The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-09-04

would be driven to . silver basls-to silver
monometallism. These dollars, therefore,
would stand upon their real value. Il the
free and unlimited coinage Of silver at
ratio Of sixteen ounces Of silver to one
ounce Of gold would. a. some Of Its advo-
cates assert, make IS cents IN silver worth
100 cents and the silver dollar equal to the
gold dollar, then We would have no cheaper
money than now and It would be no easier
to get. But that such would be the result
perience In all times and In all :ands. It
means the dcbasement Of our currency to
the amount of the difference between the
commercial and coin value Of the silver dol
lar which Is ever changing, and the effect
would be to reduce property values. entail
pair the obligations Of existing contracts,
further mpoverish the laborers and pro.
ducers OF the country, create a panic Of un-
paralleled severity and inflct upon trade
and commerce deadly blow. Against any
such policy am unalterably opposed.
Dimetallism. II
Bimetallism cannot be secured by indepen.
dent action on our part. It cannot be OBJ
taincd by opening our minis to the un-
limited coinage Of the silver Of the world
at q ratio Of sixteen ounces of silver to
one ounce Of gold when the commercial
ratio is more than thirty 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 slightly In
silver to one ounce Of gold, and while her
mints are freely open to both metals at
that ratio, notsa single dollar In. gold bull
lion is coined and circulated as money. Gold
has been driven out Of circulation In these
countries, and they are on a silver basis
It is the plain duty 81 the United states
to maintain tie gold standard. 1t is. the
recognized and sole standard Of the great
commercial nltions Of the world, with
which we trade more largely than any
other. Eightyfour per cent Of our foreign
trade for the fiscal year, 1895, was with
gold standard Countries and our trade with
other countrle1 was settled on gold basis.
We Now Have More Silver Than
Gold.
Chiefly by means Of legislation during and
since 1873 thefe has been put in circulation
more than $64 ,O00. 600 Of silver or Its repre-
sentative. This has been done in the honest
effort to give to silver II possible the same
bullion and pinage value and encourage
us money. Hior to that time, there had
been less thin 100000 of SILVER dollars
coined in tho entire history of the United
States, perpd Of eighty-nine years. This
legislation semres the largest use Of silver
consistent with financial safety and the
| pledge to mantain its parity with gold.
We have to-dy more silver than gold. This
has been accomplished ut times with grave
| peril to thepublic credit. The so-called
| Sherman law sought to increase all the
silver produ4 of the United States for
l money at Its market value. From 1880 to
| 1903 the go4rnment purchased 4.5OO.OOO
| ounces of silver a month or 54,O0O,OOO
1 ounces yea This was one-third the pro-
duct Of the world and practically ali Of
/ this cOuntryI product, 1t was believed by
those who tim and now favor free coinage
that such lite Of silver would advance Its
bullion valY to Its coinage value, but this
expectation was not realized. In few
months, Notwithstanding the unprecedented
market forthe silver produced in the United
States, thaprice Of silver went down very
rapidly, raching lower point than ever
before. TIN, upon the Recommendation Of
President leveland, both political parties
united In the repeal Of the purchasing
clause Of til Sherman law. We cannot with
safety engge In further experiments in
this directib.
TIN Double Standard
On the n Of August, 1891, in public
address, hid: IF we could have all In
ternational Eatio which all tie leading M
ticns of th world would adopt, and the
true relatih be fixed between the two
metals andil agree upon the quantity OF
silver yhiclshould constitute Il dollar, then
silver wouldbe as free and unlimited in Its
privileges oIcoinage Us gold Is to-day. But
that we haf not been able to secure, and
s,ith the FRI and unlimited coinage Of sill
yer adopted in the United States at the
present ratt we would be still further re-
moved from any international agreement.
We may n{er be able to secure it II we
enter upon the isolated coinage Of silver.
The donblebtandard implies equality ut a
ratio, end INT equality can only be estab-
lished by t1 concurrent law OF nations. 1t
was the clcurrent law Of nations that
made the duble standard; 1t will require
the concurht law of nations to reinstate
and sustaint.
1t Favorathe Use of silver Money.
The Repqican party has not been and
Is not noWopposed to the use of silver
money as ] record abundantly shows. It
has dose al that could be done for its in
creased usdwith safety and honor Of the
United Stat, acting apart from other gov
: ernments here IRE those who think that
It has alr&y gone beyond the limit Of
financial pNence. Surely we can 60 no
further, aI we must not permit false
. lights to lui US across the danger line.
We have uch more silver in use than
any countrlin the world except India or
China-SJOOpO,O more than Great
Britain; 100000 more than France;
$500, 600 OO0hore than Germany; 1925, O0O.-
900 less ttA India, and $125. 600 less
than China The Republican party has de-
clared In flor Of an international agree
J ment. and objected president 1t will be my
duty to emmy oil proper means to promote
It. The fresoinage Of silver in this coun-
: try would der, II hot defeat, international
. bimetallismI and until an international
, agreement IN be had every interest re-
quires US tohaintain our present standard.
Independentree coinage of silver at a ra-
ito Of sixted ounces Of silver to one ounce
. of gold wou insure the speedy contraction
i of the volue Of our currency. It would
drive ut let 500, 100000 Of gold dollars
p which we nv have permanently from the
J. trade Of thcountry and greatly decrease
2 our per capI circulation.
): It is not pposed by the Republican party
: to take froIthe circulating medium Of the
country th$ilver we now have. On the
contrary, itb proposed to keep nll Of the
: silver monehow In circulation on parity
!. with gold bmaintaining the pledge Of the
{ governmental all of It shall be equal to
gold. This Is been the unbroken policy Of
9 the Republic party since 1873. It has in
2 augurated ! new policy. 1t will keep in
Il circulation N aa cool aa s,ald nil of the