The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1891-10-07
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 a 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
1872, till the silver was demonetized
in 1873.
The total quantity of coined money
600, 600 of silver and $S, 75O, 900, 600 of
gold, or of both together, say $780,
600, 600. 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
1878 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 volume
of 81, $50, ,0O0 600 for the world to one of
$3, 75O, OOO, 600. 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 a parity
with gold by being redeemable in gold.
The Cincinnati Commercial Gazette
in recent issue said:
s'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 issued
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 ssredeem a 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 a parity with gold by being
limited in quantity, and made redeem
able in gold. Qnthe 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 its 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 is
as much standard money or money OF
| final redemption as gold; that silver is nc
more to be redeemed in gold than gold
in silver; that gold and silver together
constitute the constitutional standard
of money in this country, and that, in
the language of Jefferson, the money
unit s'must stand on both metals. The
convention at Cleveland declared that
the demonstration of silver in 1878 was
an ubiquitous alteration of the money
standard in the interest of creditors
against debtors, Taxpayers and pro-
ducers" Who can truthfully deny this?
Was the change from gold and silver to
gold alone-from money volume of 81,
| 500, 900, 900 to volume of So, $50, 900, 900
for the world-not an iniquitous alter
alton of the money standard? The only
thing that removes this act from the
calendar of the greatest crimes against
mankind to the calendar of s'blunders
greater than crimes is that it was done
in ignorance, Cf it was not altogether
in ignorance) or, as Mr.. Groesbeck saio
at the money conference in 1878 'inad-
vertently." At any rate nobody has been
hanged for this act and Mr.. Sherman
still lives and is an issue in this
campaign. The effect of this act has
been to increase so per cent. the
value of gold, and, in effect, is precise
ly the same as if the bushel measure.
the yard stick and the pound weighs
had each been increased so per cent.
altering all contracts in that proper
ton. And what is more, as declared
in the democratic platform, the de-
monetization of silver ''by shutting
off one of the sources of supply of pri-
mary money operates to continually
increase the value of gold, depress
prices, hamper industry and discour-
age enterprise" Is there any doubt OF
this? Can production and trade be
successfully carried on with money
standard constantly increasing? Are
the people of this country expected tc
submit forever to such injustice? They
most certainly will not "Oh," say
the advocates of the single gold stand
ard, 1--WE want honest money" Oh,
yes, honest money! Is that an honest
yard stick that is constantly growing
longer? Is that an honest pound
weight that is all the time getting
heavier? Is that any more an honest
dollar that is all the time getti>g
dearer? With Sherman and Mckinley
the longer the yard-stick gets the
''honester," apparently, it becomes
and in like manner the bigger or more
valuable the dollar, the "honester
that will be- But with hepest men
that, and that only, is an honest dollar
which maintains stable relations to
commodities, and preserves an even
balance between the debtor and cred
itor.
Silver all these years, although de
MED the right of mintage accorded to
gold, has maintained comparatively
stable relations to commodities, while
gold has increased in value fifty per
! sent; and intelligent people under
stand that the change has been in the
gold and not in the silver or in com
modities The report of the bureau OF