The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-10-16

Japan, IndIa, Mexico and South Ameri.
ca, a. silver states, and be detached
from the great civilized nations OF Eu.
rope, who still maintain the gold stand
ard.
The Democratic platform which I
read 10 you denounces the Republican
party for demonetizing silver A brief
history Of silver legislation will show
how false is this statement
At the beginning Of our government
gold and silver were recognized as the
standards OF money at their relative
market value. A careful computation
was made by Alexander Hamilton,
secretary Of the treasury, and Thomas
Jefferson, secretary OF state, and the
ratio Of value was fixed as being Is OF
silver 10 l Of gold. Coins were issued
Of both gold and silver, but il was soon
shown that silver was underyaiued;
that Is ounces OF silver were worth
more than ] ounce OF gold, and, there
fore.
TIE SILVER WAS E1PosTED,
aud, In 1906. after less than $500, 900
were issued, Mr.. Jefferson, then Presi-.
dent, suspended the coinage OF the
silver dollar, and none were issued after
that until 1888, and then but few were
issued until 1873. So that, In fact, the
silver dollar was practically demon
etized long before the Republican party
existed.
In 1858, during the administration Of
President Pierce and Democratic
Congress, tina minor coins OF silver were
reduced ia value and made legal tender
only for S.. Though the dollar was not
stricken down from the coinage, yet II
was practically demonetized and super
seeded.
In 1873, when the coinage acts were
revised, after full consideration during
four sessions Of Congress, the silver dol:
lar was omittedfrom the coins provided
for. It wac then worth more than o
dollar Of gold. The bill was debated
aud considered as fully as any measure
could be, and It was passed 10 the house
without division. In 1878, after the de-
cline Of silver had commenced, Congress
authorized tho purchase OF not to ex-
coed $4,000, 900 and not less than $1,000
900 worth OF silver month, aud
UNDER THIS ACT
More silver dollars were issued every
year thereafter than the entire aggre.
gate OF silver dollars during the whole
period from the beginning Of the gov
eminent to that time. II It was de-
monetized in 1873, it was certainly re-
monetized in 1873. AS silver was de-
clining In value and was worth less In
gold than tho ratio fixed BY law, the
amount OF silver to be purchased was
properly limited.
tits sometimes said that the demon
citation 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 me which shows that
prior to 1915 there was no silver pro-
duced in the United States. From 1915
to 1850 the amount was about $50, 600 q
year. In 1861 the amount produced
was s. 100000. This increased year by
year until the amount Of silver pro-
duced In the United States reached in
1892 the sum Of $50, l0l 900.
1t Is this enormous production that
has caused the fall In the market value
OF silver. precisely the same causes that
have reduced the value Of iron, copper
aud nickel. It is this large increase in
the quantity Of silver produced and this
fall in the value OF silver that has led to
the suspension ois;lver coinage among
all the nations Of Europe. ANY attempt
by the United States alone to maintain
value in view OF this vast production
would be the height of folly and mad
ness