Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-06-11

commercial valne q meals b me- and
unlimited coinage at fixed ratio
This country failed TO odd 3 per cent
10 the value Of silver and make it equal
| 70 ratio Of Is to / with gold prior to
1884, and il failed to add Q per cent to
gold and make 1t equal TO q ratio Of
TO Is with silver subsequent 10 1870
No limit can be placed upon the
mass Of silveS still unmined Good au-
thority indicates that the present an
nual volume can be produced for about
so cents an ounce. Il IL impossible to
place and maintain . price upon such
commodity which would give It profit
entirely disproportioned to that earned
by the average enterprise Yet the adj
vocates Of free coinage Of silver now
propose to undertake the experiment at
. local ratio Of 10 to /, although the
commercial ratio is III to /.
We are therefore confronted with Z
proposition to change the meaning Of
the dollar from %. % grains Of gold
to 87lI grains of silver. An SIX
grains Of silver arc worth only about Is
grains Of gold, it il practically propo-
sition, at single blow, to reduce the
value Of dollar one-half.
It Ia movement more radical than
one to reduce openly the bullion In
gold dollar to IS grains This would be
. step dangerous, but definite No one
knows what 87l u grains Of silver would
be worth under free and unlimited COIN
aga It Is impossible to say whether tho
increased demand for silver would carry
8714 grains Of silver somewhat above
ID grains Of gold. or whether this in
creased demand would shortly produce
disproportioned increased supply and
carry the value Of 37lL grains Of ail-
YER somewhat below Is grains Of gold.
! am aware that the advocates Of free
coinage Of silver object to estimating
the value Of silver in gold, but al in-
ternational trade Ia measured By grains
ct gold No matter what system We
adopt, unless our international Oom-
merce Is abandoned, our dollars will be
actually measured by gold, even though
we fix them upon q silver standard
The movement for the free and I'M
limited coinage Of silver 10 therefore
an effort not only 10 reduce the value It
q dollar about one-half, but 10 leave Il
In state Of uncertainty. Il threatens 3
complete change in the meaning of tho
term dollar TO some meaning IN tho
neighborhood Of one-half ID present
meaning. It threatens an entire change
Of the value Of the term By which con-
tracts and credits are estimated and by
which business 10 conducted.
In every country where progress and
prosperity are found the great bulk Il
business must depend upon creditA The
credits are estimated In dollars, and
whatever creates doubt a. TO the mean
ing Of . dollar must tend to suppress
busineaa The mere threat involves I'M
certainty. and this uncertainty must b
removed TO bring back TO business nor
NAL prosperity.
To appreciate the Importance a re-
moving doubt upon this subject, con-
template briefly the PROCESS Of reaching
the proposed silver standard We saw
In 1898 . paralysis at business, In large
part produced by the threat Of Z silver
| standard
II apresident and congress were elsct-
ed In November committed to tho free
and unlimited coinage Of 871L grains
OF silver into dollara nearly nix months
would pass before they could be inangu-
rated and six months more before the
proposed legislation could become law.
During that time creditors would seek
70 protect themselves against being paid
In dollars worth only about IS grains d
gold. and they would endeavor 10 mako
collections before the unlimited coinage
of depreoiated dollars began The debt-
ors would not be allowed to remain
debtors until they could get the advan-
tage of paying OF what they owed g
30 cants ON the dollar; they would be-
forced 70 immediate settlements Sher-
i6s and constables would call upon
them without delay. DepositoGn In hanks
would withdraw their money. The
large marchantaI forced to settle their
foreign indebtedness would insist upon
Immediate payment Il debts duo from
smaller merchanta The smaller mer-
chants In turn would be compelled 10
force COLLECTIONS from their customer
The great volume Il business conducted
upon credits would cease.
Manufacturing enterprises could NOT
AFFORD b continue business or mako
contracts until tho value Il tho new
dollar could be settled By tho determi-
nation II just what SILK grains II sil-
ver would prove to be worth Nanufac-
tories would closa Business houses
would fail Banks would Be raided
The unemployed would be numbered By
millionA The farmers would ind few
purchasers Tor their pruductA Want and
famine would pervade tho Land.
AZ the end q Few yearA when bud
ness settled down TO the new meaning
ct dollar. fluctuations In tbs COM
meEcial price Of silver would still keep
our dollars q uncertain value and him
Il n 49, 49, -