The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1896-10-23
THE FREE SILVER ISSUE.

The monetary question is, indeed, a sec
ondary issue in the campaign. I have,
however, my convictions in this matter.
The free and unlimited coinage of silver
dollars at ratio of 10 to by the United
States, independently of the other great
commercial nations, into dollars which
shall be made legal tender, will disturb
the whole business of the country, and
bring upon it a financial depression, far
beyond anything which we are now ex-
periencing.
/ am confronted with the pamphlet of
Archbishop Walsh of Dublin on "bimet-
allism," as a reply to my objection to the
silver resolution of the Chicago conven-
ton. The pamphlet of Archbishop Walsh
has no bearing whatever on the situation
in America. The archbishop discusses
bimetallism VS.. monometallism-andt that
only from one point of view, the effect of
recommendation upon the farmers con-
tracts under the land purchase act
in Ireland. He expresses no opinion
as to the ratio in which silver is
to be coined, and he manifestly presup-
poses that bimetallism would be brought
about under an international agreement.
He explains that India was unable to
keep up a silver currency Independently
of European nations. cit was impossible
for India to obtain loans that are abso-
lutely necessary for the development of
the country" and the reason was ''the
f1uctuation in the relative value of the
rupee" cit is the silver currency of Chi
na," he adds, 'that stops the making of
railways in that country" Walsh's
pamphlet is throughout a solid argument
against the Chicago platform To what
he says we might add that France and all
the countries of the Latin union together
were ultimately compelled to give
up bimetallism so long as other coun-
tries of Europe would not cooperate with
them.
The question before the people of Amer
lea today is the coinage of silver by this
country independently of great CONNER
cial nations Of the world at the ratio of
16 to 1. This ratio is the double of the
present commercial value of silver. The
consequences of unlimited coinage in these
circumstances are easily perceived.
The one hope of the silver party is ''that
under free coinage we will raise The value
of silver to $1.29 an ounce, measured in
gold" On what authority is this said?
| On that of mere words of the men who
| make the assertion. The experience of our
own country contradicts the assertion.
The purchasing of 100000 worth of
bullion per year under the Sherman act
was not able to prevent the fall in the
| value of silver from overa dollar an ounce
to it's present low value. The experience
| of France contradicts the assertion;
| France, with all the countries of the Latin
union, had 10 give up the coinage of silver,
| lest, overloaded with the silver of the
| world, it should lose all it's gold. Common
sense is against the assertion. Silver is
now produced in such quantities at such
small expense of production that it's value
can not be kept up to it's former standard.
| And is the whole business of America to
be imperilled by leap into an expert
ment which those very men who advo-
cate it confess to be only an experiment,
and which experience and common sense
condemn?