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

pie, we issue certificates for them. But how is
this done: BY carefully limiting the amount
Of notes issued and holding large reserves in
both gold and silver, and redeeming our notes
when presented.
We have pledged the faith Of the United
States that all forms OF money shall be kept
equal to each other. Thus far We have been
able to maintain that pledge Is it not a matter
Of pride to every American that our cour-
age was demonstrated in war; that
our generosity and moderation were
displayed in peace; that our financial honor
is untarnished, and our credit is equal to
that of any nation Of the 1world? The free
coinage of silver will break down all this. The
government will lose all control over the
amount OF money to be issued. This will de-
pend upon the greed of bankers and bullion
dealers. There will be no limit upon it, except
the vast quantity of silver in II , E1rld. All
this will seek our market as long as or silver
dollar is worth more than the bullion in 1t. The
result is inevitable as certain as the law of
gravitation. The purchasing power of the sill
yer dollar, with coinage free. will be the mar
ket value of the silver bullion. No gold will
be taken to the mint or be paid into the treas
ury.
All we have will be withdrawn. and the
United States will stand with China, japan,
India, Mexico and South America as silver
states, and be detached from the great civilized
nations of Europe, who still maintain the gold
standard.
The democratic platform. which 1 read to
you. denounces the republican party for de-
monetizing silver. A brief history of silver
legislation will show how false Is this state
ment.
At the beginning OF our government gold and
silver were recognized as the standards of
money at their relative market value. A care
full computation was made by Alexander Ham
ilton. secretary OF the treasury, and
Thomas Jefferson, secretary Of state, and
the ratio Of value was fixed as being
fifteen of silver to one of gold. Coins
were issued of both gold and silver. but il was
soon shown that silver was underyalued; that
fifteen ounces Of silver we're worth more than
one ounce Of gold, and. therefore. the silver
was exported. and Ii in 1905, after less than ST.
100000 were issued. Mr.. Jefferson. then preSi-
dent. suspended the coinage of the silver dol
lar 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
demonetized long before the republican party
existed.
In 1883. during the administration OF Presi-
dent Pierce and n democratic congress, the
minor coins of silver were reduced in value and
made a legal tender only for five dollars.
Though the dollar was not stricken from the
coinage. yet it was practically demonetized
and superseded.
In 1873, when the coinage acts were revised,
| after full consideration during four sessions OF
congress, the silver dollar was omitted from
the coins provided for. 1t was then worth more
than a dollar Of gold. The bill was debated
and considered as fully as any measure could
be. and ii was passed in both houses without
division. In 1873. after the decline of silver
had commenced, congress authorized the pur-
chase of not to exceed SyOGO.00O and not less
than S2.00O.O00 worth of silver a month, and I'M
der 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 OIL the government to that
time. II it was demonetized in 1873 it was Ger
tainly remonetized in 1878. As silver was de-
clinlng in value and vas worth less in gold
than the ratio fixed by law, the amount OF sill
yer to be purchased was properly limited.
1t is sometimes said that the demonetization
OF silver caused the decline Of silver bullion.
This is not true. Silver bullion declined be-
cause the production Of silver enormously in
creased. not only in this, but in other countries.
1 have a table before me which shows that prior
to 1915 there was no silver produced in the
United States. From 1875 to 1860 the amount
was about 5000 a year. In 1861 the amount
produced was s.. zoo. This increased year
by year. until the amount OF silver produced in
the United States reached. in 1892, the sum of
So. 10l. COO.
1t is this enomors production that has caused
the fall in the market value of silver, precisely
the same causes that have reduced the value o;
iron. copper and nickel. 1t is this large increase
in the quantity OF silver produced. and this fall
in the value of silver that has led to the SUS-
pension of silver coinage among all the nations
of Eorope. Any attempt by the United States
| alone to maintain its value, in view of this
vast production, would be the height of folly
and madness.
am a thorough believer in bi-netalism. l
believe that both gold and silver are necessary
metals for coinage into money to measure the
value of all other productions of human in
-. rDs -,,-t 10 $1,000 a. III
value between the two metals. They must be
| standards of value. not only for other produce
| lions. but for each other. Every nation that
uses gold as its standard also uses silver for
minor coins, and regulates the value and num-
Der of these coins.
Great Britain was the first nation to adopt
the gold standard, but it also fixed the con-
| tents. form and value OF its silver coins, and re-
| ceived and redeemed them the same as gold.
| but for a limited amount in one payment. The
| Latin nations, headed by France, agreed upon
a system of coinage OF both gold and silver for
| circulation. but when the market value OF sill
yer. in consequence Of increased production.
| foil below the Latin ratio of fifteen and a haif
to one, 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 rs the
United States and Great Britain do.
Germany, Russia, Austria. Hungary and,
| J. may say. all the nations OF Europe, nave
adopted the same policy. They use both
gold and silver as we do. None OF them pro-
Lose. or would consent to the free coinage of
silver. None of them would consent to the e1-
clusion of gold. the sure and inevitable result
Of the free coinage Of silver.
What. then. you may ask, would I do abort
il: ANSWER that 1 would continue to do what
we have done in the past. would maintain
/ the purchasing power Of all our silver coins ct
Lar with gold. would keep all the silver bn.-
lion in the treasury, purchased with treasury
notes. as a fund for treir redemption, and SUP
plement that fund. IL need be, with the gold
reserve: every dollar Of our money, whether
gold or silver. whether greenpacks. silver GER
tifcates or treasury notes. at par with each
other. II the new tariff and tax law will. as
our democratic friends claim, furnish revenue
TO support the government, there will be no
difficulty in preserving 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 populous and
less civilized nations, would be a retrograde
movement diSgraceful to the party in power.
1t is someti es said We want more money in
the United States We have now in circula-
ton. and in the treasury. more money than
ever before, and u Lager arnount per capita. I