The San Francisco call., 1896-09-13

are good people, doubtless, who believe that
the free coinage of silver at 16 TO l will keep
our dollar as good as it is now, and result in
giving US more money; but will it? [Cries of
mo, no, never."l All authority in our country,
and throughout the world, is against it. Is it
reasonable that the stamp of the Government
can make 81 cents of silver worth doller?
GCries of "No. no. y We have the best money now
and that is what it has been since 1879 That
is what it will continue to be if the Repub-
liean party is given control of every branch of
the Government [Cheers and cries of at will
be given that all rightI"l If we were starting
out now, gentlemen, to originate new
financial system, would we make different
one from that we now have? [Cries of ''Noi
NoP'l A metal whose market value is the
same as its coin value is surely q safer stand
ard than metal whose market value is 4S
cents less than its coin value. If you were to
have two standards they must be equal. If we
would float both gold and silver freely we
must make the ratio based upon the COM
mercial value OF the two metals.
This was the view of the early statesmen of
our history, irrespective of party. This was
the view OF both Jefferson and Hamilton, who
differed widely on other subjects. This has
been the view of the wise men-Democrats
and Republicans tapplausel-from the begin
ming of the Government until now. There are
those who think there is something sacred
about the ratio of 16 to l because the fathers
established IL, but the fathers did not establish
it. They established the ratio of fifteen ounces
of silver TO one ounce of gold, and those who
established that ratio made 1t upon the COM
mercisl ratio between gold and silver, and
they seemed not to have been Influenced by
the fact that in 1892 the commercial and coin
age ratio was ten and three-fourths ounces of
silver to one ounce OF gold. 1t was not until
1884 that the United States adopted the ratio
of 16 TO L. And why was it done? Because
that was believed to be the real relative value,
or nearly so, between the two metals at that
time.
Major Mckinley then told how Presi-
dent Jefferson ordered the discontinuance
of the coinage of silver dollars because he
believed he could keep gold in the country
and make it circulate at ratio of 15 to l
by this action. He added:
There were no silver dollars coined In the
United States from 1906 to 1884. Then Con-
gress changed the ratio between the two
metals from 10 ounces of silver to l ounce of
gold, and our whole history has demonstrated
that whenever under any ratio the one metal
was more valuable than the other the more
valuable went out of circulation and the less
valuable remained in. [Cries of That's
right."l In 1873, when the free coinage of
SAAbcI Mds etOpp6us We were nOI using eller
gold or silver money. We were using paper.
We did not use dollar of silver then We
now have five hundred and fifty millions, of
which four hundred and thirteen millions are
full legal-tender standard silver dollars, and
behind every one of them is the Government
of the United States. [Great cheering.l The
lack OF silver surely could not have deprecated
prices since 1873, for we have sixty times
more of it now than we had then
The depression in the price of wheat, 1t is
new said, must be accounted ior in some other
way. The Chief of the United States Bureau
of Statistics states that the consumption of
wheat per capita in 1895 was 25 per cent less
than in 1892 DO you not think that this
might be more reasonable accounting Ior the
depreciation in the price of wheat than TO
charge il 70 the legislation of twenty-three
years ago ICries of 'tYes-"1 It Ess the de-
crease of consumption and the increase OF
producers, not the need OF the free coinage of
silver, that caused the low price of wheat to-
day. We cannot make prices, but we can pro-
vide that all prices shall be paid in dollars
worth one hundred cents. [Cries of That's
right and great cheeringl We cannot re-
verse the laws of trade and we will not reverse
the laws of common honesty. [Great applause
and cries of "Good.'J
The great delegation of workingmen.
1000 in number, which arrived from Home
stead to-day, made an imposing i'm
preston as it marched up the streets.
The Homestead Glee Clob sang several
songs, and Superintendent McLachlan of
the transportation department at Home
stead made an address. He said that the
men-that 5000 workers-now turn oLt
5000 tons of finished material per month,
and added: "And the Mckinley law
would make MS doTlbIe that Tt il too hod
TO see such men and such plant lie idle.
all caused by lot of theorists
When Major Mckinley mounted chair
to reply he was kept silent for several min
utes by :he tumultuous uproar of cheer
ing. When he was able to speak he said,
in part:
am glad to meet and to greet you working
men OF Homestead. nave always believed
in homesteaders. Laughter and applause1.
We are interested in contest which involves
the question of sound money, whether we
shall have the same good money we now have
and have had for more than sixteen years past