Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1891-10-08
Position of the Two Parties on Silver
Compared.

For centuries throughout the world,
and through all the history of this
country down to 1878, gold and silver
were held to be alike money metals to
which everybody could have recourse,
without restriction, for money supply
and for every money purpose. Both to-
gether constituted the money standard
and obligations of every description
were payable in coin of either metal.
Silver was no more redeemable in gold
than gold in silver. Neither metal
alone at any time constituted the mon
ey standard, but both together.
Though coined separately, it was the
mass of the whole, as much as if coined
as composite metal, that formed the
real money standard and constituted
the money of final redemption for all
obligations.
The coinage of the two metals in the
United States was equally free and un-
limited from the establishment of
the mint by the concurrence of Wash
ington, Hamilton and jefferson, in
1892. till the silver was demonetized
in 1878.
The total quantity Of coined money
IN the world in 1878 was about So, 5OO,.
000,00 of silver and So, $50, 900, 900 of
gold, or of both together, say $780,
900, 900. This mass then constituted
the real money standard The silver
part was as much money of final re-
demption as the gold, and as much con.
tributed to form the money standard as
the same quantity of gold. If this mass
had been melted together and coined as
composite metal the means of pay.
ment and the effect on prices would
have been no different from that pro-
duced by the mass of the two metals
coined separately.
But by the monetary revolution of
1873 gold alone was declared the stand
ard and the sole money of final redemp-
ton. Thus at one stroke the money
standard was changed from a volume
of 81, $50, 600, 900 for the world to one Of
So, 750, 100000 For it is and has been
the theory of Mr.. Sherman and his
party that, since 1878, silver and silver
notes or certificates are kept at parity
with gold by being redeemable in gold.
The Cincinnati Commercial Gazette
In a recent issue said:
"Under our present system as adopt
ed by the republican party there is a
market for every ounce of silver that is
produced at it's value in bullion as
measured by the gold standard Upon
/
These certificates are good because
they are indorsed by the government
and are always redeemable in gold
coin if that should be demanded.
Mr.. Leach, director of the mint, said
in reply to a question when before the
coinage committee of the house that
silver dollars were kept at parity with
gold because of the faith that the gov.
ernment would always redeem sill.
yer dollar with gold dollar"
And this is everywhere understood to
be the position of the republican party.
On their theory gold alone is the stand
ard, and the only money of final re-
demption for every other form of
money Silver as well as paper must
be kept at parity with gold by being
limited in quantity, and made redeem
able in gold On the narrow basis of
gold, too, the whole fabric of bank
credits is made to rest This is the
doctrine of the republican party as ex-
pounded by it's leaders. They, there.
fore, virtually approve the change in
the standard made by the act of 1878.
In contrast with this the position
taken by the democratic party at Cleve.
land, and the position always held by
that party. as party. is that silver 10