The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-08-27

the face value OF the silver dollar goes
to the government for the benefit of
the people. The government bought
the silver bullion con ntained In the sill
yer dollar at very muoh less than Its
coinage value, IL paid II out TO Its
creditors and put IL in circulation
among the people at its face value of
100 cents, or a full dollar IL required
the people to accept ht as a legal ten
der and Is thus morally bound to
maintain " at a parity with gold,
which was then. as now, the reoog-
nized standard with US and the most
enlightened nations OF the world. The
government, having issued and circu-
lated the silver dollar. IL must. in
honor, protect the holder from loss.
This obligation. II has so far sacredly
kept. Not only Is there a moral OBJ
legation. but there Is legal obliga-
tion expressed in public statute to
maintain the parity.
These dollars, In the particulars i
have named. are not the same as the
dollars which would he issued under
free coinage. though II would be the
same In form but different IN value
The government would have no part
In the transaction. except to coin this
share In no part OF the profit. II would
take upon itself no obligations II
would not put the dollars into circula-
tion. IL could only get them as any
citizen would get them, by giving
something for them. II would deliver
them To those who deposited the silver
and its connection with the transact
tlon there ends. Such are the silver
dollars which would be issued under
free coinage OF silver at a ratio OF l6
to /. Who would then maintain the
partly What would keep them at par
with gold? There would be no obliga-
ton resting upon the government TO
do II. and II there were, II would be
powerless to do II. The simple truth Is.
we would be driven 10 a silver basis
to silver monometallism. These dol
lars, therefore. would stand upon their
real value II the free and unlimited
coinage OF silver at ratio OF Is ounces
Of silver TO one ounce of gold would.
as some OF its advocates assert. make
80 cents in silver worth 100 cents and
the silver dollar equal to the gold dol
lar. then we would have no cheaper
money than now and II would be no
easier to get. But that such would be
the result Is against reason and is con-
w NAB'iiNH'N III
and in all lands. IL means the debase-
ment Of our currency to the amount OF
the difference between the commercial
and coin value OF the silver dollar.
which Is ever changing. and the effect
would be to reduce property values,
entail untold financial loss. destroy
confidence. impair the obligations of
existing contracts, further impoverish
the laborers and producers OF the coun-
try, create panic OF unparalleled Sc
verify and inilict upon trade and COM
merce deadly blow. To any such
policy l am unaiterably opposed.
"Bimetail'sm cannot De secured by
independent action on our part. IL
cannot be obtained by opening our
mints TO the unlimited coinage or the
silver OF the world AT ratio OF 10 10
l, when the commercial ratio Is more
| than 80 ounces OF silver to one ounce
| OF gold. Mexico and China have tried
the experiment. Mexico has free coin
age or silver and gold at ratio slight
ly In excess OF 16ls ounces OF silver to
one ounce OF gold. and while her mints
are freely open to both metals, at that
ratio, not single dollar In gold bull
lion Is coined and circulated as money.
Gold has been driven out OF circula-
tlou III tutst t'uHiiits, anu th'y ait
on a silver basis alone. Until interna-
tional agreement is had. II Is the plain
| duty OF the United States to maintain
the gold standard. 1t is the recognized
| and sole standard Of the great COM
mercial nations OF the world. with
which we trade more largely than any
| other. Eighty-four per cent. OF our
| foreign trade for the fiscal year 1895
| was with gold standard countries and
| our trade with other countries was set
| tied on a gold basis.
| "Chieny nv means of legislation
| during and since 1878 there has been
| nut I'm circulation more than 1924. .O00.-
oOO Of silver. or its representative.
This has been done In the honest ef-
| fo,tto give To silver AZ possible the
same bullion and coinage value. and
| encourage the concurrent use of both
gold and silver as money. Prior To
that time. there had been less than
| nine millions OF silver dollars coined
| i'm the entire history OF the limited
| states. a period OF 50 years. This leg
| isIa,ton secured the largest use Of sil-
yer consistent with the financial safe
ty and the pledge To maintain its uar-
ity with gold. We have to-day more
silver man gold. This has been ac-
compllshed at times with grave merrill
| 10 the nubIic credit The so-calIed
sherman law Sought TO use ali the
| silver uroduction Of the IInIte,i States
/ g.. ,.,,'.,a,, !, a.. 80 -, ,,a,,,. u,,.