The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-21


reowsr az the money tn the hands OF me
r-a,ula. This is what / mean by the terms
sSag1ns money ard, In my opinion, Il =
v-na. q meant by an overwhelming ma
orftv OF the opponents OF free coinage ~
RE ratio Of Is 10 L This Is neither So4d
r,somo-raetallisTn nor silver uouo-Tue5af-
gfsrn. but il means that one stanaard or
measure OF value shall De mainialned.
and that all forms Of standard COINS ~
use shall be kept equal 20 inat s[anaaFh
IL the purc base or s0fafiiooft4HS dta1 IA '4ie
payrlerts Of debts
.sF4ov long do you suppose this ss95ooe.-
90 az gold in this country would remain
here and ~ used as u money unster Tree
t~ognara rsolicyg The banking and otAeF
great financial institutions, which own
and hold IN their reserves much the great
er part Of this gold. would al once sell y
al a large premIurE Tor sllVer-anoa1 =
for Sl-oF they would eAeAahge u tot 81
YER bullion in the market at the ratio OF
atour thirtv-t,xo pounds of silver for each
ore roun4 OF gold. have the thirty-tWo
mounds Of silver coined into dollars al tue
axnsnse of the people. and with this cheap
yy,erav nav rhe demands of their deposit
ors ans other creditors. The masses or
the people cannot do this, for they rave
no gold. nor have they any silver bullion
10 be coined az the expense oi the govern
rnent
..Tf te,e immediate effect Of the adoption
y, a e~ae coinage Fa,bry AT the ratio or lS
ro : would he 10 contract the currency 20
soe extent OF about ss25 9o,w0, ny the
withdrawal of that amount o1 go9 lte@i
circulation and from use as the oasas OF
,uptes and other forms OF credit. {Gacts
would not even nonlinaAy advance. On
the contrary, for the time being al feast'
this contraction would greatly reduce
try. destroy credit. and undoubtedly pro
4tls,e me most serious financial disturb
ans,e this country ever witnessed
..Os course a great country ike this'
rich in natural resources, would nitl-
rnately recover IN some measure from
even such a disaster. but now long a tlnie
would be required to do so no man can
nraffct An the mints OF the Iuited
states. II devoted entirely 10 the coinage
of silver dollars, could ony produce about
$40 fSa 009 per annaMn, and therefore Wath
free coinage ii would require more uan
fifteen years to put silver dollars IN the
place OF the gold We now have, ana give
back to the country the same amount or
metallic money now existing. But IN the
meantime We would have a deprecated
standard Of value. with nomnalty higher
I,rices-after the first collapse was over
on account of the reduced purchasing
power Of the dollar and al the same time
We would have for long time fewer COD
lars 10 pay with. Common prudence
would dictate that when any considerable
change is 20 be made In OUR monetary
system. some provision should be made
III advance OF the AZ ctual change for
gradual transition from the old 10 the
new order Of things: a transitional period
should be provided for so as TO avoid as
far as possible a sudden disturbance OF
business and contraction of the currency;
f.Ffy
such purpose.
''It is well known personally to every
gentleman IA this audience who was old
enough TO know what WAS transpiring in
1871 that there was not a dollar of silver
in circula tion at that date. The only me-
tallic or redemption money in use here at
that time was gold. which amounted TO
only $135, 600 coo. including what the gov
ernment was using, whereas we now have
about S525. 10000 in gold and 1897 ,652.S79 in
full legal tender silver. beside about Sz7.-
go 900 in subsidiary silver coin. III, there
fore, prices have fallen since 1878. the de-
cline has taken place in spite OF the fact
that our full legal tender metallic money
has been increased until ii now amounts
to more than seven times as much as IL
did at that date, and consequently the al
legged decline in prices must be attributed
10 some other cause than the demonetiZa-
1
that the demonetization of silver did not
reduce the amount Of redemption money
in this country. hut they prove also that
the fundamental proposition of the advo-
Gates OF free coinage is erroneous and
that prices are not fixed or regulated by
the amount of redemption money alone.
for. if so. prices should have increased
since 1873.
''As long as there appeared to be rea-
f1e 10 hat
could he raised to a parity of value with
gold at the ratio of Is TO |. by the separate
action of the United States. I was willing
10 make the experiment. but / was never
willing 10, make II BY legislation provid-
ing for the free and unlimited coinage of
silver at that or any other ratio. The only
speech / ever made In congress on this
subject was delivered in the house of rep
resntativs more than seventeen years ago,
at a time when the value of the bullion
contained In a silver dollar was only about
cents less than the value Of the bullion
contained In gold dollar and |. together
with many other opponents of free coin
age. believing that a restoration OF silver
to our mipts would bring It to parity
with gold, supported measure providing
for the limited coinage of silver dollars on
government account, not on account OF
private individuals and CORPORA tlons. as is
y
however. demonstrated that those of us
who believed In 1878 that larger use of
silver 10y the United States would en-
hance It's price of value were mistaken.
Instead of Increasing the price of
silver, Il continued TO fall with greater
rapldi1y than before. withstauding all
the efforts made by our government 10 up
hold H. until now the bullion contained I'm
a silver dollar IS worth only about half
as much as the bullion contained in a gold
dollar The conditions have entirely
changed since 1878. and I do not under
stand that even our free coinage friends
IN Kentucky or elsewhere now contend
that any legislation ny This country alono
could place silver on a parity with gold
a. the ratio Of Is 20 /. on the contrary,
they frsisf that the free and unlimited
coinage Of silver at that ratio wopld give
the people cheap money, and I agree With
then that II would have that effect. but
4 would not be cheap money il IL We're
cqual I'm value n gold. The speech made
hy rua on the occasion referred 70 has
hra1 rarhled ana twisted and perverted
ia and out cf congress during tho past
tUo wears with a malicious Ingenuity
v-n{.h has scarcely ever been elualled in
he discussion OF public question. and
vef no ore has ever reutUrc4 - make the
direct assertion that ft contained a single
word iu favor of free coinage q silver. II
Wa in fact made Ira opposition 10 free
coinage and 81 support Of the senate sub
stttute for frse coinage bill a. can he
seen hs anyone who viii take the trouole
- rad u. Sentences iu which denounce
fri strong language the attempt to de-
stvov' silver a 9 a money metal. have reep
serarated from their context and quoted
again ard again iu congress, on Tire
stump and IN newspapers. by men VINO
never read the speech and who appear
-yhot}v ircap4 h.e OF understanding the
s-as--.- 49, 3. s.-.~,-rrr ne -o-al Sfssfse ~ thai