Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1896-09-03


Ii, and II thsre were II would be power
less TO co II. ihe slIDpis truth u as
would be driven to SILVER oaSis-to sill
Yer monomet&AIsm, These dollars
therefore, would stand upon their real
value. IL the free and unlimited coin
age OF silver al = rate OF IL ounces VI
silver to / ounce " gold would az
some OF It's advoc~s assert, make 81
cents in silver worth LOO cents. and the
silver dollar equal to the gold dollar
then We would have no cheaper MONEY
than now. and II would be easier to get
But that sucn would be tbs result, Is
against reason and 10 contradicted by
experience IN Ali times and In all land $
1t means the deeases!ent OF our cur
reucy to the amount OF the Difference
between ths commercial and coin valus
OF the silver dollar. which is ever chang
Ing. and the eject would be to rsducs
property values, entail untold financial
loss. destroy confidence. impair the OBJ
legations OF existing contracts further
impoSertSh ths laborer and producers
OF the country. create panic OF ur-
paralleied severity and ihnict upon
trade and commerce a deadly blow.
Against any such policy ! AKA unsltsr-
ably opposed.
hmetallism
Blmetallism cannot be secured BY In
dependent action on our part Ii can
not be obtained by opening our mints IL
the unlimited coinage " the silver of tbs
world at ratio OF 10 ounces Of silver to
/ ounce Of gold, when the commercial
ratio Is more than ~ ounces Of silver to
l ounce OF gold. Mexico and China have
tried the experiment.. AeXico has frye
coinage OF silver and gold at 4 ratio
slightly in excess OF lSn ounces Of sill
yer 10 ounce Of gold, and while her
mints are free4y open to both metals al
that ratio. not single dollar in gold bull
non Is coined and circulated AZ money.
Cold has been driven out OF circulation
"a .hess countries, And they are on sill
Yer basis alone Untu International
agreement IS had II Is the plain duty OF
the United States to maintain the gold
standard 1t Is the recognized and sol
STANDARD OF the great commercial ma =
tons OF the world with which We trad q
more largely than any other. Eighty
four per cent Of our foreign trade for
the hscal year 1885 as with gold stand
ard countries. and cur trade with Other
countries WAS settled on a gold basis
Chieny by means Of legislation, during
and since 1875 there has been put in cir
culat!on more than $e5% oso. 900 Of silver.
or Its representative, This has been done
IN the honest effort to give to silver. II
possible. the same bullion and. coinage
value. and encourage the concurrent use
OF both gold and siIver A. money. Prior
TO that time there had been less tina u
1900. 700 OF silver dollars coined in the
entire history Of the United states, "A
period OF ~ years This iegisla ton Sc
cures the largest use OF silver consistent
with financial safety and the pledge to
maintain its parity with gold.
We have today more silver than gold.
Ihls has been accomplished at times
with grave peril to the public credit Tn.
so-caIhd Sherman law sought to use all
the silver product Of the United States
tDp
lsso to lsS3 the government purchased
100000 ounces Of silver q month, or 81. =
ooo,ooO ounces year This WAS one
third OF the product OF tbs world and
practically all y, this country's product
1t was believed by those who then an!
now favor free coinage that such use Of
silver would advance it's bullion value
TO It's coinage value. but this expectation
was not realized In few months not
Withstanding the unprecedented market
for the silver produced in the United
States, the price Of silver went down
very rapidly. reaching a lower point
than ever before. Then. upon the recon-
mendation of President Cleveland, both
political 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.
said: II We could have an interna-
ttonal ratio. which all the leading ma
lions OF the world would adopt ana the
true relations be fixed between the two
metals. and all agree upon the quantity
Of silver which should constitute a dol
lar. then silver would be as free and I'M
limited in its privileges OF coinage as
gold Is today But that We have not been
able to secure. and with the free md un-
limited coinage OF silver, adopted in tha
United States at the present ratio, We
would be still further removed from auy
International agreement We may never
be able to secure 1t II We enter upon the
Isolated coinage OF silver. The doubla
standard implies equality at q ratio. and
that equality can only be established by
the concurrent law OF nations. 1t was
the concurrent law OF nations that made
the double standard It VIII requirs tho
concurrent Law Of nations TO reinstate
and sustain 1t
The Repu bl.oaa party has not been.
and 10 net nSw. opposed to the use OF
silver money. As its record abundantly
shows II has done all that could bs
done for its increased use, with safety
and honor by the United States acting
apart from other governments. There
are those who think that u has already
gone beyond thu limit Of financial pTu-
dence- Surely we can go no further
and we must NOT permit false lights 70
lure us across the danger line w.
have much mors silver In use than any
other country In the world except India
or China-s5o0 900 900 more than Grsa,
Britain. $3.50 900 oos mors than France
$500. 10000 more than Germany, 1925.
COO less than India and Sl25. 000. 900 less
than China. The Republican party has
declared in favor OF an international
agreement, and II elected IL Will be my
duty to employ all proper means to pro-
mote IL The free coinage OK silver IN
this country would defer. IL not defeat
International bimetaliism and until an
international agreement can be had
every interest requires us 10 MAINTAIN
our present standard. Independent free
coinage Of silver al q ratio OF Is ounces
OF silver 10 ounce Of gold would ensure
the speedy contraction OF the volume OF
currency II would drive at least 800
100000 " gold dollars. which We now
have, permanently from the trade of
the country. and greatly decrease our
per capita circulation