Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-06-11

which would give il profit entirely
disproportioned to that earned b. the
average enterprise. Yet the advocates
Of free coinage Of silver at a local ratio
of sixteen to one, although the COM
mercial ratio is thirty-one tS one.
We are therefore confronted with a
proposition to change the meaning of
the dollar from 1922 grains of gold to
37I14 grains OF silver. As 37IlL grains
Of silver are worth only about Is grains
Of gold. il is practically a proposition.
at a single blow. to reduce the value OF
y dollar one-half.
1t is q movement more radical than
one 20 reduce openly the bullion in
gold dollar to - grains. This would be
a step dangerous, but definite. No one
Knows what3711l grains OF silver would
be worth under free and unlimited coin
age. tbs Impossible to say whether the
increased demand for silver would carry
341h grains OF silver somewhat above
Is grains of geld, or whether this in
creased demand would shortly produce
disproPortioned increased supply and
carry the value of 371A grains of sill
yer somewhat below 3 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
ternational trade IS measured nv grains
of gold. No matter what system we
adopt, unless our international COM
merce is abandoned, our dollars viii be
actually measured by gold. even though
we fix them upon a silver standard.
The movement for the free and I'M
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 a state of uncertainty. Tt threatens
a complete change in the meaning Of
the term dollar to some meaning in the
neighborhood of one-half its present
meaning. 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 ia dollars. and
whatever creates adoubt as to the mean-
ing of a dollar must tend to suppress
business. The mere threat involves un-
certainty. and this uncertainty must be
removed to bring back to business nor
NAL prosperity
To appreciate the importance of re-
moving doubt upon this subject. con-
template briefly the process Of reaching
the proposed silver standard We saw
in 1898 paralysis Of business. ia large
part produced by the threat OF "a silver
standard
If presidentand congress were elect 4
ed in November committed to the free
and unlimited coinage Of 37li4 grains
Of silver into dollars, nearly six months
would pass before they could be in
augurated and six months more before
the proposed legislation could become
law. BuEiRg taAaAatime creditors wow4fd
Eesa1 to protect themselves against be-
sng paid in dollars worth only about
- grains of gold, and they would en-
deavor to make collections before the
unlimited coinage of deprecated dollars
began. The debtors would not be all
lowed to remain debtors until they could
get the advantage of paying off zvhat
they owed at so cents on the dollar:
they would be forced to immediate
settlements. Sheriffs and constables
would call upon them without delay. |
Depositors in banks would withdraw
their money. The large merchants.
forced to settle their foreign indebted |
ness, would insist upon immediate pay
ments of debts due from smaller mer- |
chants. The smaller merchants in turn |
would be compelled to force collections
from their customers. The great vol /
ume of business conducted upon credits |
would cease.
manufacturing enterprises could not I
afford to continue business or make /
contracts until the value of the new I
dollar could be settled by the determi- I
nation Of just what 371iA grains of sill /
YER would prove to be worth Manufac- |
tories would close. Business houses I
would fail. Banks would be raided.
The unemployed would be numbered BIZ
millions. The farmers would find few
purchasers for their products Want
and famine would pervade the land.
At the end of a few years. when bust
ness settled down to the new mean
ing of dollar, fluctuations in the com
mercial price of silver would still keep /
our dollars Of uncertain value and hinder /
domestic trade
business interests, reaching from the
richest banker to the poorest paid labor
er, require the removal of all doubt /
about the meaning OF dollar No man I
should be trusted even with an impor- /
tant nomination who does not recognize /
that the value of a dollar is now meas
ured by 1922 grains of gold, and who T
is not willing TO openly declare his pur-
pose to help keep it there.
The Chem Mnnex Nill-n,-the-Nuisn