Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1896-08-26

Tor awhile, but they had 10 come back
TO IT,
On June 1. 1914:
Senators Jones and Stewart and all the
representative and senators OF the silvsr
states were urgent and honest in sayin.y
that gold was the best and only strndar d
OF value. but they changed their minds
when the larrely-increased and ircrcas!ns,
production Of silver In Nevada and other
states reduced the market value of silver
below that Of gold n the established ratio
of 10 20 /. Then they wanted a market for
their silver. They wanted to nav exist
ing debts and obligations contracted upon
the gold basis in silver hut took care IL,
their contracts 10 stipulate for the pay
ment OF gold TO them. and this has been
and is now the general practice I'm the
silver states. When the coinage law OF 1872
was enacted all OF the states cxceDt those
on the Pacific coast conducted their btsi-
ness upon the basis OF greonbacks or United
states notes. then at a discount OF about
j per cent. Neither silver nor gold was
used In domestic transactions. but we col
lectcd our customs duties in gold coin
ana conducted our foreign commerce I'm
Sold, the money Of the world II was not
until January, 1873. that the first step was
taken TO resume specie payments, nor did
we resume until January. 1879.
During this period silver rapidly fell in
market value below gold at the ratio OF
10 TO j. Prior and subsequent to 1873 many
changes were made in coinage by the lead
ing countries OF the world. Germany I'm
1871 changed It's standard from silver to
gold. France. Italy. Switzerland and Bel
Eium had i'm 1856 entered into a treaty called
the Latin union, to which other nations be
came parties and by which the coins OF
each OF these countries were receivable and
paid out by all of them. This important
arrangement was first modified and final
ly abandoned, and gold became the stand
ard OF value in those countries but in all
silver was coined and largely used ms n
subsidiary coin precisely as in the United
States
In anticipation OF the RESUMPTION OF
specie payments the resumption act OF
1873 provided silver coins OF dimes, ouar-
tiers and half dollars for the redemption OF
the fractional currency then i'm general
use in our country. These new silver coins
gave great satisfaction. They were lin
tied in legal tender qualities TO SO Al
this time Mr.. Bland. OF Missouri intro
duccd his bill for the free coinage OF silver
az the ratio OF l6 to on the demand OF
the holders OF silver bullion silver had
tnen declined below that ratio. one ounce
or gold was worth more than lG ounces nr
silver. The Bland bill, If II had become a
law as 1t passed the house. would have
oemoneti2ec gold. Such was not the pur-
pose OF congress When the bin came
10 the senate an amendment was rnodo
on the motion Of Senator Allison which
changed the scope of the bin and author
yea ana directed the secretary OF the
treasury TO purchase from time TO tim.
silver bullion at the market nrico not loo
than 100000 nor more than 81 900 ON vyortr
per month and cause the same to he coine1
mo SILVER dollars as fast as purchased
II also provided that any holder OF -,
coin authorized by that act rniEht daposit
the same with the treasurer OF the United
states IN sums not less than 81 and re-
cciNc certificates therefor OF not less than
$lo each. and that the coin deposited should
he retained in the treasury for the nay
nent OF the certificates on demand mi
"iH' so amended, passed both houses u
was known as the Blaud-A ilison act II
rItdiN ADDED 10 the difficulties of resump-
tlon, ana for that reason was vetoed IN.
PRESIDENT Hayes, but became a law over
Ms veto. Under its provisions the I-nited
states purchased over 2ai .OGl. 900 ounces nf
SiVer. at the cost of $30S 279. z,sD II v,as
hupeu mat This enormous purchase would
arrest the decline Of silver, but in sDit. Of
IL silver steadily declined In market value
ana at the present price the loss Ia The
government on tie purchase Of silver under
'hI7 act amonHts to over l00.CGO.G10
hen congress met in December. 1889.
there was strong desire In both houses
10 utilize silver as legal tender money undo,
conditions that would not demonetize cold
As the result of long discussions i'm both
houses and after a conference between
'leh Dill was passed July A. 1880 by
Whlch the secretary of the treasury was
directed to purchase from time to time
SILVER bullion to the aggregate of 4 51n GnO
ounces month at the market price and
~ iH9"c III payment OF such Uurcha ges
treasury notes OF the United States which
were made q legal tender in poyment Of
al DEBTS, public and private. ana were
reasonable by the secretary OF m. treas
uIE IN SoId or silver coin, at his discretion
RMS measure. Ii was thoughr would mr.
rest the decline in the market v.Iua ~
SILVER and enable the secretary TO rnain-
tam the two metals at parity with each
oth'r at the ratio Of rs to !. But the market
Taluc of silver continued to decline Tbe
r.tsl ia aa1
July Il. 1880. lGS 100000 ounces at n cost Of
SJoWo,Vn. This proved to be an expensive
experiment. ana the act was repealed No
FeHiper l. 1873. This repeal was accom-
panied by the following declaration nade
part OF the repeating act:
And 1t is hereby declared to he the mol
ICY OF the United States to continue the
use of both gold and silver as standard
liule! ana 10 coin both gold and silver into
money OF equal intrinsic and excbangaahla
Naiue, such equality to be secured tbrourb
international agreement. or by such 81 fe-
guards Of legislation as will insure tho
maintenance OF the parity I'm value Of the
coins OF the two metals and the e,,,.aI
power OF every dollar at ALI tIrneg ir g.,
markets and in the payment of debts Ana
IL IL further declared that the efforts or
the government should be steadily directed
10 tne establishment OF such safe system
OF bimetallism as will maintain at all tirrtes
the equal power of every dollar coined ar
issued by the United States. in the tnarlxrts
and in the payment OF debts"
rms declaration. made by congress and
approved by the president at a time whnn
tHt PUBIC mind was centered upon the all
NNT question. is wise statement Of uuII,,.
Polc! that ought 20 hC acted upon ,yitbo,.t
T'Earu 10 PARTY divisions This bill passcI
mouse on representatives fresh from tho
P'Ipi' 10y q vote Of go yeas and lls nay~
Hli' 'iI' sen. q" Hy the vote Of f2 yeas atair,,g
y nays This act was not party vote
'"' d. '.. btii"N". the expression Of 0uiin..
ION or "a majority of The two ..reat ma r,ir.
Of the country 7''''' P'i .'-'
Ana here. fellow citizens. we ouprt -
."no. appeal 90 democrats and repub-
1.'""7 "ikr. we arr" an interested in ba,--
..'- " 7'.n1 ana stable currency. founded
-''Ii E'i ana silver We cannot I,- lr..
nN 'l. value or either metal or coin or or
Of life '"'' 'ne wants
II" Er'a. law Of demand and SUNNY sf-
'i'' tii'. H" Do docs iron. coua.r0rzfrf
Ni nave II"u iu market value ry r,c.,s
~ ''" %. ....'riDf and improved nnfbrJa
or production & hav. here "a eiafs,ra,,. ID
c. N.r'nin- NJ W.. mint. dated Jrfv 70 r.s-
showing t"nauounf and cost sf Silver 1rr.
'.i purchased under fhr acts OF ..-s and
ana it value at The present rrar.,t
.'... showing shr.uEaea Of over sfi-
lion. John Sherman. Mansfield o-s,,.
nave the honor tr state. BOO rsnIv fo ,.,.,,
..'''' 'l ihe 18Th inst. that the aps,rs.-,f,
amount and cost OF liver bullion T.,,.
-h1+.1 under the acts uf F.bruar,. 5s H..
anu July ~. 1900. was as follows.
Fine ounces cost