The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-16

that measures your national debt Give him
such standard, give him money as you
producer. You require from the laboring
man gold to pay the interest on your ma
tfonal 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 until
the laboring non Is entitled to have gold
dollar II he earns 1T or whether you are
going to cheat him with something else.
Everybody has to say that the laboring ma.
was entitled to a good dollar. That ws.a
dnd fought tta over They will asht it over again
There have been as.gfeat many battles
fought against gold, but gold has won every
time Gold never has Compromised. Gold
ns mas made the world respect. 1t all the time.
The English people once thought they could
get. along without gold for awhile but they
had to come backsto it. On June /, 1874. Sem
ators Jones and Stewart and all the repre-
sentatlves or 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 increasing production of silver
IN Nevada and other states reduced the
market value of silver below that of gold at
the established ratio of 1G to /. Then they
wanted market for their silver. They
wanted to pay existing debts and obliga.
tlons contracted on the gold basis in silver,
put TOOK care in their contracts to stipulate
Tor the payment of gold to them and this has
been and is now the general practice in the
silver states.
When the coinage law Of 1873 was enacted
all OF the states except those on the Pacific
coast conducted their business on the basis
OF greenhacks or United States notes. then
at discount of about 1S Iper cent. Neither
silver nor gold was used in domestic transac-
tons, but we collected our customs duties IN
goio coin and conducted our foreign com
merce In gold. the money of the world 1t was
not until January, 1875. thatthe first step was
taken 10 resume specie payments, nor did
We're we resume until January 1872. During this
low gold at the ratio of 167 to l.
Prior and subsequent to 1873 many changes
were were m made a IN coinage by the leading
tries OF the world. Germany, in 1871 changed
It's standard from silver to gold France
Italy, Switzerland and Belgium had in 1865,
entered into treaty called the Latin union
10 which other nations became parties and
Dy which the coins of each of these countries
were received and paid out by all of them
Inls important arrangement was first modi-
ned and finally abandoned. and gold became
the standard of value in these countries hut
in all silver was coined and largely used as a
subsidiary coin precisely as in the United
States.
In anticipating resumption of specie pay-
ments the resumption act of 1875 provided
silver coins. of dimes, quarters and half dol
lars for the redemption Of fractional currency
tnen IN general use In cur country These
new silver coins gave great satisfaction They
were limited in legal tender quantities to $40
AZ thls time Mr. Bland, Of Missouri, intro
the ratio OF 16 to on the demand of the
holders of silver bullion. Silver had then de-
ellned below that ratio. One ounce Of gold
was worth more than sixteen ounces of sill
YER The Bland bill1if it had become a law
as 1T passed the house would have demonetized
gold Such was not the purpose of congress
When the bill came 20 the senate an
amendment was made the snotion of Sepa-
tor Allison which changed the scope of the
bill and authorized and directed the secre-
tary of the treasury to purchase from time tn
time silver bullion at the smarket price not
less than $2,000.O00 nor more than 81 600. 600
worth per month and cause the same to be
coined ino silver dollars as fast as mr.
chased. 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 certif-
Gates therefor of not less than $40 each and
that the coin deposited should be retained
In the treasury for the payment of the certif-
Gates on demand.
This bill so amended passed both houses
1t was known as the Bland Allison act. II
greatly added to- the difficulties of resump-
tion, and for that reason was vetoed Nv
President Hayes but became a law over his
veto Under its provisions the United States
purchased over 291 million ounces of silver
this enormous purchase would arrest the de-
cline of silver. but In spite of 1t silver stead
lily declined in market value. and at the
present price the loss to the government on
to over 500 600. 000
When congress me9dn December, 1890. there
was StronS ueSlre IN D0tn houses to utilize
silver legal tenaer money under condi-
items that would not dernonetize gold AS
the result of long discussions In both houses
and after conference between them bill
was passed July IL 1890. by which the secre-
tary of the treasury was directed to purchase
from time to time silver bullion to the ap-
gregate of 4.500. 900 ounces month at the
market price and to issue in 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
rcdeemable by the secretary of the treasury
in gold or silver coin at his discretion.
SILVER STILL WENT DOWN.
This measure 1T was thought would arrest
the decline in the market value OF silver and
enable the secretary to maintain the two
metals on parity with each other at the
ratio of 16 to l. But the market value of |
silver continued to- decline The govern |
ment purchased under the act of July Il, 1890. |
l6S 900 600 ounces at eestssof s156. 600. .000 |
This proved to be an extensive experiment |
and the act was repealed November /, 1888 |
Continued ON Seventh Page.