The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-09-04

and half crowns Of Great Britain
outnumbered the sovereigns many
times, and in the United States the
silver coins issued from February /
1875. to August /, 1879. numbe,
220, S29, $40, while the whole number
of gold pieces issued during that
time in the United States is rio.
040. No form of psper money can
proftably take the place of silver
Our old fractional currency vas the
best substitute ever devised. but this
cost annually nearly four per cent. to
maintain it in decent condition or
nearly the interest CT the money.
while the amount lost, wasted and
destroyed was heavy tax upon the
people who used it. 1t lasted on an
average only fifteen months. while
coin lasts thirty years. The largest
possible use Of silver and its freest
circulation are indispensable to any
system of money that can be devised.
but, like all other money, it must be
maintained in some way at or near
the intrinsic value Of the other
money.
If silver is coined at less than its
market value and issued without
limit it will as surely displace gold
as water win displace air. There.
fore, fractional silver is limited to
$50. 100000, and is only issued when
required in exchange for United
States notes. If it becomes too
abundant it comes into the Treasury
for taxes and is paid out only when
demanded or willingly received
So the coming OF the new silver dol
lar, though legal tender for ell
purposes, is limited by law to from
$4,000, 600 to 100000 q month.
The silver in this dollar is worth less
IN the market than the gold or even
the paper dollar, and, if issued with
out limit, the silver dollar will sure
ly depreciate below the gold dollar
aud win become the single standard
Of valCe This is as certain as the
march of time.
GOLD INDISPENSABLE.
Bot gold is also an indispensable
standard OF value. 1t measures all
the larger transactions Of business
life. II is used as such by most
Christian and civilized nations of the
world, and It's demouetization would
be as great injury as the demoneti-
zation of silver.
Now, fellow.citizens, am in favor
of SO adjusting this matter that both |
metals will circulate at par with each |
other; that you viii have gold eagles |
and silver dollars, and dollar of
either will purchase precisely the
same commodities. This can be doae
while the market value of silver is
lower than tsgegal ratio with gold,
either,
First, by Limiting the amount of
silver to be igsaea, or
Second, by readjusting the relative
weight Of the two Gins, either by in
creasing the weight of silver coin or
lowering the weigh; of gold coin, or
them by increasing The
weight of silver and lowering the |
gold, or,
Third, by the international Con-
ference between bi-metallic nations
now in session. which | sincerely |
trust may arrive at some practical
result.
Either plan or any other to keep
these COINS On par with each other
will meet my hearty concurrence,
but / am utterly opposed 10 any
measure that will deprive Us Of the
use Of either coin, circulating side by |
side, of equal purchasing power, at
par with each other. l assure yout
in all frankness that the silver ques-
ton must be solved in some such |
way, or We will have TO Gdop, the
single standard of silver like the
Chinese or other Asiatic nations.
And now, fellow-cilizens, come
to the most important question of
this canvass.
Oar paper currency is now hap |
PLY brought to very near par with
coin. Will you insist upon keeping
ii at par, or will you, by repeating |
the Resumption act, retrace the
steps already taken and embark again
upon the sea Of irredeemable paper |
currency? Shall cur paper money
hereafter be redeemeble in coin upon |
the demand Of the holder and be
maintained at par with coin, or shall
il be what its friends call a "fiat
money, irredeemab.e ia coin, depend |
ing upon the daily trade marks of
bankers and brokers for It's value
and upon the changing majoriiies in
Congress for its amount and quality!
This county of Lucas las always
been a good Republican county. 1t
earnestly supported the administra-
of Abraham Lincoln, supported all
the measur,s of tie war, and in |
pstriotic eTertions and sacrifices
for the cause Of the Union was not
exeelled by the same population in
aay portion Of the United States. II
is to you as Republicans | wish TO
address what | have TO say tonight
THE PARENT OF GREESBACK
It was the Republican party /
which devised sad issued the green
back, and which has thus far su.-
tanned them and advanced them by
slow and gradual processes to par
with coin. No donbt there have
been honest differences. "a it is
patural there would be, as to the
means by which the result hss been
brough, about, but there should be
no difereuce among Republicans as
10 the desire that the money contriv-
ed by their policy, and the chosen
instrument by which the forces of
The United States were marshaled
during the war should be made and
KEEP. equal with coin However
varying currents cf public opinion or
depression of industry
nsy tend to disturb the public judg-
nent, it should be the viii and the
luty Of the great party to which We
belong to make good the promises
printed on the face Of their United
States notes, especially when this is
demanded not only by the national
honor, but by the clesrest public
policy. This money is our own, in
shich we naturally take pride We