Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-06-19
soMe HARD fAors.
They INT reillng Diows Against free
GoInnro AT SIxinnn In alnai

Hon, HQke Snith, secretary OF the In
terlor, delivered h speech lin New York
oM Mny 10 on the currency question.
1t IL speech that should be rcatl by all
who buy aud sell or whu vote or have
influence With voters. 1t is us follows:
The people of this coGnt ry make their
contrnuts payable In dollars. Unccr-
tainty as to the meaning of the worl
dollar must create donbt ny TO the fleet
cf coutractsnud general distrust In busi-
ncSs,
Tho dollar OF the uulre,l states at tho
present time has n distinct meauing.
IL Is equivalent 10 23.Sa grains al pure
gold. Paper dollara prc rnerc promises
to pny Ia coin. Silver dallars. while they
contaln bullion worth only about 80
cents each, have hccN surroupdcd hy
Safeguards of Legislation limiting tho
number coined and supporting thcp by
the credit of the government. 50 that
they hive bccn kept on n parity with
gold dollars. Twcuty.thrce.twcI
onc-hundredths grains ot gold therefore
measure the value ofwhat Ia ,ncnnt by
u dollar. when the term Is uacd for
trade here, and this has bccn true for
about 90 years, with the exception of
tho period during which paper dollars
were deprecated.
Upon the floor Of the house OF repre-.
scntativcs In 1889, when the hill was
pending which made fractional cur
rcncy subsidiary. Cyrus l., Durham, OF
Indiana. who had charge of the bill.
said;
IAN objection urged against this pro.
posed change Is that II gives ,ls gold
standard only. u y Gentlemen talk
about double standard of gold and sill
YER ns thing that exists. and that we
propose to change. We have had but II
single standard ior the last three or four
Years; this has been and NOW Is gold: we
propose to let H. remain 80 and adapt sll-
Yer to and regulate IL by gold"
After this long experience in the use
of dollars based upon ea.22 grn.ns of
gold the advocates of silver demand It's
flee, unlimited and independent coinugc
nt the present rntio.
This is really proposition 10 remove
from silver dollars the safeguards of leg
ihation which surround them, 10 with
draw the limit and 10 take from them
The support of the government. lt!snn
ciIort to rcnch bimctnllic ourirncy hy
the free and unlimited coinage If i,yo
metals nt n fixed ratio which places 100
cents worth of bullion iii the gold dol
lar aud 60 cents worth of Liil.on In
the silver dollar.
ThccXrcrIencc OF every country which
has attempted tho free and unlimited
coinage Of Tho two iuctnls ht ratio ,,l.
regarding tho commercial value OF tho
bullion Of zach mriul pu, into II Holinr
Inns been the coinage and use OF the
cheaper metal and the loss az. money of
the moro valuable metal. The prin-
ciplc Ia thus Expressed by sir lsnnc
Gresham:
"if delnscd coin Is attempted 10 he
circulated with full value coin, ull OF
the latter viii! disappear from cironln-
tion. and the oycrvnlucl and lcbased
coin will alone remain, 10 tho ruin OF
our commerce and business"
This indisputnblc doctrine wns tnugh,
IN the l4tli century Ly Nlcholus Ores.
mo and again III the 18th century hy
Nicholas copcrniciis. Coming down 20
17i7, Sir lsnnc Newton. at that time
director OF tho mint of England. de-
carcd:
"Ir silver leaves the shores Of Eng.
land in crowns or In ingois, the produce
of coins remeltcd. and givca place to
gold. It Is because tho S,ldS which The
monetary legislation assigns 10 It. In re-
Intlon to gold. is not cbrrcct.Y, -,
Apply the lesson practically to DIR
own money. With free iiIid unlimited
.connge Of gold md silver II the riiiio o.
elXtccn to one silver inonomrtallisIn
would result and the measure of the
value OF dir dollar would be 37iH grains
ofsiMer, wortl, about 10 grpina Of goh
But tho advocates OF silver coinngc
iIisist TINT Will, 37lA grain8 Of siRbf /
admitted in unlimited quantities to tic
mlnts for coinage. free Of charge. tic !!
bullion v:.luc nf this number Of grains ,
would necessarily be equal, before COLI.
Age. Ia tho coined dollar This is trtit:
hnd II wonid be eqhdily true OF TOO !
grains. or Of one grnh. II admitted free
i,nd tfipuhlifnited Quantities 10 coinage.
Indeed. " chips ucre admitted free md |
IN unlimited qiiRntitics to Tie privilege !
II being stamped Into doliiirs, The chips,
before they were stamped. would be
worth as much hf the duIars afirf ,fieS I
were stamped, but Unfortunately iRc
t'ollnrs would he worth 20 ihose than
chips.
Another fnvoritc argument of the free
silver advocates rcfcrr 10 the experience
of France, md ihey have ,'rlhed al
mer the country that France. is.,. 's',i
10 1874, by iiNiug y legal rntlo for tine
toipngc Of silver md golh iat fifteen
dDd onc-half to oge), kept The comines
cinl rntjo between the two metaIs atthc
same figures. This iiiaccilratc state.
inent has lieen one of their principnl :,
arguments. IL they will really examine ),
the historyof FIauco. they will fiiM that
before 1890 tic difference between the
commercial value of gold and sj,cr cx-
ceeded fifteen and one half 10 one. and !
France bccnnie silver inonoDcia iallic.
Later on, between 1910 ard 1850 the
difference was less than Fl IT,
teen aud onc-half to one, hi,d i',aIce be-
came gold monometallic.
From 1852 to 1860 tie subject OF COIN
age OF gold and sii.cr wns frequently
,Iiycusepd l,y 4 Nmarirnn ctntornen md