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

i
free and unllmited coinage of both metals
Will only bring the cheaper metal to the
mint and Will leave the more valuable metal
III the market.
A little while ago said. mo government
with the possible exception OF the states
composing the Latin UMlon, has thus FAR
been able ~ maintain silver and gold IN
actual circulation upon a fixed ratio for
any great length OF time"
The Latin Union was organized In 1866.
between France. itnly. Belgium ana Swifz.
erland. They were bimetaillc countries ana
entered into an agreement In that year by
by which the amount Of silver to he coined
each year was fixed for ench member Of tb,,
Union. The coins were Of like character IN
ccived throughout the Union without dis.
crinliin,ipn. both on public and private nc.
count. Greece Joined the Union In 1868
Within the limits OF that Union there was.
from 1868 Ia 1874. that IL for nine years
practical Interchange Of gold and silver coins
and practical use of gold ind silver upon n
pnrity Mt the liked ratio Of 10 to /. You will
note that there was no free nnd unlimited
coinage You VIII note that each country
was restricted ms to the amount of silver
II could coin. You will note that there was
effective international agreement between
these nntiohs. md now, mark this atldi.
tlonal fact: These nations found that In the
face of their dealings With the rest OF the
civilized world they could not keep any nd.
litional silver coins aiioat. and 80 even they
stopped the coinage OF silver In 1874 There
never was free md unlimited coinage with
III the Latin Union. For - years there has
been no coinnge except of subsidiary coin
to take tile plnce of that which had been
abraded and worn out.
IL there be any argument to be derived
from the practice and experience of the
Latin Union II IL that International agree.
lncnt alone can make the coinage OF silver
safe or effective.
There Is todny no such nctual thing as
free and unlimited coinage Of both gold and
statement In another form. Gold circuiRtes
as money nowhere In this world where there
Is free and unlimited silver coinage. Where
there IL free and unlimited silver coinage
gold Is simply commodity and Ia sold at
Its bullion value. Its price rises ms the val
he Of silver dimlnishes. Its price rises as
the confidence OF the people In paper dlmin-
ishes. In other words gold IL fact. Paper
money Is fiat. Gold gets Its value from the
desire Of the people TO have II and is worth
what the people will pay for 1t. They will
pay for 1t what 1t is worth to them. and no
nintter what law Won may make. gold will
think 1t is worth. Gold will buy as much
piper money MS the people think the paper
money worth. There Is no intrinsic value
IN paper except the material of which 1t
Is composed, aud that Is precisely the fact
with regard to gold. 1t ~ precisely the fact
with regard 10 silver. Paper being made of
wood pulp is now very cheap. When you
print 1t into money 1t gets just such value
MS YOU put upon the honor and good faith
OF the government that prints 1t. No more,
no less and TINT honor and good faith are
finally measured by actual redemption In
coin and BY nothing else.
These United STATES printed the conti-
mental currency and paid that currency out
az the price Of this natlon's liberty. We
did not redeem 1t. and that continental cur
rcncy Is today worth absolutely nothing
1t is the epitaph of national dishonor.
The French monarchy printed the John
Law currency in 1920 1t broke Its promise.
and II any Of that currency 10 today In cx-
istence II is only the badge of French prof
ligacy and financial falsehood. 1t is only
valued ns curiosity or us PUN.
The French republic printed the nssignnts
and the mandats. The French republic new
or fulfilled its promise, and that paper cur
rcncy Is only a badge OF French republican
falsehood and Is Of no value except as q
The Southern confederacy printed millions
of paper money redeemable six and twelve
months after the acknowledgment OF the
Independence of the Confederate States.
That acknowledgements Inns never been nude
II does not now seem likely to occur and the
Confederate currency Is only memory OF
brave effort in an unfortunate and mis.uid-
ed cause and has no value except as curiosity
or pulp.
leEal tender notes. We have also about 12s
that we might give silver more artificial
value: We bought great quantities of silver
We did for silver all that the most generous
friends Of silver ought to have done and
spent our money. The nation did not sue
coed In the speculation. What business men
could not do. the nation neither did do nor
could do. We thus have ahoat nearly 4I5
millions of legal tender paper. OF this
amount nearly $50 millions were issued to
Put down rebellion and save the, nation.
More than 125 millions were issued to put
down gold and save silver. We did put
down the rebellion: we did save the nation.
These were within the possibilities of lil.
man faith and patriotic courage. We did
not put down gold. We could not The civil
lied world was against us. We did not save
silver: we could not. The civilized world
was against US.
Nv country,men, let us brush away NIL the
orles and all fnnces. Let us look facts
slnarely In the face. Let Ms remember that
there are some things which government can
do and some things which government can.
not do. Government cannot crente life, Gov.
eminent can decree death. Government
cannot make two and two Ave. The result
of adding two and two is four forever.
Neither Ilc ear OF all the lassias nor the
most eloquent citizen OF Nebraska backed
by MI the fopnlists and Democrats of this
lnnd can ever change the laws OF arithmetic,
the laws OF trade or the laws Of gravitation.
You have been very patient in listening to
me so .one ! leave this question to you for
your own calm. deliberate decision.
IN 1874 this republic decided that 1t would
redeem Its greenbacks md resume specie
payment. II did this upon a gold basIs The
Democracy Of Ohio In the spring OF 1915 de.
crccd In state convention that resumption
IN specie could not be accomplished. and de-
manded the repeal OF the resumption act
mud the fire." and unlimited issuance of green
backs. You mo- :aem with stern and reso-
lnte denin YoM stood for the pledge OF
nastoual honor. YOU spurncl tAc seducs!ons
OF population. You elected Rutherford II.
Hayes TO be governor upon the square and
reSolute assertion that We would resume
specie payment. You highly resolved that
we would nay the national debt. aud that,