The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-09-16

absolute recognition in the cOnsti
tuition of the right of the states to
make both gold and silver coin
tender; and as long as that right is
recognized and the exclusive rgat
OF the national government to coin
money for THAR use or that of the
people is admitted, so long Of
necessity must it be the duty OF
that government to coin both gold
and silver. In other words, tie
constitution itself, in express terms,
establishes bimetsllism.
The alleged excessive production
of silver is now the argument OF
those who would destroy that metal
as money, creating, as they say,
greater supply than the dem and,
resulting in its depreciation. IL
1878. When silver demone'z alton
was contaminated in the United
States, we heard nothing cf the
staple argument of today agains,
silver, tlst it is cheap dollar, q
70 cant or 60.cent dollar, dishon
est dollar. Nothing Of the sorl
was said or couli he eaid, because a
silver dollar of 4l2y grains, exactly
the dollar we have now, command
ed premium of per cent over
what is now called the standard
gold dollar. Silver was more val.
liable than gold, yet the bankers
aud capitalists of Europe and
America engineered it's demonetiza.
ton with the same earnestness and
zeal which now characterizss their
opposition to its restoration to free
coinage and full money power.
Since 1878, when silver was strip.
ped of its legaltender power and
of all Its money functions, except
that of subsidiary coinage, and
relegated to the list of commoditle,
as bullion, it has declined largely
when compared with gold, say
from As to SO per cent. Gold
monometallists, virtually abandon
ing their old sophistries on which
they procured the decentralization
of silver in 1878, have planted
themselves on the depreciation of
silver, ascribing it to the increased
production of that metal, ignoring
the fact that the coined silver dol
lar, possessed of full legal.tender
power, is the equal in purchasing
power of gold.
Having shifted their ground,
their European allies have come to
their aid in the very nick of time,
just before the meeting of this
, congress called to act on this sub
ject, by closing the minis of India
TO silver coinage except on govern
ment account, Aided by the most
powerful forces that ever combined
in this country for the accomplish.
ment of any purpose, the great
combined money power of Europe
and America hope and are striving
by the passage of the bill now
pending in the senate, to expunge
from our statute book any recogni
ton of silver as money, and there
by reduce the bullion value 80 low
in the markets of the world that it,
competition with gold as money
metal will not be feared again.
The great argument now heard
against silver is overproduction
An examination of well-authenticat
cd figures showing the production
of gold and silver from the year
1893 up to and inclusive of the year
1892 will puncture the argument
most effectively. invite attention
TO senate miscellaneous document
No. II, Fifty-third congress, first
session, giving statement of the
production Of gold and silver since
the discovery OF America, which /
ask be published at this point in my
remarks:
For table see end of speech
1t will be seen from this table
that from 1901 to 1920 the average
yearly yield of gold was 50, 40 500;
silver, 500, s23, 800 From 1927 to
1870 the average yearly yield of
gold was $ll, 4G6, 900; silver,
s2I, 1888, 500. From le4l to 1860
the average annual yield of gold was
1901, ol9, 900; silver, $35, 500, 900.
From 1881 to 1880 the average
annual yield of gold was $40, 69l,-
500; silver, t7l,2e7, 800. From
1881 to 1892 the average annual