Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1896-08-20
YHE OHIO SENATOR DENOUNCBS
TIE FREE COINAGE OF SILVER.
OPENS oHIo's CAMPAIGN.
Tho Financial History OF the United
States Discussed Rt LenGth-DeclareS
That WorkIngmen and Pension.
srs Would BE Ruined II the
Gold Standard Is Not
Maintained.

COLUMBUS, Ohio, Aug, 1.-THE Re-
publican State campaign opened here
at o'clock this afternoon in great
tent IN the presence, 1t Is estimated,
Of 10, 900 people. At 1880 o'clock, after
the usual music and cheering Of some
we'll known men, Governor Bushnell,
as chairman, formally opened the ex-
ercises with short speech, after
which he introduced United States
Senator John Sherman, who was re-
ceiVed with great cheering. AS soon
as order was restored, the veteran
hnancier spoke, in part as follows:
Both the silver and tart IL are vital questions
OF domestic policy OF equal Importance, but l
propose on this OGcaS sion to conhn, my remarks
mainly to what Is known as the frea oinage Of
tlVerat the ratio of sixteen plrts OF silver to
one of gold. This issue il thrust upon us by
the Democratic party, or, rather, by the Popu-
list br auch of the Demo, ratio party.
Gold and silver coins are recognized by all
commercial nations OF the world as the best
standards Of value, as thu measure of every ar
ticle of djsire, Of everything that is bought or
sold. These two metals not only measure
all other things, but they measure o CHI
other. Their relative value constantly changes
Twenty-three years ago sixteen ounces OF sill
yer were worth more than one ounce Of gold.
Now thirty.one Oulces Of silver can be bought
By ono ounce OF gold.
I'm 1884, during the administrative OF Pre-
ldent jackson and under the leadership OF
Daniel Webstor and Thomas II. Benton, Con.
gress adopted tho ratio of 10 OF silver to OF
Al,nV, kaH ha
gold coin. As silver was thus slig lily UNDER
valued it was not largely coined Silver could
be coined in France at the ratio OF Il to l, and
the owner OF silver bullion could send it to
France and have it conver'e ed into coin at that
ratio, thus receiving about 3 por cont more for
his bullion chan il coined at the American
ratio Of 16 to !. Gold became the only Amer
lean coin in circulation, and the avOwed pur-
pose Of the pas tge Of the law of 1884 was to
make gold tho standard. This law helrtily
approved by Andrew Jackson, would now DO
called The Crime OF 1854
THE ACTION TAKEN IN 1858.
In 1883, upon The re rort of Sen tor Hunter
when Pierce was president and when all
branches Of the cover ment varo under Demo-
cratic ontrOl, Congress reduced the quantity
Of silver in the fractional coinI (half dimes
dimes, quarters ald huff dolars) more than .
per cent, directed the purchase of the silver for
their coinage on government account abolished
the law for their free co mage and made them
full legal tonder for S. only, leaving gold still
practically the only full legal tender United
Stat coin. At thi5 time the silver dollar had
disappeared from tn current collge Of the
United States and was pra 'ticalY and pur-
poselY demonetIzed. This, l suppose would
now bo called tho Crime of 1853 Silver was
practc ally demonetiz,d by this act and the
act Of 1884.
1T certain that from 1871. whom Mr. jeff
srson became president, to tho close of Buchan-
ans udministrlt on in 1911, thu Democratic
party was gold party, oppo ed to 81 yer and
all forms Of paper mon'y
"Whel the Republican party came into
power in 1861. by the election Of Me- Lin DIN il
had to face formid .blo ,bellion. q Id and
silver were alike blni5hel from circulation
anl irredcemable paper money of all donoml-
no lions, from ten cents to S, 90 was substl-
tuted in pla @ of coli, When he war WIS ov,r
the Republic party sought to restore specie
payment rs soon as practicable. In March,
60, it pledged the faith Of the nation t. pay
mcut in coin or its equivalent OF oil bonds Of
the United States and o rateam the United
Stnt,s notes at tho earliest possible moment in
Gin.
THE 1873 REVISION OF MINT LAWS.
IA order to carry out this pledge it ,came
necessary to ravso tn, various coinag, laws Of
tho United Statei. This was promptly and
worry carefully dono by bill framed n the
Treasury department while MIR. Boutwell, was
Secretary. 1t was thoroughly considered by
the experts OF that department lud was printed
and submitted to all persons in tho United
States who vera suppos ID to DO familiar with
the COINAGE llws Tho bill, containing sixty.
BoVen sections accompanied By a mass OF infor.
nation that fills a volume, was sent to Con.
Rress April q, 1917, by Secretary Boutwell,
and its passage was strongly recommended by
him This bill omitted from the coins Of the
United States the silver dollar, precisely as
was do % In IS s. but provided for the coinage
Of the fractional parts of the dollar in accord
Ance with tho act OF that year Th1 bill was
pending in Congress for throo yoars-was care
fully considered In both house, ald special at
tendon was cal ed to tho omission OF the Il x
grain silver do lar, which was never in tho bill
at any stags and the reasons for this Omis zion
given. 1t was finally determined at tho urgent
request Of members from the Pdcia, coast to
insert among thu silver coin trade dollar
containing - grains OF stand rd silye'. but
this dol ar was made like the minor coins, a
legal tender for So only. There was but one
yea and nay vote on tine bill, and that was on
tho proposition to repeal thu charge maio By
the mint for tho coinage of gold | voted
against its repeal.
"The bill passed. both houses and became a
law February T. 1878, by pra, ii ly unani.
nous vote Of both plrti s, al IA specially
supported and voted for by tho senators and
members from tho liver states
This has bosn called the crime Of 1873 and
as the bill was under my charge in the Senate
I was held to DO tho chief criminal 1t was, il
fact, wise measure Of public policy, carefully
discussed and considered during three years
When we test the outcry against this act with
the sober acts shown by ofii;ial rocor !s it ap
pears simply ludicrous. The total numb r o
silver dollars coinel from 1872 to 1873 was OBJ.
S3s: while the number Of trade dollars ISSUED
under thu coinage act OF 1873 containing sever
and one-hoH grains more silve than the ole
dollar was 81 1914 and the nj be 1t stand
ard silver dollars coinol under i Blau l-Alli
son act of 1873 was 4D.I9l9u. fly -four time
the number Issued before 1917.
1T is strange that thu very men who sur
ported and urged this coinage llwof 50 an
demanded this exclusive coinage OF gold ar
the very men who now demand the free coir
age Of silver and dsnounce as "goldit,s" an
robbero all who believe in the oinage OF bot
gold and silver
1t has been said that the dropping Of tn
silver dollar in the COMA GO act OF 1878 was sui
reptitiously done. This charge Is shown h
false by the debate in congress, and especial
By tho declaration of the men who now max
the charge Sixteen months after thu pasyag
Of lat act Senator Jones Of Nevada, 10 d
T. 81, = ~