Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-04
80 $3.50. Of IL R.gt..sr.

'0N S0AOAo Lu6 senate last Satur-
day oy Senator Camden, Of West Vir-
ginia:
Mr.. Camden said: Mr.. President, the
debate upon the pending bill has been
exceedingly able and exhaustive, bring
Ing out 10 a large extent all the expe-
rlence and Information OF the world 10
relation 90 the coinage and use Of
money. l can not hope to add to this
Iund or general information, and will
not We2ry the Senate with statistical
tables AID theories Of finance, which at
this time would only be a repetition OF
what has been most ably said by others;
and besides, Mr.. President il is not
necessary to the object l have 10 view
my purpose being TO speak from 3
practical standpoint, using only rromi-
nent figures and facts pertinent In stat
ing Ia 3 general way such points and
reasoning as have had the most weight
In influencing my conclusions upon this
subject
Mr.. President my sympathies and
my education On I may be allowed TO
use the term) have been in favor of the
coinage and use OF silver as money, and
when in 1855, under the very mild con-
dttion Of stringency and depression that
then existed as compared the present
great and u~nequallsd depression, the
question OF the repeal OF the Bland act
Of 1878, providing for the coinage Of
100000 per month, was agitated In
both branches OF Congress, I was a
member OF this body and opposed 10 the
repeal OF that act at that time, for the
reason that in my Judgment, the time
had not come when the danger line from
the coinage OF silver had been reached.
At that time the coinage of legal-tender
silver was about One-third Of what 10 is
to-day, or about $500, 600, 600, as against
nearly $500, 900, 900 az this time. IL was
my opinion then that the coinage and
purchase Of silver could & % on without
injury 80 the country 70 a much larger
extent.
But, Mr.. President, the question OF
to-day is q very different one from the
question presented at that time. The
question now is whether or not the pur-
chase and coinage Of silver under the
Bland act OF 1873, and continued by the
Sherman act Of 1890, which increased
the purchase OF silver bullion from So
900, 900 per month TO 4,5OO,OO ounces
per month has not brought the govern
ment 70 the maximum limit it can safely
maintain al a parity with gold?
It is q significant fact, Mr.. President,
that in the debates upon the pending
bill, all the arguments, almost without
exception, in the able speeches which
have been made in this chamber In
favor OF free silver have been In advo-
cacy Of she theory Of bimeJallism, and
scarcely one, so Tar as l can remember, |
has been 10 favor Of the Sherman act,
or Ia advocacy OF the principle upon
which IL is based, being the purchase OF
silver as a commodity and coming 10 in
to currency TO be redeemed In gold.
All seem 20 agree in the proposition
that the purchase and coinage Of silver
und0r this act suUuIu 10 stOPpvu' 49,
those who are In favor Of the continued
coinage OF silver insist as a condition or
repeal that some proper provision should
be made for the continued coinage ana
use of silver as money, and that such
provision should smbody free coinage
mr. bimetallism. Under this statement
II is pertinent to inquire into the dis
tipctl0n between the bimetallism OF sill
yer as a currency with gold and the
purchase and coinage Of silver under
kAh
the sherman act OF 1890.
Bimetallism, as / understand II, is the
use Of both metals as money, with equal
legal-tender qualities, coined az q liked
ratio Of value, with equal rights OF coin
age al such ratio, without discrlmlna-
ton against either metal; and i Will ada
that 10 also implies that the ratio should
be based upon the equivalent CONNER
cial value of the metals as bullion, Ia
order that the coin should be worth as
much after it is melted into bullion as
Il purDOrted TO be worth in the coin.
The purchase Of silver bullion under
the sherman act, at It's market value as
commercial commodity, aud its coin
age into money az the ratio OF 10 TO l.
when the bullion value is to-day aJ the
rate of about % 20 /, embraces none OF
the fundamental conditions OF 0lmet-
aTism. except In so far as both metals
have legal-teuder qualities by law. but,
unter such conditions, silverls IN effect
asubs.diary and Inferior coin, and re-
oulres the pledge of the Government 20
redeem it in gold 20 give 10 full money
value.
Mr.. President, In support OF the as
oertion that bimetalllSm implies THAT
tbe ratio should be based upon the
soual commercial value OF the metals,
in order that the coin should De worth
As much after IL is melted into ou.Iloo
As IL purports TO be worth Ia coin, il Is
only necessary to review the acton Oh
the United States Government during
All the period Of bimetalliSm, EXCEEDING
nom 1892 I'D TO 1873, when Oimetol.ism
ceased 10 exist I'm this country, aud the
united States was placed upon q gold
standard and has continued 50 10 ILt
present time.
Under our first coinage laws, com
neDciDg in 1892 and extending up 70
1s37. the ratio was fixed at 10 ounces OF
diver TO / LOUNGE Of god, and the amount
~ either gold or silver coined no the
Tnited States up TO that date was very
limited; and 20 supply the detclenc! .n
roin for circulation, various iOrelgh
coins were made le~gll-teuCerS ia lne
Tinted States, but up 70 1887 less than
one million and q half Of silver dollars
bsd heep coined at our minis. Under
tba ratio OF Is so / the silver contained
shade less commercial value ia Jul
lion than its fixed ratio 70 god ana
Wbfle that difference was only a s-2de'
vet Il was sufficient 90 disturb tue equI'
ibrium between gold and silver, ana 20
% produce an outflow Of gold from TINS
sogntrY and an influx Of silver.
But mark, Mr.. President, the care
kbat was used in trying TO arrive az an
sxact ratio In value between the TWO
metals 10 the very beginning. l quote
from the speech OF the able Senator
lrom Iowa Mr.. Allisonl;
So careful history tells US, were they in