The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-06

the weight Of the gold dollar. At the
present value OF silver bullion. the silver
oollar would need 10 weigh about thirty
llmes the weight Of the gold dollar, in
orqer 10 make the two coins OF equal
Ealue lt follows, therefore. that II, as
demanded By the silverites any holder
Or silver bullion can have his metal mint
ca INTO dollars at the rate OF sixteen
weights of the white metal 10 one OF the
yeHoW. the dollars so coined would have
an intrinsic or metallic value OF only
a6out one-haf that OF the gold dollar.
II Is proposed that this deteriOrated dol
lar shall be coined without limit. whether
, ~ silver slIEer imported or that coming from
ne nome mines II Is also proposed that
these dollars shall be a legal tender 20
any amount IN the liquidation OF con-
tracts Under this scheme. the United
states would stand exposed 10 an issue
OF silver dollars limited only BY the worlds
entire current production and It's accum-
ulated stocks OF coined silver.
what would prove TO be the deprecia-
uon OF the silver dollar. under such con-
cltions, II Is impossible 10 tell. one OF
the 1rst effects OF the change would be
for the European nations 10 exchange. as
Tar as possible, their I. 500. 10000 OF silver
bullion and coin for our gold. Besides
that, under the natural law by which an
INFERIOR currency always displaces a SUI
perlor one, out supply of gold would leave
me country. In this way. we should lose
our gold circulation and become an ex-
cluslNely StlYer-payinc nation with an at
tendant enormous loss OF the only stable
FORM OF money and consequent contrac-
tion OF the circulation. We should then
pc upon the same monetary basis as
China, Japan, Mexico and third-rate ma
Provided silver kept its present bullion
value, our dollar would then be worth
a traction over One-half of its present
valuation; and TO that extent the pur-
CHASING power of our entire paper circu-
lation would also be diminished. All our
mercantile debts outstanding when this
state OF affairs took effect would become
a in .1nv,
cepung those made under special contract
payable in gold. The national debt and
the interest upon IL would be legally pay
able in the same stuff: inasmuch as the
law authorizing the bonds makes them
| payable lin coin" without stipulation as
TO whether the coin shall be of silver or
OF gold. The many thousands Of millions
OF real estate mortgages, and of bonds of
every form, and the interest upon all
corporate stocks, all of which arc now
payable in gold or Its representatives.,
would then become payable in this silver
money or unknown value. Thus the
enormous sum of national investments
and the wealth which they represent
would not only lose their stable gold
become enormously deprecated, and
their value would be ever
| tiuctuating with the osc,llating price of
silver bullion. The 200 millions of priv
ate deposits in banks and trust compa-
MES would suffer in the same way, and so
would the 1900 millions of the workmans
denominations in savings banks, as they
would become payable in the same de-
preciated dollar. What would become of
our foreign credit may be inferred from
the fact that we have from 1900 TO 1900
millions of investment securities out
standing in foreign countries, a large part
! OF which would become payable in this
| deteriOrated cojp.
| These are some of the more obvious
I consequences that would Immediately fol-
| low the adoption Of unrestricted coinage
/ Of silver in the ratio of 16 parts of the
! white metal TO one of the yellow. What
] would follow, it is not difficult to foresee
/ Our credit system would be paralyzed, IL
| not ruined. Capitalists who are conducting
| vast Industrial enterprises would necessa-
| rily be seriously embarrassed The ruin
/ of producers would be inevitable and
| great suffering Of the employed classes
| would naturally follow. Such widespread
/ disaster would no doubt produce a quick
retractton of the destructive legislation
| and every section of the country would
! become clamorous for a return to the
! gold basis. But the cost of the expert
ment would be a terrible and lasting pen
! atty. The undoing of the mischief would
not be the work of a year or two. 1t
/ would take a generation to restore what
We had sacrificed in organization, in rep
utaton, in credit, in wealth, in prosper
! the gold resource needful to give us ffnan-
cial stability. IT does not need to be said
! how long we should have to carry the
| stigma of political incompetence which
such a blunder would fasten upon our
| principles of self-government The cause
| of free government would be blighted the
4 world over.