Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-04-12

for inyalds, the old, convalescents, the
over-worked, or, in fact, all who have
found it necessary to maintain strength,
flesh, and vigor.
hundred and nine millions, you see, are
in actual silver in dollars and subsidiary
coin. This amount, in this form, would
meet necessities of business and there
fore, because of its absorption and gener-
al distribution, might prove not detrimen-
tai to our financial system. Further is
sues of small bills should be in form OF
bank notes or gold certificates. If we are
to use silver coin, the number of grains in
each should be increased, SO that the va
rious subsidiary coins should represent
nearer the actual value than they would
if coined under existing law, and the sill
yer dollar be made the equal of the gold,
upon an equitable estimate of its actual
value. This could not of course, be de-
fnitely fixed; it varies almost daily. 1t
is because of the constant lluc5uation in
value that silver cannot be accepted as
standard and that | deprecate its use,
save in this subordinate position, to the
limited amount (Which the increase in
bulk would still farther reduce and for
the purposes, which have named. In
deed in no other way would it be used,
were it not for the declared purpose
of this government to maintain it's
purity with gold. This effort is too ex-
hausting it should be abandoned, and
the excess of silver over what l have
named should be retired. But" it is
said, this means loss to the government "
Vac. nd loco 10 hn att nn1c
ming up of all arguments against the use
of silver. Why the worlds product of
silver in 1873 amounted in U. S. coin
age value, to ISL, 500, 600, with an actual
value of $50, 1870, GOO, while in 1898. pro-
duct of 5000, 1856 900 coinage value, had
an actul commercial value of only S126,-
1856, 000i Men talk Of a double standard
of gold and silver. Gentlemen, there can
be no such thing as "double standard. "
Somewhere there must be the unit; and
the Judgment of the great world of COM
merce has declared that standard, that
unit of value, to be the ounce of gold
Against that verdict the voice of your
statute cries out in vain; it is as impotent
as the pope's bull against the comet.
The talk Of the silver men about the
characterization of silver by the act of
1873 is calculated to mislcad, while at the
same time, to my mind)it exposes the in
herent weakness of their cause. The act
of 1878 discontinued the coinage of the
silver dollar. 1t omitted it, together with
the silver five cent and three cent pieces,
from the list of pieces authorized to be
coined, but it entered no decree which
tho commercial world had not already
registered. 1t had become "demone-
TIED" if that is what you please to call
it, and the act Of 1873 simply recorded the
fact. 1t had gone out of circulation, out
OF peoples minds as American money.
Nor can 1t &c fairly claimed that this
act had any serious effect upon the coin
age; for up to that time the total coinage
of this dollar of our daddies'' amounted
to only triiie over eight millions of dol
lars. Practically speaking, you see it had
never been coined. Why was it that sill
vcr was not in circulation? The answer
is plain it was because. owing to the rela-
lively small output of silver, it was of
greater commercial value then, than rep.
resented by the coinage value; and as Is
always the case, the more valuable coin
disappeared. In 1884, when the number
OF grains in the gold dollar was reduced.
the silver dollar was made worth 81. OBS
and it remained at premium over the
gold dollar fer years, and until there
began the extraordinary development of
silver mines all over tho world, which
eventually took from it half its CONNER
cial value
The act of 1878 provided for compulsory
purchase of from two to four million dol
ars worth of silver bullion every month
aud its coinage into dollars of four hun
dred, twelve and half grains, nine hun
dred thousandths fine. 1t was not the
demand of the people but the demands of
this act, (passed over the Presidents
vato) and the act of 1890, which raised
the amount coined in tie succeeding fif-
teen years to nearly four hundred and
twenty millions. What has been the re-
suit Did this enforced market raise the
value or price of silver? Did bolstering
up statute help the matter. Not ut all
On the contrary. its decline has been con-
slant from almost the day of the passage
Of these acts. And today We have in cir
culation, not only four hundred and
twenty-one millions of dollars actually
worth only fifty cents on the dollar and
one hundred and fifty-two millions of
treasury notes given in purchase of silver
on which the holders may demand gold
but upon this very bullion which the
treasury holds, the actual loss, by decline
in value since its purchase, amounts to
scores of millions of dollars. Upon the
30S millions of silver purchased under
the act OF 1878, the loss, ut present price
of silver. amounts to 122 millions: upon
the l26 millions purchased under the act
OF 1890 the loss is IS millions, total
shrlnkage on account of our silver pur-
chases since 1873 of 40 millions of dol
lars The act of 1890, commonly called