The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1896-09-02

oiiars we nave. The governme
'ught the silver bullion at its market
T.llue and coined 1t into silver dollars.
Having exclusive control OF the mint
lge it only coins what it can hold at a
parity with gold. The profit, repre-
,enting the difference between the COM
nerciaI value Of the silver bullion and
the face value Of the silver dollar, goes
10 the government for the benefit of the
people. The government bought the
silver bullion contained in the silver
dollar at very much less than its coin
age value. 1t paid 1t out TO its credit
ors, and put it in circulation among
the people at its face value Of 100 cents
or full dollar. 1t required the people
to accept it as legal tender, and is
thus morally bound to maintain 1t at a
parity with gold which was then, as
now, the recognized standard with Us
and the most enlightened nations Of
the world. The government having
issued and circulated the silver dollar,
it must in honor protect the holder
from loss. This obligation il has so
far sacredly kept. Not only is there
moral obligation, but there is legal
obligation, expressed in public statute,
10 maintain the parity.
THEY COULD NOT BE KEPT AT PAR
These dollars, in the particulars /
have named, are not the same as the
dollars which would be issued under
free coinage. They would be the same
in form, but different in value. The
government. would have no part in the
transaction, except to coin the silver
bullion into dollars. 1t would share in
no part of the profit. 1t would take
upon itself no obligation. 1t would
not put the dollars into circulation IL
could only get them, as any citizen
would get them, by giving something
for them. IL would deliver them TO
thos.. who deposited the silver, and its
connection with the transaction there
end Such are the silver dollars which
would be issued under free coinage OF
silver at a ratio of Is to l.
Who would then maintain the par
ity? What would keep them at par
with gold? There would be no Obli-
CATION resting upon the government to
do il, and if there were, il would be
driven to a silver basis-to silver mono
metalism. These dollars, therefore,
would stand upon their real value. II
the free and unlimited coinage Of silver
at a ratio of Is ounces of silver TO one
ounce of gold would. as some of its advo-
Gates assert, make 53 cents in silver
worth 100 cents, and the silver dollar
equal to the gold dollar, then we would
have no cheaper money than now, aud
it would be no easier to get. But that
such would be the the result is against
reason and is eontradicted by expert
ence in all times and In all lands. 1t
means the debasement of our currency
to the amount of the difference between
the commercial and coin value Of the
silver dollar, which is ever changing,
and the effect would be to reduce
property values, entail untold finan-
cial loss, destroy confidence, impair the
obligations of existing contracts, fur
ther impOverish the labOrers and pro-
dueers Of the country, create panic of
unparalleled severity, and infict upon
trade and commerce a deadly blow.
Against any such policy ! am unalter-
ably opposed.
| BIMETALLISM.
| Bimetallism can not be secured by
independent action on our part. 1t
can not be obtained by opening our
minis to the unlimited coinage Of the
silver of the world, at a ratio of ID
ounces of silver 20 one ounce of gold,
when the commercial ratio is more
than 50 ounces of silver to one ounce OF
gold. Mexico and China have tried
the experiment. Mexico has free coin
age of silver and gold at ratio slight
ly in excess of 164 ounces of silver to l
ounce of gold, and while her mints are
freely open to both metals at that ratio,
not single dollar in gold bullion is
coined and circulated as money. Sold
has been driven out of circulation in
these countries and they are on silvel
basis alone.
Until International agreement j:
had, il is the plain duty of the United
States to maintain the gold standard
1t is the recognized and sole standard
of the great commercial nations of thu
world, with which we trade, nOrs
largely than any other. Eigbty-foul
Der cent. of our foreign trade for tbs
fiscal year 1895 was with gold standard
countries, and our trade with other
countries was settled on gold basis,
HAVE NOW MORE SILVER THAN GOLD
Chiefly by means of legislation dur
, ing and since 1878, there has been put
in circulation more than S624, ,0O0, 900 o
silver, or its representative. This ha
been done in the honest effort TO Civ
to silver, if possible, the same bullion
and coinage value, and encourage tn
concurrent use of both gold and silve
D as money. Prior to that time ther
! had been less than nine millions G
{ silver dollars coined in the entire his
:, tory of the United States, a period {
50 years. This legislation secures tn
: largest use of silver consistent with
= nancial safety and the pledge to mali
= tain its patty with gold. This has bee
u accomplished at times with grave per
> to the public credit.
; The so-called Sherman laws ought {
:, use all the silver product of the Tn
: ted States for money at its market valu
+ From 1880 to 1898 the government pa
: chased 100000 ounces a month,
q 100000 ounces a year. This W;
Is one-third of the product of the wOrl
ie and practically all OF this country
produet. 1t was believed by tho
who then and now favor free eoinal
K that such use of silver would advanS
,e its bullion value TO its coinage valu
n. but this expectation was not realize
ne In a few months, notwithstanding q
X unprecedented market for the silv
re produced in the United states, Il
,e price of silver went down very rapid
III reaching lower point than ever
- | eo-a rrt,ar, nDOn tho oornr1anfati,