt upon this subject, con-
briefly the process of reaching
he proposed silver standard. We saw
n 1898 paralysis of business, in large
art produced by the threat of silver
tandard.
If president and congress were elect
d in November committed to the free
nd unlimited coinage of 3711A grains
f silver into dollars, nearly six months
Jould pass before they could be in
and six months more before
he proposed legislation could become
NV. During that time creditors would
eek to protect themselves against be-
lg paid in dollars worth only about
grains of gold, and they would en-
eavor to make collections before the
nlimited coinage of deprecated dollars ,
cyan. The debtors would not be al
wed to remain debtors until they could ,
It the advantage of paying off what
ey owed at so cents on the dollar;
ey would be forced to immediate
Elements. Sheriffs and constables
ould call upon them without delay.
epositors in banks would withdraw
eli money. The large merchants, 7
reed to settle their foreign indebted il
IS, would insist upon immediate pay .
ents of debts due from smaller mer-
ants. The smaller merchants in turn
)uld be compelled to force collections
I'm their customers. The great vol
ne of business conducted upon credits
'uld cease.
Manufacturing enterprises could not
ord to continue business or make :,
ntracts until the value of the new m
lar could be settled by the determi- fl
ton of just what 371A grains of sill o
: would prove to be worth. Manufac-
les would close. Business houses q
uld fail. Banks would be raided. y,
e unemployed would be numbered by nc
lions. The farmers would find few
for their products. Want
famine would pervade the land. W. ",
u the end OF rev years, when bust 10
S settled down to the new mean tn