Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-07-09
WOULD lNJuRE ALL
Chairman Fairbanks Says Free Coinage
Would Mean Ruin.

Before the Republican party at St
Louis adopted its clear cut sound money
plank temporary Chairman Charles w.
Fairba axis said in his opening speech:
Thu Republican party has not been
u~nfriandly TO the proper use of silver,
1t has always favored ard fayors today
the use Of silver as a part of our circu.
hating medium. But il avors that use
under such provisions and safeguards as
shall not imperil our present national
standard The policy OF the Republican
party is TO retain both gold and silver
as a part of our circulating medium,
while the policy of free coinage of silver
It is an immutable law that two moneys
Of unequal value will not circulate to-
gether and that the poorer always drives
out the better.
Those who profess to believe that this
government, independent Of other great
commercial powers. can open its minis
to the free and independent coinage of
silver at a ratio Of 10 to / when the
commercial ratio in all the great mar-
ksts il 80 to I, and at the same time not
drive every dollar Of gold out Of circu-
1ation, but deceive themselves.
Great and splendid and powerful as
our government is, il cannot accomplish
the impossible. 1t cannot create value.
IL has not the alchemist's subtle art Of
transmitting unlimited silver into gold,
nc a it, by omnipotent fat, make so
cents worth 100 cents. As well under
take by a resolution Of congress TO sus-
pend the law of gfavitation as attempt
70 compel an unlimited number Of 90
cent dollars to circulate with 100 cent
dollars at a parity with each other. An
attempt TO compel unlimited dollars of
such unequal value to circulate at a
parity is bad in morals and is vicious in
policy.
Upon opening our minis to the indie
pendent free coinage Of silver foreign
credits would be withdrawn and domos-
tic credits would be greatly curtailed
More than this there would be certain
and sudden contraction of our currency
by the expulsion Of $500, 600, 600 OF gold
anu our paper and silver currency would
Instantly and greatly depreciate in pur-
chasing power. Bnt one result would
follow this-enterprise would be further
embarrassed. business decentralization
would be increased and still further. and
serious injury would be inflicted upon
the laborers, the farmers the merchants
and all those whose welfare depends
npon q wholesome
A change from the present standard
10 the low silver standard would cut
down the recompense Of labor; reduce
the value of the savings in savings banks
and building and loan associations; sal
aries and incomes would shrink; PEN
sions would be cut in two; the benef-
Charles Of life insurance would suffer
In short, the injury would be 90 univer-
sal and far reaching that a radical
change can be contemplated only with
the gravest apprehension.
A sound currency defrauds no one. 1t
is good alike in the hands Of the en-
ployee and the employer, the laborer
and the capitalist. Upon faith in its
worth, its stability, we go forward
planning for the future. The capitalist
erects his factories, acquires his ma
terials. employs his artisans, mechanics
and laborers. He is confident that his
margin will not be swept away by fiuc-
tuations in the currency. The laborer
knows that the money earned by his toll
is as honest as his labor, and that il is
OF unquestioned purchasing power.