The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-16

CnllGren.-JOIn u Chli49'N'
were compelled to purchase with their
wages, my purpose at the present niO-
rnent being simply to prove by our own eX-
nerience. that it is impossible TO retain
i'm circulation at the same time IeBal ten
der god and silver coins Of the same de-
nomination at any ratio which does not
correspond with the actual commerclai
values Of the two metals in the markets.
of the world. and that, therefore the Tree
and unlimited coinage OF legal 'ehuef
silver by the United States alone at 'Ie
ratio OF 16 to l. when the true CONNER
cial ratio is about 81 to !, would instantly
contract the currency by the expulsion
nj all the gold now in the country. ii the
over valuation Of silver to the amount
OF a little over / per cent in the coinage
law OF 1872 expelled gold and established
silver monometallism, and II the over
valuation Of gold to the extent OF less
than ! per cent. in the acts OF 1879 anu
1881 expelled silver from circulation ana
established gold monometallism, IS not
the conclusion irresistible that lhe Tree
and unlimited coinage OF legal tehder Sill
yer at the present time, at an over Ndlud-
ton Of nearly 100 per cent. would at once
place the country upon monometaliic
silver basis? This question does not seem
Ia me 10 be open TO serious argument,
and when il is proposed that the United
states shall In defiance OF our own e%-
perience during a period OF eigh'y-hlhe
years. and I'm defiance or the experience
OF other nations during many centuries
authorize the free coinage of legal tender
silver at such a ratio, it Is the duty or
the people. and especially the duty OF the
iaboring people. TO pause before II is 100
late and carefully consider whether they
will determine to overthrow their exist
nd &c
place the deprecated silver monometal-
| ism of Asia and Mexico and the small
| states and Republics of Central and
| South America, with their low rates OF
wages and their high rates of exchange.
| Under the coinage act OF 1892 we had Sill
| yer but no gold and under the acts OF
| 1894 and 1887. with free-coinage OF both
| metals. we had gold but no silver, ex-
| cept the token subsidiary coins after 1893.
| while now, with gold as the standard and
| limited coinage Of silver. we have both
gold and silver as full legal tender money
| i'm larger amounts than ever before in
| our history. and the coins Of the two
metals are kept equal in purchasing power
by the credit and resources OF the Gov
eminent, Notwithstanding the difference
| in their nsrinsic value
THE REAL QUESTION.
We have now about s62OOo0.OoO in gold,
and Sls. 1000 600 in full legal tender silver,
| besides SIS 2lG67, in subsidiary silver
| coins. which are legal tender in pay
ments not exceeding SO, and the real
question Tor the people 10 decide Is
whether they will continue 10 use the
coins u both metals or adopt monetary
| system which always has and always viii
drive one Of them out of the country. l
am not here, therefore. this evening 10
advocate the exclusive use OF gold coin
as money. or TO oppose a conservative
and safe use OF silver coin as money along
with gold and at a parity with gold, but
| am here 10 insist that we shall not
| abandon the present legal standard OF
| value. expel all the gold from the coun-
| try, and adopt silver monometallism, with
free coinage of nominal dollar worth
intrinsically only 81 or 50 cents. l am
here TO insist that the minis OF the
| United States which were constructed
ana are maintained and operated at the
expense Of ali the people, shall not be
, used for the exclusive benefit OF the
owners Of silver bullion under a law Civ
ing them the right TO have 81 or 80 cents
worth OF their silver coined free Of charg,
| and stamped as a dollar. and compelling
| YOU and all others 10 receive IT from
| them as a dollar. All the minis OF the
| United States. operated TO their fun capa
| city, and doing no other work. could no.
coin into standard silver dollars two
thirds OF the annual production OF silver
i'm our own country, but. notwithstand
ing this II L. seriously proposed TO offei
free coinrro to all the silver IN the worl,
AZ a legal valuation almost double q
commercial value In the markets OF the
foreign countries where II IL produced
The annual production Of silver ~ TIT
| world Is about t1& %. ~ q cur eolninl