The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-06-24
FREE SILVER.
Views of Postmaster Generai "iisoi'

Postmaster GelleTdl " "llSou, luo "u-
thor of the original Wilson tariff bill,
has always had the reputation of be-
ing a student of politics rather than a
noIitician. He is a very scholarly
man. and has always been considered
very conservative. We are not prepar-
ed to say that he has not overdrawn
the results of free silver legislation.
We are inclined, however, to think
that the re-adjustment to a new stand
ard would take place in less than
twenty years. We publish what he
says that our readers may know the
views Of such thinkers. He may be
wrong, but we cannot doubt his
honesty.
The following is a part of what Mr..
Wilson wrote to the Democrats OF
West Virginia:
"Let me state few facts: We have
now a free coinage of gold, and as a
consequence, the gold coin IS worth
exactly as much as and no more than
the bullion out Of which it is coined.
1t has not been found possible for any
Government in recent times to tlX
such ratio between gold and silver as
to keep both in full and concurrent
circulation under free coinage. Hence
all free silver countries to-day have no
full legal tender metal currency but Sill
yer. But all the gold STANDARD couh.
tries coin on Government account
more or less silver coins ana Keep
them at par with their gold. Inc
United States have thus coined over
40 600 600 silver dollars of full legal
tender power, and a large amount OF
smaller silver and other coins for use
as change in small transactions with
limited legal tender power.
EFFECT OF FREE SILVER.
"The first effect of free silver would
be to drive out Of circulation the
S625, 100000 of gold and to sink all sill
yer 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 dis,
appearance of over $500, ,OOO,0OO OF gold
and shrinkage in value of the other
Sl,OO0,000,0O0 to one-half It's present
value. The first step, then, would be
to contract our currency from S2,oOO,-
600, 900 to about 81 100000, 900 in pur-
chasing power. Along with this
contraction, of course, would come a
like contraction of debts, salaries,
wages and all past obligations: =,
'Hrhere is no country in the world
that could make this sudden change in
it's money standard without plunglng
headlong into an. indefinite period of
panic, bankruptcy and distress, with
q disastrous check to it's development
and idleness to its industries.
THE DILEMMA OF THE DEBTOR.
'"The hope held out to debtors that
they would be able to pay in cheaper
dollars would never be realized, be.
cause they would be at once pressed
for their debts, and in such disorgani-
zation of trade and of all business
they could not get the cheaper dollar,
and the idea that free silver would
give US larger currency would not be
realized, if ever in the life time or the
present generation.
ALL WOULD BE HURT.
"Out of all the catastrophies of such
a change no men would emerge un-
harmed, except those who own gold OF
who own silver bullion or mines; and
when we had once got to silver basis
and began to build up again the credit
system upon it, instead of the marvel
lous system which has made possible
our developments and which repre-
sents many times in currency clrcula-
ton and power the money basis on
which it rests, we should have cum
bersome, heavy, inferior metal money,
like the few unprogressive countries OF
the world, and surrender to our great
commercial rivals the best mechanism
for trade and commerce.
$50 much for the effect judged by
the light of all past experience OF free
silver by the independent action OF
this country at l6 to l.
PARTY IN DANGER, NOT COUNTRY.
"I do not believe that many well in.
formed men think that there is real
danger of our country going to that
basis. The very threat and agitation
of it, however, have brought upon US
three years of depression and stag
nant enterprise and the country to-day
is held back from starting on a new
and unparalleled career of development
But if free silver is not real dan
ger to the country it is a present
menace to the Democratic party, for il
by any misfortune the party should
espouse this cause, its future is doomed.
From being a great national party
>the advocate of individual freedom
local self-government, moderate and
lust taxation and other great and in.
spring national policies, it becomes
small and powerless sectional party
embarked on what vast majority o1
the American people believe to be q
crusade against the financial credit
the prosperity and the progress of the
Union. 1t will voluntarily surrender
not only the Northeast-dissolving
party connection with the Democrats
of New York, New Jersey, and con.
necticut, who have three times turned
the scale in the election Of Democratic
Presidents-with the Democratic con-
stituents in New England and the
Middle States, who have furnished Sc
many votes since the war to save the
South from prospective legislation,
and with those of the middle West and
doubtless part of the border States OF
the South.
II canot see how it is possible for
any calm man to think that party
committed to free silver at IL to can
carry any part of the country except a
section of the South and Of the small
Rockey Mountain States. The great
States of Indiana, Illinois, Wisconsin
Ohio and Michigan, three of which
we carried in 1892, and secured votes
from the other two, as also Iowa and
Minnesota, would vote for tens or even