The American guide., 1896-08-22

thu free coinage of silver will greatly In
jurc 1t is the depositors in savings M
stitutions and kindred organizations, VINO.
according to official statistics. number
nearly 100000 people. ard whose oe, e
posits amount to more than S.sooVV.oVo'
WIN you cheat them by reducing the value
and purchasing power of the dollars they
have deposited?
Free coinage will also wipe out nearly
one-half of the value of life insurance
which provident people Of the United states
have paid to secure In case OF their deatn
some support and protection to wife ana
children. 1t will affect in1uriously the
multitude OF clerks and employees who de-
pend upon monthly pay and Will reduce
the purchasing power of all salaries OF
officers and employees in the public service
OF the United States and of every state,
county, city or township in this broad land.
But by far the greatest injury resultlnl.
from the free coinage of silver Will ran
upon workingmen. Their wages are now
based upon money of the highest value.
upon gold coin of standard value. Under
free coinage of silver the value OF the
silver dollar will fall to 60 cents In gold.
or as | have already said, the 100 cents
OF the gold dollar will be worth 1874 cents OF
the silver dollar. With free coinage OF sill
yer every workingman can ana ought 10
demand enough silver for his daily wages
to be equal to the purchasing power of
his present wages in gold. The struggle
between workingman and employer VIII
then commence, and no one knows better
than the workingman how difficult II Is to
get an advance of pay. We have strikes
and strife enough now, when the work.
lngman gets his pay in gold coin or Its
equivalent, but what will be the condition
when he Is paid in cheaper money OF the
same nominal amount, but of less pur-
chasing power7 Every sentiment of JUS
tIce will be on the side of the workingman
In his struggle for good money or Increased
wages In cheap money. or all the eViis
which government can infllct. none can
be greater than cheap money, whether OF
coin or paper. That dollar is the best doll
lar that buys the largest quantity of food
and clothing That dollar Is the gold dol
lar, for II buys more food and clothing
than any other dollar. and Will also buy n
silver dollar for 5S cents, II the coinage or
silver IL made free at the ratio of l6 to
| Of gold, Experience has shown that the
United States can make the silver dollar
buyas much as the gold dollar butt can only
be done by the government buying silver
bullion as needed and coming 1t into dollars
on government account. This has been tried.
Every country OF Europe. except possibly
Russia, republics and monarchles alike.
maintain tho gold standard and silver
coins at parity with gold at even less
ratio than the United States. and now Rus
sla has boarded over s4O0000.0 900 of gold In
preparation for the gold standard which
she will adopt
We have now in the treasury belonging
TO the government over $40, 900 silver dol
| lars represented by certificates and also
| silver bullion costing over sllS.o0o.0o0 IN
| treasury notes In active circulation ana
maintained nt par with gold at the ratio
| OF 10 to I. The free coinage Of silver
| Is an invitation not only to American
| miners, but to all miners or holders OF
| silver In the world to deposit their silver
in the mints of the United States and to
receive in exchange therefor silver dol
lnr for every 4l2ia grains of standard Sill
yer deposited. But that silver Is worth
IN tho market only 50 cents. Why should
we receive this bullion from the owners
Of silver mines at nearly double It's mar
kit value when we have such vast hoard
In the treasury, which we hold with uiHi-
culty at par with gold? Tho only object ana
effect OF this measure will be to degrade
tho dollar, to lessen Its purchasing power
nearly one-half. to enable debtor, 10 pay
their debts AZ b3 cents FOR au6llnr xnd
10 cheat the public creditors who hold our
bonds. II this policy should be adopted thd
United States will take Its place among
tho nations OF the earth as bankrupt,
closing its business at % cents on tho dol
la-.
There Is another clement Of meanness
In this free coinage of silver. The United
gtates has always paid Its bonds In goiu
coin or Its equivalent. In the darkest hours
OF the civil war we stipulated to pay our
bonds, principal and interest In gold, or
| its equivalent, All Of tho war debt mas
been paid In this way. A portion OF y was
p,id BY the sale of bonds bearing lower
| rnte Of interest, but we cxacted from tho
| purchasers OF these bonds gold coin or
| its equivalent even while our notes were
below par in coin. About SSH, 100000 OF these
| securities arc now outstanding, OF which
,2c2 geo 900 was sold by this administration
and paid for In gold coin. II Is one OF the
objects Of those who advocate tho frco
coinage OF silver TO force the govcrnmcht
TO pay these bonds in silver coin reduced
In value. 1t is harsh to express thih opin
ion OF n measure favored by many goou
people, but | cannot regard II IN any otner
light hut as both u fraud and a robbery
and All the worse II committed by u great.
rich and free people A citizen who should
| commlt such an offonso would be punisncu
nv Tho courts or denounced az dishonest,
hut a nation like ours ia beyond tho power
of any tribunal but conscience anu you.
Now, fellow citizens. have sad an |
desire to say at present on tho ny eo",ss 10
~ silver. / have the confident nope mat
tho great body Of the republican ana DEM
ocratIc parties, representing the conserVa-
,Ivo clements OF our people, VIII stamp
their robuke upon this measure OF infamy
and thus preserve intact tho honor, mo
credit and glory Of our great country.
This matter Of tho free coinage OF siiVur
and the degradation of the standard OF
value Involves not only questions OF p'asry,
hut Of honor and good faith. WesS, tneir
honor Il involved the people nsvsr ran 10
respond. They have complied with every
promise and paid every debt contracted
since tho organization of the national gov
ernmont as II became duo. They have paid
f1ur.nftha OF tho debts contracted during
tho ciyil war. and the prospect was hope
ful that all OF 1t could be paid before tho
close Of this century. but this reversing
our standards OF value has like the fire bell
at night startled and alarmed our people.
Let us settle II by following the action OF
Washington, Hamilton. Jefferson, Benton,
Hunter, Lincoln and Grant let w maintain
silver and gold at par with each other az
tho legal ratio OF 10 TO until conference
among nations can prescribe common
standards OF value. In the meantime let
no net be done. no policy be adopted, no ex-
pcdlcnt rcsorted TO that will tarnlsh the
: honor Of this great republic.
A Fact About the silver Dollar.
Il is true that the silver dollar now