The American guide., 1896-08-22

National bank notcS's'''''''''' i'''N'e-' "
ro,a, .s6sl, ,5l9.9sl on
All these forms Of money have been main
taIned by the government at par with gold
and they travel the circle of the world
without diminutlon OF their purchasing
power Though silver bullion has fallen
TO nearly onc-halt its former value, yet
we have used 1t and maintained silver CON
made from It at parity with gold at the
ratio OF lG to /,
Rut now we are brought face to face with
a proposition which n agreed to will make
silver tho sole standard OF value Tor All
debts and credits. for the wages OF labor
and the purchase and sale of property
The democratic party at Its recent conven-
tion at Chicago adopted resolution IN
favor OF tho free coinage OF silver nt tnc
ratio of i6 parts OF silver 70 ! OF so.u;
We know that In the United states ana
in ali countries In the world 30 ounces or
more OF silver can be purchased by one
| ounce OF gold, with tho free coinage OF SUI
| yer gold will be domonetlzed. Nothing can
| be more certain that thc cheaper money
| orly will circulate. The United states has
thus far maintained Its silver coins at
narlty with gold coins only by It's exclusive
monopoly OF coinage and by limiting the
amount, hut with free coinage OF silver
there could be no limitation. Silver bull
lien IN every form will be pressed upon the
mlnts, and with the mandatory duty OF
FREQ coinage silver dollars will soon M
tho channels Of circulation and the gold
dollar will be boarded or Will be quoted ana
sold as a commodity at about lN cents or
tho silver coin. Silver will stand as the
par OF value and gold Will be quoted at It's
commercial value.
Let us contemplate for awhile the In
eyitable result Of the free coinage OF silver
even II | repeat what say. 1t would Vio-
late every contract for the payment OF
money made since January !, 1879 The re-
sumption act which went into operation
on that day provided for the payment In
coin on demand OF all United States notes
presented for redemption. All forms OF
money. whether OF silver, or gold, or paper,
ycrc then maintained at par with oach
other and hive been so maintained ever
since, During all this period gold ana silver
coins Mt par with each other have been
the standards OF value OF all loans con
trncts or purchases, ana the taltn OF tno
United States was pledged Tor thelr nam
tenancc at parity with each other NJ
though silver bullion declined In market
value tho coins made from 1t have heon
/ kcnt AT pnr with gold coins at tho legal
ratio OF 10 to l. But II the free coinage OF
| silver Is authorized. then the market value
| OF silver bullion becomes the standard Tor
| payments on all contracts made In inc past,
| Tho present or the future; il2is grains OF
| standard silver bullion worth now ~ cents
can with FREQ coinage be coined into dol
lar upou the demand OF any holder OF such
bullion, This dollar Ia delivered to the
! owner OF the bullion, and IL not supported
| by the fiat OF the government. The gov
| crnment does not undertake TO MAINTAIN
| its relative value with gold. The govern
ment stamps It: This Is a dollar" Us
purchasing power is % cents, but its uep'
/ Ia. hatlar Ia 10 hp N
| ioenI tender for one dollar Of debt but "
| The purchase Of any article II is only worth
| ~ centa. for the seller OF the article can TX
| hts price according to the kind of money OF.
! fcrcd. II IL the doctrine OF the popullst and
the anarchist. but Is In direct opposition
| to the traditional policy Of Thomas JEFF
I ferson, Andrew Jackson and the demo
cratic party,
When we contemplate tho great am cunt
| Of debt and credit that In unavoidable In
| a vast but new country like ours we nat.
| urally shrink from any measure that WIN
| either rob tho lender or do injustice to the
| borrower. II IL impossible 10 estimate
| the wrong and injustice that will be done
| to creditors by the scaling Of nearly one-
| half Of debts due them, The very threat
to do II will lead to the prompt and harsh
collection Of debts before free coinage can
become law. I am advised that Glreudy
| debts that would have remained uneallod
| for have, In fear Of such n law, been en-
| forced II IA certain that before free
coinage bill can become n law the wide dis
trust caused by the pending Of such meas
urc will lead to the rapid collection OF debts
the sacrifice OF property and deepen os,
listing financial difficulties growing out Of
| insufficient revenues for the national al
well as for many state governments.
| II Is sometimes said Of creditors that
they arc bloodthrsty Shylockq. aristo'
| Gratis, bloodsuckers. extortionlsts II may
he said that there are among money
| lenders some men who merit these cpl
thets, but the great body Of the cred
itors OF our country are among the thrifty
industrious and Intelligent men and womer
Of every community. ono great body O
creditors herc are the $4,000 union soldiers
their widows and orphans. who are cred
itors Of the United States to the amount o
over slio.oo0.0o0 n year for services ant
sacrifices In tho union army. 1t would b.
an act Of perfldy and meanness beyond ex
preston for this great country to pay then
I with money OF less purchasing power thar
| gold coin merely because the overproduc
tion OF silver In the United States has rc
duced tho market value OF silver bulliol
contained In n silver dollar. To take ad
vantage Of this decline In order TO reduo
the value of the plttance Of these pen
rioners Is worse than to rob the graves
the dead.
There is another Glass OF creditors tha