Telegram-herald., 1890-02-20
MEMORIAL ADDRESS
Issued ~ rns NsriOnsl Silver Com
E-trtss.


At+4@8tAa at44t al 49, - +aA-AA--H
80 - 2rsp@<s s-sE1Grtal .11Tsss - Congress
s1d sas oozzEy. sstEaE f0yth LAs FsAsonz
tasrssoE.
kzsoLUrKoE
~zsso4ssa Tsss ne sifly srst Congress be 70
S4sstsa - s1ls co1Veaticn ~ groE.1s. o. 10
hrss ssssi01. f0T 0Ds2--1s tas z---Ls q 10
Uzlssd 5L.ts. y sas free Aa1 E4lEl-tod ooi2
szs sf sI.aaArd s.lFzr dolsFs u tAs yrsssob
~s.xEs ..-1 az1Esss. - % iss4l tsatcr Tor al
aeS<s 213Es aod Drivssz e944-g stsh god
sad nat a1til such 1r0y,slo1 - Eacs tnS sec
Fst@Ey Of tAs Treasury Dc rosl aiE71 % ooin ne
11AEiEsaz q 3 JjD 10 worth sf silver per noata-
as %. s4EaoTlzod ~ -
raz xozEr 0s rsk cossrfrvTfos
ne eo1zzss.ss rzsSectfully rzprss~uts tAzs
IA No forrnatsoa q ogr Cs0vcruEz-at both goa
"a silver ~ers ESTABLISHED ss ElO1sy. By con
sgitaElaaal 9gvstsi0n the Do-~sr - oota money.
regulate ths Ealue t1src0f sac Of f0F-tsn coin. "
-as gwen - tlo genera GOvsrnne1t, sn1 he
stsbes ~ers prcni ottsd rem making '1aay yatag
nzs gold .ad silver coin = tsadsg IN psyn enL 0f
de5ts'
Webster salas
ara certainly q ne opinioa. then that gold
and siiV9, st rGsss aEsd oy Congress- ooasti
tats th- lsezl Standard u Vai9e Ia this coun-
t-y sad tA.s assther Congress nor sny state
las suta0rity 70 establish any Sthsr standard
o. 70 csDlsce thiA
The legal tsnisF therefore. the Constitution
a standard 0f r.lae. Is established 2nd can 10,
be 9FertarOEn To oyertArow Is would shake
tas whole system
y Congress may d-raOnetiEs stlyes tt nay
god, and n stthsr n may both, bat the States
cSa mAzs n0shins lsgsl tender oos Eolc and
s1vsr ootn- Oan Congress deEnoDstiEs that
which States may mAEe money!
TEE ACT or is73
Tns act % 1878, demoossiktas silver and
changing tno faadamoatsl law respecting
money sAs yaosod Without public discussion
A1c ~tknsot he knOsietze % the people much
lsss va ~ called for ey them Il fact, es fully
avpsars truzn SOacur-nt testimony. the act
passed stthOat oCrnp-~hensiye knowledge OF
its soOps or eject y those highest IN authority
a sho Govcrurn=nt nCr has I. sver been mAte
manifest thas any che directly responsible for
the act faily cczupr-hsndsd IS eject, and oor-
taiaiy n is bat charitable % assume that no
one toreszs TIA s~rsacainz aud insidious con
seQnene~--
ruE ssrpcr or THE ACT or 1879.
For Indefinite ay~s gold ant silver have been
money mstA1A Their use money Is as old
coUmoroa From then money has been faori-
Gated ~fro0us ftnft Throughout tie civilized
world By shcn have all other things been
measured, and N them an obligations dis
charged
Prior 20 ~ tecnon-tizatio1 Cf silver By Ger
many n i5.Ia followed by the AIT o, 1873 n the
United Stxses. aat ;he closing u ~ mints Of
shs Latin Onion. silver and gold a. the coinAss
ratio Of Europe G5i1 % g., flowed evenly
through al the channels OF trade, uphOlding
prices and supplying The worlds Increasing
need for rnCncy. Variations IN the procuction
q ne Two metals gere correctsd BY the IN
creAssd mintsgs Of ne move abundant The
~orid's teotA immense a. the period OF the
cem0nstiEation OF silver and stiil increasing
vsrs oased upoa tho two metals and the annual
supply OF both Production Aad trade were ad
tustsf 30 the same scala
Thcn care Ehs change. The Western world,
without waning. struck from its money volume
orc OF she metals Aai restricted future supply
% gold Alone
Thus vas ths nor-y standard changed and
NE ns~ and Increased standard made ua,ustly
20 apply % AL existing contracts and obliga-
ti0us public Aad private. for The same oct that
struck to~n silver Increased the Purchasing
power OF gold IN other ro-ds, tAe gold stand
nrr its-g wns changed; . became en enlarged
standard Iadeed. the ezorullty Of The set ot
characterization s only fully brought ont when
f. - seen Kat ia necessary eject has been the
enhanc-rncut OF the value OF gold
THE xvHASCkN.~r or COLD
II. eI.ent % tne enhancement OF gold Is best
shown By 8 comparison Of prices before and
since shs characterization of silver For this
purpose three periods which mark many dis
tlnctiye epocns IN re use % gold aud silver ara
taken.
First isi. The year when the gold disoov
srsrs Of California began TO act on prices and
stimulate trade.
seoonc Ths year is73 when the act dernone-
sizing silver n ths United States was passed
snd o-fore tne taI of siser OF rfse OF gold be
ga1.
Thtrc Tnc ycAr is7s when he Biand-Allison
act passed requiring the coinage Of -
lsess y O.ooo worth q silver = month. And
finally. The course u prices a1d the tendency
of gold since is7S, under shrinking volume Of
money.
Hut IN order % .et forth % the clesrest ugh,
ths eject on -oid and on prices o. recent legis-
la,ion against silve- E. IS necessary 20 show -
eject ou money supply Our g. the three periods
nsraod- FOR he reni measure q values a. any
given time = ne elective volsme of money a.
s1ch srns sTLstinE. 10 country has purely
gold measure. Tae real measure ~ The Cuited
States st This time Is gold. co.orcd e. 70 speak
~ tsno0000C0 q silver. aud further Diluted by
the effective volume q Ereeubacss anf National
baak notes For nobody would contend that
tAa value - gold would De The sane. OF that
cd would constitute ths same stan ard. Y Tho
silver snd paper nat circulate With 10 we're de-
strOyct
sovxT VOTE Nr N 1881.
What N voiu-ae CT money Ia ths Unised
States n iEl vas " have 10 certain csts TO-
dstermiaing. out whatever 70 vas 70 consisted
largely = issues 4 state and private banks
Tne supply = gold ADD silver had ben on tho
Nsas for n~sr'y hasf century. but IN $50 Cali
fornis. sat lascr. Australia began % ssnd out
fhcf- ner'v- discovered Treasured
f-et n no-v plsce side ~ side he p~riot ron
fst % is-S. and ne period from 1873 % is72 Anf
thence % fSo.
fSi - is-a
The vorlr. r-ofnr.iuu Of gold and silver
from isSi 70 1878 a. given 5y ne tables q Dr.
Sce-feer vas.
cold ....-. --..-.-.-. 81 ~ y. ooc
Su~sr .....-....... i1s 1s5 u
r,.si U-ss a. 90
Avs-nse annual production Of gold
far thc ~eutg-three F=srs iisHee o.
Are-ss~ annual production ~ silver 1o fo00o
Tn rxs tne or1dnction - so,i reached 'fS5
o.U 01 Nnd in ,Ns 20 was = -slo oCo. 10 ~ it
rar Pail ler ~ 80 0oo so. TIE prodncti0n = al
~ n - as SeI 10 n
The rr-ess - -rhe prctfcticn - gold over
silver for thc entire period q t~-nry-thrss
Yeas rss si-y-2 ~ no
The av--n-e aarual nro.ilcfion - hoth met
afs f1rang this percd vas in -7urt numbers
So oo0 m TAus a. rs s21lo we're sided &C
.ta ~-~frs <ipolv ~ tha p--cious -sra.s in tas
snr-; ps-~-,d - twe7rr thrse Years Not oulr
that ~ ne r-ited starss In s-3 had pap-r
circulation ~ sees - zoo France bad aao1 1oo
an 0thrr narlc-s I'D $50 escorted to fssrrs
~ sr-fs reo-~ ncrrr STR 'rr-hrr swelling re
-1iau~ ~ -srer money - = go 3o0ool
rEoa 50 70 i<2
rtgs n-r- rie p~rtof f-or - - ~ sf-sr
rer Nsf e-~n ternoneftref 's ea~r'any snd
fne ,trf Stsse- ard rhe uirts 80 tr- fa-in
-icn ssf Been f-4- ss-t.r rr arf .aen ---i--
fv r'cerL Ell fs-t ,aig tar -rlF pr'fnction .or-
rt-s -o Trrer t7rrfr rw Eur-re sd th-
r--f--+ z-,re-
rea --,s--tf-- ~ ~-.f f-r thts -.-sof- -