Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-06-04
FROM WILLIAM l.. WILSON.
Warning Against Free-siiveris"-
Danger to Democratic Party.

the original Wilson bill, has written
letter to Dr. NJ. W. Gamble. OF Moore
field, w. Va. expressing regret at being
unable 10 accept an invitation 10 au-
dress the Democratic convention TO DE
held IN Hardy county at an early DAY.
He says
IF Il were possible fer me TO respond to
any summons from them. should DO SO
with alacrity, and / should especially
feel 1t a privilege and duty Just now
to urge upon them continued fidelity 10
Democratic principles. and to warn them
against that danger which now hangs
40 portentlously over its immediate fu-
ture, and even threatens It's disruption
as n national party after a history CO.
extensive with that OF our government,
and a record OF patriotic achievements
that ought to inspire II TO stu 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 a ratio Of 10
to | of gold.
First, let me say that financial ques-
lions are not easy for the people TO
understand. What we know about them
Is the result of centuries Of experience,
and yet there are no questions on when
men who have never studied the eX-
perionce Of the past and Of the great
nations of the world, are so ready TO
spin theories out of their own minds.
and none upon which they will speak
with a holiness in such inverse pro-
portion to their knowledge of human
history.
Let me state a few facts:
1--WE have now 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 IL IS
coined. 1t has not been found possible
for any government in recent times to
fix such ratio between gold and silver
as TO keep both i'm 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 countries
coin on government account more or
less silver coins, and keep them at par
with their gold. The United States have
thus coined over 400 10000 silver dollars
of full legal-tender power. and large
amount Of smaller silver and other
coins for use as change I'm small trans
actions, with limited legal-tender power.
EFFECT OF FREE SILVER.
1.-THE first effect of free silver would
be TO drive out of circulation the No.
10000 of gold and TO sink all silver and
paper money to the standard or the
silver dollar. There would be a shrink
age at once Of our currency OF two
thirds of the present purchasing power
or money efficiency by the disappearance
of over S60J,0O0.0O0 Of gold and shrink
age I'm value OF the other 81 .Oo0Oo,W0
TO one-half its present value. The first
step, then, would be 10 contract our cur
rency from S2.000OC0,0)0 TO about HOW.-
1900 in purchasing power. Along with
this contraction. OF course. would come
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 without plunging head
long into an indefinite period Of panic,
bankruptcy and distress, with the disas-
trous check TO its development, and long
idleness 10 its Industries.
THE hope held out TO debtors that
they would be able to pay i'm cheaper
dollars would never be realized, because
they would be at once pressed for their
debts. and in such disorganzation of
trade and Of all business they could not
get the cheaper dollar, and the idea that
free silver would give us larger cur
rency would not be realized. If ever, in
the lifetime of the present generation.
"Out OF all the catastrophes OF such
n change no men would emerge un-
harmed except those who own gold or
who own silver bullion or mines; and
when we had once got to a silver basis
and began TO build up again the credit
system upon II, the marvellous system
which has made possible our develop
ment and which represents many times
IN currency circulation and power the
money basis on which IL rests, we should
| have cumbersome, 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.
80 much for the effect Judged by the
light OF all past experience Of free
/ silver by the independent action of this
| country at 16 to /.
| PARTY IN DANGER. NOT COUNTRY.
81 do not believe that many well-in-
| formed men think that there Is real dan
| ger of our country going to that basis.
! The very threat and agitation OF il. how
| ever. have brought upon us three years
/ OF depression and stagnant enterprise and
| the country to-day is held back from
| starting on new and unparalleled career
| OF development.
but II free silver is not real danger
| 10 the country, IL is a present menace
| to the Democratic party. for If by any
| iii'AoiAhiS tiic l>iilJ sNpulu tSlDuSe tHlS
| cause, its future is doomed. From being
great national party. the advocate of
/ individual freedom. local self-gOvernment,
moderate and just taxation, and other
/ great and inspiring national policies. IL
| becomes a small and powerless sectional
/ party embarked on what a vast majority
| of the American people believe 10 be a
/ crusade against the financial credit. the
/ prosperity, and the progress Of the Union.
/ II will voluntarily surrender, not only the
/ misunderstanding party connection
| with the Democrats Of New York, New
! Jersey, and Connecticut who have three
/ times turned the scale i'm the election OF
| Democratic Presidents-with the Demo-
cratic constituencies in New England and
| the Middle States. who have furnished so
many votes since the war TO save the
| South from proscriptive legislation. and
with those OF the middle West. and doubt
! less part of the border States of the
| South.
Il cannot see how it is possible for any
| calm man TO think that party committed
| TO free silver at l6 TO l can carry any
/ part OF the country except a section OF
the South and OF the small Rocky Noun
| tain States. The great States Of Indiana,
/ Illinois. Wisconsin, Ohio. and Michigan,
! three Of which we carried I'm 1892. and Sc
cured votes from the other two. as also
| Iowa and Minnesota. would vote by tens
or even hundreds OF thousands against il.
Heretofore sectionalism and subservi-
| ency To class interests in the Republican
party have made a solid South and a d.
| vided North. Shall the errors OF the
/ Democrats of the South make hencefor-
ward a solid North and a divided South?
In their loyal and splendid support OF
| tariff reform the Democrats Of the South