The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-11
How to Get Plenty
OF Honest Money.
Plan of Judge William Lawrence to Force AN
international Rlmetallic Agreement

| in carrying on the conspiracy. These
| conferences were at three different places
at Paris 1867. 1874 1876, 1876 1878, 1879 1881,
1885. 1889; at Cologne, 1882, and at Brussels,
| 1892.
| Second-Congress passed the act OF Feb.
| 2S, 1873 to which / have referred. Con-
| gress also passed the act OF July IA. 1880,
| known as the Sherman law which re-
quired the secretary of the treasury to
| purchase silver bullion to the amount Of
| 4,5OC0OO ounces at the market price each
| month, to issue In payment legal tender
| treasury notes redeemable on demand in
coin and to coin sufficient silver dollars to
| redeem the silver certificates. Under the
| law market was made for the chief
| product of our silver mines. In 1892 the
silver mines of the United States produced
| SO, 2S9 fine ounces of silver of the COM
| mercial value of $50. $780, 900 and of the coin
age value of $74, ,995, 442. Our gold mines
| produced 1,5T,09S fine ounces OF gold of
| the equal commercial and coinage value
| of $33, Ola, ,9Sl. The treasury notes issued
| monthly under the Sherman law added to
the volume OF our currency an amount
| equal to the needs of our rapidly increas-
| ing population and business. Following Ia
a statement showing the amounts OF gold
and silver coins and certificates, United
States notes and national bank notes in
circulation Aug. l, 1894:
General Amount in
Stock, Coined Circulation
or Issued In Treas Aug /, 1894
Gold COIN $572 975 $50 $73 S72, ,Ol2 $i99 1O3, ,577
Standard sill
yer dollars. 4l9, ,756, ,2OS 1868, 1906 G6S 5Os5s, $40
Subs idiary
silver ..... 1922, ,OGs 1797O,261 $3.50, ,sO2
Gold certn-
Gates ...... 66O5o69s 1OS.47o 65,si7, 229
Silver certil-
Gates ..... 1856 5ls,5A 12,O27, ,766 1924, ,49l, 1888
Treas. notes,
act July H.
1890 49,. l52,4l7,l26 2252S,59s 129,sls. 527
United States
notes ..... Si66Sl, DIG S2 1l6, 7sl 264, ,5S4, ,225
Curry cert'f's
act June s,
1872 .......... 81 ,s55,OOO 100000 6l,695, 900
Nat'nl bank
notes ..... 2O7 5Ss, ,O66 4,S95, ,465 2O2 GAS, COL
Totals ...2,24O 5,2n 5S257l, ,O32 657, ,574, 2s9
The population of the United States,
Aug. !. 1894, was estimated at 6S, ,519, ,0CO and
the circulation per capita was s24.19.
The sherman law gave employment to
more than 100000 miners, who, in turn,
made market for farm products. 1t was
we'll understood to be a Temporary meas
ure," awaiting an international agreemnt
which would restore bimetallism to the
nation, and by the demand thus made for
silver bullion increase its commercial
value until 1t would be on a parity with
gold on the ratio of 16 to l, If possible; if
not on such just ratio as may be agreed
on. 1t was wise measure in view of con-
ditions then existing.
Failure of Conferences.
But all the International conferences
failed to agree on a ratio, or for the use
of both gold and silver, because England
and some other nations persisted in car.
rying on the mono-gold conspiracy.
The act of 1890 declared that the secre-
ttary OF the treasury should, on demand.
redeem the treasury notes issued under
1t In gold or silver coin at his discretion,
1t being the established policy of the United
States to maintain the two metals on
parity with each other upon the present
legal ratio, or such ratio as may be pro-
vided by law" BY law, government bonds
greenbacks, treasury notes and silver GER
tifcates are In terms redeemable in COIN
either gold or silver-but If the treasury
department should in fact redeem them
with silver gold would go to a premium,
and would all speedily be exported. Thus
the s499, 1O3.577 Of gold coin now in circula-
tion and $73.S2,O12 in the treasury would
leave the country. and our gold metal
money would disappear, or, If supplied, 1t
would be by silver still further deprecated
In value. Accordingly. the treasury de-
partment construed the Sherman law pro-
vision, as to the parity Of gold and silver,
as requiring all government bonds, green
backs, treasury notes and silver certfi-
Gates to be redeemed in gold. In this mode
silver has been kept on parity with gold,
both as legal tender money and as a means
OF buying property. Under the law the
holder of one thousand silver dollars
could and can present them at the treas
ury. receive for them 81, coo in silver GER
tuicates, and these. on demand would be
redeemed in gold. Thus silver dollars,
though legal tender, yet are not money
mot money of ultimate redemption
they are only money as a greenback or
banknote is. because redeemable in gold.
Thus we are now on the gold standard
To maintain the parity it has been and is
necessary that the treasury department
SHOULD keep gold reserve" sufficient to
redeem all paper currency and silver dol
lars. When President Cleveland was
elected on a platform requiring reduced
tariff duties, which would increase i'm
ports and require an export of gold to pay
adverse balances of trade, the fear that
caused run for gold, and the panic of
1893 was precipitated, with all It's fearful
results. These were the conditions that
confronted us. Political parties differed
as to the mode of dealing with the condi-
dons. In presenting these modes do not
seek to arouse any political party feeling,
but only to state facts and reasons.
Cleveland's Policy.
President Cleveland's policy, and that of
the Democratic party in congress, is that
for which he and his party are responsible
II q large body of those who placed him
hands" in power do not concur in the pol
Icy pursued-if they have been betrayed,
the remedy Is In their own hands, devov-
Ing on them duty higher than all party
considerations. What has been done and
left undone Is well known. President
Cleveland called congress together Aug.
7. 1893, and, with the exception of a brief
recess, 1t remained in session until Aug
2S, 1884, period of nearly thirteen months
The president recommended the repeal of
the Sherman law, and 1t was repealed.
Since then there has been no law author
izing the coinage of silver dollars. The de-
mand on our silver mines for silver for their
coinage has ceased. Silver Is depreciatng.
The President has made no recommenda-
tion for any measure which will open our
mines or make demand for silver or in
crease our silver money. The congress
which he has had on his hands has made
no law on this subject, and It will not No
effort has been made by the president or
his congress to persuade or coerce foreign
nations to unite In restoring silver to it's
place as money equally with gold. For
all practical purposes-I regret to say
the Democratic party has Joined the con-
spiracy against our silver mines, the con-
spiracy which enhances the value of gold,
depreclates property, makes Accent wheat
and adds to the burden of the debtor class.
Beyond all question the gold monometal-
lists Of Wall street-a powerful part of 1t
joint conspiratOrs with Great Britain,
found In President Cleveland an effective
ally. His portion Of congress, dumb and
silent, either at their own accord or at his
bidding, are for all practical purposes
equally allies in the conspiracy. Glitter
ing generalities, either In debate or in the
act of Nov. l. 1893, repeating the Sherman
law, cannot deceive the public. Not
words, but action Is needed. Barren dec
lamation gives no relief to a suffering
-