The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-16


steadily directed to the establishment of
such safe system of bimetallism as will
maintain at all times the equal power Of
every dollar coined issued by the United
States in the markets and in the payments
of debts"
A SAFE COURSE.
This declaration made by congress and
approved by the president at a time when
the public mind was centered upon the silver
question is wise statement of public policy
that ought to be acted upon without regard
to party divisions. This bill passed house
of representatives fresh from the people by
the vote Of 239 yeas and lis nays, and the
senate by the vote of 43 yeas against 80 nays.
This act not a party vote, but it is, I
believe the expression of the opinion of a
majority of the two great parties of the
country.
And here. fellow citizens, we ought to
stand. | appeal to democrats and republic
sound and stable currency founded upon gold
leand silver. We cannot by law fix the value
of either metal or coin, or of any of the ar
ticles that enter into the wants OF life.
The great law of demand and supply af
fects the value as 1t does iron, copper or
zinc. All have fallen in market value by
means of new discoveries and improved
methods of production. have here state
ment of the director of the mint dated July
q. 1895, showing the amount and cost of sill
yer bullion purchased under the acts of 1878
and 1870 and its value at the present market
price, showing a shrinkage of over $l45,00O,-
900.
Hon. John H. sherman, Md0SQelQ, O1lO-
Sir: / have the honor to state in reply to
your letter of the 18th inst. that the aggre-
gate amount and cost of silver bullion pur-
chased under the act of Feb. Is, 1878, and
July II 1880, was follows:
Fine Ounces. Cost.
Act of Feb. g. '7S S291 272 01S Sc $3oS, 279 260 u
Act of July H. 80. 168. go So 155, s31 e02 20
Total SASS, s4s, 7O1 90 s464. 30, 2s2 ss
Worth at todays market price for silver.
W. W. s 1850, sa1s 2as 40 TX
Loss in purchase $i4o,S soz "a
Respectfully yours.
Director of the Mint
We had July last in actual circulation
among the people of the United States
81, ~, 200 as stated by the report OF the
treasury department which / Will read:
| AMOUNT IN CIRCULATION JULY 1, 1896.
Gold coin .-............ 456 LIS, 483
Standard silver dollars 52l15, 99S
Subsidiary silver ...--......-..-..- 81 S99 ,SO5
treasury Dsa nS1 notes act July IL isso ss217 ssl
United States notes .........-..--. 220 45l, 1853
Currency certificates, act June 8.
1892 .........-- .--..-.-......----. 81 o4v' w
National bank notes .............. 215, S31 ,927
Total 81. sos, 725, 200
We had about that date 1854 SIS, ss1 in the
treasury, mostly gold and silver, held for re-
demption OF United States notes and silver
certificates. as follows:
Gold coin JILL euS, Sse
Standard silver dollars. Sfo,6is,V45
Subsidiary silver - 1870, 976
Gold certificates .......-...... 49,, 430
Treasury notes. act July IA, 1890 "a, 465, 9l9
Silver certificates ..-.-.-......... u.3oS, 990
United States notes -.......... 121, 229, 658
Currency certificates, act June 8.
1892 ..........-.-........... lou, wv
National bank notes ... II, 668, $50
Total .. ...... 1854, 51s, su
All these forms of money have been main
tanned by the government at par with gold,
and they travel the circuit of the world with
out elimination of their purchasing power.
Though silver bullion has fallen to nearly
one-half its former value. vet we have used it
and maintained silver coin made from 1t
from parity with gold at the ratio OF 16 to 1.
DEMONETIZING GOLD.
But now we are brought face to face with
a proposition which agreed to viii make sill
yer the sole standard of value for all debts
and credits. for the wages of labor, and the
purchase and sale Of property. The demo-
cratic party, at its recent convention at Chi
cago. adopted a resolution in favor Of the
free coinage Of silver at the ratio OF 16 parts
of silver 70 I part OF gold.
We know that In tbs United States and in