West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-06-11
POsTMAsren @ eNERAL WILSON
Writes n Strong Letter Tn OPPOSITE on
~ the Free Coinage OF Silver.

Postmaster General Wilson, an
Thor Of the original WILSON pill, has
written letter To Dr.. VI. w. Gam
Bile. of Mooretield, w. Va, express
mug regret At being unable to accept
an invitation Co address the Demo
cratic Convention to be held IN
Hirdy county at AN early day. lie
says
elf it were possible for me to re-
spond To any summons from them.
i should do so with alacrity, and |
should especially feel il a privilege
and - duty inst now to urge upon
them continued fidelity to Demo
cratic principles and to warn them
against that danger which now
hangs so portentously over the par
TVS Immediate future, aud even
threatens it's disruption as ma
tioral body after a history CO extern.
sive with that Of our Government
and record Of patriotic achieve
tnent that ought to inspire it to a
still greater future. That danger
is its possible adoption, or rather
the adoption by the Democrats of
the South. of the policy of free
coinage of silver at the ratio of 16
TO l Of gold.
First let me say that financial
questions are not easy for the peo.
pie to understand. What we know
about them is the result of CEN
turles OF experience. and yet there
are no questions on which men who
have never studied the experience
OF the past, and of the great ma
lions Of the world, are SO ready to
spin theories out of their own
minds, and none upon which they
will speak with boldness in such
inverse proportion to their knowl.
edge of human history.
''Let me statea few facts
eve have now free coinage of
gold, aud asa consequence, the gold
cOIn is worth exactly as much and
40 more than the bullion out of
which it is coined. 1t has not been
found possible for any government
IN recent times to fix such ratio be.
tween gold and silver as to keep
both In full and concurrent circula
ton under free coinage. Hence,
all free silver countries to-day have
no full legal tender metal currency
but silver. But all the gold stan
dard countries coin on government
account more or less silver coins
and keep them at par with their
gold. The United States has thus
coined ever 400 900, 900 silver dol.
lars of full legal tender power. and
large amount of smaller silver
and other coins for use as change in
small transactions with limited 10.
gal tender power.
1.-The first effect of free silver
would be to drive out of circulation
the 1925, 100000 of gold and to
sink all silver and paper money to
the standard of the silver dollar.
There would be a shrinkage at once
OF our currency of two thirds of the
present purchasing power or money
efficiency by the disappearance Of
over 5000, 900, 900 Of gold and a
shrinkage IN value of the other
81, 600, 100000 TO one half its pres
ent value. The first step, then,
would be to contract our currency
from $4,000, 900, 900 to about $500, :
600. 600 in purchasing power. Along
with this contraction, of course,
would come a like contraction of
debts, salaries, wages and all past
obligations.
There is no country in the
world that could make this sudden
change in its money standard with.
out plunging headlong into an in.
definite period Of panic, bankrupt
cy and distress, with a disastrous
check TO its development and long
idleness TO its industries.
1.-The hope held out to debtors
that they would be able to pay in
cheaper dollars would never be
realized, because they would be at
once pressed for their debts, and in
such Reorganization Of trade and
OF all business they could not get
the cheaper dollar, aud the idea
that free silver would give us a
larger currency would not be real.
1zed, II ever, IN the lifetime Of the
present generation.
"Out Of All the catastrovhes Of
such q change no men would
emerge unframed except those who
own gold or who own silver bullion
or mines; and when we had once
got a silver basis and began to build
I'D again the credit system upon IT,,
tho marvellous system which has
made possible our development and
which represents many times i'm
currency circulation and power The
money basis on which il rests. We
should have bersOme, heavy.
inferior metal money, like tho few
unprogressive countries Of the
world, and surrender to our great
com mercial rivsls the best mechan.
ism for trade and commerce.
$50 much for the effect. Judged
by the light Of al past experience