The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-17


it. Now comes the next important ex-
PLANTATION. Resolved, that the standards
of the United States of America for gold
and silver shall be II parts fine and
part alloy
'Originally that was the weight of al
10y in all coins of the United States.
Afterward we reduced the alloy so it was
one part in ten"
Mr. Harvey: "What Mr.. Horn says
about copper used as money during the
continental days preceding the adop-
ton of the constitution is too trivial
to be used in this argument At the time
our constitution was framed the details
governing the concurrent coinage of the
two metals in our financial systems were
under the direction of statesmen of that
period. So while these details were left
to congress after the adoption of con-
stitution bimetallic system was pro-
vided for in that constitution. Article
l, section 8. says. Congress shall have
power to coin money, regulate the value
thereof and of foreign coins Section
10 says: No state shall coin money or
make anything but gold and silver coins
legal tender in payment of debts 1t
says gold and silver (Applause) and not
gold or silver (Applausel This is the
constitution.
The states surrendered to congress
the right to separately coin money but
expressly retained the right to the use of
silver and gold money, neither as
token money, one representing the other
silver is now coined representing gold,
but as money in their own right ZAP
plause.)
Congress in good faith with the states
has no more right to demonetize one of
these metals than it has to demonetize
both of them, without the consent OF the
states. (Applause.)
"The men who framed this constitu-
ton then proceeded to give it the con-
struction intended. They gave 70 both
metals equal dignity equal rights. ex-
cept to make the dollar of silver and it
the unit of value in which the value
of gold would be measured, but with
concurrent coinage with silver. They
gave both metals free and unlimited
coinage Both were given free and I'M
limited use in payment of debts. There
| was no discrimination made in the
use of the two metals, except that tho
unit of value was to reside in the silver
dollar and that gold coins we're to be of
| the value of so many silver dollars. This
is the exact language of the statute of
| the men who framed the constitution
! and knew the construction that it was in
| tended that it should have. Daniel Web
ster said (see Congressional Globe, ap-
pendix pages Sd to 56, twenty fourth con-
| gress, second session, December 81, 1885,
Gold and silver is the money of the con-
stitution.' [Applause.l
"The constitutional standard of value
| is established and it cannot be over
turned. To overturn it would shake the
whole system. Gold and silver at the
rates fixed by congress constitutes the
| legal standard of value in this country,
and neither congress nor any state has
authority to establish any other standard
or dispose of this. Long and continued
| applause l now hand Daniel Webster's
speech to Mr.. Horr."
Mr.. Horn: "The difficulty with my
friend Harvey arises from the fact that
he seems to think that everything is
trivial which he does not know anything
about He thinks the government orig
mated in 1889. 1 had supposed this gov
eminent commenced July 4, 1892.
"In 1898 congress resolved that the
| standard of the United States of America
for gold and silvsr-both together
shall be eleven parts fine and one alloy.
| That was precisely they had decided
before, being by the resolve of congress
on the 9th of July, 1895. That is the first
establishment of what the unit should
| consist. Next, that the money of eccount
| to correspond with the division of coins
| agreeable to the above resolve proceeded
in a decimal ratio agreeable to the
forms and manner following, to- wit
don't forget it. They were organizing a
new system of money, something thai
had never been known on the face of the
globe-making money history. Is that
trivial? Why, it was the important act
of that age Why, it was the basis of the
entire action of 1872"
Mr. Harvey: "The straits to which the
colonies were put between 1776 and 179(
when we as a government known as the
United States went into operation were
those of expediency, but no permanent
system was adopted. awaiting the consti-
tuition of the regular United States con
gress, and It is to the action of that con
stitution and the congress that met il
pursuance of it that we should as educat
ors upon this question direct our atten-
ton. Alexander Hamilton recommends
two units, one made from gold and one
made from silver. Mr.. Jefferson at ont
time came very near yielding to the ar
guments of Mr. Hamilton, but the whole
matter went into the American congress
at its second session and out OF the rec
concentrations that had been made the
result was the enactment of the law o
1892 and section of that act is the one
that settles this question.
What Mr.. Jefferson recommended TO
the unit was adopted and the statute 81
reads and the gold coins are valued il
that silver unit. and Hamilton's sugges
ton for two units, a gold unit and a sill
yer unit, was not accepted by congress
and only silver unit was provided TO
in the act of 1892
Mr.. Horr: "Now this talk of MI
Hsrvey's is of very little importance g.
far as 1 am concerned. What 1 say i
that when they passed that law they in
tended to establish bimetallism in tn
United States They did fix the silve
dollar as a unit of value, there is n
doubt about it. And they also fixed wha
the gold coinage consisted of, and Their
were number of units and then the,
defined the ratio between the two metals
Consequently when they fixed the rati
10 silver to of gold, Their
were two standards a gold stand