The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-05-13

100000 per month. If the execution of this
measure could be intrusted to public
officer whose opinions upon the subject
were I'm accord with those of the great
majority OF the American people and whose
sympathies were with the struggling mass
es who produce the wealth and pay the
taxes OF the country, rather than with
the idle holders of idle capital, the provis-
ion alluded to would be of little consequent
ces, because he would coin the maximum
instead of the minimum allowed by the
amendment.
But, situated as we are, We all know,
or at least we all have reason to believe.
that not u dollar beyond the minimum
amount will be coined and consequently
the process OF getting this money into cir
culation will be too slow to afford the full
measure OF relief which the people now
demand and need. But il will certainly
afford some relief. 1t will reverse the
grinding process that has been going on
for the last few years. Instead of con
slant and relentless contraction, instead
of constant appreciation of money and de-
probation OF property, we will have eN-
pansion to the extent of at least $2,0J0'OO0
per month, and under its influence the
exchangeable value OF commodities, includ-
ing labor, will soon begin TO rise, thus
inviting investments, infusing life into the
dead industries of the country and quick
-
partments.
The only other amendment which at
tracted much attention or excited much
opposition is the one which constitutes
the second section OF the bill as 1t comes
back To us from the senate. IL is said by
the opponents of this amendment that il
looks TO the formation of entangling al
hances with foreign nations concerning a
matter OF purely domestic concern, and
that it's probable effect will be TO again
demonetize silver and return to the single
gold STANDARD in this country. To all this
the answer is very short and simple 1t
proposes no league or alliance with any
body for any purpose. No one, L presume,
will deny that the question as TO what
ought 10 be. or shall be, the relative legal
values of gold and silver, is one of in
ternatonal Importance, but i'm this country
its determination belongs exclusively to
the legislative department of the govern
ment. The treaty making power does
not extend 10 it in any of its aspects, and
consequently no commissioner or diplomatic
agent can possibly bind congress by any
agreement or compact in reference TO IT,
''All that can be done by such an official
Is to consult with the representatives, of
other nations TO ascertain what has been
the experience of their people at different
times and under various circumstances,
AMI. il possible, to agree upon anu propose
a common ratio which Will have at least
strong tendency TO prevent great and sud
den fluctuations in the market values OF the
two metals and secure regularity and sta
biiitv ia their circulation as money. 1t
will Toe the province of congress at least TO
settle the question far as il relates 10
our own country, and il seems TO me that
the more information we have upon it the
more likely we, or our successors, VIII be
TO settle il correctly.
Except during a period OF seventeen
years from 1Sl7 to 1884, silver has nearly
aIways been uudcrvalued in its relation
10 gold by the coinage laws OF THIS couh-
try. such was the case conilnuaHy IRON
1921 until It's decentralization in lS'l-Il. ana
the inevitable consequence was that the
silver dollar of fun legal weight aud fine
ness had entirely disappeared from our
circulation for at least twenty years be-
fore the suspension OF specie payments
in lSil-62. At the very time OF its de-
monetization il was worth from TO 5ia
per cent more than gold, and therefore
could not have been kept in circulation
with gold even III specie payments had
then been r~Surlcd on enc double STANDARD.
BY the coinage act of April :, llS2. the
ratio between gold and silver was estab-
lshed al 10 10 /; that is, the silver dollar
was made 10 contain 511ii grains of pure
silver and the eagle 2;7ia grains OF pure
god. or Pa grains TO she dollar. At that
very time an ounce OF pure gold would
purchase only 1LB ounces of pure silver,
and 50 ID continued. with the exception
OF a few years. To be unjeryalued accord
Inn 20 the provisions OF the act until 1sl,,
when il began steadily TO depTcciate reia-
lively TO gold. although its purchasing
pog.er with reference TO all other things
WAS RAPIDLY Increasing during the same
time FINALLY I'm 1921 it had reached
Point where 1913 ounces could be pur-
..F U.1N1 IND han
congress amended the coinage act for the
purpose OF more nearly equalizins the legal
values Of he two metals i'm the future
This was attempted not by increasing
the amount OF metal in the silver dollar,
as the special advocates OF gold insist shall
ba done nov. but by diminishing the
amount OF gold in the eagle from 2i12 to
eat grains This proved to be very great
naturalization Of silver, and In 1897 an
other change was made. not I'm the silver
coin. hut in the gold eagle, which was
made 10 contain 30 grains. so that the
legal equva!ency between the two metals
became ll.ss silver TO ! of gold. At that
time the actual mercantile equivalency be
1 yy..u The metals was l5.>3 OF silver 10 !
or gold and the market ratio never reach
ell "A point OF correspondence with the le-
gal ratio. silver being worth always more
than gold until afie- its decentralization
bv this country in 1874. During period
Of rs years there was but one year when
an ounce or pure gold would purchase
1ssS ounces of pure silver, and yet that
was the ratio fixed 10y the law of this
country in 1887, and is the ratio fixed by
this bill.
Il shall not now enter into an examina-
ZION of the causes which have combined 10
deprocia;e the relative value and TO appro-
ciate the value OF gold since 1873, but | am
one OF those who believe that they are
transient and temporary in their nature
ana that when they have passed away or
been removed by the separate or united
action Of tho nations most deeply inter
estcd in the subject. the old ratio Of actual
and relative value will be re-established on
a nrmer foundation than ever. l Know
that the worlds stock Of the precious
metals IS none too large and l see no rea-
son to approhend that il viii ever become
so. Mankind win be fortunate indeed IL
the annual production of gold and silver
coin shall keep pace with the annual IN
crease 90 population, commerce and IN
dustry. According 10 my view of the sub
jet. the conspiracy which seems to have
been formed here ana in Europe TO de-
stroy. by legislation and otherwise, from
thrcc-sevenths 10 onc-half of the metallic
money OF the world is the most gigantic
frirne of this ~ any az her gup