The Green Forest tribune., 1896-07-23
WOULD lNJU2E Als
Chairman Fairbanks Says Free Coz tnag-s
Would Mean Ruin.

SSCuita mean KUHN
Before the republican party at St,
Louis adopted it's cIear-cut sound money
plank Temporary Chairman Charles ".
Fairbanks said in his opening speech;
The republican party has not been
unfrlend1J to the proper use OF silver.
1t has always favored and favors to-
Gay the use of silver as a part OF our
circulating medium. But It favors that
use under such provisions and safe
guards as shall not imperil our present
national standard. The policy of the
republican party is 10 retain both gold
and silver as a part Of ou1, circulating
medium. while the policy Of free coin
age of silver leads to certain silver
monometallisrn 1t is all iInnutable law
not circulate together, and that the
poorer always drives oaf tie better.
Those who profess 70 believe that
this government, Independent OF other
great commercial nations, can open rs
Inints to the free and independent coin
age OF silver at a ratio Of sixteen to one
when the commercial ratio in ali the
great markets is thirty TO one, and at
the same time not drive every dollar
OF gold out of circulation, but deceive
themselves.
Great and splendid and powerful as
our government is, ii cannot accomplish
the Impossible. 1t cannot create value.
1t has not the alchenist's subtle art of
transmitting unlimited silver into gold,
nor can it, by omnipotent fiat, make so
cents worth 1G0 cents. As we'll under
take by q resolution of congress to sus-
pend the law of gravitation as attempt
TO compel an unlimited number of So
cent dollars to circulate with 100-cent
dollars at q parity with each other. An
attempt to compel unlimited dollars Of
such unequal vGiue TO circulate at
parity is bad IN morals and is vicious n
policy.
Upon opening our mintS to the inde-
pendent free coinage of silver foreign
credits would be withdrawn and do
mestic credits would be greatly cur
tailed. More than this there would be
certain and sudden contraction OF our
currency by the expulsion OF SG20, ,000,-
000 Of gold and Our paper and silver cur
rency would instantly and greatly de-
prec.ate in purchasing power. But one
result would follow this--enterprise
would be further e-n bar rrassed, business
decentralization would be increased, ard
still further and serious injury would
be inflicted upol the lahorers, the farm
ers, the merchants and eli these whose
welfare depends upon wholesome
commerce,
A change from the present standard
TO the low silver standard would cut
down the reconapense Of labor, reduce
the value OF the savings in savings
banks and building and lean assoeia-
tons; salaries ard incomes would
shrink; pensions would be cut in two,
the benefieiar;es Of life Insurance would
suffer; in short, the injury would be
so universal. and far-reaching that
radical change can be contemplated
only with The @ravest apprehension.
A sound currenc% defrauls 10 one.
1t is good alike IN the hands Of the en-
plove and the e1aplo9ez. the lcl.orer
and the capitalist Ufon faith in irs
worth, its stability, we 90 forward
planning for the future. The capitalist
erects bis factories, acquires his rsa-
teria.s, employs his artisans. mechanics
and laborers. He is confident that his
margin viii rot be swept away by fiue-
tuations in the currency. The la5o.er
knows that the n.orev earned by his
toll is as honest as his labor, and that
it is Of u.1qnestioned purchasing power.