Birmingham state herald., 1896-03-27

151a to 1. Hence our gold was underVal- ued. He insisted that the ratio be made 16 to 1, looking to the actual and equal circulation of the two metals, such as had existed in different countries for above 300 years. Senator Benton's idea prevailed and by act of June 2S, 1884, the pure gold in the eagle was reduced from 247.5 grains to 232 grains and in other gold pieces in proportion, so that the ra- tio became 16.045 to 1. The French stand ard was nine-tenths fine; that is, nine parts pure metal to one of alloy. In or der to make our standard conform to that the act of January 1S 1887, was passed, increasing the pure gold in the eagle and reducing the alloy in both the eagle and silver dollar, so that each coin should be nine-tenths fine viz: Eagle z32.2 grains pure gold, 25.S alloy; total 258 grains standard gold. Silver dollars, 371 .25 grains pure silver, 41.25 grains all Toy; total, 41250 grains standard silver. This made ratio 15.9S8 or 16 to l, as gen. eraly called. Tt will be observed that while the amount of pure gold in the eagle has been changed twice the amount of silver in the dollar has always re- mained the same. You will also observe the alloy was put in to make the hne- ness conform to the French, and not as MT. Clarke ingeniously says to make the "coin harder"
 You will also note well that Jackson and Benton were not fighting silver. It was a square fight against the United States banks, just such fight as we are now waging against national banks, same in kind and degree-different in name only Speaking of this period in 1924 Henry Clay said: Tn casting our eyes about us the most prominent cir constance which fixes our attention and challenges our deep regret is the general distress which perVades the whole coun- try. It is indicated by our diminished hxy 1fO1 a n n the want of employment, by consequent reduction of wages of labor, and, above all, by the low and depressed state of the value of almost every description of the whole mass of the property Of the nation which has on an average sunk not less than 50 per centum within few years"
 Do you recognize this picture? Is it not our condition today? And yet MT. Clarke offers this picture as to what will happen if silver is restored. l beg to say to MT. Clarke, this is the condition which now confronts us, and not theory.
 Says and eminent writer and statisti- clan: "The original conspiracy against silver began in Europe but in its incep- tion the metal attacked was gold and silver. The discovery of gold in Califor- mia and Australia suddenly made such addition to the stock of money as to ex- cite and alarm the money dealers of Eu- rope. MT. CheValier in his Fall of Gold in 1856-7 struck the keynote of the whole scheme. His complaint was that money was getting too abundant and he attacked gold because it then promised to be more plentiful than silver, and money could be made scarcer by demonetizing gold" Said Jacob Behren, member Of the associated chamber of commerce, to the British commission of 1868 on interna- tional coinage: q believe England would be now the very poorest country in the world if the silver standard abroad had been kept up and gold had not been gen orally introduced. Gold would otherwise be very much reduced in value and we should have had all the gold poured into England and all debts owing to us would have been paid in the deprecated currency. Of course the more gold IS worth the more English creditors receive and English debtors pay" Hence Eng land refused, while Austria and Germany demonetized gold. In the meantime the silver mines in America were opened up. commission was sent oyer to examine them. On their report the attack was shifted to silver. The purpose was open ly avowed in Europe, it was hidden in this country. An international confer ence was called in 1867 at Paris. To that conference went Samuel B. Ruggies. member of the New York chamber or commerce, and John Sherman, then chairman of the finance committee of the limited States senate. They returned. John Sherman (bloomed out the greatest of American financiers) commenced his attack on silver, and the subsequent steps are the current history of this coun- try. The crime of 1873 has passed into history, with the condemnation of the democratic platform when the money question was mentioned and with the censure of every democratic speaker be- fore the people and in congress up to about two years ago. Even Hon. J. Is. Foraker, who was recently elected Unit ed States senator from the republican state of Ohio, in his speech of accep- tance, said that this act was a mistake. The great democratic party resisted without avail and have stubbornly fought for its restoration Yet every ad- vantage gained has been systematically foiled by John sherman.
 Stripped of verbiage-this Is the ques- tion Shall we have a single metal standard and contracted currency, or shall we have a bimetal standard and full rounded currency, elastic enough to meet the wants of trade? Sound as the credit of this great nation, the youngest from the womb of time, standing in the forefront of civilization as the -arbiter of nations, with quiet dignity preserving the peace of humanity, until
 The war drum throbs no longer
 And the battle flags are furled,
 Tn the parliament of man
 The federation of the world.
 CIIApJ McDOWEIT,