The record-union., 1896-08-16

but In all silver was coined and largely
used as a subsidiary coin, precisely as in
the United States
'The Bland bill, if it had become a
law as it passed the House, would have
demonetized gold. When the bill came
to the Senate an amendment was made
on the motion of Senator Allison which
changed the scope of the BILL and au-
thor1zed and directed the Secretary of
the Treasury to purchase from time to
time silver bullion at the market price,
not less than $2,OOO,OOO nor more than
S4,OOO.OOO per month and cause the
same to be coined into silver dollars as
fast as purchased. This bill, so amend
ed, passed both houses. 1t was known
as the Bland-Allison Act 1t greatly
added to difficulties of resumption, and
for that reason was vetoed by President
Hayes, but became a law over his veto.
Under it's provisions the United States
purchased over 291, 100000 ounces of
silver at the cost of S30S, ,219. 26O. 1t
was hoped that this enormous pur-
chase would arrest the decline of sill
yer, but in spite of it silver steadily de-
cnned in market value, and at the
present price the loss to the Government
Act amounts to over 800 600 600"
Senator Sherman then reviewed the
passage of the Act of July IS, 1890 pro-
Vidlng for the purchase of silver at the
market price, issuing in payment there
Tor treasury notes, ard its repeal in No
Vember, 1893. He continued:
We cannot by law fix the value of
either metal or coin, or of any of the
articles that enter into the wants of
lie. The great law of demand and
supply affects the value as it does iron,
copper or zinc. All have fallen in mar
ket value by means of new discoveries
and improved methods of production.
We had on July 1st last in actual cir
culatlon among the people of the United
States S1,509, l2o, 200. We had also at
that date $6S4, ,519, ,9S1 in the Treasury.
mostly gold and silver, held for the re-
demption of United States notes and
silver certificates. All these forms of
money have been maintained by the
Government at par with gold, and they
travel in the circle OF the world with
out diminution Of their purchasing
power. Though silver bullion has fallen
to nearly one-half it's former value. yet
eANCA
coin made from it at a parity with gold
at the ratio of 16 to l.
But now we are brought face to
lace with proposition which, if agreed
TO, Will make silver the sole standard
OF value for all debts and credits. for
the wages of labor and the purchase
and sale of property. The Democratic
party at its recent convention at Chi
cago adopted a resolution in favor of
the free coinage of silver at the ratio
of 16 to l. With the free coinage of sill
Yer, gold will be demonetiZed Nothing
can be more certain than that the
cheaper money only will circulate The
United States has thus far maintained
It's silver coins at parity with gold
coins only by its exclusive MONOPOLY of
coinage and by limiting the amount.
but with free coinage of silver there
could be no limitation Silver bullion
In every form will be pressed upon the
Mlnts, and with the mandatory duty of
free coinage, silver dollars will soon fill
the channels of circulation, and the
gold dollar will be boarded or will be
quoted and sold as q commodity. Silver
viii stand as the par of value and gold
will be quoted at its commercial value.
Let US contemplate for a while the
inevitable result of the free coinage of
silver, even if 1 repeat what I say.
1t would violate every contract for the
payment of money made since January
/, 1879. The Resumption Act, which
went into operation on that day pro-
vided for the payment in coin on de-
mand Of all United States notes pre-
sented for redemption. All forms of
money, whether of silver or gold or pa
per, were then maintained at par with
each other, and have been so main
tained ever since. During all this
period gold and silver coins at par
with each other have been the stand
ard of value of all loans contracts or
purchases, and the faith of the United
States was pledged for their mainte-
nance at parity with each other AL
though silver bullion declined in mar
ket value, the coins made from it have
been kept at par with gold coins al the
legal ratio of 16 to ]. But if the free
coinage of silver is authorized, then the
market value of silver bullion becomes
the standard for payments on all con-
tracts made in the past, the present or
the future, and 412la grains of stand
ard silver bullion, worth now fifty three
cents, can with free coinage be coined
into a dollar upon the demand of any
holder of such bullion. 1t is not only
the doctrine of the Populist and the
to the traditional policy of Thomas
Jefferson, Andrew Jackson and the
Democratic party.
justice that will be done to creditors by
the scaling of nearly one-half of debts
due them. The very threat to do it will
lead to the prompt and harsh collection
of debts before free coinage can become
a law. 1t is certain that before a free
coinage bill can become a law the wide
distrust caused by the pending of such
a measure will lead to the rapid collec-
ton of debts, the sacrifice of property
and deepen the existing financial diff
cultieS growing out of insufficient reve-
nues for the National as well as for
many State Governments. The great
body of the creditors of our country are
among the thrifty industrious and in
telligent men and women of every com
munity.
"One great body of creditors here is
the 10000 Union soldiers, their wild
ows and orphans, who are creditors of
the United States to the amount of over
40,000O0O year for services and
sacrifices in the Union army 1t would
be an act of perfidy and meanness be-
yond expression for this great country
to pay them with money of less pur-
chasing power than gold coin, merely
because the overproduction of silver in