The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1891-09-09

ouch as the bullion from which they were
made. nor as much as they cost Government.
But we maintain them at par because We
receive them at par precisely as we main
tain our copper and nickel coins at par.
though intrinsically worth less, but the
poor man 10 must work To live Is the first
10 feel the advance OF prices and the loss OF
the purchasing power OF his wages, and the
last TO win IN advance in his wages.
But IL Is said that all this applies only To
paper money, that silver is II money metal.
and that from the beginning OF the Govern
ment 81 grains OF silver was IA dollar The
same can be said relatively of gold. Gold
and silver have always been, are now, and
ever will be the best standards OF value.
But they constantly vary in their relative
value To each other. Four centuries ago
eight pounds OF silver were equivalent To
one pound OF gold. When cur Government
was founded In 1889 a careful study was
made OF the relative value OF the two mot
ais, and it was found that fifteen pounds OF
silver was then the equivalent OF one pound
OF gold, a foW years later the French peo-
pie found that fifteen and one-half pounds
of silver was then the equivalent OF one
pound of gold Later, In 1894, In Jacksons
time, it was ( .und that sixteen pounds OF
silver was the equivalent OF one pound OF
gold. Afterward, in Pierce's time I'm 1884.
gold became relatively OF less value han
silver This was caused by the enormous
production OF gold I'm California. The
silver dollar had not been coined In
many years, and minor pieces OF
half-dollar or less were coined at
ratio OF less than fifteen to one OF gold.
This continued until the civil war swept
away both silver and gold. After the war
the attention of Congress was turned az lin
to the coinage OF money, and, after a care
full consideration for three years, 1t revised
the coinage laws, leaving them substantial
ly rs before the war with tho same frac-
tional silver coins, bnt substituting for the
old silver dollar trade dollar, containing
eight grains moro OF silver. Now. VIII
this was done sixteen ounces OF silver were
worth more than one ounce OF gold. Every
Senator aud Representative from the silver
States favored the law. They were all
golditcs then. Two years after this COIN
age act came the act for the resumption OF
specie payments. Under that act silver
was rapidly coined to take the place OF
fractional paper money. Gold soon came
into circulation. Our greenbacks became
equal to and more convenient than gold.
We were on the high wave OF prosperity.
During all this time was the best abused
man In America by the same class of men
who now want free coinage of silver. l
need not now defend the resumption OF
specie payments. 1t speaks for itself The
advance OF public credit, the lowering OF
the rate OF interest on public and private
debts, the high financial standing OF our
country among the nations of the world,
the enormous development of our indus
tries, were the natural results of this
policy.
Our laws now give it tho widest field for
usefulness as money We buy more than
all we produce. We pile it In our vaults as
the security for our notes and run the risk
IA very serious one-of Its further decline.
There Is now 10000 tons OF silver in the
vaults of the Treasury. But this is not
enough for our silver barons. They want
us to buy IL at Il fixed value, u fixed ratio to
gold. They want us to demonetiZe gold and
TO make silver alone the standard of value.
They are not willing to take the ratio fixed
by market value, which is about twenty to
one. They demand the ratio Of sixteen To
one. The iron-naster might as we'll de-
mand the old price for iron or nails.
The price of all commodities is fixed by
the law OF supply and demand. You, as
farmers, submit to this law in the sale OF
your grain. Now that your barns are filed
with plenty, and the supply is great you
might expect lower prices, but as the peo-
pie OF other countries have not been so
fortunate In their harvest, you expect and
have reason to expect that their demand
for food will insure you higher prices This
nuctuation, both in supply and demand, is
the cause OF the striking variation In the
prices of your farm products. The varla-
tion in the value Of silver and gold Is not
so great, for they are not perishable like
wheat and corn. But they vary in amount
and cost of production and in the demand
for coinage, from year to year, and no hui
man power can prevent this. No single ma
ton can establish n fixed ratio between
these metals. We have tried 1t three times
and failed We must either adopt the
single standard of the cheaper metal for
the time being, as was done from 1870 to
1894 with disastrous results or must adopt
ONE metal as our standard, purchase the
cheaper metal at the market price and
coin it at the fixed ratio and maintain it at
n par by receiving ii and redeeming 1t on
demand
appeal TO the conservative men of Ohio
of both parties to repeat now the service
they rendered the people of the United
States in 1875 by the election of Governor
Hayes In checking the wave of imitation
that then threatened the country. You can
render even greater service now I'm the
election of Governor Mckinley, in defeat
ing the free coinage of silver. and strength
ening the hands of President Harrison and
the Republican Senate in maintaining
American industries, "a full dollar for all
labor and productions. the untarnished
credit OF the American people, and the ad
vancing growth and prosperity of our great
Republic. j have endeavorcd in n feeble
way TO promote these objects of national
policy, and now that | am growing old
have no other wish or ambition than to in
spire the young men OF Ohio TO take up the
great work OF the generation that is pass
ing away, and to do I'm their time as much
as or more than the soldiers and citizens OF
the last forty years have been able to do to
advance and elevate our Government to
the highest standard and example OF honor,
courage, and industry known among men.