The herald., 1896-08-27


1t was believed by those who then and
now favor free coinage that such use of
silver would advance it's bullion value to
its coinage value, but this expectation
was not realized. In few months, not
withstandlng the unprecedented market
for the silver produced in the United
| States, the nrice of silver went down
very rapidly, -eaching lower point than
ever before. Then upon the recommen-
dation of President Cleveland both polit-
ical parties united in the repeal of the
purchasing clause of the Sherman law
We cannot with safety engage in further
experiments in this direction
THE DOUBLE STANDARD.
On August %, 1891, in public address,
I said: "If we could have an interna-
| tional ratio, which all the leading ma
tions of the world would accept, and the
true relation be fixed between the two
metals, and all agree upon the quanti-
ty of silver which should constitute a
dollar, then silver would be as flye and
unlimited in its privileges of coinage
as gold is today. But that we have not
been able to secure, and with the free
and unlimited coinage of silver adopted
In the United States at the preent ratio,
we would be still further removed from
any international agreement. We may
never be able to securei it if we enter
upon the Isolated coinage of silver. The
double standard implies equality at a
ratio, and that equality can only be es-
tablished by the concurrent law of ma
tions 1t was the concurrent law of ma
tions that made the double standard; it
will ranl1jra tho 10 oF
tions to reinstate and sustain it,
FAVORS THE USE OF SILVER.
The Republican party has not been,
and is not now, opposed to the use of sill
yer money, as it's record abundantly
shows. 1t has done all that could be done
for its increased use with safety and
honor by the United States acting apart
from other governments. There are
those who think it has already gone be-
yond the limit of financial prudence.
Surely we can go no further, and we
must not permit false lights to lure us
across the danger line.
MORE THAN OTHER COUNTRIES.
We have much more silverain use than
any other country in the world, except
India or China-S500, 900 900 more than
Great Britain; $150,00O,OO0 more than
France; $4OO, 900, 900 more than Ger
many; 1925, 100000 less than India and
$125,000,0C0 less than China. The Re-
publican party has declared in favor of
an international agreement, and if elec-
ted president, it will be my duty to use
all proper means to promote it. The
free coinage of silver in this country
would defer, if not defeat, international
bimetallism, and until an International
agreement can be had every interest re-
quires us to maintain our present
standard
Independent free coinage of silver at
ratio of sixteen ounces of silver to one
ounce of gold would insure the speedy
contraction of the volume of our cur
rency. 1t would drive at least SOC, 900 900
of gold dollars, which we now have, per-
manently from the trade of the country
and greatly decrease our per capita cir.
culation. 1t is not proposed by the Re-
publican party to take from the circulat-
ing medium of the country any of the
silver we now have. On the contrary.
1t Is proposed to keep all of the silver
money now in circulation on a parity
with gold by maintaining the pledge of
che government that all of it shall be
equal to gold. This has been the un-
broken policy of the Republican party
since 1878. 1t has inaugurated no new
policy. 1t will keep in circulation and
as good as gold all of the silver and pa
per moneys which are now included in
the currency of the country. It will
maintain their parity. 1t will preserve
their equality in the future as IL has
always done in the past 1t will not con-
sent to put this country on a silver basis.
which would inevitably follow indepen-
dent Tree coinage at ratio of Is to 1. IT
will oppose the expulsion of gold from
our circulation.
FARMERS AND LABORERs SUFFER
MOST
If thrre is any one thing which should
be free from speculation and fiuctuation
1T is the money of a country. It ought
never to be the subject of mere partisan
contention. When we part with our la
Dor our products or our property, we
shouiu receive in return money which
Is as stable and unchanging in value as
the ingenuity of honest men can make
II. Debasement of the currency means
destruction of values. No one suffers so
much from cheap money as the farmers
and laborers They are the first to feel
its bad effects and the last to recover
from them. This has been the uniform
experience of all countries, and here. as
elsewhei 2, the poor and not the rich are
the grea :er sufferers from every attempt
TO oeoase our money. 1t would fall with
alarming severity upon investments al
ready made; upon insurance companies
and their policy holders; upon savings
banks and their depositors; upon build
ing and loan associations and their mem
bers; upon the savings of thrift; upon
pensioners and their families, and upon
wage earners and the purchasing power
of their wages.
UNLIMITED IRREDEEMABLE Pa
PER MONEY.
The silver question is not the only issue
affecting our money in the pending con-
test. Not content with urging the free
coinage of silver, it's strongest cham
plons demand that our paper money
shall be issued directly by the govern
ment of the United States. This is the
Chicago Democratic declaration.
The st. Louis Peoples party declara-
tion is that our national money shall he
issued by the general government only.
without the intervention of banks of is
sue be full legal tender for tha no,,,,o,,+