The advocate., 1890-06-25


gentlemen propose 10 give silver under this new
experiment. as they call it2 About the same
Kind on chance that the devil gives ihe sinner,
They propose 20 cripple silver With limitations
and unjust legislation and they say II silver under
these burdens can perform lis monetary duty
and maintain lts parity with gold that IN, n the
silver dollar can DO as we'll with the law nnd the
administration Oi The law against ~ as gOh can
with the law and the administration Ol The law
Nm lts favor, then we will remove the restraints
from silver and place Il ON AN equality with gold,
and this IN what the gOldbugs call giving silver a
fair chance. These gentlemen speak Of the Win.
dom bill ~ an experiment MT speaker, do not
think Il Is necessary for us tO experiment Win
silver am opposed l0 elnbarklng on any un
known sea. Let ua determine now whether we
will continue ~ use silver Ra money OF not, and
IN We do let ms coin and use u according tO the
constitution. Let as pursue the same course R0
successfully followed by our fathers for nearly
one hundred years
The constitution provides that congress shall
have power tO coin money and regulate the value
thereof, and further provides chat no state shall
have the right " make anything else but gold
and silver legal tender. Now, II congress has
the power tO domOnetlZe silver II has the power
~ demOnetlze gold, on both, and yet the cOn6ll.
tuition provides that no state shall have the Tlgll
% make anything else hut gold And silver legal
tender. Does not this look very much IKE The
founders Of our constitution Intended that con.
greas should coin both gold and silver Into legal
tender money for the state and the peOple9
Many gold advocates claim that tO coin money
and regulate los value simply means ~ certify
tO the weight and nnenesa Ol piece Of gold on
silver, and that the stamp NJ the government
which gives the coin a nominal value and the
law which makes II legal tender, have no effect
upon the value NJ tho COln II that were true
every time the value Oi bullion changed "A dollar
would have % be made legal or smalleri that Is,
ON one day when silver was NJ u certain value,
the government would coin 4i2h grains Of stand
ard silver lnlO dollar II silver would rise within
Che next year tho government would Dc required
tO coin, say, 100 grains Ol silver into dollar, ana
II silver should fall within the next Two years, the
government might be required t0 coin, say A20
grains NJ standard silver into dollar, and these
three silver dollars, different In amount, would
AIT have tO circulate no par with enoh other t0
maintain n stable currency No such absurd
construction Of our constitution was eyer Intend
cd by those who formed II. IN ~ coin a silver
dollar and regulate its value simply mean 10 Cer-
tify 10 the weight and nneness Ol piece " ST.
yer, and whatever else the law does has no effect
upon its Vnlue why IL II that the trade dollar
stamped with u certificate showing that II con.
talns 42O grains Of silver, nlne-tenths lne, WaA
worth but 10 cents, while the standard silver
dollar Of it2IS grains WAS worth u dollar. 30
cause the trade dollar was not legal tender and
the other was, This WAS the only difference.
The enemies Of silver money Insist that II IN not
right for the government tO take ~ cents worth
These gentlemen make "A mistake IN assuming
that silver bullion would remain nc ltS present
value after free cOlnAge Is established. When
| ever our inints are open 10 free and unlimited
coinage Of standard silver dollars, 80 that the
holder Of 4i2h grains Of standard silver can have
II coined Into legal tender dollar or exchange II
for dollar, he ls not likely tO sell that silver fOl
~ cents But II IN said the miners Will De benefit
ed by this operation, lt should be remembered
that while free coinage would Increase the value
| "A "A a
crease the value Of all products and for that
reason the special benefits % the miner would
not be as great NJ many would suppose But
even II the miners should gain some special bene
Ats by free coinage, that Is no. reason for refus
Ing tO adopt H. provided II would be for the gen.
eral good OF the people.
The honorable secretary Of the treasury, In hls
report, does not claim that we should suspend
the coinage Of silver because money IN t0D plen.
tlm, but because the value Oi silver bullion Is 10
low that II gives our silver dollars fictitious
value and renders them unstable III the seCre.
tary's desire Is 10 Increase the value OF silver
bullion, why has he not purchased NS,0O0,OO0
worth Ot silver bullion per year Instead Oi S2i,-
0O0O00 under the present law. lf he had In
creased the demand for silver and made mar
ket for S2t ,0O0,0N worth more than he has, does
he not see that such would have Increased the
value Oi silver. The trouble IN that every seCre-
tary Of The treasury who has administered the
present law has used his Influence 10 depress the
value Oi silver rather Than advance u, While the
present Inv authorizes the secretary of the treas.
Jury 10 purchase silver at the market price, re-
qulrng the seller Of silver 10 make deduction,
thus using their influence 10 depress the value 0t
silver And 40 the present secretary and his
successors under THE Window Dill, allowed ~
they are ~ make their own rules by which they
determine Che market price, and required tO MI.
low the depOsltOT only the net market price, may
require the holder OF silver bullion 10 take less
than the market price, deduCtlng for transDOTta-
tlOn, etc, AS the law does not compel the seCre-
taTy tO buy, nor Che holder Of silver 10 deposit,
except no his pleasure, the discretion Of the sec
retary may have considerable effect against the
use OF silver as money under his own bill. And
we have no assurance 20 what amount OF silver
would be deposited under this bill; there IL no
lnduCement for the holder 20 deposit his silver
with the secretary Of the treasury II he can find
market more convenient.
On page "a Of this report the secretary In his
argument against the further coinage Of silver,
SAYS,