The Dickinson press., 1896-09-12

These dollars in the particulars I have
which would be issued under free coinage.
They would be the same in form, but diff.
ferent in value. The government would
have no part in the transaction except to
coin the silver bullion into dollars. i
would AXE upon itself no obligation. Il
would not put the dollars into circulation:
It could only get them as any citizen would
get them. by giving something for them.
1t would deliver them to those who de-
posted the silver and its connection with
the transaction there end. Such are the
silver dollars which would be issued under
1ree coinage Of silver at q ratio Of 16 to l.,
Who Would Maintain ParJ.y. !
Who would then maintain the parity!
Mnat would keep them at par T:;h goldt
Ihere would be no obligation resting upon
tae government to do it. and II there were
u would be powerless to do it. Tho simple
truth Is We would be driven to 6 silver
nas.s-:o silver monometallism. These dol
lara. therefore, would stand upon their
reai value. l. the free and unlimited coin.
age CT silver at a ratio Of 16 ounces Of
SILVER to 1 ounce of gold would. as soms
OF Its advocates assert, maxi S. cents In
silver worth 100 cents and the silver dollar
equal to the gold dollar, then we would
nave no cheaper money than now. and u
Wouid be no easier to get. But that suc4
would be the result Is against reason ane
Is contradicted by experience in all time4
and In all lands. 1t means the debasemene
Of our currency to the amount Of the diff.
ference between the commercial and coin
value OF the silver dollar which is ever
changing and the effect would be to reduce
property values. entail untold financial
loss. destroy confidence, impair the obliga'
lions CT existing contracts, further impov.
erish he laborers and producers Of the
country. create a panic Of unparalleled
severity and infict upon trade and com.
merce a deadly blow. Against any such
policy l am unalterably opposed.
Gold Driven Out of Mexico.
"Bimetallism cannot be secured by in.
dependent action on our part. 1t cannot
De obtained by opening our minis to the
unlimited coinage of the silver of the
world at a ratio of 16 ounces of silver te
l ounce of gold when the commercial ratio
Is more than 30 ounces of silver to l ounce
OF gold. Mexico and China have tried the
experiment. Mexico has free coinage Of
silver and gold at a ratio slightly In eX.
cess OF 16k ounces Of silver to 1 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 cir
culated as money. Gold has been driven
out OF circulation in these countries and
they are on a silver basis alone: Until
International agreement is had, 1t is the
plain duty Of the United States to main.
tain the gold standard. 1t is the recog.
nized and sole standard of the great com.
mercial 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 a gold basis.
More silver Than Gold.
Chiefly by means of legislation during
and since 1873, there has been put In
circulation more than 1924. 900. 900 Of sill.
done In the honest effort to give to silver,
IL possible, the same bullion and coinage
value and encourage the concurrent use Of
both gold and silver as money. Prior to
that time, there had been less than 9,000,.
900 OF silver dollars coined in the entir
history of the United States, a period Of
eighty-nine years. This legislation secures
financial safety and the pledge to main.
tain Its 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-called Sherman
law sought to use all the silver product
Of the United States for money at its maj.
ket value. From 1890 to 1893. the gov.
yer q month. or $4,000. 900 ounces a year
This was one-third the product Of tie
world, and practically all Of this countrys
product. It was believed by those wit
then and now favor free coinage mat sucS
use of silver would advance Its bullton
value to its coinage value. but this a
pectation was not realized. In a tee
months, Notwithstanding the unprecedeQt
ed market for the silver product In til
United States. the price Of silver went
down very rapidly. reaching a point lowea
than ever before. Then, upon the recon-
mendation Of President Cleveland. both
political parties united in the repeal Of
the purchasing clause Of the Sherman law
We cannot with safety ngage In furtheJ
experiments in this direction.
ION the second of August, 1891, in Q
public address. l said: If we could have
an international ratio which all the lead.
ing nations of the world would adopt. ant
the true relation be fixed between the TIVE
metals and all agree upon the quantity
of silver which should constitute a dollar.
then silver would be as free and unlim'
tied in its privileges Of coinage as gold 10
to-day. But that we have not been able
to secure. and with the free n unlimited
coinage of silver adopted in the United
States at the present ratio, we would be
still further removed from any interna.
tional agreement. We nay never be able
to secure 1t IL we enter upon the isolated
coinage Of silver. The double standard
implies equality at a ratio and that equal.
ity can only be established by the concur.
rent law Of nations. 1t was the concurrent
law Of nations that made the double stand.
ard; it will require the concurrent Law
Of nations to reinstate n sustain it.
Party Favors use Of Silver Money.
"The Republican party has not been and
is not opposed to the use Of silver money
as its record abundantly shows. It has
done all that could be done for its in
creased use with safety and honor by the
United States acting apart from other gov.
ernmcnts. There are those who think that
it has already gone beyond the limit Of
further, and . we must not permit false
lights to lure US across the danger line.
Means Defeat of International
Agreement.
I'VE nave much more silver IN use than
any country in the world except India OF
China-$500, 000, 900 more than Great Brit.
ain; $3.50, 900, 900 more than France; $780,
600. 900 more than Germany; 1926. 900, OO6
less than India and $125. 900, 900 less than
China. The Republican party has declared
in favor of an international agreement, and,
II elected president, it will be my duty to
employ all proper means to promote 1t.
The free coinage Of silver in this country
would defer, IL not defeat international b.
metallism. and until al international agree.
ment can be had, every interest requires
us to maintain our present standard. In
dependent free coinage Of silver at . ratio
Of is ounces Of silver to 1 ounce Of gold
would insure the speedy contraction Of the
volume Of our currency. 1t would drive at
least $500. 900. 900 of gold dollars. which We
now have permanently, from the trade Of
the country, and greatly decrease our per
capita circulation. It is not proposed by
the Republican party to take from the cir
culating medium Of the country any Of the
silver we now have: on the contrary. 1t 10
proposed to keep all Of the silver money
now in circulation on the parity with gold
by maintaining the pledge of tho govern.
ment that all Of It shall be equal to gold.
This has been the unbroken policy Of the
Republican party since 1873. 1t has In.
augurated no new policy. 1t will keep in
circulation mi as good as gold all Of the
~f1v>v aaA naoAp. ronnv vvhloh anA.unv IN.