Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-02-07
The Gold-or-Silver Issue.


favor of their own position ant
against that of their opponents, with
out expressing our own opinions OF
the subject at this time. This question
OF gold or silver as monetary stan
dard is one of locality, rather than
party. The East is practically solid
in favor of gold. The West and
South are united for silver. The Dem
ocrats and Republicans OF the East are
gold men. The Republicans and Dem
ocrats of the West and South are fol
silver. There are individual eXcep.
tions, but the rule holds good. The
Populists are always silverites.
Both sides talk in favor of bimetal-
lism, or the use of gold and silver on
equal terms. But they never agree on
what these equal terms should be,each
party demanding more for its metal
than the other is willing to yield.
The gold men are at present IN the
supremacy. Our laws provide for the
free coinage of gold-that is, anybody
who carries certain weight and quail
| ity of gold to United States mint
can get it coined into dollar which is
legal tender for that amount. The
value of gold fiuctuates but very little.
If it falls even slightly, the govern
ment is ready TO stamp it as worth SO
much and it rises to that value. II it
rises above the coinage value, enough
coins are transferred to other uses to
which gold is put to supply the de-
mand and the price falls.
Our laws do not provide for the
free coinage Of silver. They did some
years ago and the two metals were
both coined free according to cer-
tain ratio based on their comparative
values. 1t is generally admitted that
the plan worked well then. Silver
did not fluctuate in value then more
than gold does now. The two metals
circulated side by side without rivalry
or friction. The ratio of coinage at
this time was sixteen grains of silver
to one Of gold.
AT the time when we were coming
gold and silver free, the leading coun-
tries of Europe with whom we traded
were doing the same. Trade balances
were settled in silver and gold then.
During the third quarter of the CEN
tury, however, European nations be-
gan to discriminate against silver and
prefer gold. Several Of them stopped
coming silver and established the GUS
tom Of settling trade balances in gold
alone. In 1873, our country followed
their example. Congress passed an
act refusing free coinage to silver.
Regarding this demonetization of
silver there are diverse opinions. The
silver men claim that it was brought
about by bankers and others who saw
an opportunity to promote their own
advantage by it. The gold advocates
deny this and give as the reason that
the step was necessary because foreign
nations were doing the same and we
could find no outlet for silver while |
our gold was leaving us
Ever since 1873, the price of silver
has declined until now it is worth
only half what it was then. All this
lime the silver men have been urging
/ return to free coinage Of their metal
IN the old ratio. They have not sue
seeded in this but have secured some
egislation intended to be in favor of
liver, such as the Bland and Sherman
cts, both of which failed to arrest the
downward tendency of the white metal.
The silver side is naturally strong
n the silver mining section, which has
cit the slump in the market most
eenly. 1t also numbers many from !
ther parts of the West and in the
outh who are deeply in debt and
vould welcome any kind of cheaper
honey. For exactly contrary reasons,
ne East, which does not produce sill
er and which is the creditor of the
Vest and South, wants to keep gold I
the head.
The silver men contend that if we
lould resume free coinage of silver
! the old ratio of l6 to | and make n
le silver dollar legal tender as the
old dollar is, the price Of silver would
Sc at once to this level; that the gov. =
demand would create mar
1t for it, and the governments ac-
,ptance of it as a dollar would make