The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

admitted to the minis of the country for
free and unrestricted coinage at a ratio
which corresponds with the commercial
ratio; and whenever a difference occurs
in the commercial and coinage ratio it
will operate to exclude from circulation
that metal which is worth more as bull
lion than it is as money.
,. After the act of 1892 was passed
silver declined, and the result was gold
became more valuable as bullion than as
money, and was expelled from the coun-
try.
B. AT the time the act of 1884 was
passed, establishing the ratio of 16 to l,
the commercial ratio was 1893, and
therefore silver Immediately became
more valuable as bullion than as money,
and retired from our circulation.
4. The United States has never at any
time in its history maintained for Il period
of ten years the bimetallic standard,
>. The standard authors are practically
agreed that, in view of the fluctuations
in the price of silver in the open market,
it is impossible for any country, however
strong, by Independent action to maintain
the bimetalhc standard.
6. The commercial communities
throughout this and other enlightened
countries, by daily contact with the laws
of trade and finance, are likewise agreed
that no single country can accomplish the
undertaking; thus showing that the bust
ness man, by parctcal experience in com
mercal transactions, has reached the
same conclusion to which the scholar is.
drawn by scientific processes in the retire
ment Of his library.
Z. And finally there is no country on
the map of the world which maintains the
bimetallic standard; and | mean by this
that there is no country where standard
gold money and standard silver money
are in concurrent circulation. Every
country on the globe where the free coin
age of silver obtains is absolutely on Il
silver basis.
Conclusion.
| have now shown you the reasons
which control me in reaching the conclu-
sion that Mr. Cleveland was right when
he said the free, unlimited and indie
pendent coinage of silver at the ratio of
is to | would necessarily result in silver
monometallism. / have seen no answer
to this proposition. 1t seems to me that
in the light of scientific research, from
the days of John Locke, down to the
present time. in the light of all history,
and in the hight of commercial experience
throughout the world the positionaof the
President and those Democrats who are
in agreement with him is unassailabe.
Issue Must Not BE 0bscured.
1t is not legitimate argument to attempt
by bold assertion to place the opponents
of the free and unrestricted coinage of
silver in the attitude of striking silver
down as money We simply oppose the
attempt to make it standard money by
the independent action Of this country at
the ratio of 1G to l. because it will result
inevitably in driving gold out of circula-
ton, and bringing us to Il silver basis
We favor the use of the largest amount
of silver in our circulation consistent
with the retention of the gold standard
and to this end we would vote to make
way for silver and give it the entire field
below the denomination of $40. Further
more we stand at all times in readiness
to assist in bringing this country ane
other commercial powers into co-opera
ton, looking to the re-establishment OF
the bimetallic standard through inter
national agreement; or, failing in this, Il
make some uniform provision for th'
: use of silver in subprdination to gold, OF
terms which will enable the commercial
powers to utilize as far as practicable
that metal as money.
We have now piled up in the Treasur!
124,O00,000 ounces of silver bullion pur
chased under the Sherman law. W.
ought to utilize it, if possible; otherwise
it's purchase will represent a great los
to the American people Should we elm
l mate all other money except silver beloy
the denomination of so from our circu
i lation, we would have no difficulty il
(; maintaining, not only all the silve
now coined, hut we could Ill the nea
!. future coin and absorb in the circulation
the silver bullion now in the Treasury
:. Under existing conditions it seems t
I me that this is thu best possible provision
+ we can make for silver
False Issue.
5 | hope to avoid in this letter the use o
Il any expressions which might wound
{ fellow Democrat who differs with INT
5 But must protest against the method q
d discussion which some of our FIRE
: silver friends adopt They constant
/ assert that they are bimetallists, and the
; call their clubs bimetallic leagues. Thi
L | submit is unfair and misleading. The
l. have no right to assume that role unles
u they are prepared to show that this coul
&c try can maintain the bimetallic STANDARD
l. If that can be done, then we are Il
a agreed that it is desirable, The questio
o is not one of choice, but one of ability.
l. If the free coinage advocates can sa
II isfactorily answer the reasons which
'e have now given in this letter, and sho
% that the free and unrestricted coinage
silver would result in gold and silver r
lie naming with us in concurrent circulation
e, then | am with them, But unless the
can do so, it is not for them to assun
lie to be the especial champions of the
metallic standard.
G. Fhe Real Issue.
r The real issue is which is preferabl
u the gold or the silver staRrard? 1t
D. certain we cannot maintain both.
le other country maintains both, and it
"a folly for us to attempt both. Pass a Ia
making silver standard money at II
e ratio of 16 to L. and you viii Danish go
le from the country, and bring the count
back to silver recommendation, where
p was prior to 1884, Since 1884 we ha
er had practically the gold standard, Al
Ill certainly we have had it since 1877
OF Would it be wise for us, under the co
Sc ditions existing throughout the world
IN the close of the nineteenth century,
ia legislation to expell gold from the count
ch and force tha country to silver hosi