The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-06
The Silver Question.

The Silver Question.
Ex-Gov. John P. St. John in the
Danville Qll9 Sentinel: Our first
coinage law was passed in 1892. 1t
provided for gold and silver money
"a dollar of the latter metal to con-
tain 4l6 grains Of standard silver,
and be equal in value with the
Spanish milled dollar" The right
of free and unlimited coinage was
given to both metals, and the silver
dollar was made the unit of value,
and, like gold, was legal tender for
all debts, public as we'll as private.
This law was not changed, until
1887, when it was so amended as to
provide for dollar of 4123, instead
of 4l6 grains.
The equality before the law of the
silver dollar and gold coin, was main
tanned until the close of the war.
In 1873, without request from
any political party or from any Sec
tion of our country, or any public
discussion or agitation of the ques-
ton, a measure was quietly slipped
through congress demonetizing sill
YER, and making the gold dollar the
unit of value, and stripping silver
of it's former mintage rights, and
limiting the legal tender quality of
the silver dollar to five dollars in a
single payment. Thus, when silver
commanded a premium over gold. it
was treacherously stricken down,
and the "Gold King" given the pow
er to rule or ruin, and he is using
that power today without stint or
mercy. A financial panic immedi-
ately followed this action of con-
gress. In 1878, Mr.. Bland, Of Mis-
souri,, introduced a bill in congress
to restore silver to it's former right
of coinage, and legal tender quality.
This bill was amended so as to limit
the coinage to $4,000, 900 per month,
and authorizing every "Shylock" to
demand his pound of flesh, by stipul-
ting in the contract, for payment
in gold coin.
Next came the Sherman act,
which instead Of providing for the
coinage of silver dollars and circu-
lating them among the people, re-
quired the purchase of 100000
ounces of silver bullion monthly,
and issuing silver certiica les, re-
deemable in gold or silver coin at
the option of the Secretary of the
Treasury, who instead of paying out
silver. as he had a right to do, has
invariably redeemed these certifi-
Gates in gold, thus depicting the
gold reserve and aiding Wall street
in bringing about the precedented
financial stringency of today.
1t is no excuse for this long train
of unjust legislation against silver,
to say that there is a supernatural
ance of the white metal, for such is
not the case.
The money of the world in 1890
was divided about as follows:
Gold. ............... 81, $50, 100000
Silver. ....... 1905, OCO,OO
Paper. ......... 1856, 100000
So it will be seen that there was
$145, 600, 900 more gold than silver
coin.
This continent produces about IS
per cent Of the silver of the world;
40 per cent Of the worlds silver be-
ing the output Of the mines in our
own country.
Now, l submit that it is neither
justice, patriotism, nor common
sense to make gold the single stand
ard by which Europe shall measure
the value of our silver. We hear
good deal just now about ''sixty-
cent dollar" and the decline in the
price of silver, when the truth is we
have simply fixed new standard by
which the value of silver is meas
ured. In other words, silver has not
'gone down., but gold has gone up.
Away back in the seventies, prior to
the characterization of silver, seven