Delaware gazette and state journal., 1896-02-06


inasmuch as the same old arguments
in advocacy Of free coinage are being
repeated, 1t is necessary to again point
out their fallacy. / do not suppose
that there are any who contend that
the parity now happily existing could
be maintained unless, by reason Of free
coinage or for some other reason, the
bullion value of silver should be brought
to parity with that of gold at the
ratio Of IL to ].
| know that it is frequently asserted
that such result would follow free
coinage. 1t has been asserted this
afternoon by the eloquent Senator from
Indiana (Mr. Voorhees,, who tells us
that he would not advocate the free
coinage OF silver at the ratio of 16 to
unless he believed that the enactment
of such law would at once produce
parity between the two metals. In
that, | am sorry TO say, he differs from
some of his fellow advocates of free
coinage. Ii has been asserted that
although value can not be created by
act of Congress. change Of the coin
| age laws by creating an increased de-
mand would enhance the value of
| silver. That this might be 30 to some
possible. But the exploiters of this
assertion stop short with the sugges-
| tion. They not only fail entirely TO
| prove that any increased demand that
| might result from free coinage by the
United States alone would fill the gap
now existing in the bullion value Of
the two metals; they do not even pro-
duce an argument in favor of the
| hnf n N
creased demand after the first excite
ment OF the change. We have now
| silver bullion and silver dollars piled
up in the Treasury vaults which is not
demanded for circulation. All attempts
TO force a larger circulation of silver
have proved abortive. The fact is that
we to-day have redundant circulat-
ing medium-god, silver, preenbacks,
Treasury notes and bank notes, all in
Interchangeable and of equal purchasing
power aggregating somewhere near
| 81, 500, 600, 900 or 81, 600, 100000
have not the exact figures.
If gold were not displaced by silver
| there would be no increased demand
for silver. And if gold should he 30
displaced it would he no by reason of
| the fact that the bullion value of the
silver dollar was less than that of the
gold dollar The fact is that the rela-
tive demand for silver for all purposes
| has fallen off in the face Of a constantly
increasing supply. If, indeed, there
| should be parity restored between
gold and silver bullion at the ratio of
| l6 to | by the free coinage of silver by
| the United States. then it would seem
| that the great benefits to result from
| n,,1 tI... snFf tu
| in cheaper money, go dwelt upon by l6
| to advocates, would fail of realiza-
| tion. For no one, | suppose, is so fond
| terially displaced the world over by the
adoption Of free coinage in the United
| States. No; if silver and gold are to
be brought to parity in this way it
must be by an appreciation of silver,
which nothing short of the union of
| all the great nations of tho world in
free coinage of silver at or near the
ratio OF l6 To can accomplish. Whether
this even could succeed without an
effort and sacrifice, for which the
end achieved would not compensate, is
| doubtful.
Gold is the money metal preferred by
| the advanced and enterprslng nations
of the world. VS. a standard 1t serves
| tho needs of commerce and trade better
than silver, and its increasing produc-
ton, together with the smaller use Of
actual money required for the eX-
| changes of the world, render it ade-
quate in quantity for stable standard.
| A double standard has never existed in
fact. The attempt to create one has
resulted in an alternate single standard
b s.sH nNpI Nh, saNt Ntna Il
| that has been discarded as undesirable
by the great mass of the civilized world.
| Gold would be the standard measure of
value IN all the great marts of the world
without any compelling law or reguat-
ing statute. Nothing but arbitrary
power could establish the so-caled
double standard in the way desired by
the advocates of free coinage at 16 to |.
The great current of human activity
in commerce and trade and intellectual
enterprise can be obstructed and i'm.
peded by legislation, but it cannot be
created, turned back, or controlled by
men, Legislative whim. or fiat. The
desires and practice of the larger mum
| ber of civilized and commercial nations
| is in the line of gold as a standard and
as large a use of silver in circulation
as is consistent with the preservation
of the standard. With silver as a
standard, gold disappears from circula-
tion as well as a standard of value,
unless silver is brought up to the parity
| Of gold in its bullion and commercial
value; whilo with gold as standard
a large and increasing concurrent cir
culation of both gold and silver is and
can continue to be maintained.
| But, Mr.. President, | do not know
that the belief longer remains to any
great extent that free coinage of silver
at l6 to | will bring about parity OF
| the two metals. The Senator from
Arkansas Mr.. Jones), in the able and
interesting speech which he made the
other day, if he does not admit his own
want Of belief in the possibility of such
| u legislative feat at least views with
equanimity the possible result OF the
! Is to-1 policy proposed by the COM
mlttee amendment, and declares that
he prefers TO see gold at a premium
and used as a commodity and silver as
a standard to the present conditions.
| | have no doubt that in So declaring
he fairly represents the greater num-
| ber of silver advocates. ..
How is such policy to be com
mended to the people? | listened with
great attention, as always do, to the
Senator from Arkansas, who reports
this amendment from the finance com
mittee, to learn from him how it was
that the people of this country were
to be persuaded that free coinage
measure for silver at tho ratio CT IL to
was to be for their interests and for
the increase of their happiness and
prosperity. found no proposition upon
which that persuasion was rested, except
one, and that seems TO be the under