The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-27

densed report is as follows:
Depreciation of Silver.
Mr.. Horr-At the close of the debate
on Saturday I had given the facts as TO
the constant depreciation of silver as
compared with gold since the dawn OF
civilization. The civilized nations OF
the world have at some time or other
all of them, tried to fix a ratio so as TO
give free coinage 10 both metals
Through all ages the marketor CONNER
cial value of the two metals has been
changing quantity, hence the ratio has
been variable. A difference between
the legal ratio and the commercial ra-
ito Of one-fourth of one per cent has
been enough to drive the dearer metal
out of any civilized country on the face
of the earth. History is full Of efforts
of governments to force the legal ratio
upon the people, and there is no in
stance on record where the market
value Of each metal has not controlled
in the end. and the best money has al
ways been driven from the field by the
cheaper Such result is in accordance
with a law that is as universal and as
Interchangeable as the law of grav1tat1on.
Our forefathers tried the experiment
and fixed the ratio at Is to 1 in 1892.
The commercial ratio at that time was
about Is 1-3 to 1, and our gold coins
left us. In 1884 the legal ratio was
changed to Is to L The commercial
ratio was at that time about 1874 to 1,
and our silver coin left US. This be-
came so marked that in 1858 congress
passed a law for coming smaller silver
coins of less value than either the legal
or commercial ratio would indicate.
tThey made such coins token money.
The government purchased the silver
: at its commercial value and covered the
profit into the public treasury. They
gave no free coinage to silver used in
such subsidiary coins.
Did France Make a Bid?
This is all history, which is disputed
by none.
know Coin says in his Financial
School" page 10, During this struggle
to get more silver, France made bid
for it by establishing a ratio of 157k to
1, and as our ratio was 16 to 1. this
made silver worth 1898 cents when ex-
changed for gold, and as gold would
money, it was found our silver was
leaving US. So congress, in 1853, had
our silver coins made of light weight
to prevent their being exported"
Coin as usual. is not accurate.
France did not bid for our silver by
making her ratio at 1872 to when ours
was 16 to 1. France established the
ratio of 1512 to in 1903.
France tried to maintain both metals
as circulating mediums from lib to
1874 on some legal ratio, and between
those ates France changed the mint
price of the gold marc 146 times and
the mint price of the silver marc PSI
times, and thus changed the ratio
large number of times, and in 1925 she
fixed her legal ratio at 1415 to 1. At
that time she rated silver too high, and
while England became a gold-standard
country, France became a silver-stan-
dard one. In 1903 she lowered the le-
gal vaue of silver and fixed her ratio
at 1872 to 1, where it is nominally to-
day. but in 1874 she ceased the free
coinage of silver altogether Here is
the exact fact. The experience of the
United States in an effort to establish
and maintain double standard has
been the experience of the entire world.
During the nineteenth century all the
great civilized and commercial nations
on the face of the globe have adopted
the gold standard, and have done so
without discountfng silver as money,
but every one of them refused free coin
age to silver at any ratio.
The table of ratios given by Coin. -
page 81 of his book, shows that from
1903, when France established the ratio
OF 1919 to 1, up to 1874, when she
stopped the free coinage of silver, in
only one instance, and that was in
1881, did the commercial and legal ra-
tics between the two metals agree. In
only that one instance was the ratio of
silver as 151s to 1.
What Senator Morrill, Said.
Mr.. Harvey-When reply to the es-
say which Mr. Horr has just read my
answer will be full and complete. But
must pause for a moment to deal with
a question which you will recognize
the Importance of. 1t is by way of sum
mary of the debate at the last session
have had many requests, both orally
and by letter, and by kilograms, since
the last session to put into the record
what Blaine. Garfield, Senator Beck. OF
Kentucky; Senator Ingalls,, of Kansas
and many others have said officially
either to the effect that the act of 1875
was the result of gross ignorance on the
subject, or that it was the result OF
fraud
But in view Of the important topics
yet before US. and the limited number OF
words remaining at my disposal, vii
not do so. but will try to find space fol
this matter in my 2.500-word summary
at the close of the debate to do so. But
do wish in few words to dispose of 3
few witnesses produced by Mr.. Horn IL
the fairness of that legislation. Those
whom he first mentioned were the