Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1896-07-10

were each worth lte CciiN dSCuih iHS W
the prices OF gUid and silver bulhonint the
markets Of the world.
But gold aud silver. like all other COM
are subject TO fluctuations,
though these affect gold much less than
silver. OF late years there has been very
great change in their relative values.
The stock of gold and silver in the world
has largely increased, though the great
est gain has been in the " hite metal. As
consequence silver has decreased IN
price, while gold has remained to all m
tents and purposes stationary. The TAU
ing off in the price of silver has been AT
most oue-half, and therefore the actual
bullion value of the quantity OF silver IN
"A standard silver dollar of the United
States, weighing 4l2l2 grains and CON
tanning not less than 37l4 grams ol
pure metal, is about fiIty-one cents, ana
the true ratio between the two metals,
at the commercial estimate, is not 10 to
| hut about 81 to |.
Free coinage of silver means this
That any one may take silver at the
standard fineness to the United States
mint and have it coined into dollars OF
412l3 grains-that the government shall
declare every such dollar" issued to he
one hundred cents, though it is really
worth but tftv-one cents or less, and
that such dollar shall go forth bearing
a government stamp certifying that it is
something which it is not-an actual,
bonafide, honest coin meaning just what
it saws, when it is really baseimpostor.
This is exactly what free silver coinage
| would De-Ine issuing OF nifty or flrtY-ouc
cent dollars in place of those good for
one hundred cents. And the imposture
is sacrilegiously stamped over bastard
eagle "In God we trust"
What would be the effect of free and
unlimited coinage of silver dollars at the
16 TO ratio, and with existing values
of bullion, it is easier to imagine than to
describe. Inevitably it would be ,iisas-
trous beyond our powers of conception.
The money systems of all highly adj
vanced nations like our own and the
other great commercial powers rests on
gold, because goli is the one metal ac-
cepted everywhere and subject to slight
changes. A given quantity of gold will
bring practically the same price i'll any
part of the globe. 1t may be in coin OF
in bullion in either case it is good fol
its full value. Let man try the expert
ment with a roll of gold eagles and an
other of silver dollars. He can take the
eagles to Europe or Asia, melt them dowr
5 and sell them for about the same amount
: that hey represent in coin. The silver
, dollars" on the other hand, if melteC
down, would as silver bullion sell for lit
tie more than fifty per cent of their fact
e value at coin. Does not this establish
} the true position of the two as none,
I metals
The silver extremists put forth many
fictitious and sophistical claims. The!
assert, for one thing, that free and un
e limited coinage Of silver at the 16 to
! ratio would vastly enlarge the stock o
money in circulation. AS a matter o
fact, it would have directly the contrar,
y effect, for it would contract and not ex
e pand the currency. 1t is an invarlabl
: law that the cheaper supercedes tn
dearer money, and the very first conse
u uuence of free silver coinage would b
= that gold would either be driven out o
n the country or boarded by its possessor
9 here. There is in round numbers abou
$500, 900, 900 in gold coin in the Unite'
:, States, and the immediate Withdrawals
e this from circulation would cause none
lazy SlIluSCitCN VI SSNNiSSb Shhi eiN ~
This would be aggravated by the sui
stitution of ftty-one-cent dollars for tn
currency now in use. We would at one
e go to a silver basis, and the shock t.
t business and industry would be mos
, calamltOuS.
The currency now in use in the Unit
States consists of gold and silver, TIL
y greenbacks of treasury notes, nationa
+ bank bills and gold and silver certificate:
. All circulate freely and are accepted a
their face value, because the government
II is pledged to redeem them and to maii
e tain the parity of gold and silver. Blu
It substitute free silver coinage at the 16 t
- l ratio, without international agreemen
- and the power to maintain such part
would disappear. We should then be o
e the silver basis, and all our transaction
,e with other nations would be under mos
embarrassing and injurious conditions
" Foreigners hold vast amounts of Amer
s. can securities. These would either t
thrown back upon our hands, or n guai
9 antee that they be paid, interest an
N principal, in gold, would be exacted. A
p exchanges in our internationalc commerce
le would be paid in gold, and we should
lie at the disadvantage of doing business &
% home on silver basis and abroad on
s. gold one.
,e Finally, under free silver coinage til
,e purchasing power of our dollars woul
1T he immensely lower than at present.
D. addition to the business and industri;
,e depression, depriving labor of emplo,
" ment, those who found work would hay
le to accept pay in degraded currenc,
L. and their earnings would be far less alb
r to furnish them with the necessities an
comforts of life. Laboring men of a
80 Others are most directly interested
- maintaining theintegrity of the currenc.
At and they would be the greatest sufferer
he proportionately by the change from Il
~ gold to the silver basis.
,a The effect would be to Mexicanize OF
IN finances, generate disastrous fluctu
Or tions, as in Austria Hungary and Ital
RI until within the past few years polio
10 of redemption was adopted upon go
basis, and 80 insured financial steadine.
and larger measure OF real prosperit
a. than had been known in those countri
tie within the period of more than ha
III century. Then, too, The fact of the calan
, tOuS experience this SoHntry has endure
I'll the past few years under the free trat
lis experiment and the consequent paralys
IS of our industries. ought to prove &
in effective admonition against visional
i currency tinkering and striking dow
" protection, it is true that business di
e, turbance and industrial depression con
IT. to gold countries as well as to other
o+ But where there is sound and stab
~ basis for the currency, the copditions a
es more favorable to quick recovery, al
ct the hard times are not so likely to co
n tinue,
These are some of the consideration
involved in the proposition to adopt fr,
and unlimited silver coinage at the rati
of 16 to !, They should be conclusive ;