Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-04
WHEELING DAILY REGISTER WEDNESDAY. OCTOBER 4. 1893

accurate 10 fits forecasts that we have
become accustomed to rely upon it;
and when we are promised by the
weather bulletine q clear and sunshiny
day, aud we wake up to find 1t rainy,
blustery and disAgreeable, we know
that the forecast has not been verified,
and we also know, or car take 1t for
granted, that changed conditions have
ihterfered with carefully calculated re-
/ suits. which would have been realized
except for the disturbing influence OF
such changed Conditions; and so it is
with the most carefully calculated theo-
rles on all ito portant propositions
changed conditions will produce
changed results.
No doubt many OF US believed that
the purchase and coinage OF silver an
der the Bland act Of 1878 and the Sber-
man act of 1890, giving silver legal-tend-
eT qualities by law, would maintain the
value Of silver nearer to the value OF
gold, but instead OF increasing the
value of silver, silver has gradually de-
clined ia value from 1878, when the sill
yer in a dollar was worth 90 cents, 10
the present time, when it is worth only
about Sc cents. We now know that we
have been disappointed in our anticipa-
tions, and IL we are wise, we will seek
to discover why ii Is that the results
did not follow as expected.
In my judgment, Mr.. President, the
explanation is to be found In the
changed conditions under which We had
undertaken to coin aud maintain silver
on a parity with gold. As have before
stated in a general way, the laws OF the
United States maintained bimetallism
TO about 1878, when silver was de-
monetized, and has not since been re-
monetized In the sense Of bimetallism.
But, we may note as a fact, that In con-
sequence Of the wal dating with 1860
both gold and silver disappeared from
circulation at that time, and we had
nothing In circulation but paper money,
even including the fractional parts OF 3
dollar, up TO the date OF the resumption
act in 1875, so that the actual period
covered by bimetallism In the United
States was practically from 1892 up to
1850, and that commencing with 1875,
and since that time, we have been upon
a gold basis to the present time. We
NAV further note, that in all the period
of b%imetallism there was coined In the
United States only the inconsiderable
amount Of 5000, 900 OF silver dollars,
although the smaller denominations of
silver had been coined to much larger
amount, and were also legal tender.
Mr.. President, at the date of the re-
sumption Of specie payments in the
United States by the act of 1878, from
we may date the characterization
OF silver in this country (although it
really occurred under the act Of 1879,
England had been on a gold basis since
1916. Germany followed in 1873. This
was followed by the absolute closing OF
the minis of all Europe to the coinage
Of silver, and for nearly twenty years
there has practically not been a mint on
the continent Of Europe open to the
coinage of full legal-tender silver. With
conditions existing, the Bland act
Of 1878 was passed, directing the pur-
chase Of silver at It's market value as a
commodity and the coinage of not less
1000, 900 standard dollars per
with legsl-tender qualities, and
afterward by the Sherman act Of 1890
the purchase Of silver was increased to
"a, 500, 900 per month, with greatly dis
appointing results upon the value Of
Mr.. President, II We ask ourselves the
question whether we can, under the
present changed conditions, maintain
he free coinage Of silver in the United
states, either In the form OF bimetal-
ism or In any lar0a amoDRtS Os " Vow
,ided under the Bland and Sherman
Lcts. think the answer that we would
re compelled to make TO our wi 1udg-
nents would answer all the theories
arguments in favor Of bimetallism
the further coinage OF silver re-
leemable in gold.
The distinguished Senator from Viz
zinia lMr. Daniel in his able aud elo-
luent speech made upon this question:
this statement:
Our stock of gold in the Treasury avail
able for redemption purposes is ABOUT SlOo,-
200 600. and it is now charged with the re,
demption Of about t4l2, DOC, 600 OF uncovered
paper money. In addition to this, IL WouIu
be instantly charged with the redemption
OF some $500, 900, 600 silver certificates ana
silver dollars, making over Sl,OOO,OOO'VUu
..r bullion, and value OF a fine ounce,
a.1.- and commercial Value of silver