The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-07-09

have the quickest and most convenlcne
forms Of exchange and as sound finan-
cial system any nation on the face OF
the earth.
THE question of sound money Is on0
that affects directly the interests of every
citizen. IL enters every home and de-
manis the thoughtful consideration ot
every intelligent mind. I believe that
the people in every section OF the country
desire to see the government maintaiu
a sound money: that the advocates of free
silver. as Well as those opposed 10 the
same. favor maintaining the largest cir
culation OF both gold and silver at parity
and are opposed 10 any policy which
would result in the banshment of either
from use The controversy is not as to-
the result TO be obtained. but how to
achieve II. No one, l presume, desires
to see policy inaugurated that would
result in the separation of the value of
our gold and silver. The cheaper VIII al
ways drive out the dearcr. and the re-
suit would be the expulsion of our gold.
No person. even II he could afford to dO
so. would pay in the more valuable when
he had right TO discharge his obligations
In the cheaper kind. our present circu-
lation consists OF about $3.50 eoD. .n0n of gold,
GO OF silver, isis 90.e1 OF green
backs. slS.oooooo Of currency certificates,
and s3lL .ooo of national bank notes. all
maintained by the government upon an
or paper currency is worth a hundred
cents in any part of the civilized world.
| assume not only that no ono desires To
see "A separation in the values OF our
coin, but that no one desires TO see ~
policy pursued that would debase our cir
culatfon.
The legal ratio between gold and sill
fixed by our laws is rs To 1. while
the commercial ratio is about 32 TO ]. Tho
effect Of opening our nint5 to the free
coinage Of silver would be TO bring tho
legal and commercial ratios of the two
metals together. or 20 reduce the none
tary value OF the silver dollar TO its conn
mercial ratio. In the event of the latter,
the silver dollar would be worth only 20
cents In comparison with the gold dollar.
and would therefore drive gold ont of cir
cuiHtion. There can be no question that
with free coinage OF silver the value Of
the bullion in a dollar would beeome the
equal OF It's monetary value. The inn
portant question. therefore. TO be deter
mined H. would the price OF bullion go
up from es cents 10 81 % an ounce all the
world over. or would the monetary value
Of our silver dollar come down 10 ftS bul-
lion value about ~ cents? II Is a fact that
the commercial ratio Of tho two metals
has always controlled taeir movements
in spite Of their coinage ratio. The aavo-
cafe~s Of free coinage assume, and all their
arguments are based upon the erroneous
assumption. that with free coinage OF both
metals at n ratio OF III 20 we would havs
f,,- ynetailfsEn This assumption Is tho
great desideratiG fn he discussion OF this
question and until they demonstrate that
both metals would remain in circulation.
all their decla rat Ions ahouf a double stand
ard bi-metallism and an increased circu-
iaiion II pure fustsan. II Is said that even
members Of congress did not know what
the provisions Of the act Of 1913 were.
4- eF4 rtI a thzf TO
experience Of ten years a. a member Of
the house has led RE 20 believe that nos
ten members OF that body ever DO know
what fs being done. 7 I'm inclined 20 TIE
opinion that the silver question was
deemed OF such nttle consequence at that
time that no one fels much interest IN .hs
subject. therefore paid no attention 10 the
details Of the measure.
Gold had been standard money with
tas ever since 1904: we had coined but
sneaga of silver dollars and they had
all left the country. From 1878 70 isgs,
during which time 81 fs popularity supposef
that our rnFnfS were die. we coined over
sg faas0 Of silver Thus we see that dur
ing the first four years after the passage
., the act of 1873 We coined over S1.fs0.-
90 Of silver. as against fikspDop dnriTg
the seyenty-six years previous. and yet u
IS earnestly and apparently seriously IN
sisted that the act OF isf3 was the cause
of sae ian IN ths, price of silver, which be-
gan about that time. In is9s we again CON-
ruart~es 10 coin fhe standard dollar, ard
un 70 aud including a part OF i%s haf
s.,,ir..1 sti5 40 go besides over $1aD0fao
oe s,sls.lsIary coin. and purchased under
tae provisions or the sherman act AMI
have on hand sufficient bullion 20 coin
ssss eoeea more. The consumption Of sill
Yer by ~ since 1873 has been more than
sra a0sa 90 of coinage value. and yet II ss
7.oislv asserted that the cause of the fail
IN - valna was the discrimination arains.
= as a money metal
AS nAaons advance their comm.rcs