The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1891-09-24

act to provide for the warehousing Of a
certain pig metaP' IL provides
"That the secretary of the treasury is |
hereby directed TO purchase, from time |
TO time, silver bullion to the aggregate |
amount of 4500,000 ounces, or so much |
thereof as may be offered in each month,
at the market price thereof, not exceed
ing one dollar for 371 25.100 grains of pure
silver, and TO issue in payment for such
purchases OF silver bullion treasury notes
OF the United States TO be prepared by the
secretary of the treasury, in such form
and of such denominations, not less than
81 or more than $1,000, as he may pre-
scribe.n
Under this law paper certificates are is
sued, but no silver will be coined save in
the event of the redemption of such GER
tiflcates, The law is designed to stop the
coinage of silver. These certificates are
practically warehouse receipts for so much
bullion and are based on its daily huctua;;
ton in the market. II any dollar could
be more thoroughly a "shoddy dollarn
than these pig metal paper certificate dol
lars ii would be difficult to describe.
There is no good reason why the govern
ment should not store pig lead or pig iron
as well as pig silver and issue circulating
notes upon them. The next step in logical
stquence,if you follow out the Republican
theory, would be to store wheat, corn and
oats in government elevators and issue
currency on them. This is the Alliance
idea, which the Republicans inconsistent
ly denounce as visionary.
The issue of certificates, which are re-
ceipts for an article Of merchandise re-
turnable ON demand, is not a function OF
government, whose power is
limited by the constitution to
the coming OF money. 1t is a mere pawn
broking. Printed tickets or certificates
Il Ng.4
ary deposits Of watches, iewelry or second
hand clothes. Under this new system Of
flnanciering the mint at Philadelphia
should he abandoned and the synbolical
sign of three golden balls hung over the
entrance of the treasury at Washington.
THE DEMOCRATIC PLATFORM ON SILVER.
The Ohio Democratic platform, which
reads as follows, was adopted by u nearly
equal division in the convention:
ave deDouuce the decentralization of
liver in 1873 by the party then in power
as an iniquitous alteration of the money
standard in favor OF creditors and against
debtors, taxpayers, and producers, and
which, by shutting off one OF the sources
Of supply of primary money, opera tes
continually to increase the value of gold,
depress prices, hamper industry, and d -
parage enterprise, and we demand the
reinstatement Of the constitutional stanu
ard of both gold and silver, with the equa.
right Of each to free and unlimited coin
age.n
Who defends the decentralization Of sill
yer? Every man connected with IL, ex.
cept Senator Sherman, denies having had
knowledge OF il at the time. The Sena.
tor leaves ii to be inferred, in his Pauld-
ing speech, that II was done after full de-
bate. Yet he must know that Garfield,
Allison, Thurman, Kelly, voorhees,,
and scores besides have repeatedly denied
knowing that the bill demonetized silver.
He must be aware that no person asked
or petitioned for it; and that the people
we're not cognizant OF 1t until resumption
took place. Silver became cheapened in
comparison with gold-and gold only
through this act, and by reason of other
hostile legislation and unfriendly treatise.
The Ohio Democracy would invoke the
legislative and treaty pioneers to undo the
wrong they have perpetrated; and to
aid, so far as lies in their power, TO restore
silver to its proper place and use. They
believe in the doctrine of the party from
Jefferson's day, that both metals should
be equally used as money, They have in
their platform demanded the free and un-
limited coinage of both metals, for the
reason that they do not believe that either
of the metals alone furnishes sufficient
of the world. They desire the subject to
be discussed by the people and believe
that it will be disposed of honestly and
intelligently by the next Democratic ma
tional convention. The Indignantly re.
sent, as insolent and untrue, the charge
that they desire to restore the free and
unlimited coinage Of silver in any manner
except in that which will make every
silver dollar as good in purchasing power
as any other dollar and worth 100 cents,
as it is today, wherever the American flag
may cover it.
PER CAPITA CIRCULATION MIsREPRE.
sENTED,
While on the subject Of currency public
attention is called TO the attempts which
have recently been made to distort former
Official reports relative to the amount OF
money in circulation after the war. The
object is to mislead the public into be-
lievinG that there has been no con-
traction of the currency and that
there is now sufficient money
in circulation. Mr.. Mckinley enormously
says: "Ihe per capita circulation is great
er than at any other period before. = a.
In 1865 there were S72S,0O0,0O0 in efrcula-
ton, and the amount per capita was S20.S2.
On Jan. 5, 1891, the circulation was 81 &c.,
100000, or S24.10 per capita.n Secretary
Foster, apparently in pursuance of a con.
certed plan, has compiled table showing
that the circulation in 1865 was STA ,000,-
0O0, or about the same as Mr.. Mckinley's
figures. Secretary Mccullough, however,
made his official report on Oct. 81, 1865,
wherein he says: The circulation was
81, ,756, ,76S,07S.
THE TARIFF DISCUSSED.
Mr.. Mckinley in his opening at Niles
said:
"In 1904, in the midst of Jefferson's adj |
the average rate was 2349,
The curious thing about this statement |
is that in relation totnyself. Ihave never |
before mentioned the tariff of jefferson.
The major should quote more accurately. |
Tariff rates grew slightly higher until the |
war of 1872, when they took an upward |
squirt owing to the necessity for war reve-
nues. The first decidedly protective
tariff was passed in 1916, and was not |
wholly superseded until 1S42, although |
by the Clay tariff of 1924, the |
"tariH of abominationn in 1923, and the |
tariff OF 1888. Then came !
ed by the low tariff, or Walker tariff, of |
1876. The highest point reached in all |
these years OF protection was less than 90 |
per cent upon total imports.
In 1861 Horace Greeley predicted that |
"ten years of protection would enable us |
to compete on even terms with Europe.n |
After thirty years of protection higher |
than was then dreamed of, we find the |
protected industries more clamorous than |
ever.
THE Low TARIFF ERA.
From 1916 to 1861 the Walker low tariff |
stood untouched, except, that in |
1857 there was a lowering of rates. New |
England supported this reduction. The |
tariff was then less than 16 per cent of the |
total imports. These fifteen years were |
the golden age" of this republic. la |
1859 mess pork sold for S1812, wheat for |
sl.65, and wool for As cents; and yet 81 |
went farther then in supporting family |
than 81 will go now. Garfield said, in 1873: |
The fact il, Mr.. Chairman, that tho de |
cade from 1850 to 1860 was one of peace
and general prosperity yet TO