Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-10-01

nnndruU IlllliOut 10 Ut VAfp W
country Or to be paid 10 this country.
Il Is not paid IN silver nor IN paper, uni
In gold, because thr gold dollar or pounu
or franc Ans the same value when 'le
rtamp of tho government - iakcn " ,. aS
when It u ON. Gold Is commoiidy,
but uloney Is creature OF law. ihe
commodity that measures. the value Of
all other commodities which are 10 pc eA.
changed IA the worlds commerce must
have the same va.ne itself IN Tue Wptlq
markets as 1t has In the minis OF ~
different governments. IL the commrni.y
goes out and comrs In to pay balances
Be- Increased by doubling It's volume, u
Will to the same extent increase the nc
tiSity In tho movement OF commerce
and also IN the production OF the arucics
that arc EXCHANGED throughout r .ns W ,rnpa.
portation, and Increase the employment
OF labor In all branches OF industry ana
bring increased prosperity to every couh-
try gu the globe, For these reasons,
sir, l am bimctallist, and believe that
ninc-tenths OF the American people OF
all parties arc bimetalbsts,.
II Is n singular thing. Mr.. President
that when Alexander Hamilton nnu Ih0ui-
a. Jefferson come together in the establish
ment OF our mint. while they differed
as far an the North IL from the South,
or the East from the West, upon all the
Fundamental principles In relation 10 the
Organization and distribution OF the pow
ere Of the government they were IN per.
feet accord on the question OF cQinage OF
the two metals. II WINS regarded by them
both as purely business question, ana
out Of the range Of partisan politics;
They both agreed that the unit should
utAnd on both metals, and that Two
metals should be coined at ratios 80 fiNed
by law as that each should be Of tho
same value In the markets Us when coined
- 10 tuN lafsFH
there were great difficulties TO be over
come IN finding these values, thnt the
work was very delicate and difficult
one
Mr. Benton says that refined calcnla-
tons were gone into; scientific light was
sought; history was rummnged back TO
the times Of the Roman Empire In or
der 10 ascertain the exact relative values
Of the two metals, 30 that the dollars
of each would remain In our circulation
Again he says:
Hravated In the year 1892 By the difficult
~ of ObtniDing exact knowledge OF the
relative value OF these metals at that
timo IN France and England. and Mr.
Gallatin has since shown that the In
formation which WIS then relied upon
WINS clearly erroneous. The consequence
4 of any mistake In fixing our standard
was also we'll known In the wear 1892,
Mr.. Secretary Hamilton IN his PROPOSE
sition for the establishment Of mint
expressly declared that the consequence
OF mistnke IN the relative value Of
the two metals would be the expulsion
Of the one that was undnrvaued. Mr.
Jefferson, then eecrosary Of state
In bis contemporaneons report upon for
sigp coin declared the same thing. MIR.
Robert Morris, iiuancler to the revolution
any government, in his proposal to estah
llsh a mint in 17S2, was equally explicit
90 tho Same effect Tie delcacy Of the
question aud the consequence OF n mis-
take were then fully understood forty
years ago when the relative value OF
gold and silver was fixed at 10 ~ l.
Here are three Of the greatest inAn-
cicrs, and In that line certainly three Of
the greatest men the country has ever
produced, all agreeing that the question Of
khe exact relative value Of these two metals
Mrs n very delicate and very difficult
one, and that II q mistake were made
IN fixing their relative values that the
metal which was undervnlued would he
expelled from our circulation. After rum
maglng all history back TO tho Roman
Umpire, as Mr., Benton says, and after
all the. aid which they could obtain from
scientific investigation, they hNed the relh-
tive value at fifteen parts Of silver equal
10 one Of gold. and IL was a mistake
Gold was uudcrynlued and left the coun-
try. aud silver became the standard Of
value. Thee was gold cnined at our
hlAAAAH NNA ~ NfNlNAAfh III Atlf
minis IN boxes until It WAS called for
TO be shipped ont of the country. About
the year 1873 Rn investigation was start
ed 10 correct the mistake made In if02
by these three great men.
Several reports were nude hy commit
tees TO congress Mr.. Secretary Craw-
ford made an able report on the subject
IN 1870. and In 1870 MrGallatin. who had
been fOl many years secretary Of the treas
ury under Jefferson aud Madison. wrote
a letter to the secretary OF the treasury.
IN which he stated after q thorough in
vestigauon Of the subject that safety
was to be found by colnng one part Of
guld 10 an amount Of silver to be found
somewhere between 1853 and 1860.
MIR. Gnllaun's opinion was oyerruled.
Notwithstanding report was made to
the house fixing n ratio at l TO l5D2 II.
aud law was passed changing the rntI1
from rs TO | TO 1898 10 T. The result
was, as Mr. Gnllatin had furetnld silver
was underyaluld. and then silver loft the
country as gold had done before 1884,
when Il was underyAlued
Now, Mr.. President, with an this his
tory ehowiug the almost insurmountnhle
difficulty Ia the way Of hxing the rcln.
tive values Of these two metals and keep
lug thcm together IN our circulation. we
find some of our statesmen who propose
90 jump NJ ratio whether right or wrong.
hit or miss, aud nut TO peril the whole
Of vast financial system upon which
rests the prosperity Of all the labor aud
all the cointncrcc Of our country. Our
experience ought to teach us how difficult
mud how dangerous IN the work before
u.s. II we tx o ratio and miss II far
enough In undertaking one metal Ia
make itnroftAble 20 export h II
will all leave us us Il did before. The
question presents Itself TO our minds,
how can we by national action Tx the
price Of gold aud silver SO that thai
price viii remain stable. invariable and
hnmovahley
We may as we'll talk about congress-
hring the price OF wheat aud cotton
throughout the world as TO talk Aboui
king the price Of silver aud gold through,
but the world, and unless the price OF
Eold aud silver in this country Is prac,
hcally the same ne in other countries
hey will separate. Each will go, llkf
lvery. othor ptoduct. 20 the marker wher,
finds tho highest price. II we are abl,
~ law TO say that 10 pounds Of cotton
jhnll be equivalent 10 value 20 ] buShel OF
wheat and fix the price Of these Nv,
articles at that ratio throughont the glob,
ihcn We can tx the price Of all othel
articles, and then we can determine tn.
price which the people OF all other coun
pres have 40 pay for such articles
When / say thar II we oyervalue sllyo
snd undervalue gold will leave this coun
ny l do not mean that Il win all 10 a
bnce, nor DO / mean uiat all the coine,
silver OF the world will be dumped upoi
A great deal Of foolishness Of tina
nat years ago. Tho coined silver az IN
world Is coined at standard OF highc
faiue than our silver. and will stay d
lnfuc, In accordance with tho sAmt. Ia,