Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1894-10-20

sion. In 1873. after the decline OF silver
had commenced, congress authorized Tia.
purchhse of not To exceed $4,000, 900 and
not less than s., GOO, 900 worth of silver a
month, and
Under This Act
more silver dollars were issued every
year thereafter than the entire aggre ate
of silver dollars during the whole
period from the beginning of the govern
ment to that time. ! { 1t has demonrtizcdin
1873 IL was certainly remonctizod in 1873.
As silver waa declining in value aud WINS
worth less in gold than the ratio fixed by
law, the amount OF silver to he purchased
was properly limited.
1t Is sometimes said that the demoncti.
Zation OF silver caused the decline of silver
bullion. This Is not true. Silver bullion
declined because the production of silver
enormously increased not only in this but
in other countries. | have table before
mo which shows that prior to lSi5 there
was no silver produced in the
lnitel states. From lsi5 to- 1860
the amount was about $50, 900 wear In
lS6l the amount produced was 50 ,OOo, 900.
This increased year by year until the
amount of silver produced in the United
States reached in lSg2 the sum of $751;
l0l,000.
It is this enormous production that has
silver. precisely the same causes that have
reduced the valuo OF iron, copper and
nickel. IL Is this large increase in the
quantity of silver produced aud this fall
in the value OF silver that hns led to the
suspension OF silver coinage among eli
tho nations Of Europe. Any attempt by
the United States alone to maintain its
val9e in view OF this vast production
would he the height OF folly and madness.
! am thorough believer in b.metal-
ism. believe that
Beth Gold and silver
are necessary metals for coinage Into
money TO measure the value of all other
productions OF human industry. But
there must he some fixed ratio OF value
between the 4wo metals. They must be
standards OF value not only foi other pro-
ductions but for each other. Every nation
that uses gold ms its standard also uses
silver for minor coins and regulates the
value and number OF these COWS.
Great Britain was the FIRST nation to
adopt the gold standard. but it also fixed
the contents. form AMI value of its silver
coins and received and redeemed them the
same As gold, but for a limited amount in
ons payment The Latin nations, headed
BY France, agreed upon system
OF coinrge OF both gold and silver for cir
culation, but when the market value of
silver. In consequence OF increased pro
duction, fell below the l.aiin ratio Of l5lts
TO L. all these nations
Suspended the Coinage of silver
and the purchase OF silver bullion. They
had enough, but they maintain their silver
coin at par with gold precisely as the
United States and Great Britain do. Ger
many, Russia, Austria Hungary, aud
may say, all the nations of Europe, have
adopted the same policy. They use both
HolG aud silver rs we do. None of them
propose or would consent to the free coin
hgs ut silver None of them would coa-
sent to the exclusion of gold, the sure and
inevitable result Of the free coinage Of sill
ver.
What, then. you may ask, would do
about it, | answer that would continue
20 do what we have done in the past.
would maintain the purchasing power of
all our silver coins ut par with gold. |
would keep all the silver bullion in the
treasury
Purchased with Treasury Notes
as a fund for their redemption and supple,
mcnt that fund. il need be, with the gold
reserve; every dollar OF our money,
whether gold or silver, whether green
backs, silver certificates or treasury notes
at par with each other. IL the new tariff
and tax law will. rs our Democratic friends
claim, furnish revenue TO support the gov
ernment, there will be 10 difficulty in pre-
serving the parity Of our money. We are
better able to do this than any country of
the world. To recede from this position
and TO adopt the standard of less popu-
lous and less civilized nations would be o
rrtrosrade movement disgraceful to the
party in power.
1t ia sometimes said we want more
money IN the United States. We have
now in circulation and in the treasury
more money than ever before and larger
amount per capita have table from the
treasury department. giving the amounts
of gold and silver and paper money in the
United States OH the !st of October, 1894.