The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1894-11-01
HISTORY OF SILVER,
AN INSTRUCTIVE AND INTER-
ESTING ARTICLE

ocratic Party the True Friend of Sill
ver-That's the Record, and Admit
ted Fact by Fair Minded and Well
Informed Persons.
EDITOR GOLD LEAF:-As there seems
TO be general ignorance among the peo-
pie upon the silver question. conclude
to give n brief history OF it.
From 1892 to 1873 statutory free
coinage of silver prevailed. During this
period OF eighty-One years, there were
coined $S,O3l 900 in silver, and $685.
O91 900 OF gold coined. Thus it appears
that though there was free coinage by
statute the ratio was not maintained.
At first gold did not circulate because it
was undervaIued. While the ratio fixed
by law was - to in 1893, 1925 to |
i'll 1913, and in 1884 it was 1G to l, yet
the true and practicable ratio was 1893
to /. Sllver was always worth more in
/ the market than lG to I until it's demon
citation in 1873. The following taken
from the exchange reports shows the
fact: In $50 the true market ratio
WIS 1870 to | in 1910 it was II 80 to
| in 1915 it was 1892 to l in 1850 it
waS 1910 to ! in 1870 it was 1913 to
| | in 1860 it was | l5.29 to in 1865 it
WAS 11.44 to ! in 1870 it was 1897 to
| and in 1872 it was 1863 to |.
\ careful consideration of these facts
! proves that the Government can no
| more maintain certain ratio between
| the two metals than it can the relative
| price of cotton and wheat.
| In 1873 the Republican party bv
stealth and without notice deInOnetized
silver by discontinung the coinage of sill
yer dollars, five and three cent silver
pieces and bronze two cent pieces, while
IL silver dollar was worth 81 90 in gold.
| Since that time the Republican party has
| pursued Il course OF btterantayOniSm to
! silver, while the Democratic party has
been its only friend-tls will be seen from
| the records.
The first Democratic Congress (the
l1th) since the war, passed II free coin
age bill, which was defeated by the Re
publican Senate \ similar bill was
passed by the 18th Congress, known as
the Bland bill, which was referred to the
Senate finance committee, where it was
amended and reported by Mr.. Allison,
Republican chairman. BY the amend
ment the provision for free coinage was
stricken out, and it provided that the
| Treasurer should purchase in coin, each
|
four million dollars worth of silver bull
ion" 1t further provided g that any one
holding coin issued under the act might
deposit 1T with the Secretary of the
Treasury in sums OF not less than SO,
and receive certificate thercfOr.' The
bill as amended though unsatisiactOry
to the Democrats, they thought it was
best to take what they could get, and
therefore they cOncurred in the Senate
amendments President Hayes Nepub-
iirnn) vetoed it, but the House and Sen
ate passed it over his veto.
i'udrr the act from March, 1873, to
july, 1901, $50, 900 in silver was
put III circulation. During Il period OF
thirteen years this Democratic measure
put i'll circulation tiity-siX times as many
silver dollars as was coined in the eighty
one years of free coinage up to 1873.
Every cent OF silver in circulation today
is due to the vigience OF the Democratic
party. Yet at the South the POpulists
say the Democrats are the enemies of sill
ver. At the North the party is assailed
as the champion OF silver.
The Democratcpartyw was not satisfied
with this provision and pressed on to,
wards free coinage. While the Republic
cans had both branches of the 51st Con,
gress, the Democrats again with the help o
Il few Republicans from the mining States
passed II free coinage bill through the
House, and We're about to pass il
through the Senate when Mr.. Sherman
made deal with the gold bugs and Popu
list mine owners of the West, under ;
threat that if passed Mr.. Harrison wOulC
| veto it. BY this deal the Sherman bill
was passed instead by the uniteC
strength of the Republicans and Popu
4. |.
Democrats. 1t provided that the "Se,.
retary of the Treasury should purchaS
each month at the market price, not les
than two nor more than four million
ounces of silver bullion, in payment q
which he should issue treasury notes o
\ the nitcd States. These notes unlik
the silver certificates, are redecmablr il
gold or silver coin in the discretion OF tn
Secretary. This practically stopped til
coinage of silver dollars, because the blI
! provided that after July LIST, 1891, "onI.
30 many silver dollars should he coine'
as was needed to redeem such treasul,
. notes rs should be presented for rcdcml
ton The effect OF this act was to dis
honor silver and reduce it to the pos
\ ton Of IL mere commodity like corn an
wheat. BY virtue of this bill, the Secrt
tary purchased and has now in tn
vaults l24 ,292, ,532 fine ounces of silve
bullion which cost the people 81 II, 299
92O, and is worth today less than 500
!, UOO, 900, making n loss to the Cover
ment OF over S14 ,O6O, 900, which wa
: pocketcd by the Populist mine owner,
/ The Republican Secretary exercised h
discretion under the Sherman bill, an
redeemed the treasury notes with Gol'
!. Secretary Carlisle is the first to rrdori
them in silver, to the extent OF fonr an
7 on,-quarter millions OF dollars.
Thus it will be seen that the Democrat
have always stood square by the cau>
OF silver. The platform of 1892 demand
the coinage of both metals free of min
age, and favors the parity of the tw
metals and the equal power OF every do
lar at all times i'll the markets in pa.
ment of debts. The question is aske
Why did not the last Congress pass
free coinage bill? The answer think
this: When the Democratic COngre
assembled, the situation had material
changed from what it was when the pla
form of 1892 was adopted. The severe
panic in history had come upon us,
had thrown its black shadow over Il
4 country before Mr. Cleveland had tax,
his seat Some think the panic was d,
TO the characterization of silver in 1S1
notwithstanding on the 30th day
July, 1892, We had ii total circulation
81 ,753, ,953, IA. the largest per capt.
circulation in the history OF the Cover
ment.
) What then was the cause? ! think
combination of circumstances had mu'
7 to do with it. The financial disturhan
= in South America resulting i'll the falu
OF Barring brothers, depressed o
+ credit and commerce. English capitals
} who had large investments in Sou
America. also held lurgely of our stock
- which they threw upon the market.
order TO meet their losses in South Am,
lea. This started large exports of go
to Europe in 1896 This supplement-
se by the harmful and eNtrayagant irgisI
III ton OF the 51St Congress. which sNe