Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1896-08-20

1
I7o7 to IS7; was S,o3I,23S, while the
number of trade dollars issued under the
coinage act of 1873 containing 7 IL grains
mare silver than the old dollar was
* o65. .671, and the number OF standard
silver dollars coined under the Bland
Allison act of 1873 was 43o, 7oo, ,o4I, or 81
times the number issued before 1878.
SIT is strange that the very men WHO
suDDorted and urged this coinage law OF
1873 and demanded the exclusive coinage
of gold are the very men who now de-
mand the free coinage of silver and de
nounce as "goldites" and robbers all
those who believe in the coinage OF both
pofT and silver. It has been said that
the dropping Of tie silver dollar IN the
coinage act of 1873 was surreputously
done. This charge is shown to Ge&iaise
bv the debates in Congress and especially
bv the men who now make the charge.
"Sixtecu months after the passage OF
that set Senator Jones, OF Nevada, IN a
debate in the Senate June II, 1874, said:
4 am opposed to any proposition, come
in whatever form it may, that attempts
to override what God himself has made
for money. believe the sooner we
come down to purely gold standard the
better it will be for the country
"On April I, 1874, he said: Does TINS
Congress mean now to leave entirely OUT
of view and discard forever a standard OF
value? And what but gold can be that
standard? What other things on earth
possesses the requisite qualities!
Cold is the articulation of commerce. II
is the most potent agent OF CIVILIZATION.
II is gold that has lifted the nations from
barbarisu. 1t is the common denom-
inator of values. 1t mades possible the
classification OF labor and the interchange
of commodities. Gold has intervened IN
bargains made between men since the
dawn of civilization, and it has never
failed to faithfully fulfill its part as the
universal agent, and servant of mankind.
= The value of gold is not affect
ed by the stamp of the Government.
"Senator Stewart, of Nevada, IN the
same debate on June II, 1874, sad:
Sir. the laboring man ard the pro-
ducer is entitled to have his product and
his labor measured by the same standard
of the world that measures your national
debt. y Give him such stand
ard, give him money as you require from
him. You require it from the producer;
You require from the laboring man gold
to pay the interest on your national DEBT,
which is right, which cannot be avoided
if you mean to save national honor; but
then give him the same money with
which to pay that debt
"The question will never be settled un-
til Won determine the simple question
whether the laboring man is entitled to
have a gold dollar if he earns it, or
whether you are going to cheat him with
something else. That is the upshot OF
the whole thing Everybody has to say
that the laboring man is entitled TO
good dollar. That was fought over. They
will fight it over again and the same par
| ty will win. There have been great
many battles fought against gold, but
gold has won every time. Gold never
| has compromised. Gold has made
the world respect it all the time. The
English people once thought they could
get along without gold for awhile, but
they had TO come back to 1t.
"When the coinage law OF 1878 was ell
acted all of the States except those on
| the Pacific coast conducted their ousl-
ness upon the basis of Greenbac&s or
United States notes, then at discount OF
about IA per cent. Neither silver nor
gold was used i'll domestic transactions,
| but we collected our customs duties III
GOLD coin and conducted our foreign CON-
merce in gold, the money OF the world.
1t was not until January, 1873, that the
| first step was taken to resume specie pay
ments. nor did we resume until January,
| 1879. -, e-r,
"Durinp this period silver rapidly fell
| in market value below gold at the ratio
| of I6 to L. Prior and subsequent to 1878
many changes were made III coinage Dy
the leading countries OF the world, Ger
manY il 1871 changed its standard from
silver 10 gor1. rrdifee, ft~'--
and Belgium had in 1865 entered into a
treaty called the Latin Union to which
other nations became parties and by
| which the coins of each of these coun-
tries were received and paid out by all OF
\ them. This important arrangement was
| first modified and finally abandoned, and
| gold became the standard of value III
| those countries, but i'll all silver was coin.
ed and largely used as subsidiary COLI
| precisely as in the United States.
Senator Sherman then took mp the
Bland Allison act of 1875, and said: I'm
der its provisions The United States pur-
| chased over 2oI 900 900 ounces of silver
at the cost of S3oS, ,279, 200. 1t was hoped
| that this enormous purchase would ar
rest the decline of silver, but i'll spite OF Ii
silver steadily declined in market value,
and at the present price the loss to the
| Government on the purchase under this
act amounts to over 500, ,oOo, 900.
| "When Congress met in December
| 1880, there was a strong desire In both
Houses to utilize silver as legal tender
money under conditions that would moi
demonet1ze gold. As the result OF long
| discussions in both Houses and after a
conference between them bill was pass
ed July ID, 1890, by which the Secretary
| of the Treasury was directed to purchase
| from time to time silver bullion to the
aggregate of d. 500, 900 ounces month al
| the market price, and to issue III payment
of such purchases Treasury notes OF the
/ United States, which were made legal
tender in payment of all debts, public
and private, and were redeemable by the
| Secretary of the Treasury in gold or sill
yer coin az his discretion.
"This measure it was thought, would
| arr est the decline in the market value o1
silver and enable the Secretary to main
| tain the two metals on parity with each
other at the ratio of I6 to I. But the
market value of silver continne1 to de-
| cline. The Government purchased under
the act of July "a, 1890, los, 200
ounces at a cost of $I56,ooo,ooo. This
proved to be an expensive experiment,
and the act was repealed November 1,
1898.
| zine democratic party, at its recent
convention at Chicago, adopted resolu
ton in favor of the free coinage of silver
at the ratio of 16 parts of silver to of gold.
We know that in the United States, and
in all countries in the world, 80 ounces OF
more of silver can be purchased by one
ounce of gold With the free coinage OF
silver gold will be demonetized. Nothing
can be more certain than that the cheaper
money only will circulate. The United
States has thus far maintained its silver
coins only by its exclusive monopoly OF
coinage, and ty limiting the amount, but
with free coinage of silver there could be
no limitation"
Touching on further effects of free coin
age, he said: il the frse coinage of silver
IS authorized, then the market value OF
silver bullion becomes the standard fol
payments on all contracts made in the
past, the present or the future; 4l2 Il
grains of standard silver bullion, worth
now So cents, can with free coinage be
coined into dollar upon the demand Of
any holder OF such bullion. This dollar il
delivered to the owner Of the bullion and
4 L