The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

nCiu A0E ttlU EN0uAlfptlou OF United States
notes and silver certificates, "a foliows:
Gold coin. .................$ Ill. $4,000
ct.nunru auNer oolinrS... a5k6lA0xA.u0
Subsidiary silver. ...... ik-T1nrR M
1old certineates. an 40 20
Silver certincates. .......... iirne0S 90
Trs. notes. act July H. 800 u ~ nfo a,
Cur; cert'fs. act June S 1872 ISSssSo
NATIONAL bank notes. i0eiS 6al 10
1otai .s..................$ GSl. ia pSf. 90
All these forms Of money have been
maintained by the government, AZ mar
VITA soid ana they travel the circle Of
tne world without diminutlon 81 their
purchasing power. Though silver bul-
lion has fallen to nearly one.hatf ifs
former value. yet We have used n and
maintained silver coin made from n AZ
parity with gold at the ratio OF fe 10 1.
But now we are brought fnee ~ fafe
with q proposition which II aTreeJ Il, VIM.
make silver the sole standard az vaIt,e.
for all debts and credits, for the WAGES
or labor and the purchase and saie 81
property. The Democratic party Al its
recent convention at Chicago adopted q
resolution In favor OF the free coInaRe
o. siIver AZ the ratio OF Is parts Of silver
70 one OF gold We know that II, tho
United States and Ia all couutriss IN the
world % ounces or more OF silver can
pc purchased by one ounce OF gold.
with the free coinage OF silver rol6 will
be demonetized. Nothing can be more
certain than that the Cheaper money
only win circulate. The United States
has thus far maintained its silver coins
a parity with gold coins only by is
exclusive monopoly OF coinage and by.
imiung the amount. but with free coin-
age OF silver there could be no ilmita.
uon. silver bullion In every form will
De pressed upon the minis and with the
mandatory duty Of free coinage. silver
dollars will soon I'LL the channels OF cir
culation and the gold dollar will be
hoarded or will be quoted and sold as
q commodity at about 1874 cents OF the
silver coin. Silver will stand as the par
OF value and gold will be quoted at its
commercial value.
Let US contemplate for awhile the in
evitable result OF the free coinage OF
silver even II I repeat what say. Il
would violate every contract for the
payment OF money made since Jan. ],
1873. The resumption act, which went
Into operation on that day, provided for
the payment in coin on demand of all
United states notes presented for re-
demption. All forms OF money. whether
OF silver or gold. or paper, were then
maintained at par with each other and
have been so maintained ever since.
During all this period gold and silver
coins at par with each other have been
the standards OF value Of all loans, con-
tracts or purchases and the faith Of the
United States was pledged for their
maintenance at parity with each other,
Although silver bullion declined in mar
ket value. the coins made from It have
been kept at par with gold coins at the
legal ratio of is to 1. But II the free
coinage of silver Is authorized, then the
market value OF silver bullion, beconses
the standard for payments on all con-
tracts made In the past, the present or
the future; 1921 grains OF standard sill
yer bullion worth now So cents. can with
free coinage be coined into dollar upon
the demand of any holder OF such bull
Hon. This dollar Is delivered to the
owner OF the bullion and is not support
ed by the nat of the government. The
government does not undertake TO
maintain its relative value with gold.
The government stamps II. This is q
dollar. Its purchasing power Is So
cents. but Its debt paying power IL one
dollar. It Is to be a legal tender for one
dollar of debt, but In the purchase OF.
any article II IL only worth 50 cents, for
the seller Of the article can fix his price
according to the kind of money offered.
It is the doctrine of the Populist and the
anarchist. but is In direct opposition Co
the traditional policy OF Thomas Jeffer-
son. Andrew Jackson and the Demo-
cratic party.
When we contemplate the great
amount of debt and credit that Is un-
avoidable in a vast but new country
like ours. We naturally shrink from any
measure that will either rob the lender
or do injustice 10 the borrower. II IA
impossible TO estimate the wrong and
Injustice that will be done to creditors
py the scaling OF nearly one-half of
debts due them. The very threat to do
II will lead TO the prompt and harsh
collection Of debts before free coinage
can become law. am advised that
already debts that would have remained
uncalled for have, in fear of such a law
been enforced. It Is certain that before
free coinage bill can become a law
the wide distrust caused by the pending
OF such a measure will lead to the rapid
collection OF debts, the sacrifice OF prop
erty ana deepen existing financial dif-
hculties growing out OF insufficient rev
enues for the national as wei as for
many state governments.
II Is sometimes said OF creditors that
they are blood-thirsty shyIocks. aristo.
Gratis. blood-suckers, extortioners n
may be that there are among Mons
lenders some men who merit these .ri.
thets. but the great body of the credit-
ors OF our country are among the thriS
". industrious and intelligent men ana
women OF every community. One 1reat
Douy OF creators here Is the $4,000 I'm
ION soluiers. their widows and Orphans
VINO are creditors Of the United States
70 the amount OF over $40, 900, 900 a yeer
for services and sacrifices in the Tinta,,
army. II would be an act OF perfiSv
and meanness beyond expression Tor This
great country to pay them with money
OF less purchasing power than gold coin
merely because the overproductIon ~
silver in the United States has REDUCED
the market value of silver bullion CON
tained in q silver dollar. To take al
vantage OF this decline in order 10 re-
duce the value OF the pittance TO these
pensioners Is worse than to rob the
graves OF the dead.
that the free coinage OF silver win
greatly injure. It Is the depositors in
savings institutions and kindred orran-
nations. who. according to official sta
ustics, number nearly 5.000.000 peopIe
and whose deposits amount TO more
than eighteen hundred million dollars
VIII you cheat them by reducing the
value and purchasing power Of the DOL
lars they have deposited?
Free coinage will also wipe out nearly
one-half the value OF life Insurance
which provident people OF the United
States have paid to secure In case az
their death some support and Protection
to wife and children. II Will AFFECT in
juriously the multitude Of clerks and
employees who depend upon monthly
pay and will reduce the purchasins
power Of all salaries OF officers and en-
ployes In the public service OF the Unit
ed States and OF every state. county.
city or township In this broad iant,
But by far the greatest injury resulting
from the free coinage Of silver will fan
upon workingmen. Their wages are