Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-01-02
ANOTHER CONVERT.
GOVERNOR O'FERRALL DECIDES IN
FAVOR OF SOUND MONEY.

Governor O'Ferrall of Virginia adds
another namo to tho already long list
of prominent men who have changed
their position on the silver question aft
er long and careful study His recent
four column open letter in the Rich
mond Dispatch will give cold comfort
to the friends Of silver. " We reprint
tho following extracts from it;
II am opposed to the FREQ coinage Of
silver in the United States except
through an international! agreement
with the great commercial countries Of
tho world
Il do not believe this country alone
can maintain n parity between gold and
silver at any fixed ratio.
"Wc are strong in resources and in
all the elements that go to make ma
tion powerful, but we are not strong
enough to live within ourselves, trade
only with ourselves, raise and manufac-
| ture all we need, consume and usc all we
produce and make, import nothing, ex-
port nothing and have no commercial re-
lations with other countries. To deal,
then, with other countries our money
must be measured Ivy their standard
when we are in their markets and the
principal countries whose markets w0
seek and with which we must deal in
selling and buying Iavea &olayt&nlard.
1T may be surprising to some to
know it, yet it is an iErhntruvertihlo
fact that gold standard countries furnish
81 Is per cent of the international com
mercc Of the world, and that ah0ut 81
per cent Of tho exports Of the United
States are to countries having gold
standard, and about so per cent Of our
imports uro from countries having the
Eamo standard,
"Shall we cut lOcSo in cur monetary
system from these countries Of such
commercial power and attach ourselves
to the small and weak nallGnalltCs to
which we sell eca,ccly anything, and
from which our purchases arc absolute
ly insignificant?
There is no country that has dcu
bio monetary standard Wherever there
is FREQ silver coinage, silver mun0metal-
lism prevails. Allcountrics with gold
standard utilize silver us far ~ it can
be kept Nt Il parity with gold. That is,
gold countries use both metals us mon
ey; silver countries only silver. Tho in
dependent FREQ coinage Of silver in the
United States would place her ON - sill.
yer standard and in direct antagonism
to the standard Of the cJuulr.oa with
which sho docs nearly al Of her bust
ness.
"Will the United States lower her
crest, withdraw from tho strong sister.
hood Of nations which Whitons tho seas
with tho sails of commerce and unite
her monetary fortunes with tho weak
combination whose craft arc scarcely
over seen and whose products and fruits
constitute so small II percentage i'll the
grand total?
"Will Ghe continue to stand with
Germany, Austria, France and Eng land,
or link her destiny with China, Japan
and Mexico?
"Theso arc my views, stated briefly
and cunciSclv rs possible.
For the reasons given | am opposed
to the doctrine Of free and unlimited
silver coinage without international
agreement with tho principal CONNER
cial countries Of tho world. We cannot
adopt monetary system different from
these great nationaltios and force them
to recognize it. We cannot float 90
cent silver dollar ny u sound dollar in
this country. much less in the markets
of Germany, France, Austria or Eng
land. with whom our interests nro close
ly identified. There arc many things
we can do regardless Of the opinions or
wishes Of other lands. We can amend
or change our system Of government,
manage our internal affairs and enact
laws to gover. our own people without
let or hindrauce from any foreign source,
but there Is ono thing we cannot do.
We cannot coerce other peoples and
lands to recognize any money we may
see proper to ongrave or coin rs n me-
dunn of exchange between them and us.
Az well might we attempt to change
tho laws Of gravitation or make water
run up hill.
II nm for sound dollar, and what I
mean by u sound dollar is one that will
pass for 100 cents and be as good Ms any
othor dollar anywhere within the limits
of the civilized world Gold is that dol
lar now. Silver may also be if kept ON
n parity with gold. But this can only
be done by international agreement.
What mean by n sound dollar is one
that the farmer. the mechanic and the Ia
boring man can use with purchasing
power Of 100 cents and buy rs much
with it MS any other dollar. What
mean by sound dollar is ono that its
holder may lay away to buy II home, save
for n rainy day or provide for himself
i'll old age with absolute certainty that
il will DO MS good as any other dollar
when he wants to use it. Gold is that
dollar. Silver cannot bo unless by inter.
national agreement it is made cquiva'
lent to gold dollar,
~ am for sound dollar for the poor
man az we'll as for tho rich man. | shall
never consent to monetary system
which will place it III the power of the
rich man to hoard his gold and pay his
DOOR creditor in n dcnrcCiated dollar. !"