The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1886-12-09

by rich but vanquished power, the states
men of Germany determined, at any cost
to possess her of the gold fetch.
Closing her mints to the further coinag
| Of silver, retiring from circulation her silve
} Heretofore exclusively coined and seeking
to effect its substitution through the oper
mints of France for the gold of France
throwing large quantities of silver upon tn,
English market at short intervals and in un
| known amounts for sale, Germany, by hel
legislation of 1s71-'73 thus conceived in th'
likeness of Great Britain's legislation Of
1916, and, together Herewith, immediate
ly caused a great monetary disturbance.
France, in presence of the silver food
from Germany, dstrusted the power of hel
open minis alone to MAINTAIN the ratio OF
the two metals under free coinage of both,
as almost alone she had done during the inn
mensely greater inundation of gold from
the new mines of California and
Australia; and firrt restricting her mintage,
(Which neither defeated the purpose of Ger
many, as prompt closure would have done,
nor deprived il of importance, as continued
free coinage would have DONE at last closed
her mints altogether to the further free coin
age of silver for the public into money of
unlimited legal tender; and thus, at last,
was subverted the monetary peace of the
| world.
Since that date, nowhere in the world has
| the mint of any great government, which
coined either metal into full legal-tender
money, coined the other metal into full legal
| tender money at any ratio.
Thus was ended for a time that legal
fusion, so to speak. of the two metals into
one monetary measure, which the free coin
age of both, and the legal tender quality
| impaired to both in a fixed ratio, had made
practically complete fusion. Thus was
| ended the prevalence of an ancient accept
| able bimetallic standard and measure of
commodity prices-the mass of the two
| monetary metals fused by free coinage, a
fixed ratio, and the full legal-tender power,
| into one metal money and price measure.
| Thus began the confusion of the two uncon-
Joined monometallic measures throughout a
world all knit together in commercial unity.
Thus began the great monetary dislo-
catian. Displaced for time was the worlds
| normal use of one common standard of
prices. What has followed that displace-
| ment? Beginning in 1873 and con-
| tinuing through minor fluctuations until
now, there has been demonstrated fall in
the prices of the chief marketable commodi-
ties of mans use more than countervailing
the demonstrated rise of prices, from 1S4S to
| 1866, which followed the addition of 81 ,9O0,-
000,0 900 to the worlds previous stock of
| gold. Gold being merchandise in countries
| giving free coinage into unlimited legal
! tender money to silver alone, and silver be-
| ing merchandise in countries giving free
coinage into unlimited legal-tender money
to gold alone, and the fxity of price of
either metal thus having ceased becoming
| as impossible as fixity of price for wheat or
from in any country where the other metal
alone has free coinage, it has also occurred
that the price of silver, measured by the
khn fa1l rNrsaa of
modities since 1873, has fallen in closely
parallel or following fluctuations as far.
The essential conditions of that old none
tary order in their last analysis seem to be
these: First, mints open to the public for
the free coinage of gold. Second, mints
open to the public for the free coinage of
silver. Third, coined gold full legal ten
der. Fourth, coined silver full legal ten
der. Fifth, mints open to the public for
the free coinage of silver and gold. Sixth,
rated equivalence of both metals In such
coinage fixed by States powerful enough to
make and keep it prevalent.
Next the Secretary gives review of the
United States monetary history.
After declaring that the silver trouble is
universal and the remedy international, the
Secretary says:-
Careful perusal of the instructive debates
at the last session of Congress leads me to
review the four policies which then received
marked attention: First, free coinage of sill
yer. Second, conferences. Third, con-
tinued purchase of silver. Fourth, stopping
purchases of silver.
The question, "Shall the United States
give free coinage to silver now" he answers
in this way
The free-silver-coinagep prescription for the
monetary dislocation satisfies but one of the
several indispensable conditions which I
have set forth above in full detail. While it
is N indiSnenSph hlp condition of
restoration that the free monetization of
silver shall be equally complete as of gold,
yet were it now given to silver in this
actual moment of dislocation, the practical
result would be to withdraw the same from
gold. That would be a change without ad-
vantage in any respect. and in every respect
with disadvantage. Offered by the open
mint to both metals, free coinage of silver
for silver owners into legal tender dollars
would stop the use of the mint for free coin |
age of gold by gold owners. 1t would stop |
the simultaneous circulation of gold and sill |
yer dollars The gold dollar would be at |
premium, and be exported. Throughout |
the United States it would make the use of !
silver in legal-tender payments exclu- |
sive, apart from the greenbacks, |
which would first be used If
possible to empty the Treasury of gold, and |
then would cease to signify by dollar any.
thing else than the debt of silver coin-not
at all the monetary unit once embodied in
equivalent coins of the two metals.
Avoiding repetition of what l had the
honor to say last winter in reply to the in
quiries of the House of Representatives, l
will add but one suggestion, which should
be fatal to the efree-sIlver-coinage proposal.
As our limited silver coinage paralyzes, so
our free silver coinage at this moment
would destroy, the power of the United
States to promote the restoration of silver to
its old and equal place in the monetary
order.
In answer to the next question, 'Shall the
United States propose more conferences
he says: More conferences, further diplo-
matte correspondence are proposed. ven
ture to think, with all due Difference to
those who are responsible for a decision,
that the time for another conference has not
arrived, and that the moment for diplomatic
is not perfectly felicitous. Our
is recent and authentic, and is
Senate Ex. Doc. No. 29) in the
letters OF our ministers accredited to Great
Britain, France, and Germany, there pub
Iished, and in the correspondence and action
Of the English Government, which are sum-
married. above.
"Shall the United States buy more than
$3.50, ,0OO, 900 of silver?" the next question, is
IN this way
To go on as we are is the least creditable
IF all the courses open to our choice.
The Treasury silver purchase is defended I
BY nobody, approved by nobody; even every
Tote for the free coinage of silver is vote
hat the Treasury silver purchase shall ]
lease, an assertion that it ought to cease. I;
1t has thrown away the opportunity to let
oose abroad the silver we have kept, !
stamped and stored, and it has discarded {
he power to reduce by much the foreign !