Marietta daily leader. (Marietta, Ohio) 1895-1906, 1896-07-02
WOULD INJuRE ALL
Chairman FairbanlSs SAYS Free Coinage
Would Mean Ruin.

SHtiFHhdh EhiTUhhAks Chvb HTcc OOtUNVe
Would Mean Ruin.
Before the republican party at st.
Louis adopted its clear-cut sound money
plank Temporary Chairman Charles w.
Fairbanks said in his opening speech:
The republican party has not been
unfriendly to the proper use of silver.
1t has always favored and favors to-
day the use of silver as part of our
circulating medium. But it favors that
use under such provisions and safe
guards as shall not imperil our present
national standard. The policy of the
republican party is 70 retain both gold
and silver as part of our circulating
medium, while the policy of free coin
age of silver leads to certain silver
monometallism. 1t is an immutable law
that two moneys of unequal value will
not circulate together, and that the
poorer always drives out the better,
Those who profess to believe that
this government, independent of other
great commercial nations, can open its
mints to the free and independent coin
age of silver at ratio of sixteen to one
when the commercial ratio in all the
great markets is thirty to one, and at
the same time not drive every dollar
of gold out of circulation, but deceive
themselves.
Great and. splendid and powerful as
our government is, it cannot accomplish
the impossible. 1t cannot create value.
1t has not the alchemist's subtle art of
transmitting unlimited silver into gold,
nor can it, by omnipotent fiat, make SO
cents worth 100 cents. AS well under
take by a resolution of congress to sus-
pend the law of gravitation as attempt
to compel an unlimited number of So
cent dollars to circulate with 100-cent
dollars at q parity with each other. An
attempt to compel unlimited dollars of
such unequal value to circulate at a
parity is bad in morals and is vicious in
policy.
Upon opening our mints to the inde-
pendent free coinage of silver foreign
credits would be withdrawn and do
mestic credits would be greatly cur
tailed. More than this there would be
certain and sudden contraction of our
currency by the expulsion of $500, O,oOo,-
600 of gold and our paper and silver cur
rency would instantly and greatly de-
preciate in purchasing power. But one
result would follow this-enterprise
would be further embarrassed, business
decentralization would be increased, and
still further and serious injury would
be inflicted upon the laborers, the farm
ers the merchants and all those whose
welfare depends upon a wholesome
commerce.
change from the present standard
to the low silver standard would cut
down the recompense of labor, reduce
the value of the savings in savings
banks and building and loan associa-
tions; salaries and incomes would
shrink; pensions would be cut in two,
the beneficiaries of life insurance would
suffer; in short, the injury would be
so universal and far-reaching that a
radical change can be contemplated
only with the gravest apprehension.
A sound currency defrauds no one.
1t is good alike in the hands of the en-
ploye and the employer, the laborer
and the capitalist. Upon faith in its
worth, its stability, we go forward
planning for the future. The capitalist
erects his factories, acquires his ma
terials, employs his artisans, mechanics
and laborers. He is confident that his
margin will not be swept away by fuc-
tuations in the currency. The laborer
knows that the money earned by his
toll is as honest as his labor, and that
it is OF unuuestioned purchasing power.