The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-08-28

| - va sa4itlsd Is i Sood doilar. TAat
Twas fouShk over. They will 0sht lt over
/ aEain and the same party Will win.
cold Always villas. !.
There have been . great many battles
| fought against gold, but gold has won
i every time. Gold never has compromised.
Gold has made the world respect II al the
time. The Nnglish people once ttought
awhile, but they had to come back 70 It.
ON June /. 1874. Senators Jones and Stew
| art and all the representative senators Of
silver states were urgent and honest In
saying that gold was the best and only
standard Of value. but they changed their
minds when the largely Increased and ii.
creas!ng production Of silver In Nevada
and other states reduced the market value
Of silver below that Of gold ct tho estab-
lished ratio OF 10 to I. Then they wanteil
market for their silver. They wanted to
pay existing debts and obligations contract.
ed on the gold basis In oliver, but took care
In their contracts 70 stipulate for the nay.
ment Of gold to them, and this has been
and is now the general practice in the
acted all Of the states except those on the
Pacific coast conducted their businesa On
the basis Of grssnbacks, or United 0tates
notes, then at discount OF about IN IS.
cent. Neither silver. nor gold was used In
Domestic transactions but we collected GU:
customs duties u gold colin and conducted
our foreign commerce In gold, the money
OF the world. It was not until Jnauarv.
1879. that the nrst step was taken to re,
sumo specie payments, nor did we resume
until January. 1879. During this period sii-
yer rapidly fell In market value below gold
NH 40 nj.
Quent to 1853 many changes were made In
coinage by the leading countries Of the
world. Germany, In 1871, changed it's
standard from silver to gold. France, Italy,
switzerland and Belgium had, in 1855, en-
tered Into treaty called the Latin union,
ey which the coin: Of each Of these coun.
traes were received and paid out by all Of
them. This important arrangement was
hrst modified and finally Abandoned, and
gold became the standard Of value In those
countries, but In all silver was coined and
largely used as subsidiary coin precisely
as In the United States
In anticipating resumption OF specie nav.
mont the resumption act Of 1873 provided
silver coins, Of dimes, quarters and half.
dollars Tor the redemption Of fractional
currency then In general use In our country.
Inese new silver coins gave great satisfac-
quantities to $40. At this time Mr.. Bland
OF Missouri introduced his bill for the free
coinage Of silver at the ratio Of l8 to i
on the demand Of the holders Of silver bull.
ion. Silver had then declined below that
ratio One ounce Of gold was worth more
Dill. II 1t had become a law as 1t passed the
houfe. would have demonetixed gold. such
was not the purpose Of congress.
The Bland-Allison Act.
When the bill came to the senate nm
amendment was made on the motion of Mem.
ator Allison. which changed the scope of
the Dill and authorized and directed the
secretary OF the treasury to purchase from
time to time silver bullion at the market
price not less than -, OOO,OOO nor more than
$4.WOOO0 worth per month and cause the
same to be coined into silver dollars an fast
as purchased. 1t also provided that any
holder OF coin authorized by that act might
deposit the same with the treasurer of the
United States In sums not less than $40.
and receive certificates therefor Of not less
than $40 each. and that coin deposited
should be retained In the treasury for the
payment Of the certificates II on demand,
This bill. 30 amended, passed both houses.
1t was known az the Bland-Allison act. II
greatly added to the difficulties of resump.
ton. and for that reason was vetoed by
President Hayes. but became a law over
his veto. Under its provisions the United
states purchased over ID, OO0,OOO ounces
OF silver at the cost of $30s. 27O, 200. 1t as
nopeo tnat this enormous purchase would
arrest the decline of silver, but in spite of
1t silver steadily declined In market value,
and at the present price the loss to the
government on the purchase of silver under
this act amounts to over $1OO,OOO,OOO.
When congress met In December, 1870.
there was strong desire In both houses to
utilize silver as legal tender money under
As the result Of long discussion in both
houses and after conference between them
bill was passed July IA, 1890, by which
the secretary Of the treasury was directed
to purchase from time to time silver bull
lion to the aggregate Of 100000 ounces a
month at the market price and to issue in
payment Of such purchases treasury notes
Of the United States, which were made a
legal tender in payment Of oil debts, public
and private. and were redeemable by the
secretary Of the treasury In gold or silver
coin at his discretion.
This measure. it was thought. would ar
rest the decline in the market value of sill
yer and enable the secretary to maintain
the two metals on parity with each other
at the ratio of 16 to 1. But the market
value Of silver continued to decline. The
government purchased under the act of
July Il. 1890, 16s.0O0.OOO ounces at cost
of $150, OOO, 600. This proved to be an ex-
pensive experiment. and the act was re-
pealed Nov. 1, 1893. This repeal was ac-
companied by the following declaration
made part of the repeating act:
"And it Is hereby declared to be the policy
Of the United States to continue the use Of
both gold and silver as standard money and
to coin both gold and silver into money of
equal intrinsic and exchangeable value, such
equality to be secured through international
agreement or by such safeguards Of leglsla-
ton as will insure the maintenance Of the
parity in value Of the coins Of the two
metals and the equal power Of every dollar
at all times in the markets and In the pay
ment Of debts. And 1t IL further declared
that the efforts of the government should
be steadily directed to the establishment of
such safe system of bimetallism as will
maintain at all times the equal power Of
every dollar coined or issued by the United
States In the markets and In the payments
of debts"
Non-Partisan Vote.
This declaration made by congress and
approved by the president a. a time when
the public mind was centered upon the Sill
yer question Is wise statement of public
policy that ought to be acted upon without