Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-10-18

SOM argument from Messrs. Palmer and
Buekner in their recent speeches made
here, showing some excuse for their de-
parture from democratic principles and
desertion of the democratic party, and
becoming the allies Of the British against
American independence and American
free institutions.
Their excuse must of necessity have
arisen from facts appertaining to the
money question.
An apostate should be prepared to show
the error of his former and the truth of
his present position. When he goes over
the country asking people to give up the
convictions of lifetime and the tradi-
tons of their fathers in order to make
him the chief magistrate of 70000,000 of
people, I repeat--the people, the demo-
Gratis, expected to hear from those an
cient gentlemen some argument justify
ing their course.
But the democrats have been astounded
at the signal failure of the distinguished
candidates to present one single argu-
ment to justify their course, and the
whole of their speeches on the money
question were encouched in bald asser-
lions, broad assumptions and gl!ttering
generalties.
While boasting that they are the true
democracy, vet not one argument did
fact did they offer, to show that they
were democrats.
For anyone to assert that the free coin.
age of silver, and the use of it as standard
redemption money at a ratio of 16 to !,
is not an ancient, well-defined and accept
ed faith and practice of all democrats, is
a self-confesson of ignorance or an eff
fort to- mislead.
jefferson and jackson were democrats
one the founder and the other the OBJ
server of democratic principles. Jeffer-
son said the standard money of the coun-
try should be composed of both gold and
silver.
This was done by the act of congress
establishing our mint in 1892, silver being
coined a a ratio of Is to /, and remained
so through the administra tons of all the
presidents, including the democrats, JEFF
ferson, Madison, Monroe and Jackson
On the 18th of January, 1887, under Jack
sons administration, the ratio was
changed to 16 to |, and so remained until
the establishment of the gold standard
by the act of the republican congress of
1873
During all these eighty-one years the
unit of value was the silver dollar, and
there was no law authorizing, nor was
there any coinage of gold dollar a. our
mints until April, 1S49.
Hence there could be no single gold
standard under the law of the United
States, and there was no such practice
by any administration of the government
during this period: but bimetallism pure
and simple was observed in all public and
private financial transactions, and if sill
Yer was not used it was because 1t was
not possessed by the debtor, for he GER
tanly had the power and right under the
law to exercise his option to pay in the
metal he desired.
Thre was more gold than silver, and sill
yer bullion was difficult to obtain; so
much so, the decentralization of gold was
demanded by some European financiers.
The scarcity of silver was so great that
the United States had a law on the stat
ute books until 1857 making certain for
eign silver coins legal tender in the
United States
1t is conclusive that bimetallism, as the
democrats now contend for. existed in
this government and was practiced at
the ratios mentioned from 1892 to 1873.
General Palmer said in his speech, as
many have said in the last few years,
that the United States was on a gold
standard basis for forty years prior to
1873
How could this be in view of the laws +
have stated, and that bimetallism was at
the option of the debtor, and the unit of
value was the silver dollar, thus measur-
ing all values by the silver dollar. John
Sherman and the British thought that the
silver dollar was the unit of value, that
bimetallism was the right of the debtor
in the United States and that we were
not on a single gold standard.
Else, what was the necessity OF enact
Ing the law of 1873 changing the unit of
value from the silver to the gold dollar
demonetizing silver as money of final re-
demption and prohibiting to the United
States and the people thereof the option
of binetallism, which they had always
possessed until said act of 1873?
Why the necessity of the law of 1873 IL
such was not the case? The bold asser-
ton of General Palmer does not overturn
these facts and he should explain the ne
cessity of the law of 1873 and why the
gold standard could not be established
without it.
General Palmer asserted that the free
coinage of silver was an experiment. This
statement necessarily carries the idea
that Palmer has but little opinion of the
intelligence of the people of Alabama as
he intends to mislead. Free coinage ex-
listed in this country for eighty years
prior to 1873, and the parity between the
metals was maintained at he ratio of 16
to l, and free coinage has prevailed In
other nations. l challenge Palmer and all
gold standard men to show any nation
ever demonetized silver because it was
not on parity with gold at the legal
ratio.
l challenge Palmer and all gold stand
ard men to show any nation ever demone-
tized silver because it was deprecated
metal at the legal ratio.
l challenge Palmer and all othr gold
men to show silver was ever demonetized
by any nation because II would not circu-
late as current money among the mer-
chantS on parity Wltk gold at the legal
ratio.
In every instance where silver has been
demonetized the moving cause was not
that silver was not maintaining its parity
with gold in the avenues of commerce,
but the same was the result of the greed
selfishness and sordidness Of the money
holders and banks to increase the pur-
chasing power OF their dollar, and thus
increase their power over the laboring
and producing classes of the land and
subject all property and labor to the dom
ination of their own selfish interests
The principal point in General Palmers
speech was that silver was not on a pari-
ty with gold, and this is the stock argu-
ment of the gold men and money grab
bers. What is meant by parity in this
connection?
Certainly equality in performing the
functions of money
Every coined silver dollar OF the United
States is on parity with every gold dol
lar. 1t is alone the uncoined silver bull
lion that has been driven from the minis