Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-04-10
FOR SOUND MONEY.
cLevELAN0's STRONG ARGUMENT
FOR iCo CENT DOLLARS.

SNtfouVSs Nhcu tlfe Metala were Near
Each Other in vaiue-Attcmpt Mt Free
CoinaEe Now would Result In silver
Monometaliism and In Great Financial
Distress.
... ~ ,n.,
President Cleveland, in his message
to congress, reviews ut considerable
length tho history Of our grcehbaclSs,
the great need of retiring them and tho
Urgent need OF changes in our banking
mud currency laws to give us sum
cient, safe and elastic currency. His
recommendations agrec substantially
not only with those If Secretary Carlisle
and Comptroller Eckles, but with these
of many eminent authorities Oh this
subject. They should be, and we hope
have been, ioad by all good and patri.
ot'c citizens. We, however. propose now
TO call renewed attention to his excel.
lent tliscusson of the free coinage ques,
tioh. 1t il ono OF the most convincing
arguments over. indie against cheap sill
year dollars. Wo reproduce below tho
greater part. OF this discussion:
While / hive endeaynrod To innke n
plain statement of the disortlerod coudi-
tion Of our currency and tho present
dangers mcnacing our prosperity. nnd
TO suggest way which leads To safer
financial systom. / have constantly had
i'll mind tho fact that many of my coun-
trymen. whose sincerity do not doubt,
insist that the cure for tho ills now
threatening us may DO found in tho sim
glo and simple remedy of tho FREQ coin
uge Of silver.
We're thero infinitely stronger reasons
than cm DO adduced for hoping that
such action would secure for M BIZ
| metallic currency moving on lines of
parity, an experiment 81 novel and haz-
ardcus MS that proposed might well sting
ger those who believe that stability is
an imperative condition of sound money.
No government, no human contri-
vance or act Of legislation. has over been
able to hold tho two metals together in
free coinage mt II ratio apprecinbly diff
ferent from that which il established in
the markets of tho world.
Those who believe TINT our independ-
ent free coiungo of silver Mt MI nrtifi-
cinl rntio with gold of 10 to l would re-
storo the parity between tho metals, and
consequently between the coins, oppose
mn unsupported and improbable theory
to the general belief aud practice of
other nations, and to tho teaching of tho
wisest statesmen and economists of tho
world. both in tho pnst and present
and, what il far more conclusive, they
run counter to our own actual expert
ences.
Twice in our earlier history orr law
makers i'll attempting to establish bi-
metallic currency undertook FREQ coin
age upon ratio which accidentally va
ried from tho actual relative values of
the two metals not more than 8 per
cent. IN both cases, notwithstanding
greater difficulties and cost of trnnspor-
tation than now exist, tho coins, whose
intrinsic worth was undervnlued in the
ratio, gradually and surely disappeared
from our circulation and went to other
countries where their real vnlue was
better recognized.
Acts of congress were iinpotent to
create equality where natural causes de-
creed oven u slight inequality.
Twice in our recent history we have
oiBhhiiy W ny itkihlai lOll
tho value of silver. Under mn act of con
gress passed in 1878 the government
was required for more than 10 years to
expend annually at least &24 COO, ,00O in
the purchase cf silver bullion for coin
nge. Tho net Of July ID, 1890, in a still
bolder effort increased the amount Of
silver the government was compelled 10
purchase, and forced it 10 become tho
buyer annually of $1,000. 900 ounces, or
practically the entire pioduct of our
mines. Under both laws silver rapidly
and steadily declined in value. The
prophecy and the expressed hope and cx-
pectation of those in the congress who
led in the passage of tho last mentioned
net, that it would ro.establish and main
tain tho former parity between the two
metals, are still fresh in our~nemory.
In the light Of these experiences
which accord with the experiences of
other nations, there is certainly no se-
cure ground for tho belief that mn act Of
congress could now bridge an inequality y
Of 90 per cent between gold and silver
at our present ratio, nor is there the
least possibility that our country, which
has less than one-seventh Of the silver
money i'll the world. could by its action
alone raise not only our own but all sill.
yer to its lost ratio with gold. Our at
tempt to accomplish this by the free
coinage Of silver Mt ratio differing
widely from actual relative values
would be the signal for the complete de-
partuie of gold from our circulation, the
immediate and large contraction Of our
circulating medium, and shrinkage in
the real value and monetary efficiency
Of all other forms of currency as they
settled to the level of silver p9pometal-
lism. Every one who receigey O. fixed
salary and every worker for wages Would
find the dollar in his hand ruthlessly
Scaled down TO the point of bitter disap-
pointment if not TO pinchinR priyation.
A change in our standard to silver
monometallism would also bring on
collapse OF the entire system of credit
which when based ON a standard which
isrecognized and adopted by the world
of business; is many times more potent
aud useful thap; the entire volume of
currency and is safely capable of almost
indefinite expansion to meet the growth