The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-28
REGARDING ~BIMETALLISM.
1t Cannot BE Obtained by Independent
Action on Our Part.

BimctalliSm cannot be secured by indie
pendent action on our part. 1t cannot be
obtained by opening our mints to the I'M
limited coinage of the silver of the world
at IA ratio of l6 ounces of silver to / ounce
OF gold when the commercial ratio is more
than 30 ounces of silver to | ounce of gold.
Mexico n China have tried the expert
ment. Mexico has free coinage of silver
and gold at a ratio slightly in excess of
l61s ounces of silver to / ounce of gold.
and while her minis are freely open to
both metals at that ratio, not a single
dollar In gold bullion Is coined and circu-
lated as money. Gold has been driven out
OF circulation in these countries, and they
are on Il silver basis alone. Until inter
national agreement is had it is the plain
duty of the United States to maintain the
gold standard. 1t is the recognized and
sole standard of the great commercial ma
lions of the world with which we trade
more largely than any other. Eighty-four
per cent Of Il foreign trade for the fiscal
year 1895 was with gold standard coun-
tries, and our trade with other countries
was settled on a gold basis.
We Now Have More Silver Than Gold.
Chiefly by means of legislation during
"'Ns IN Wv nv mas pNeh pth IA SlkSu
lation more thar 1924, 100000 of silver or
its representative. This has been lone in
the honest etfort to give to ~silve-, if posi-
sible, the same bullion and coinage value
and encourage the concurrent use of 10Th
gold and silver as money. Prior to that
time there had been less than 4,0OO.OUO of
silver dollars coined in the entire history
OF the tnited states, a period of 81 years.
This legislation secures the largest use OF
silver consistent with financial safety ard
the pledge 70 maintain it's parity with
gold. We have today more silver than
gold. This has been accomplished at
times with grave peril to the public credit.
The socalled sherman law sought to in
crease all the silver product Of the United
states Tor money at its market value.
From 1890 to 1873 the government pur-
chased 4,JOO.WU ounces Of silver a month.
or 4,OOO,o ounces a year. This was one.
third the product of the world and prac-
tlcally all OF this country's product. 1t
was believed by those who then and now
favor free coinage that such use of silver
would advance its bullion value to its
coinage value, but this expectation was
not realized. In a few months notwith-
standing 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 recommendation of Presi-
dent 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.
On the 2?d Of August, 1891, in a public
address, i said: IF we could nave an n
ternational ratio which all the leading M.
tions Of the world would adopt, the true
relation be fixed between the two metals
and all agree upon the quantity of silver
which should constitute a dollar. then sill
yer would be as free and unlimited in it's
privileges Of coinage as gold is today. But
that we have not been able to secure and
with the free ard unlimited coinage of
silver adopted in the United States ut the
present ratio, we would be still further
removed from any international agree
ment. We may never be able to secure il
If we enter upon the isolated coinage of
silver. The dOuble standard implies
equality at "A ratio and hat equality can
only be established by the concurrent law
OF nations. 1t was the concurrent law OF
nations that made the double standard:
1t will require the concurrent law Of ma
tiOns to reinstate and sustain it."
i Favors the Use Of Silver Money.
- The Republican party has not been, and