Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-01-02
FOR SOUND MONEY.
ClEVELAND'S STRONG ARGUMENT
FOR 100 CENT DOLLARS.

Each other In Value-httempt Mt Free
Coinage Now Would Result In silveI
Recommendation mud In Great Financia
Distress.
/ President Cleveland, in his message
to congress. reviews at considerable
length tho history Of our greenbacks
tho great need Of retiring them and the
urgent need II changes in our banking
aud currency laws to give MS suffi
cicnt, safe and elastic currency, His
recommendations agree substantially
not only with those Of Secretary Carlisle
and Comptroller Ecklcs, but with those
Of many eminent authorities on this
subject. They should DO, and wo hope
luEo boon, read by all good and patri.
otto citizens. We, however. propose now
to call renewed attention to his excel
lent discussion Of the FREQ coinage ques-
ton. 1t ii ono Of tho most convincing
arguments ever mado against cheap sill
yer dollars. Wo reproduce below the
greater part Of this discussion:
While j hayo cndeavored to mako a
plain statement Of tho disordCrcd condi-
ton Of our currency and the present
dangers mcnacing our prosperity, and
TO suggest way which leads to Il safer
financial system, have constantly had
in mind tho fact that many Of my coun-
trymcn, whose sincerity do not doubt,
insist that the cure for the ills now
threatening us may be found in tho sin
Clio and simple remedy of tho FREQ coin
ago Of silver.
Were there infinitely stronger reasons
than can DO ndducod for hoping that
such action would secure for u8 BIZ
metallic currency moving on lines of
purity, nm experiment so novel and haz-
ardous ns that proposed might well stag
ger those who believe that stability is
an imperative condition Of sound money.
No government, no human contri-
vance or act Of legislation, hns over been
ablo to hold tho two metals together in
free coinage at u ratio apprcclably diff
fcrcnt from that which is established III
the markets Of tho world.
ThORo who believe that our indopcnd-
Ont free coinage Of silver ut an artin-
cial ratio with gold Of 10 to would ro-
store tho parity between the metals, and
consequently between Tho coins, oppose
M unsupported and improbable theory
to tho general belief aad practice of
other nations, and 10 tho teaching Of tho
wi8oat statesmen and economists Of tho
world, both in tho pnst and present,
and, what il far moro conclusive, they
run counter to our own actual expert
CHCug.
Twice in our earlier history our law
makers III attempting to establish BIZ
metallic currency undertook FREQ coin
ago upcu II rotlo which accidentally va.
red from tive actual relative values Of
tho two metals not moro than per
cent, In both uNscs, notwithstanding
greater difficulties and cost Of transpur-
tatjun than u'N exist, tho coins, whose
intrinsic worth was mdCrvalued in tho
ratio, gradually and surely disappeared
cuUrrjrs Nluro thoir real value was
bcUor recognized.
Acts Of cuuhto@a woro impotcnt to
create equality Whrio natural causes do
creed .N,D Itieht inequality,
Iu Jn ear recent history wa hnvo
hEually failed to rasc hy legislation
tho vaIuour tilgnr undcrmI act Of con
gross passed. III 1873 tho government
Naea,., r...l n. more tlan ~ years to
c&pnl @wMlH ~ least }9l o0O, coo in
tic pweGWo sc silver bullion for coin.
agc, 'lho act Of July IT, 1880, III Il Still
h9,Gtr ,uu,, ul.ua.rd tho amount Of
tilNCf Jho Gut0uNoHl YVES compelled tu
r0r. haze, gol foard il To become tho
buyer annually "a 81, 600, 600 ounces, or
practically the ontiro product of our
mlnea Iudcr b.,h laws silver rapidly
ard steadily declined in vluc. Tho
prophecy and t6erXprcsscd hope and cx-
pcrtltlcn of these III tho congress who
levi ~ lhr raa ~ of the last mentioned
act, tl1t !, Wou,d ro- establish and mann
Ia n tha former parity between the two
metals, orrsllll fresh III uur memory.
In the hEht If these experiences,
which arrurl with the experiences of
ut1yg uHuJ., thrro is certainly no 20.
cure ground fw ho belief that an act Of
cou,duuw bridge an inequality
Of ~ yer cent |. tween gold and silver
IL car Wc sent ratio, nor is there tho
least possibility that ctr country, which
has los, thdn CIV. seventh of tho silver
money III the world, could Us its action
anue rla>'no, uly our OWN hut all sill
Ntr tu lt5 last lIUo with gold, Our nj
tempt to accomplish this Ivy tho FREQ
coinage ui SILVER ut a ratio differing
widely fl "A actual relative values |
would nc the@guAl for thecumuoto de, |
lutu'nof sold from our circulation, tho /
and largo contraction Of uur
circulating mvdtun, and a shrinhaSc III
the roul Naluo aud monetary efficiency
Of AL ojhr, forms Of currency rs they
settled to the level of silver munumCtal-
lism, lNr'y ono who receives u fixed
salary and every worker for wages would
fud the dollar IN his hand ruthlessly
scaled down to tho point of bitter disap.
puintmcnt It not 10 pinching privation.
\ change III Our standard to silver
3