The advocate., 1890-06-25

far as our laws could do 30, II 10 had been
been admitted 10 free and unlimited coin
age Of money, no surplua Of silver bullion
would have accumulated and the price of
silver would not have been depressed by a
supply exceeding the demand. Under the
law of 1873 every secretary OF the treasury
has continued 10 purchase the minimum
amount required by law, being but $1,000
700 worth per month, thereby creating M
little demand as possible for silver bullion,
which helped tO diminish la value.
insist that that was not fair and eQuita-
BILE execution of the law. IL is very clear
that II the secretary had purchased $4,000
GOO worth Of bullion per month, or even
three millions, instead OF two, thereby in
creasing the use and demand for silver, he
would have increased the vRlue OF silver bull
lion. There has been no complaint that the
silver dollar when coined or silver certificate
did not equal gold as money In any market
in this country. You can always buy as
much with standard silver dollar as you
can with n dollar In gold. The only Objoc-
tion against silver has been that the value Of
the silver bullion, out of which the dollar h
coined, has deprecated; then why have they
not purchased and coined more Of II under
the present law, and increased its value by
increasing the market and demand for itY
This is only one instance OF the unfriendly
and unfair treatment which silver has ro-
ceiyed from the officers Of the government
We have already shown that all our bonds
issued under the refunding act OF July Ia,
1870, are payable In standard silver dollars
as we'll az gold.
The act OF 1873 which suspended the coin
age of the standard silver dollar did not
affect the legal tender character OF those
already coined but the standard silver dol
lar continued TO DO lawful and legal tonder
money, Our 81 and 3 per cent bonds have
been issued under laws enacted since 1873,
when both gold and silver coins were legal
tender, and are payable In coin, gold or sill
YER, of the present standard. Hence all our
government bonds now outstanding are pay
able In coin, gold or silver, OF the present
standard. Yet In the face OF this law and
equity the honorable secretary Of the treas
ury, on page sd of his report, says, and |
give his exact language:
"Our bank currency is based upon United
States bonds, the principle and interest Of
which are payable in gold"
And in all parts of this report he speaks Of
the gold obligations of the government.
Now, / challenge the honorable secretary or
any Of the supporters of his scheme upon
this floor TO point 10 a single line of law that
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payable in gold coin alone. They are pay
able in coin, and silver money is coin in our
constitution and our laws, and when the
secretary of the treasury makes distinction
between gold and silver IN paying the inter
est on the bonds, which he is now doing, he
does 70 without authority of law, and in
violation Of every principle of equity. The
bondholder is no better than the farmer or
labOrer and is entitled TO no better money
This has been the practice OF every secre-
tary of the treasury since 1873, and / shall
have occasion hereafter 10 refer 90 the in
furious effect IL has had upon the value Of
silver. / submit that under such limitations
and restraints as these the silver 'Ollar has
not had an equal chance with gold since
1873, as claimed by some Of the gold-bugs
and the very fact that the coined silver dol
lar under all this embarrassment has main
tanned itself at par with gold while silver
bullion was much below par, is evidence
that silver could maintain It's parity with
gold IL accorded the same advantages.
Mr.. Speaker, the secretary of the treas
ury admits, in his report, that legislation
upon the silver question Is demanded, that IL
is necessary TO use both gold and silver as
money. IL is true there are some who
would suspend the coinage of silver and
provide for no further use Of IL as money,
for the reason, as they claim, we have plen-
by Of money without coming silver And as
an evidence that money is plentiful they say
II can be had at a very low rate of interest,
while the very fact that interest is low is an
evidence that times are hard, money scarce,
and prices are declining. When money Is
plentiful, times good, and prices are rising,
money seeks Investments
When we compare present gold prices
with gold prices in 1872, before silver was
demOnetized, we find the value Of gold has
not only increased when compared with sill
YER, but It's value has increased at least 40
per cent when compared with wheat, corn,
cattle, etc.; that is, Rhundred dollars In gold
will buy as much Of all farm products, gem
orally speaking, as $40 in gold would buy
A..Ill l.. IL ~.