The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-16


Senator Jones. OF Nevada, In debate n TIE
senate. on June IL 1s74. said: I am opposed
20 airy proposition. come IN whatever form
e may. thai attempts 20 override what
God himself has made for money. be-
iieve the sooner ve come down 20
purely gold standard the better y WIN be sor
the country On April l. 1874. he said:
Does this congress mean now 20 leave
entirely out Of view ard Discard forever
a standard Of vaiuse And what bit geld
can be that Standard What other thing
On earth possesses the requisite qualities,
Gold In the articulation Of commerce. II
IL the most potent agent Of civilization
Il Is god that has lifted the nation from
tarba-fsm. Il is the common denornsnator
Of values. Il MAKES possible the cIasstaca-
ton Of labor and the interchange OF COM
mobiles. Gold has intervened In bargains
made between men since the dawn OF civ
iszation. and 1t has never failed 70 faith
fully I'll IT'S part az the universal agent
and servant OF mankind The value OF
gold IS not affected by the stamp OF the
government
Senator Stewart. OF Nevada, on the
same subject, on the 18th CT June, 1874,
said: SIR. the laboring man and the pro-
dccer is entitled 10 have his product and
his labor measured by the same standard
Of the world that measures your national
debt Give him such a standard Give
him such money as you require from him.
You require Il from the producer: you re-
ouire il from The laborsng man. gold 10
pay the interest on your national debt,
which In right. which cannot be avoided
If you mean 10 save this national honor.
but then give him the came money
with which to pay that debt. The
question VIII never Be settled until you
determine the simple question whether
the iaboring man 10 entitled to have
gold dollar tf he earns IL, or whether you
are going TO cheat him with something
else. That IS the npshot Of the whole
thing. Everybody has to say that the
lahoring man was entitled TO a gold dol
lar. That was fought over. They will
fight IL over again. and the same party
will win. There have been great many
battles fought against gold, but gold has
won every time. Gold never has compro-
missed. Gold has made the world re-
spect IL all the time. The English peo-
pie thought they could get along without
geld for a while, but they had TO come
back 10 It.
Why Nevadans Changed Their Minds.
ION June /, 1874, Senator's Jones and
Stewart and all the representatives Of tho
silver states were urgent and hottest in
saying that gold was the best and only
standard of value. but they changed their
minds when the largely Increased and
increasing production OF silver in Nevada
and other states reduced the market
value OF silver below that of gold al the
established ratio OF Is TO /. They then
wanted market for their silver. They
wanted to pay existing debts and obliga-
tons contracted upon the gold basis In
silver, but took care IN their contracts
10 stipulate for the payment OF gold in
them, and this has been and Is now the
general practice In the silver states.
The Fall OF silver.
when the coinage law Of 1878 was en-
acted, all Of the states except those on
the Pacific coast conducted their business
upon the basis OF greenbacks or United
States notes. then at a discount Of about
Is per cent. Neither silver nor gold was
used In domestic transactions. but we
collected our customs duties IN gold coin
and conducted our foreign commerce In
gold. the money OF the world. 1t was
not until January. 1875. that the nrrt step
was taken to resume specie payments. nor
did we resume until January. 1879. Dur
Ing this period silver rapidly fell In mar
ket value below gold at the ratio Of 10 to !.
Prior and subsequent 10 1873 many
changes were made In coinage by the
leading countries of the world. Germany
In 1871 changed its standard from silver
TO gold. France. Italy. Switzerland and
Belgium had In 1865 entered into q treaty
called. the Latin Union. to which others
became parties. and by which the coin
OF each OF these countries were received
and paid by all OF them. This important
arrangement was first modified and finally
abandoned. and gold became the stand
ard OF value OF those countries. but In all
silver was coined and largely used as
subsidiary coin, precisely as In the United
States.
The land-Aliison Law.
I'm anticipation Of the resumption of
specie payments, the resumption act OF
1915 provided silver coins OF dimes, quar-
tiers and half dollars for the redemption
OF the fractional currency then In general
use IN our country Those new silver
coins gave great satisfaction. They were
limited In legal tender qualities to SO.
At this time Mr.. Bland. OF Missouri. in
troduced his bin for the free coinage OF
silver at the ratio OF 10 10 j. on the de-
mand of the holders OF silver bullion.
Silver had then declined below that ratio.
The ounce of gold Was worth more than
sixteen ounces OF silver. The Bland bill,
IL II had become law as II passed the
house would have demonetized gold. Such
was not the purpose OF congress- When
the bin came 10 the senate an amend
rnent was made, on the motion OF Senator
Allison, which changed the scope OF the
bin and authorized and directed the secre-
tary OF the treasury to purchase from
time TO time silver bullion az the market
orses not less than s. 600. 900 nor more
than 5000 600 per month. and cause the
same TO be coined into silver dollars as
fast as purchased IL also provided that
any holder OF the coin authorized by that
act might deposit the same with the
treasurer OF the United States IN sums
not less than $40. and receive coin certtf1-
cafes therefor OF not less than SO each,
ana that the coin deposited should be re-
talned IN the treasury for the payment OF
the certificates on demand. The bin, as
amended. passed both houses. 1t was
known as the Bland~Allison act. X
greatly added to the difficulties Of re-
sfewptlon, and for that reason was vetoed
BY President Hayes. but became u law
over his veto Under its provisions the
United states purchased over 29i,eo. 90
ounces Of silver at the cost OF S3os. "a 30.
II was hoped that this enormous purchase
would arrest the decline OF silver. but in
vptta of II silver steadily declined in mar
kes value and at the present price the
loss 20 the government on the purchase
81 silver under this act amounts 20 over
sieo0oooA.
The So-Calied sherman Law.
.sw-hen congress met IN December. 1883.
there was a strong desire IN both houses
70 utilize silver as legal tender money
under conditions that would not demon
effve wold As the result Of long discus
s.ens In both houses ard after a confer
eree between them, bsll was passed %
July "a. 1880. by which the secretary 81 the
treasury was directed 20 purchase from
gate q NJ 90 ounces a month az the
market price. and 20 issue IN payment
sor such purchases treasury notes 81 the
United States. which were made a legal