The Mankato free press., 1894-10-05
NANKATo FREE PRESS.
MR.. McCLEARY'S SPEECH.

the speech of Congressman McCleary
on the silver question, which he de-
livered at PipeStone two weeks ago.
We would ask it's careful reading by
every reader of the FREE PRESS, no
matter what his or her politics or be-
lief upon the financial question may
be. 1t is a clear, fair able presenta-
tion of this great question, devoid all
rancor, feeling or prejudice. There
is feeling abroad that the financial
question is one which the average
individual cannot understand, and in
truth it must be said that many of
the treatiSeS upon the subject often
leave the reader more at sea
than when he commenced to
read them. But Mr. McCleary's re-
marks are not in this style. So plain
has he made every point that he who
has heretofore given the subject little
attention, will easily understand and
gain therefrom good idea of the
great problem which confronts the ma
tiOn. Seldom it is that as good re-
view of the question is given in as
limited space.
Commencing at the foundation of
the questionable matter of ratio be-
tween gold and silver, Mr.. McCleary
goes back into history and shows that
the Populst claim that uthe ratio of
I6 to l has existed for centuries is
false, in fact that that ratio has never
existed, but that it has fiuctuated
from one point to another from time
TO time, and that never in the history
of nations, has any one country been
able of itself alone to sustain a double
standard, and before he closes his re-
marks he shows clearly how this is
impossible for country so to do.
He further showed that the first
time we hear in history of gold and
silver being used jointly, the ratio
was to /. His reasoning as to why
slight difference in the value of the
metals will tend to drive the more
expensive one out of circulation will
be easily understood by all, and most
thoroughly appreciated by the farmer,
and upon this basis he traces our
history with the two metals from the
foundation of the government down
TO the present, sustaining his posi-
tion at all times by frequent quota
tiOnS from the record of legislation,
and from various histories of the fl
.nancial question.
By the ratio fixed in 1892, the coun-
try was practically on silver basis for
the next forty years. Gold had been
undervalued, and as a consequence
disappeared from circulation. In 1884
change was made. The gold dollar
was reduced from 244 grains to % l-5
grains, and the ratio was fixed at 1898.
But for the next twenty years the COM
mercial ratio fluctuated between 1859
and 1898, and gold became the stand
ard and has remained so to this day.
The act of 1853 did not change the
situation much, further than to
change the value of the subsidiary
coin, so that it might again circulate,
and made them legal tender to the
amount of S..
1t will be noticed that he gives con-
siderable space to the act of 1873, an
act which it is claimed by the POpu-
lists and all free silverites discrimi-
mated against silver. This is a portion
of our financial history which Mr.. Nc
Cleary has made himself very familiar
with. He has examined closely the
records, and gives the facts to the
people just as he finds them. Thus
she bruhes away the cobwebS and
false assertions which have gathered
around the history of this act and
shows it is not the demon which it
has been painted. Instead of being
smuggled Through congress, as has
been so often claimed, he shows that
every move, even to the dropping of
the silver dollar, was made in the
most open manner. Instead of Ern-
est Seyd coming to this country with
British gold to corrupt congress in
favor of legislation in behalf of gold,
he shows by the records that Mr.. Seyd
was not in this country at all, but
wrote a long letter, in which he made
long argument in behalf of silver.
He further shows that Senator Stew
art, who is now harping about the
great crime done silver in that act,
was at that time an earnest advocate
of the measure, and spoke from his
place on the floor of the senate in it's
behalf, and declared for the gold
standard.
In the closing portion of his speech
he draws from history to show con-
clusively that true bimetallism can
not be sustained by any one country,
because the country which wishes to
increase it's supply of either metal
will simply change it's ratio accord
ingly, and the metal it wants will
float to it to the disturbance of some
country which is irving to maintain