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


notes and silver certificates, as Follows.
Gold coin. .................$ 1if.Sr0 $1,000
STANDARD silver dollars..... 35s6ll. OSs 90
subsidiary silver. lh.5Ta7tS00
Gold certificates. ........... An ~ 30
Silver certificates. ..... III az. tdS IN
Trs. notes. act July II, 1870 n ~ nis al
United States notes........ l.i On "a
Cur: cert'rs. act June S, 1872 i5nSrs6 "a
National bank notes. 1asSS an 10
All these forms Of money have been
with gold and they travel the c,rc,s ~
the world without diminution AZ their
purchasing power. Though silver bull
lion has fallen to nearly one. half its
FORMER value. yet We have used n and
maintained silver coin made fron, AZ Al
parity with gold at the ratio Of ia to j.
But now we are brought face 10 face
with a ton which II agreed 10 WIN
make silver the sole standard Of yalue
tor AL debts and credits, for the wages
or labor and the purchase and ale Of
property The Democratic marry n its
recent convention at Chicago adopted q
resolution In favor OF the free coinare
OF silver At the ratio OF 16 parts Of silver
to one of gold. We know thar II, the
United States and In all counfries In ifh6
world 30 ounces or more OF sitter San!
be purchased by one ounce az rold.
VITA the free coinage OF silver gold Will
De idemonetized. Nothing can be mora
certain than that the cheaper money
only VIII circulate. The United States
has thus far maintained its silver coins
at parity with gold coins only by ne
exclusive monopoly OF coinage and BY.
limiting the amount. but with free coin
age OF silver there could be no iinita.
ton. Silver bullion in every form will
be pressed upon the minis and with the
mandatory duty Of free coinage. silver
dollars will soon fill the channels of cir:
culation and the gold dollar win be
boarded or will be quoted and sold as
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 ali
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 Il 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 becomes
the standard for payments on all con-
tracts made In the past, the present or
the future; 412A 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
lion. This dollar Is delivered to the
owner of the bullion and Is not support
ed by the fiat of the government. The
government does not undertake TO
maintain its relative value with gold.
The government stamps II, This is a
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 So 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 20.
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 to the borrower. It is
impossible to estimate the wrong and
Injustice that will be done to creditors
oy the scaling Of nearly one-half OF
debts due them. The very threat to do
1t will lead to the prompt and harsh
collection Of debts before free coinage
can become a 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
q free coinage bill can become a law
the wide distrust caused by the pending
OF such measure will lead to the rapid
collection Of debts, the sacrifice OF prop
erty and deepen existing financial dr.
hcuities growing out of insufficient rev
enues for the national as well as for
many state governments.
1t Is sometimes said OF creditors that
they are blood-thirsty Shylocks. aristo-
Gratis, blood-suckers, extortioners n
may be that there are among money
lenders some men who merit these sr;.
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 great
oody OF creditors here is the $4,000 i'm
who are creditors Of the United Stata.
to the amount Of over $40, 900 900 a vssr
for services and sacrifices in the IInia,,
army. 1t would be an act Of perfiSv
and meanness beyond expression for this
great country to pay them with nnona,,
OF less purchasing power than gold coi,,
merely because the overproductIon ~
silver In the United States has reduced
the market value of silver bullion CON
tanned in a silver dollar. To take ad.
vantage OF this decline in order to re-
duce the value OF the pittance to these
pensioners Is worse than to roh The
graves Of the dead. s.e
There Is another class Of creditors
that the free coinage OF silver viii
greatly injure. It is the deposltors II,
savings institutions and kindred orenn-
ixations, who. according to Official sta
ustics. number nearly 100000 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 doI-
lars they have deposited?
Free coinage viii also wipe out nearly
one-half the value OF life Insurance
which provident people OF the United
States have paid to secure in case an
their death some support and Protection
to wife and children. It will affect IN
1uriously the multitude OF clerks and
employees who depend upon monthIy
pay and will reduce the purchasin1
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 land'
But by far the greatest injury resulting
from the free coinage Of silver will fan
upon workingmen. Their wages arc