Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1896-09-03

government and not for private accoun
or gain, and the government has sol
EMMY agreed 10 keep them as goo n
the best dollars we have. The govern
ment bought the silver bullion at it.
market value and coined it. Having
leXclusive control of the mintage It only
coins what it can hold at a parity with
gold. The profit representing the differ.
ence between the commercial value OF
the SILVER bullion and the face value OF
the silver dol lar, goes to the gov'ment
tor the benefit of the people. The GOV
ernment bought the silver bullion con
tanned in the silver dollar at very much
less than its coin 'ge value 1t paid il
out to its creditors, and put it in cir
culation among the people at its face
value of 100 cents, or a full dollar. II
| required the people to accept it as n
legal tender, aud is thus morally bound
to maintain it at parity with gold,
which was then, and is now, the recog-
| nized standard with us and the most
enlightened nations of the world. The
government having issued aud circu-
lated the silver dollar it must, in hon
or, protect the holder from loss. This
obligation it has so far sacredly kept.
Not only is there moral obligation
bu' there is legal obligation eXpre.s.
ed in public statute to maintain parity
These dollars, in the particulars
have named, are not the same as the
dollars which would be ISSUED nnder
free coinage. They would be the same
in form, hut different in value. The
government would have no part in the
transacli"n, except to coin the silver
bullion into dollars. 1t would share in
no part of thu profits. 1t would take
upon itself no Obligations. 1t would
not put the dollars into circulation. 1t
could only get them AS any citizen
would get them, 10y giving something
for them. 1t would deliver them to
those who deposited the silver, and
its connection with the transaction
there ends. Such are the silver dollars
which would be issued under free coin
age of silver at ratio Of Is to one.
Who would then maintain the parity?
What would keep them at par with
gold: There would be no obligation
resting upon the government to do it,
and if there were it would he power
less to do it. The simple truth is, we
would be driven to n silver basis-tO
silver mon0metallism. These dollars,
ther eforc, would stand upon their real
value. If the free and unlimited
coinage of silver ut a ratio of Is to one
would, as some of its advocates assert,
make 53 cents in silver worth 100 cents,
and the silver dollar equal to the gold
dollar, then we would have no cheap
err money than now and II would he
no easier to get.
But that such would he the result is
against reason and is contradicted by
experience in all times and in all lands
1t means the debasement of our cur
rency to the amount of the difference
between the commercial and com val
ue of the silver dollar, which is eyer
changing, and the effect would he to
reduce property values, entail untold
financial loss. destroy confidence, inn
pair the obligations of existing con-
tracts, further impoverish the laborer-
and producers of the country, create a
pane of unparalleled severity and in
flict upon trade a commerce deadly
blow. To any such policy am unal-
terably opposed.
Bimetallism cannot be secured 10y
independent action on our part. 1t
cannot be obtained by opening our
mints to the unlimited coinage Of the
silver Of the world at IA ratio of is to |,
when the commercial ratio is more
than 90 ounces of silver to one ounce
Of gold. Mexico and China have tried
the experiment. Mexico has free coin
age Of silver and gold at aratio slightly
in excess of 49, to l, and while her
minis are freely open to both metals,
at that ratio, not Il single dollar in
gold bullion is coined and circulated as
money. Gold has been driven out OF
circulation IN these countries, and they
are on n silver basis alone. L util inter
nationalism agreement is had, il is the
plain duty of the United States to
maintain the golu standard. 1t is the
recognized and sole standard of the
great commercial nations of the world,
with which we trade more largely than
any other. Eighty-fonr per cent. of
our foreign trade tor the fiscal year 1895
was with gold standard countries. AID
our trade with other countries WAS set
tied on gold basis.
Chiefly 10y means of legislation dur
ing end since 1878 there has been put
in circulation more than 1924 OOO, 900 of
,iIv.r nr IL. rnprpSnniative This has