The American guide., 1896-08-22

II makes nossIble the classification of la
Dor and the interchange OF commodities.
Gold has intervened in bargains mace be-
tween mon since the dawn OF CIVILIZATION,
and II has never failed 10 faithfully fulhil
its part as the universal agent and servant
OF mankind. - The value Of gold is
not affected by the stamp Of the govern
mcnt."
senator Stewart, OF Nevada, In the same
debate on the 18th Of June, 1874, said;
''sir. the laboring man and the producer
is entitled to have his product and his
labor measured by the same standard OF
the world that measures your national
debt. . Give him such a standard
give him money as you require from him.
You require It from the producer. You
require from the iaboring man gold to
pay the interest on your national debt,
which is right, which cannot be avoided
n you mean to save national honor' put
then give him the same money with which
to pay that debt"
The question will never be settled until
you determine the simple question whether
the laborlng man Is entitled to have
gold dollar II he earns II. or whether you
are going to cheat him with something
else That Is the upshot OF the whole
thing. Everybody has TO say that the Ia
boring man was entitled to good dollar
That was fought over, They VIII night II
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 has never COMPROMISED.
- Gold has made the world respect 1t
all tho time. The English people once
thought they could get along without gold
for awhile. but they had TO come back
TO II.
on June /. 1874:
Senators Jones and Stewart and all the
Representatives and senators OF the 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-lncrcased 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 10 to |. Then they wanted market Tor
their silver. They wanted to pay exist
Ing debts and obligations contracted upon
the gold basis in silver, but took care IN
their contracts to stlpulate for the pay
ment OF gold TO them, and this has been
and h now the general practice in the
silver states When the coinage law OF 1878
was enacted all Of the states except those
on the Pacific coast conducted their busi.
ness upon the basis Of grccnbacks or United
States notes, then at II discount OF about
10 per cent. Neither silver nor gold was
used in domestic transactions, but we col
lected our customs duties In gold coin
and conducted our foreign commerce in
gold the money OF the world, II was not
| until January. 1876. that the first step was
| taken to resume specie payments. nor did
we resume until January, 1873.
/ During this period silver rapidly fell In
market value below gold at the ratio OF
i6 to l. Prior and subsequent to 1873 many
changes were made In coinage by the lead
/ lV.ar ~ Of "A world (snrmunN In
iSfl changed its standard from silver &c
gold. France. Italy. Switzerland and Bel
! elum had in 1866 entered into treaty called
the Latin union, to which other nations be
came parties and by which the coins o
each OF these countries were receivable nnt
paid out by all Of them. This importan
arrangement was flrst modified and inal
iy abandoned, and gold became the stand
ard of value In those countries. but In al
isllver was t<'ned and largely used as
subsidiary coin precisely as In the Unite
States
In anticipation OF the resumption o
specie payments the resumption act o
1875 provided silver coins of dimes, quar-
ters and half dollars for the redemption o.
the fractional currency then in genera
use In our country, These new silver coins
gave great satisfaction. They were lin
tied in legal tender qualities to SO Al
this time Mr. Bland. OF Missouri. intro
| duccd his bill for tho free coinage OF sllvei
| at the ratio OF 10 TO on tho demand ol
the holders OF silver bullion, Silver hat
then declined below that ratio one ounce
of gold was worth more than 10 ounces ol
silver. The Bland bill, II II had become I
law as It passed the house would have
domonetlzed gold. Such was not the pur
pose OF congress When the bill can't
10 the senate an amendment was mad'
on the motion OF Senator Allison whlcl
changed the scope OF the bill and author
lied and directed the secretary Of th'
treasury to purchase from time to TIM
silver bullion at the market price not les'
than 100000 nor more than fipp,pD wortl
per month and cause tho same TO be colnct
into silver dollars as fast as purchased
II also provided that any holder OF tn
coin authorized by that act might dcposl
tho same with the treasurer OF the Unitc'
States in sums not less than 81 and re
coiyo certificates therefor Of not less thai
80 each, and that the coin deposited shoul'
be retained IN the treasury for the pay
mcnt OF the certificates on demand. Thl
hin. 80 amended, passed both houses. J
was known as the Bland-Allison act. I
greatly added to the difficulties Of resump
tion, and for that reason was vetoed b,
| President Hayes, but became law owe
his veto. Under Its provisions the Unite
| States purchased over gl,or,oM ounces Q
silver, at tho cost OF t9Os,sipFn, II wa
hopcd that this enormous purchase woul
arrest the decline OF silver, but In spite Q
II silver steadily declined In market value
and at tho present price the loss to tn
government on the purchase Of silver unde
this act amounts to over iln,Woo0.
when congress met In December, 1855
thcro was a strong desire In both house
to utilize silver as legal tender money unde
conditions that would not demonotizc gold
A tho result OF long discussions In bot
houses and after conference botwee
them a bill was passed July H. 1880, h
which the secretary OF the treasury wa
directed to purchase from time TO tim
silver bullion TO the aggregate of 5000
ounces month at tho market price an
TO issue IN payment OF such purchase
| treasury notes OF the United States whic
were made legal tender In payment o
! all debts, public and private, and wor
rcdeomablc by the secretary Of the treas
ury In gold or silver coin, at his discretion
This measure. II was thought, would ar
rest the decline In tho market value o
silver and enable the secretary to main
tain tho two metals ut u parity with eao
other at the ratio OF i6t toi, But the marke
value Of silver continued to decline, tn
| government purchased under the act o
July H. 1880, iGs,Oo0 600 ouncoa, at cost o
sla0oo coo. This proved TO be an oxpcnslv
experiment, and the act was repeated NO
ycinbor !, 1893 This repeal was accom-
panied by the following declaration, mad
a part of the repeating act;
And It is hereby declared to be the pol
Icy OF the United States to continue tn
use OF both gold and silver as standar
money and TO coin both gold and silver Int
money OF equal intrinsic and exchangeabl
value. such equality to be secured throug
international agreement. or by such safe
guards of legislation as will insure III
maintenance of the parity In value of th
coins of the two metals and the equs
power of every dollar at all times in III
markets and In the payment OF debts. An
II is further declared that the efforts c
the government should be steadily directe
to tho establishment OF such u safe systeI
of bimetallism as will maintain at all time
tho equal power Of every dollar coined Q
issued by the United States. In the market
and In the payment OF debts"
| Thlu depIa ra tim fnnda bv cOngrpaa an