The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

n6tQ IoE tu6 FGQGtnpIl0n OF initial EtIte1
notes and silver certificates, as Follows:
Gold coin. ..............S III sot 4AnOl
Standard silver dollar. 35Ss,sGsS Id
Subsidiary silver. ......... iSTT97S 20
Gold certificates. ;. ......... tI5 5000
Ssser pe ssssn scs hi, IA ; i,
United States notes. $500. 1oi 81 40 a.
Cur: ccrt'f's. act June s, 1872 iSS,SS1
National bank notes. ......, IN eeS III, N
AoaM .'..................$ 6s4, aip. eS1.0U
All these forms Of money have been
with gold and they travel the c,r a. 81
the world without diminution ~ their
purchasing power. Though silver bull
lion has fallen to nearly one.hatf ia
FORMER value. yet we have used IL and
maintained silver coin made from, n AZ
parity with gold at the ratio OF is to j.
But now we are brought face 10 face
with q prop siticn which II agreed 10 viii
make silver the sole standard Of value
ZOE Al depts ana credits. for the wages
OF labor ana the purchase and sale OF
property. The Democratic party At its
recent convention at Chicago adopted 4
resolution IN favor of the free coinaee
81 silver Of the ratio OF 10 parts OF silver
to one OF gold. We know that in the
United States and In ali countries In The
world ~ ounces or more of silver can
pc purchased by one ounce 81 gold.
with the free coinage OF silver gold viii
De aemonettzed. Nothing can be more
certain than that the cheaper money
only will circulate. The United States
has thus far maintained its silver coins
At parity with gold coins only by It's
exclusive monopoly OF coinage and BY.
limiting the amount. but with free coin.
age OF silver there could be no liriita.
ton. Silver bullion in every form will
be pressed upon the mints and with the
mandatory duty of free coinage, silver
dollars Will soon I'LL the channels of cir
culation and the gold dollar will be
boarded or will be quoted and sold as
commodity at about 1894 cents Of the
silver coin. Silver will stand as the par
OF value and gold will be quoted at Its
commercial value.
Let US contemplate for awhile the in
evitable result of the free coinage OF
silver even II repeat what say. It
would violate every contract for the
payment OF money made since Jan. 1,
1873. The resumption act, which went
into operation on that day. provided for
the payment in coin on demand of all
United states notes presented for re-
demption. All forms OF money. whether
OF silver or gold, or paper, were then
maintained at par with each other and
have been 50 maintained ever since.
During all this period gold and silver
coins at par with each other have been
the standards OF value OF all loans, cons
tracts or purchases and the faith Of the
United States was pledged for their
maintenance at parity with each other.
Although silver bullion declined in mar
ket value. the coins made from II have
been kept at par with gold coins at the
legal ratio of 16 to ]. But II the free
coinage of silver is authorized. then the
market value Of silver bullion becomes
the standard for payments on all con-
tracts made in the past, the present or
the future; 4121f grains of standard Sill
yer bullion worth now So cents. can with
free coinage be coined into a dollar upon
the demand OF any holder of such bull
lion. This dollar Is delivered to the
owner Of the bullion and Is not support.
ed by the flat of the government. The
government does not undertake 10
maintain its relative value with gold.
The government stamps II, This Is q
dollar. Its purchasing power Is So
cents, but its debt paying power Is one,
dollar. It Is to be legal tender for one.
dollar Of debt. but in the purchase OF
any article tits only worth IS cents; Tor
the seller Of the article can tx his price
according to the kind of money offered.
1t Is the doctrine OF the Popullst and the
anarchist, but Is In direct opposition 10
the traditional policy of Thomas Jeffer-
son. Andrew Jackson and the Demo-
cratic party.
When we contemplate the great
amount Of debt and credit that Is un-
avoidable In a vast but new country
like ours. we naturally shrink from any
measure that will either rob the lender
or do injustice to the borrower. It is
impossible to estimate the wrong and
injustice that will be done to creditors
by the scaling Of nearly one-half of
1t will lead to the prompt and harsh
collection Of debts before free coinage
can become law. am advised that
already debts that would have remained
uncalled for have, in fear of such a law.
been enforced. It Is certain that before
q free coinage bill can become a law
the wide distrust caused by the pending
OF such a measure will lead TO the rapid
collection OF debts, the sacrifice Of prop
erty and deepen existing financial dif-
hculties growing out OF insufficient rev
enues for the national as well as for
many state governments.
II Is sometimes said of creditors that
they are blood-thirsty Shylocks. aristo-
Gratis, blood-suckers. extortioners n
may be that there are among money
lenders some men who merit these ami,
thets, but the great body Of the cre5it.
ors OF our country are among the thrift
". Industrious and intelligent men and
women OF every community. One great
body of creditors here is the s7O0of, IN
ION soldiers. their widows and orphans
VINO are creditors Of the United State
70 the amount Of over $40, 0O0, 900 a vear
Tor services and sacrifices In the IJnion
army. 1t would be an act OF perfiSv
and meannessb beyond expression for ftis
great country to pay them with money
OF less purchasing power than gold coin
merely because the overproduction OF
silver In the United States has reduced
the market value of silver bullion CO..
tained In silver dollar. To take al
vantage OF this decline in order 10 re-.
duce the value Of the pittance to these
pensioners Is worse than to rob fhe
graves of the dead.
There is another class OF creditors
that the free coinage Of silver viii
greatly inJure. It is the depositors in
savings institutions and kindred organ
ixattons. who. according to official sta
tistics. number nearly 5000 1000 peonie
and whose deposits amount to more
than eighteen hundred million dollars
VIII you cheat them by reducing the
value and purchasing power Of the dol.
lars they have deposlted?
Free coinage will also wipe out nearly
one-haf the value OF life insurance
which provident people of the United
States have paid to secure In case OF
their death some support and projection
to wife and children. 1t will AFFECT in
juriously the multitude of clerks and
employees who depend upon monthly
pay and will reduce the PURCHASING
power Of all salaries of officers and ern.
ployes in the public service Of the Unit
ed States and of every state, county.
city or township in this broad land'
But by far the greatest injury resulting
From the free coinage of silver. u,tii b. i,