The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-16
SHERMAN OPENS II
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79o, Oh, or fifty-four times the number
Issued before 1873.
1t is strange that the very men who
ported and urged this coinage raw o.
1878 and demanded the excl;lsHye coin:
age of gold, are the very men who now
demand the free coinage Of silver ano
denounce as "goldites" and robbers
all those who believe in the coinage OF
both gold and silver
JONES RECORD ON GOLD.
1t has been said that the dropping OF
the silver dollar in the coinage act OF
1873 was surreptitiously done. This
charge is shown TO be false by the &c
bate in congress. and especially by The
declarations of the men who now make
the charge. Sixteen months after tnt
passage of that act, SEatcr Jonee ~
Nevada, in debate in the senate, June
IL, 1874, said:
II am opposed TO any proposition.
come i'm whatever form ii may, that at
tempts to override what God himslf has
made for money / believe The sooner
we come down 10 the gold standard
the better it will be for the country"
Apri' l. 1874 he said: Does this con-
gress mean new to leave entirely out of
view and discard forever Standard Of
value? And what but gold can be that
POSSESSES
standard? What other thing on earth
Is the circulation of commerce. 1t -
the most potent agent of civilization. It
Is gold that has lifted nations from bar
barism 1t is the common denOmina-
tor of values. 1T makes possible the
classification of labor and the inter-
Change of commodities Gold has in
tervened in bargains made between men
since the dawn of civilization and 1t has
never failed to faithfully fulfill its part
as the universal agent of mankind. Tho
value of gold is not affected by the
Stamp of the government"
ALSO STEWARDS.
Senate Stewart of Nevada In the
came debate on the 18th of June, 1874,
said:
"Sir, the laboring man and the pro-
Queer fs entitled to illave mis- product and
his labor measured by the same STAN
dard of the world that measures your
national debt Give him such STAN
dard. Give Inn such money as you
require from him. You require it from
The producer. You require from the
laboring man gold to pay the intereS.
on your national debt, which is right,
which cannot be avoided If you mean
to save this palton's honor; but then
give him the same money with which
to pay that debt.
'grhe question will never be settled
until you 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 up
shot of the whole thing. Everybody
has to say that the laboring man is
entitled TO a good dollar. That was
fought over. They will fight it over
again and the same party viii win.
There have been a great many battles
fought against gold but gold has won
every time Gold never has compro-
missed. Gold has made the world re-
spect it all the time. The English peo-
pie thought they could get along with
out gold for a while but they had to
come back to it,
CHANGED THEIR MINDS.
On June ]. 1874. Senators Jones and
Stewart, and all the representatives and
senator of the silver states were urgent
and honest in saying that gold was the
best and only standard of values, but
they changed their minds when the
largely increased and increa sing pro-
duction of silver in Nevada and other
states reduced the market value of sill
yer below that of gold at the established
ratio of IS to /. Then they wanted a
market for their silver. They wanted
10 pay existing debts and obligations
contracted upon the gold basis, in silver,
but took care in their contracts to stip-
ulate for the payment of gold in them,
and this has been and is now the gen.
enal practice in the silver states When
the coinage law of 1873 was enacted, all
of the states except those on the Pacific
o-t -. 49,
gold basis of greenbacks or United
States notes, then at a discout OF about
is per cent.
SILVER FALLS IN VALUE.
Neither silver nor gold was used IN
domestic transactions but we collected
cur customs duties in gold coin and con-
Quoted out foreign commerce in gold
the money of the world. 1t was not
until January, 1875, that the first step
was taken TO resume specie payments.
nor did we resume until January, 1879
During this period silver rapidly fell
In market value below gold at the ratio
of 16 to l. Prior and subsequent to
1913, many changes were made in COIN
age by the leading countries of the world
Germany, in 1871. changed its standard
from silver to gold. France, Italy. Bel
GUM and Switzerland had in 1865 enter
ed into a treaty called the Latin union
TO which others became parties and by
which the coin of each of these coun-
tries was received and paid by all OF
them The simple arrangement was
modified and finally abandoned and gold
became the standard of values of those
countries but in all silver was coined
and largely used as a subsidiary coin
precisely as in the United States
THE BLAND-ALLISON ACT
In anticipation of the resumption o.
specie payments. the resumption act OF
: 1915 provided silver coins of dimes. omar
hers and half-dollars for the redemption
OF the fractional currency then in gen.
eral use in our country. These new
silver coins gave great satisfaction.
They were limited in legal tender Quail
ties to sic At this time Mr.. Bland of
Missouri introduced his bill for the free
coinage of silver at the ratio of 1e TO I
on the demand OF the holders OF silver
bullion. Silver had then declined be-
low that ratio. One ounce of gold wa
worth more than 16 ounces of silver
The Bland bill. if it had become a law as
it passed the house, would have denone-
Hized gold. Such was not the purpose
of congress. 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 an
thorized and directed the secretary OF
the treasury to purchase from time 10
time silver bullion at the market price
not less than 5000. 900 nor more than
$4s000.oc0 worth per month, and cause
the same to De coined into silver dollars
ss fast as purchased.
DECLINE NOT TO BE STAYED.
1t also provided that any holder of the