The daily morning journal and courier., 1896-08-27
TIVE SLOGAN SOUNDED
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 dollars coined in the entire history of the United States, period of eighty nine years. This legislation secured the largest use of silver consistent with financial safety and the pledge to main- tain it's parity with gold. We have to- day more silver than gold. This has been accomplished at times with grave peril to the public credit The so- caled sherman law sought to use all the silver product of the United States Tor money at it's market value. From 1850 to 1893 the government purchased 4,500,000 ounces of silver a month or 45,000,000 ounces a year. This was one third of the product of the world and practically all of this country's pro- duct. It was believed by those who then and now favor free silver coinage that such use of silver would advance its bullion value to it's coinage value, but this expectation was not realized. In few months, notwithstanding the unprecedented market for the silver produced in the United States the price of silver went down very rapidly, ,reach- ing a lower point than ever before. Then, upon the recommendation of President Cleveland, both political par ties united in the repeal of the pur-s chasing clause of the Sherman law.
 We cannot with safety engage in fur ther experiments in this direction.
 The Double Standard
 On the 22d of August, 1891, in a public address I said:
 ''If we could have an international ratio which all the leading nations of the world would adopt and the true re- lation be fixed between the two metals, and all agree upon the quantity of sil- yer which should constitute a dollar, then silver would be as free and un- limited in it's privileges of coinage as gold is to-day. But that we have not been able to secure, and with the free and unlimited coinage of silver adopt ed in the United States at the present ratio we would be still further removed from any international agreement We may never be able to secure it if we enter upon the isolated coinage of sil- yer. The double standard implies equality at ratio and that equality can only be established by the concur rent law of nations. It was the con- current law of nations that made the double standard; it will require the concurrent law of nations to reinstate and sustain it''
 It Favors the Use of Silver Money.
 The republican party has not been and is not now opposed to the use of silver money, as it's record abundantly shows. It has done all that could be done for it's increased use with safety and honor by the United States acting apart from other governments. There are those who think it has already gone beyond the limit of financial prudence. Surely we can go no further and we must not permit false lights to lure us across the danger line.
 We have much more silver in use than any country in the world except India or China; $500, 1000 more than Great Britain; s150,00U,000 more than France; $400000,0 900 more than Germa- ny; 2500000O less than India, and ss125, ,000,0O0 less than China. The re- publican party has declared in favor of an international agreement, and if elected president it will be my duty to employ all proper means to promote it. The free coinage of silver in this eoun- try would defer, if not defeat, interna- tional bimetallism, and until an inter- national agreement can be had every interest requires us to maintain our present standard. Independent free coinage of silver at a ratio of sixteen ounces of silver to one ounce Of gold would insure the speedy contraction Of the volume of our currency It would drive at least five hundred millions of gold dollars, which we now have, per- manently from the trade of the coun- try and greatly decrease our per cap ita circulation It is not proposed by the republican party to take from the circulating medium any of the silver we now have On the contrary, 1t is proposed to keep all of the silver mon- ey now in circulation on 8 parity with gold by maintaining the pledge of the government that all of 1t shall be equal to gold. This has been the urbroken policy of the republican party since 1878. It has inaugurated no new poll icy. It will keep in circulation, and as good as gold all of the silver and pa- Der money which are now included in the currency of the country It will maintain their parity. It will preserve their equality in the future, as 1t has always done in the past. It will not consent to put this country on silver basis. which would inevitably follow Independent free coinage at ratio or 16 to l. It would oppose the expulsion of gold from our circulation
 Farmers and Laborers Suffer Most
 If there is any one thing which should be free from speculation and fluctua- ton it is the money of country. It ought never to be the subject of mere partisan contention. When we part with our labor, our products, or our property, we should receive in return money which is as stable and unchang- ing in value as the ingenuity of honest men can make it. Debasement of the currency means destruction of values. No one suffers so much from cheap money as the farmers and laborers. They are the first to feel it's bad effects and the last to recover from them This nas been the uniform experience of all countries, and here, as elsewhere, the noor. and not the rich, are always the greatest sufferers from every attempt to debase our money. It would fall with alarming severity upon invest ments already made: upon insurance companies and their policy-holders; upon savings banks and their deposit ors; upon building and loan assoc1a- +ioy, roen1 bers. mon the savings Of