The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1894-10-20

Senator John Sherman.
These two vital questions are now and al
ways will be the chief foundations of political
divisions in q free country. They are now the
dividing lines between the democratic and re-
publican parties. Other issues may arise such
as arose out of the late rebellion. These have
been settled from time to time. but taxation
and currency-the mode of levying taxes and
the qualities of our money-will always be the
bone of contention between the two great par
ties.
After devoting considerable attention
to the tariff question, he proceeded to
the discussion of that of the money
supply of the country, in the course of
which he said:
Another great question involved in this cleo
ton is the free coinage of silver. The recent
democratic convention of Ohio adopted this
resolution:
I'VE dissent from the presidents views, con-
Struction and treatment OF the silver question
and. therefore, believe that all silver should be
restored to the position it occupied as money
prior to its characterization by the republican
party. and to that end we favor the unlimited
free coinage of silver at the legal ratio of Is to
Z and with equal legal-tender power"
This resolution is in direct opposition to the
national democratic platform Of 1892 and the
known views Of President Cleveland. The at
tN1A1p ~ W Will AblN AAAlo ChC1l "oulu
rive the democratic party from turret to founda-
ton stone. The policy it proposes would re-
duce the purchasing power of the dollar more
than one-half. The wages of labor would be
practically reduced, for the deprecated dol
lar would buy only what fifty cents will now
The only remedy Of the iaoorer would be higher
wages, but every labortng man knows how diff
fcult it is to secure such an advance. l have
sometimes thought that this declaration is but
the demogogism meeting Of Senator Brce and
Tom Johnson in the same convection.
But the'consequences of free coinage under
present conditions are so grave. so wide reach
ing upon all business, labor AID production.
ahat 1 think it best for me to state carefully
and accurately my views of the free coinage of
silver.
What is meant bv free coinage? 1t is by Law
TO confer upon any holder of silver bullion the
right to deposit it in the treasury or mints of
the United States. and to demand and receive
Tor it one dollar for 37Ii. grains of pure silver,
or 4l2h grains of pure silver nine-teuths fine:
OF, in case the silver is not coined. the
holder may demand Z note of the
United States for one dollar, and both
shc coin and paper are money. and
a legal tender for all debts. public and private.
Remember that 3114 grains of silver are worth
in the markets of the world about forty-nine
cents. Silver may vary in price from day to
day, but the tendency is for it to decline. As
Stunning il to be worth fifty cents i'll our lawful
money. the holder OF the bullion may demand
and get one dollar for 3714 grains. and that
dollar is a general legal tender.
As the result of this. either one or two things
will happen: Either all the silver in sight will
advance in value TO gold At the ratio OF sixteen
to one, c. the purchasing power of the dollar
will be reduced to fifty cents of our money.
and the gold dollar will be worth two sil-er
dollars. Which of these is likely TO happen:
The experience of every nation in the world
proves that the cheaper money will fill the
channels of circulation, and the money of
higher value will lie boarded up or exported.
This is Il rule as universal as the movement
OF the earth around the moon or the flow of
the tides of the ocean. No one will pay gold
when silver. worth one-half in commercial
value. can be paid instead. The amount of sill
yer in sight in the world is stated at 5000. 0O0.O on
ounces. each ounce containing 40 grains. The
annual production of silver in the world is
about ISL 900, 900 ounces, the commercial value
of which is s125, 100000. but the coinage value
at the present ratio Is row about S2s5!OOO0OO.
The vast hoard OF silver will be invited to
the United States in the hope to obtain more
.ot il than its market value.
What benefit will the radical change in our
coinage laws. il made. confer upon the people
of the United States: 1t is said that it will
double the price of al our productions. So e
would nominally, but will it not also double
the price of all you have 10 buy: Foolish
men may sell their farms at a higher price.
but will the money they receive pull
chase any more or as much property Of
any kind as they sold: The wort-
man whose daily wages are now pay
able in gold or its equivalent will have 10 ~
.ceive silver dollars whose purchasing power q
but one-half of the money he receives now. II
he demands higher wages because of cheaper
dollars he knows how difficult I is to secure Il
proper increase of wages.
II the farmer gets higher prices for his crops
IL will be in money of less purchasing power.
But two classes of men will be benefited. the
debtor. who can pay his debt in cheaper money.
and the owners of silver mines. The .-btor
gains by cheaper money. but is 1t honest TO
borrow gold and pay in silver worth half what
he received: The owners of silver mines gener-
ally organized into great corporations will get
nominally more dollars for their product. but
il they are Just to their workmen the cost ~
mining will be increased. I do not see how In
the end the silver miner will be benefited.
IL the object of this change is to increase the
volume of money WIZ should not the govern
ment buy the silver bullion ut its market price
-snd issue it's money coin or paper TO the
amount OF the cost of the silver: This would
give us more money and We would have in the
treasury enough silver at gold prices to redeem
our money.
This would be honest ami right We tried
that experiment Ia 1897. We passed i law re-
ouiring the secret Iry of the treasury TO buy the
ecot.uous amount Of 4. 5000 ounces of silver .