The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-11

Instead Of declining, as some eastern
authorities predict, interest in the cur
rency question is steadily growing and
It may be fairly said that this Ques-
tion will be the one supreme issue Of
the next presidential campaign. We
print below an instructive speech made
by Judge William Lawrence, of Ohio,
last October before the Farmers Ma
tional congress at Parkersburg, w. Va.
Next week we shall print a speech by
Senator Nelson. of Minnesota, favora-
BILE to international bimetallism.
Judge Lawrcncc's Address.
BY common consent of nations gold and
silver has been used as coin money from
the earliest ages. When our Republic was
founded the coinage act Of Congress of
April 2, 1892 made gold and silver money
full legal tender in payment of debts,
with silver as the unit and standard of
value on ratio of fifteen of silver to one
Of gold, and authorized the unrestricted
coinage of both metals. Subsequently the
commercial value of an ounce of gold be-
came equal to that of about sixteen ounces
Of silver, when the act of Congress OF
June 2S, 1881. made the ratio l to 16.O02,
which was changed by the act of jan IL,
1857, to of gold for l5.9S of silver. which
has continued ever since to be the ratio.
The pure gold in a dollar Is 1922 troy
grains; the pure silver Is Sn.25 grains.
only coin money, because, until 1874. the
commercial value of the silver in a dollar
was greater than either the commercial or
coinage value of the gold in a dollar. Sill
yer bullion and the small amount of
coined dollars, almost rapidly as pro-
duced were exported, because they com
manded n premium in Europe. In order
to prevent the export OF subsidiary coins
congress provided by law for a reduction
OF nearly one-tenth OF the amount OF sill
YER therein.
And here is fundamental principle to
which call your special attention, proved
by reason and experience-that wheneve.
the commercial value In the worlds mar
kets Of either gold or silver Is greater than
its coinage value in any one country 1t will
leave that country for the foreign market.
The silver in an American dollar during
the year 1893 was Of the average CONNER
cial value Of gold Of only .625 cents; 1t is
now of the value of 63a, cents. If a law
should now be made for the free and un-
limited coinage of silver in the United
States on the ratio OF 16 to OF gold
without any similar law in at least some
other nations the effect would be that our
silver coin would remain with us, our gold
coin would speedily leave the country and
be EXCHANGED either for foreign eommod,-
ties or silver bullion, or both. and the bull
lion would come here to be coined into dol
lars; then Europe, instead Of sending gold
to buy our products would send her idle
bullion to depreciate our silver coin; the
result would be that this would cease to
be a bi-metallic nation; we would cease to
have gold-ours would be a mono-silver
country.
on Jan. 1, 1894. the gold coin in the United
States was 1854, 1898 and silver Sil9, ,332, IN
in dollars and s76,3 $50 in subsidiary coin.
Free coinage would enlarge the volume of
silver coin money by selling gold abroad
to be coined into silver here: It would not
add to the commercial or intrinsic value OF
the total amount of our money; 1t would
impair our credit at home and abroad; we
would be without the gold means to buy
commodities in foreign nations having
gold standard, and our silver would be sold
at a discount for gold to be used in maxi
ing purchases in Europe. a system which
would thus deprive us of bimetallic money
would be ruinous to our credit. our trade
and our commerce. We need both gold and
silver. A resort to free unlimited coinage
should not be adopted at least until all just
means to secure bimetallism in many ma
tions besides our own shall be tried and
fail. There Is a better mode Of dealing with
the subject.
Dcmonctizing Act of 1873.
The act of Feb. 12, 1873. demonetized sill
dollars, and made gold the unit and stand
ard of value. 1t was voted for by men of
all parties in congress; 1t was opposed by
none. 1t attracted no attention or COM
ment, because silver. as fast as mined.
was exported and sold at premium and
substantially there was not and could not
be any coinage Of dollars. 1t is Idle and
useless now to inquire as to the responsi-
gold of a silver dollar was, in 1893, $1.OO4:
in 1874 it declined to $3.50 cents. Silver could
be no longer exported for a premium, and
1t became important to make a market for
II here.
Congress passed the coinage act of Feb.
2s, 1875, which demonetized silver, made 1t
a full legal tender, except where otherwise
specified in the contract, and provided for
the purchase of bullion and coinage by the
government of not less than two nor more
than four million dollars worth of silver
per month. The maximum. If coined, would
have used about the total produce or our
silver mines. In practice the minimum
amount was coined. The gold standard OF
the act of 1873 still remained.
The causes Of the decline in the CONNER
cial value of silver are well known. In
1870 Great Britain was the only gold-stand-
ard mono-g gold money nation of the world
by law. In 1871 Germany adopted the gold
standard, and substantially demonetized
silver; Holland followed In 1873, the Latin
Union in 1876, Spain in 1878, and later Aus
trit-Hungary. There are now sixteen BIZ
metallic nations, fourteen silver nations,
SIX mono-gold nations, but seven more
gold-standard nations having some-a
limited amount, as in the United states, OF
full legal tender-silver money-making
thirteen gold-standard nations, including
the United States. For twenty years past
the principal nations Of Europe have been
engaged in demonetzing silver, and thus
its commercial value has been deprecated
and the supply of silver coin reduced. Ihe
erect OF tne process mas Deeii " uepic
ciate silver, to appreciate the value or
gold, and as its purchasing power was
thus increased the price of all other prop
erty has been reduced. Under this pro-
cess there has been a general decline all
over the world in the selling value or
property. This has been one cause OF the
decline in the value of farms, OF farm pro,
ducts and other commodities in this and
other countries This decline practically
Increased the burden of debts. The con-
spiracy against silver was put in operation
by the great creditor nations of Europe
and by creditor classes against debtors
and against the owners Of land and other
property all following the lead of Great
Britain, the great creditor nation of the
world. whose interest 1t is to destroy the
silver money of the world to thereby dou-
BILE the value of the gold and to increase the
value of her credits, her bonds, her stocks,
or, more accurately speaking, those of her
people. The worlds aggregate stock OF
gold Is 1882, Cos, 900; of silver, aOi2. 7OOOOO,
and of uncovered paper, $2,635, $4,000.
Fighting the Gold Men.
In an effort to avert the giant conspiracy
two means of relief or remedy were tried:
Fiist-The government at Washington
united in several monetary congresses OF
representatives Of the principal CONNER
cial nations with view to agree upon a
Just ratio between gold and silver and to
restore silver ito its place as money
equally with gold in all nations. All these
conferences failed, the last. in 1892, be-
cause England and other nations persisted
-