The morning call., 1891-08-28
SILVER COINAGE.
The Leading Issue in the Ohio
Political Campaign.
Policy Of The Two Great Parties Reviewed
by Senator Sherman.
Striking Features Of the Present LaW-G0Gd
Results Already Manifested
creased Currency.
Special to THE MORNING CALL

man made his opening speech OF the cam
| paign to-day to 5000 people. The speech,
which was lengthy one, was devoted en-
tirely to the silver question. He supported
the present coinage act, and said if Con-
gress had provided that all the silver
brought to the mints should be coined into
dollars no gold would be coined, for an
ounce of gold is worth more than sixteen
ounces of silver. Gold would cease to be
money. and would be boarded or exported.
| No man would be fool enough to deposit an
| ounce Of gold for coinage into sixteen dol
lars when with it he could buy enough
| silver bullion and have it coined without
cost into twenty dollars. Free coinage is
all nonsense. Under the new coinage act
the United States Government is pur-
chasing every month more than the
| entire product of silver bullion in the
| United States, and all this bullion is repre-
| sented in our currency by either silver coin
| or legal-tender Treasury notes. We eX-
| pended under this act in the purchase of
| silver bullion prior to August 1st, this year,
| S55. 191, ,S21 and issued that amount of
| Treasury notes, which are in circulation.
| We thus provided an increase of currency
3
business and population of the United
| States. One distinctive, striking feature of
| this law is that the United States will not
pay for silver bullion more than its market
| value. Why should we? Nearly all the sill
yer produced in the United States is by rich
| corporations in few new States, and its
| production at the market price is far more
| profitable than any crop of the farmer, and
| yet 1t is demanded by the producer of silver
bullion that the United States should pay
him 25 per cent more than its market value.
That lies at the foundation of the difference
between the Republican and the Democratic
| party.
EFFECT OF THE PRESENT ACT.
The tendency of the policy of the present
act will be to gradually advance the value
of silver bullion to its legal ratio with gold,
| and when this is reached, both metals will
be coined on equal terms and conditions. I
| believe the measure will work out the most
beneficial results. 1t has already advanced
the value of our vast store of silver in the
| Treasury. 1t has given great activity to
the production of silver. 1t has rnished
| an increase of circulation. 1t has main
tanned the gold standard, while utilizing sill
yer to the utmost extent short Of demonetiz-
| ing gold. 1t is the key to our exalted,
|
credit and national honor among the
| nations of the world. 1t treats both
! silver and gold like all other commodities
| or productions as subject TO the universal
| rule of being worth what they will bring in
| the markets of the world. 1t is the Repub-
| lcan doctrine now proclaimed in our Ohio
| platform. The Democratic party of free
| coinage, the Senator said, means that we
| shall purchase all the silver offered, come
| from where it may, and give the holder
| either coin or treasury notes at the rate of 81
| for every 81 grains. worth in the market
now II cents. Senator Sherman spoke Of
the vast accumulated hoard Of silver in
| other countries of the world, estimated by
statisticians at $3.50, 81, ,346. and said the
| Democrats are in favor of allowing any
amount of this to be flooded in upon US at
| the above terms. Who can estimate the
| volume of silver that would come in the
| Treasury if this policy were adopted? 1t is
| public bid of 90 cents an ounce more than
| the market price, made at q time when silver
| is declining in value and when many of the
| commercial nations are seeking to convert
their silver into gold.
| WILD DELUsIoN.
| They would gladly see us take this load
| on our shoulders. They will gladly give us
| their silver at the tate OF 16 to l and take
our gold. This is doctrine which it is eX-
| pected conservative Democrats of Ohio will
| adopt in order to gain the support and al
| lance of the silver barons of the West and
| interested self-seekers who hope to gain
advantage over their creditors by cheapen-
| ing the standard of value, and wild enthusi-
| asts who believe in an unlimited supply of
irredeemable paper money. To assume that
| the United States alone can maintain silver
| at a gold ratio of 16 to l is a wilder delu-
sion than ever filled the brain of the believer
in fiat money. The fear that he would
| attempt it carried S77,000,000 of gold from
| the United States within four months. 1t
| is said if we adopt the silver standard we
| will get more money for Our labor and pro-
duetions. This does not follow, but even if
! it be true the purchasing power of money
will be diminished. Silver dollars worth II
cents in gold will buy no more food and
| clothing than II cents of our money now.
| The capitalist and speculator can protect
himself from loss by stpulating for gold
| payments. The whole burden of this policy
falls upon those who depend upon their
daily labor for their daily bread, and is for
| the benefit of those who hope by cheapening
money to pay their debts with money less
valuable than that they agreed to pay.
| EVIDENCES OF A BARGAIN.
Examining the position taken in this can
vass by the Democratic party, Senator
| Sherman referred to ex-President Cleve-
lands utterances on the silver question and
said; While Cleveland was President no
| free-cOinage measure was proposed. PreSi-
dent Harrison is known to entertain the
same opinion, yet, now, under stranger
leadership, this scheme to change the
| standard of value is pressed into our State
CduNdSS. utlicNc IL Is lu6 TeSulb VI Il UdT-
gain between what is called the National
| Executive Silver Committee" composed of
representatives of great silver mining cor
poratous OF the United States, with some
of the leaders of the Democratic party, by
which portion of the profits of these cor
| poratiOns is to be invested in this Ohio can
vass to defeat the Republican party and
especially to down John Sherman" on the
issue of free coinage. AS for myself it is a
matter of little Importance. but what do
| care for is that the State of Ohio shall not
in any way be responsible for the adoption
of the policy pro ofOsed by this combination,
or for the evils that will flow from it,
They invoke the support of a new party,
calling itself Peoples party, which is
represented mainly by the disciples of the
old greenbacE, fist-money craze, some of
whom do their planting in law offices, and
whose crops. if they have any, are thistles
and ragweeds. As to their recently con-
structed Springfield platform. what is it?
Some of their creed is the repetition of mere
dogmaS to which all parties agree. Some
of IL appears to me an approach to unacy.
l do not attribute to our Democratic friends
any sympathy with these wild notions, but
they are committed by their platform to the
fountain-head of all these vagares--free
coinage of silver. On this question appeal
to wage-workers, farmers and business men
of Ohio. l appeal to the conservative men
of Ohio of both parties to repeat the service
they rendered the people of the United
States in 1875 by the election of Governor
Hayes in checking the wave of initiation that
threatened the country"
SUED FOR A MILLION.
AnaN nCk Sa,a z-A H.