Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1891-09-02

Upon two great measures OF public poll
cy the Republican and Democratic parties
have made a formal and distinct issue.
One, is. whether the holder of silver bull
~ ion may deposit it in the
N treasury of the United
M States and demand and
= ~ receive for it 81 of coined
SJ& NJ money for every 81
Nv grains OF fine silver de-
WA ~ posted. The market
W.LA value of so much silver
SA bullion is now about II
NER/ kcentS. The other QUeS-
NJ TAN | tion is, whether the ques-
HT/ ~ ton of taxing imported
m 7 goods by the government
in our existing tariff law,
JOHN SHERMAN. known rs the Mckinley
tariff, is wise public policy. or whether it
should be superseded by what is known as
''a tariff for revenue only" as embodied in
what is known as the Mills bill.
Now propose, on this occasion, to cOnfinc
myself to a frank and homely discussion
of the money question. I on all know that
the money in circulation in the United
States is good, good as gold. 1t will pass
everywhere and buy as much as the same
amount of any other money in the world.
Our money is of many kinds-gold, silver,
nickel and copper are all coined into mon
ey. Then we have United States notes or
greenbacks, gold certificates, silver certifi-
Gates, treasury notes and national bank
notes. A dollar of each is as good as a dol
lar of any other kind. All are as good as
gold. But-and here comes the first diff
culty-the silver in the silver dollar is not
worth as much as the gold iii the gold dol
lar. The nickel in the nickel piece is
worth but small part of the cents
worth of silver. And the copper in the
cent is not worth One-fifth the nickel In a
scent piece. How then, you may ask, can
these coins be made equal to each other?
The answer iS that PDiO9Op OOVprn-
ment monopoly, and though the copper
in 5 cents is not worth nickel, and the
nickel in twenty pieces is not worth
silver dollar, and the silver in sixteen dol
lar pieces is not worth S16 in gold, yet as
the government coins them and maintains
them at par with gold coin, they are, for
all purposes, money equal to each other,
and wherever they go, even ID foreign
countries, they are received and paid out
as equivalents. The reason OF this is that
the government Of the United States linn
it's the amount OF ali the coins to be is
sued except gold, which, being the most
valuable, is coined without limit. IF
coinage of all these metals was
free, and any holder of copper, nickel,
silver or gold could carry it to the mint to be
coined, we would have no money but copper
and nickel, because they are the cheaper
metals. worth less than One-fOurth what,
as coin, they purport to be-. For the same
reason, II the coinage OF silver was free at
gold, no gold would be coined because six
teen ounces Of silver are not worth one
ounce Of gold. A holder of both gold and
silver would take his silver to the mint
and get 81 for every 81 grains. He would
sell his gold IN the market or export it ana
get % per cent more dollars for gold than
he could at the mint. AS a matter of
course he would not take his gold to the
mint.
By the act of 1890 Congress suspended
the coinage Of silver dollars unless needed
for circulation. To provide market for
our silver and for an increase of currency
it directed the purchase of 450,O00,000
ounces Of fine silver each month, making
54,O0000O ounces year, at its market
value and upon the security of this to issue
legal-tender treasury notes for the full
amount of the cost of the silver. thus Civ
ing stable mar.et for all and more than
the silver produced in the United
States, and, at the same time, fur
nisning to the people an increase of
circulating money greater than the in
crease Of our population. This has already
advanced the value of our vast store Of
silver III the treasury. 1t has given great
activity to the production OF silver 1t has
furnished an increase of circulation. 1t
has maintained the gold standard while
utilizing and benehting silver to the Ut
most extent short of demOnetiZin2 gold. 1t
is the key to our exalted, almost pre-cmi-
nent, standing in commercial 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. This is the Republican doctrine
now proclaimed in our Ohio platform.
Our Democratic friends differ from us in
this particular; They are in favor of al
lowing any holder of silver bullion, for
eign or domestic, any old SilverWare or
melted teapot, any part of the vast ac-
cumulated hoard of silver in India, China.
South America and other countries of the
world, estimated by statisticians to be
So. 81 ,34t, to present it to the United
States and demand 81 OF our money Or
our promises to pay money, for 81 grains
Of silver, or any multiple of that sum,
though this amount OF silver is now worth
only n cents, and has for period Of years
been as low as 70 cents. If with free
silver we receive only the quantity of sill
yer we are required to purchase by existing
law, the United States would pay over
SD, 000, 900 a year more than If purchased
at the market value. and this vast sum
would be paid annually as q bOun ty to the
producers of silver bullion.
But this is not the worst of il. Free
coinage means that we shall purchase not
merely 100000 ounces month, but all
the silver that is offered, come from where
it may, If presented in quantities of 100
ounces at time. We are to give to the
holder either com Or treasury notes, at his
option. at the rate Of 81 for every ST.
grains, now worth in the market " cents.
Who can estimate the untold hOards of sill
yer that will come into the treasury if this
policy is adopted? All of this Will be rep
resented ey our treasury n0teS-an increase
of the national deOt.
But it is said that free coinage will not
have the effect have stated; that the sill
yer in sight is so occupied where it is that
it will not come to us. They said the same
when the present law was passed, that for
eign silver would not come to us. Yet our
purchase of 100000 ounces, troy weight,
or 1877 tons of silver month at market
price brought into the United States large
amounts OF silver from all parts of the
world.
But tSey say with free coinage the price
of silver will rise to It's old ratio with gold
The experience Of all the world bellies this
state nent. In no country in the world
where free coinage exists is sixteen ounces
of silver equal to one ounce of gold The
Mexican dollar contains more silver than
the American dollar, and vet the Mexican
ollie ic 70