The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-06-01

propose 10 UNDERTAKE the EXPERIMENT. NJ
local ratio Of 10 to 1, although tho
commercial ratio is 81 TO /.
We are therefore confronted with
proposition to change the meaning Of
the dollar from %. 20 grains Of gold
TO 371A grains Of silver. As 37l4
grains of silver are worth only about -
grains Of gold, il il practically a propo-
sition, at a single blow, To reduce the
value of a dollar one-half.
II is movement more radical than
one to reduce openly the bullion in
gold dollar TO Is grains. This would be
step dangerous, but definite. No one
knows what 81 ID grains of silver would
be worth under free and unlimited coin
age. It is impossible to say whether the
increased demand for silver would carry
871H grains of silver somewhat above
10 grains Of gold, or whether this in
creased demand would shortly produce
a disproportioned increased supply and
carry the value Of 3714 grains Of sill
yer somewhat below ID grains of gold.
am aware that the advocates of free
coinage Of silver object to estimating
the value of silver in gold, but all in-
ternational trade is measured by grains
of gold. No matter what system we
adopt, unless our international COM
MERGE is abandoned, our dollars will be
actually measured by gold, even though
we fix them upon n silver standard.
The movement for the free and I'M
limited coinage of silver is therefore
an effort not only to reduce the value Of
dollar about one-half, but to leave it
| in state of uncertainty. 1t threatens a
| complete change in the meaning Of the
term dollar TO some meaning III the
neighborhood Of one-half its present
meaning. 1t threatens an entire change
Of the value of the term by which con-
tracts and credits are estimated and by
which business is conducted.
| In every country where progress and
prosperity are found the great bulk of
business must depend upon credits. The
credits are estimated in dollars, and
| whatever creates doubt as to the mean
ing of dollar must tend to suppress
business. The mere threat involves I'M
certainty, and this uncertainty must be
removed to bring back to business nor
NAL prosperity.
To appreciate the Importance of re-
moving doubt upon this subject, con-
template briefly the process of reaching
the proposed silver standard. We saw
in 1898 a paralysis of business, in large
part produced by the threat of a silver
| standard.
If president and congress were elect
ed in November committed to the free
and unlimited coinage of 37l4 grains
of silver into dollars nearly six months
would pass before they could be inaugu-
rated and six months more before the
proposed legislation could become law.
| During that time creditors would seek
| to protect themselves against being paid
in dollars worth only about ID grains of
| gold, and they would endeavor to make
| collections before the unlimited coinage
| of deprecated dollars began. The debt
| ors would not be allowed TO remain
debtors until they could get the advan-
tage Of paying off what they owed at
30 cents ON the dollar; they would be
| forced to immediate settlements. Sher-
| ifs and constables would call upon
them without delay. Depositors in banks
would withdraw their money. The
large merchants, forced to settle their
| foreign indebtedness, would insist upon
immediate payment Of debts due from
smaller merchants. The smaller mer-
chants in turn would be compelled TO
force collections from their customers.
The great volume of business conducted
upon credits would cease.
Manufacturing enterprises could not
afford to continue business or make
contracts until the value of the new
dollar could be settled by the determi-
nation of just what 81 "A grains Of sill
| yer would prove to be worth. Manufac-
tories would close. Business houses
would fail Banks would be raided.
The unemployed would be numbered by
millions The farmers would find few
purchasers for their products. Want and
famine would pervade the land.
At the end of few years, when bust.
ness settled down to the new meaning
| Of dollar. fluctuations in the COM
mercial price Of silver would still keep
our dollars of uncertain value and him
der domestic trade.
Business interests, reaching from the
richest banker to the poorest paid labor
err require the removal of all doubt
about the meaning Of dollar. No man
should be trusted even with an impor-
tant nomination who does not recognize
that the value Of dollar is now meas
ured by 1922 grains of gold. and who
is not willing to openly declare his pur.
pose to help keep it there.