The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-12-24

then silver WOulQ 1mmeQlaCeIY return
to it's original dignity in the market of
the world in purchasing and debt-pay-
ing power. This is the real function of
money and in this country this quality
in this function at the ratio stated
should be maintained.
"The debts and bonds of the United
States provide for payment in gold or
silver coin at the then standard value;
it was a great wrong to the taxpayers
on whom rests the payment of the
public debt to strike silver from the
list of money as was done in 1873 It
was that blow which changed the values
of the property of the United States.
More than half the money of the world
was at that time silver. The whole
amount in the world in 1873 was esti-
mated at So, 900, 900 900; of these 81,
500, 600, 900 were silver, and So, 800. 600,
900 were gold in round numbers. The
ruinous consequences which attended
this bad act of administration were
seen in the failures of mercantile
houses and business men amounting to
more than half the public debt of the
United States within the last nine q
Now, I am for the free coinage of silver
bullion just as of gold. Gold and silver
should be put upon a perfect equality
as of yore in the ratio of 16 to 1. This
would not only add to the value of real
estate and all sorts of property in the
United States, but it would greatly en-
courage and stimulate the mining of
silver in this country. In my view all
the gold and silver that can be pro-
duced to our minis should be coined
alike. The coin should be kept in the
vaults of the treasury and certificates
are preferred. These coin certificates
should be the currency of the country
it would be the best in the world. In
this age we do not wish to burden with
the weight of either gold or silver in
ordinary business transactions extend
ing to distant places in the country, but
we do want a paper currency redeem
able at the will of the holder in coin
dollar for dollar. Bank bills which are
80 common in use are only promises to
pay in coin and are often issued in
amounts Of two and some times to three
for one of coin in the vaults; but under
the plan advocated by me the certii
Gates would in no ase represent any
thing but dollar for dollar.
Il haven't time to say more to you
now. 1 will barely add that the pres
ent depreciation of silver bullion and of
the silver standard dollar arises solely
from the degradation of silver by act
of Congress in 1873 LeE Congress de-
clare, as it ought to, that 4123 grains
of standard silver is and shall be equiv
alent to % 8 10 grains of gold in it's pur
chasing and debt paying power and in
stantly silver will be on a par, if not
above par, compared with gold.
"To increase the quantity of silver in
the present dollar of 412b grains up to
480 grains, to make it equivalent to the
present current value of Is 8 IL grains
of gold would be a great wrong to the
laboring masses in the union whose
taxes have to meet the public debt; the
holders of the public debt at the time
they received them under the express
stipulation that they were to be paid
in United States coin. gold OR silver, at
its then standard value, and all that is
wanting to make gold and silver equal
in the markets of the world to 25 81 0
gold, is for Congress to put silver back
on the list of the moneys of the United
States al it was in 1873. / have lately
made a report to the House of Repre-
sentatives upon coinage, in which
I urge not only the restoration of silver
to it's debt-paying power, but also the
adoption of metric coinage applicable
alike to gold and silver. I will send
you a copy of this in a few days when
it comes from the press.
Yours truly,
ALEXANDER 81. STEVENS.