The Globe-republican., 1896-09-03

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There would BE- no obligation resting upon tho
government to do it, and. il there were.
it woul be powerless to do it. Tho simple
TRUTHS, W. would be driven to q silver basis
to silver mono:netallism.
These dollars. therefore, would stand upon
their real valne. If the free AMI unlimited
oOinage of silver at a ratio Of sixteen ounces OF
silver to ono ounce of gold would as some OF
its advocates assert, mako 50 cents in silver
worth 100 cents, and the silver dollar equal to
ths gold dollar then we would have no cheaper
money than now and it would be no e1sier 70
get
But that such would b, the result 10 against
reason and is cOntradicted by exp,r :e in all
times and in all lands. 1t means the deba e.
ment Of our currency to tie amour. OF the diff
ference between the commercial and cOie value
OF ths silver dollar which is ever cha ging,
and the effect would be TO reduce property val
ues, entail untold financial loss, de troy conf
denc,. impair tho ob.iS .tiOns of exist ng con-
tracts. fur her impoverish tho laborers and
producers OF the country, create panic OF I'M
paralleled severity an inf1ict upon trade and
commerc, a deadly blow.
Against any such policy, I am unaterab.y
opposed.
'Bimetallism cannot be secured by indepcnd-
emit action on our part. 1t cannot b, obtained
by opening our minis to the unlimited coinage
of the silver of the world at ratio of sixtc n
commercial ratio is moro thar thirty ounce.
Of silver t. one ounce Of gold. Mexico anu
CHM have tried tbs experiment Mexico has
free coinage of silver and gold at ratio slight
~ in excess OF sixteen and half ounces OF sill.
ver to ono ounce of gold. and whils her mints
are freely open to both metals at that ratio.
not a single dollar in gold bullion - coined
and circulated as money Gold has been driven
out of circulation in thes, countries and they
are on a silver basis alone. Until interna.
tional agreement is had it is the plain du OF
the United States to maintain the gold stand
ard. 1t is the recognized and solo standard OF
the great commercial nations of the world.
with which we trade more largely than any
other Eighty four per cent of our foreign
trade for the fiscal year 1895 was with gold
standard countries, and our trade with other
countries was settled on gold basis.
'Chefy by means of legislation during and
since 1873. there has been put in circulation
more than 1924 u0OO1J of silver or its repres Mt
ative. This has been done in the honest effort
to give silver, If possible, the Same bullion and
coinage value and encourage the concurrent
use of both gold and silver money. Prior
to that time there had been loss than 80 goo
of silver dollars coined in the entire history OF
the United States, period of cighty-nlno
years. This legislation secures the largest uso
of silver consistent with financial safety and
the pledge to maintain its parity with gold.
has been accomplished at times with great
peril to tn, public credit The so-called She.-
man law sought to use all the silv er-prOduc-
ton of the United States for money at its mar
ket value. From 1850 to 1898 the government
purchased 4.5,C.OcO ounces OF silver a month or
54.OJJ,OJO ounces a year. This was one-third the
product of the world. and practically all o.
this country's product. 1t was believed BY
those who then and now favor free coinage
that such use of silver would advance It's bull
lion value to its coinage va ue but this expec'
tation was not realized. In a f,w months. not.
with tanding the unprecedented market for
silver produced Ia the United States, the price
of silver went down very rapidly. reaching
lower point than ever b fore. Then. upon tho
recommendation of President Cleveland, both
political parties united in the repeal OF tho
purch ng clause OF the Sherman law. We
cannot, with safety, engage in further expert
ments in this direction
Not Opposed to Silver.
The Republican party has not been, and is
not now opposed to the us, ofsilver money,
as its record abundantly shows it has done all
that could be done for it increased use, with
safety and honor. by the United States acting
apart from other governments. There arc
those who think that it has already gone be.
yond the limit of financial prudence Surely
we can go no further, and We must not permit
false lights to lure US cross the danger line.
country in the world excspt India or China -
500 OOJ 900 m ore than Great Britain, Sl5i, NO..
0)J more than France $lN.1O,W moro than
Germany, Ss!', NO.O9) less than India and
SIS. 80. DOU less than China.
1.-THE Republican party has declared in favor
Of an intern atiOnal agreement, and If ele ted
president it will b, my duty to employ all
proper means to promote it. The free coinage
of silver in this country would defer, if not
defeat, international bimetallism, and until
an international agreement can DO had every
interest requires u, to maintain our present
standard
..Independent free coinage of silver at a
ratio of &c ounces of silver to ounce OF gold
would insure the speedy contraction OF the
volume of our currency. 1t would drive at
least 90. 40 900 of gold which We now have
permanently from the trade o; the coun try and
greatly de :rease our per capita circulation.
1T is not proposed by tho Republican party
to take from the circulating medium of the
country any of the silver We now bave. On
the contrary, it is proposed to keep all of the
silver money now in circulation on a parity
with gold by maintaining the pledge of the
government that all Of it shall be equal ia
gold This has been tho unbrOken policy Of
the Republican party since 1873 it has in.
augurated no new policy. It vii! keep in cir.
and paper which are now included in the cur
rency of the country. 1t will maintain theil
parity. 1t will preserve their equality in the
future as it has always done in the past. II
will not consent to put this country on a silver
basis, which would inevitably follow indie pend.
emit free coinage at a ratio Of Ii to I. 1t will
oppose the expulsion of gold from our circu.
latiOn
Fiat Money.
The silver question is not the only ISSUE
affecting our money in thu pending contest
Not content with urging the free coinage Of
silver, its strongest champions demand that
our paper money shall be issued directly BY
the government of the United States This il
the Chicago Democratic d scla- alton.
The St l. uis Peoples party declaration ID
that our national money shall b, issued by
the general government Only, without the in.
servent ion of banks Of issue be full legal ten
der for the payment of all debts, public and
private and be distributed direct to the peor
pie. and through lawful dis ,ursements Of thu
government.
Thus, in addition to the free coinage OF the
worlds silver. W, are asked to enter upon an
ara of unlimited irredeemable paper currency.
Tbs question which was fought out from 1861
to 1877, is thus to be reopened with all lis cheay
money experiments of every conceivable form
foisted upon US. This indicates most start
ling reac tiOnary policy, strangely at variancs
with every requirement of sound finance, but
The delaration shows the shirt and purpOSo az