The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1894-10-18

sion, In l67o. aftsr ne decline q alvss
had commenced, congress authortsed the
purchase of not 70 exceed 1900. .ooo and
not less than 5000, 900 worth Of silver .
month, and
more silver dollars were issued every
Of silver dollars during the whole
period from the beginning Of The govern
ment to that time. II 1t has demonetixed Ia
1873 II was certainly remonetizsd in 1873
Az silver was declining n value .;e ena s w. e.
law, the amount of silver to be purchased
was properly limited.
II is sometimes said that the demoneti-
sation Of silver caused the decline q silver
This Is not trTs vsf q ,Tsr
enormously increased not only in this but
in other countries. / have table before
me which shows that prior to 1S45 there
was no silver PRODUCED in the the
the amount was about CSC, 900 year. In
1851 the amount produced was 2.0oo, 900.
This increased year by year until the
amount Of silver produced in the United
States reached in 1899 the sum Of eS2,-
10000
II 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 and
nickel. 1t 10 this large increase IN the
quantity of silver produced and this fall
in the value of silver that has led to the
suspension Of silver coinage among all
the nations of Europe. Any attempt by
the United States alone to maintain It's
value, in view Of this vast production
would be the height Of folly and madness.
am a thorough believer in bimetal-
lism. believe that
Both Gold and silver
are necessary metals for coinage into
money to n .asure tho value of all other
productions of human industry. But
there must be some fixed ratio OF value
between the two metals. They must be
standards of value not only lor other pro-
ductons but for each other. Every nation
that uses gold as its standard also uses
silver for minor coins and regulates the
value and nAmber of these coins.
Great Britain was the first nation to
adopt the gold standard, but it also fixed
the contents. form and value of its silver
coins and received and redeemed them the
same as gold, but for limited amount in
one pay ment. The Latin nations, headed
of coinrge Of bot6 gold and silver for cir.
culation, but when the market value OF
silver, In consequence OF increased pro-
duction, fell below the Lain ratio of 15I
to !, all these nations
Suspended the Coinage Of Silver
and the purchase of silver bullion. They
had enough, but they maintain their silver
United States and Great Britain do. Ger
many. Russia, Austria Hungary, and l
may say, all the nations of Europe, have
adopted the same policy. They use both
gold and silver as we do. None of them
propose or would consent to the free coin
age of silver. None of them would con-
sent to the exclusion Of gold, the sure and
inevitable result of the free coinage of sill
yer.
What, then. you may ask, would l do
about itf answer that would continue
| TO do what we have done in the past.
would maintain the purchasing power of
| all our silver coins at par with gold.
would keep all the silver bullion in the
| treasury
Purchased with Treasury Notes
as fund for their redemption and supple
ment that fund, II need be, with the gold
| whether gold or silver, whether green
backs, silver certificates or treasury notes
I, at par with each other. II the new tariff
| and tax law will, a. our Democratic friends
| claim, furnish revenue to support the gov
| ernment. there will be 20 difficulty In pre-
serving the parity OF our money, We are
better able 70 do this than any country of
| and to adopt the standard Of less popu-
| lous and less civilized nations would be .
retrograde movement disgraceful to the
| party In power.
| 1t IA sornet'mes said we want more
money In iae United States. We have
now in circulation and In the treasury
more money than ever before and q larger
treasury department., giving the amounts
Of gold and silver and paper money In the
United States on the ist Of October, 1894.
|