The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1896-09-11
SHELTON COUNTY, FRIDAY SEPTEMBER 1889
obligation expressed in public statute
to maintain the parity.

THEY COULD NOT KEEP 1T AT PAR.
The dollars, in the particulars have
named, are not the same in which
would be issued under free coinage
They would be the same in form bu
different in value. The government
would have no part in the transaction
except to coin the silver bullion into
Isdollars. 1t would share in no part O.
the profit. It would take upon itself
no obligations. 1t would not put the
dollars into circulation. 1t could only
get them as any citizen would ge,
them-by giving something for them
1t would deliver them to those " no de-
posted the silver and its connection
with the transaction would there end.
Such are the silver dollars which would
be issued under free coinage of silver
at ratio of 16 to l. Who would then
maintain the parity? What would
keep them at par with gold? There
would be no obligation resting upon
the government to do it, and if there
were, it would be powerless to do it.
The simple truth is, we would be driven
to silver basis-to silver monome-
talism. These dollars, therefore,
would stand upon their real value.
If the free and unlimited coinage
OF silver at ratio of 16 ounces of
silver to ounce of gold would, as
some of its advocates assert, make So
cents in silver worth 100 cents, and
the silver dollar, equal to the gold
dollar, then we would have no cheaper
money than now, and it would be no
easier to get. But that such would
be the result is against reason and is
contradicted by experience in all times
and in all lands. It means the de-
basement of our currency to the
amount of the difference between the
commercial and coin value of the silver
dollar, which is ever changing, and
the effect would be to destroy property
values, entail untold financial loss,
destroy confidence, impair the obliga-
tions of existing contracts, further i'm
poverish the laborers and producers OF
the country, create panic of un-
paralleled severity, infict upon trade
and commerce deadly blow. To any
such policy I am unalterably opposed.
BIMETALIsM.
Bimetalism cannot be secured by
independent action on our part. 1t
cannot be obtained by opening our
mints to the unlimited coinage of the
silver of the world, at ratio of 16
ounces of silver to l ounce of gold,
when the commercial ratio is more
than thirty ounces of silver to one
ounce of gold. Mexico and China
have tried the experiment Mexico
has free coinage of silver and gold at
ratio slightly in excess of 15a ounces
of silver to one of gold, and. while her
mints are freely open to both metals
at that ratio, not single dollar in
gold bullion is coined and circulated
as money. Gold has been driven out
of circulation in those countries, and
they are on a silver basis alone.
Until international agreement is
had, it is the plain duty of the United
States to maintain the gold standard.
1t is the recognized and sole standard
of the great commercial nations of the
world with which we trade more large
ly than any other. Eighty-four per
cent of our foreign trade for the fiscal
wear 1895 was with gold standard
countries, and our trade with other
countries was settled on gold basis.
WE HAVE NOW MORE SILVER THAN GOLD.
Chiefly by means of legislation dur
ing and since 1878, there has been put
in circulation more than 1924 ,0OO, ,OO0
of silver or its representative. This
has been done in the honest effort to
give to silver, if possible, the same bull
| lion and coinage value, and encourage
the concurrent use of both gold and
silver as money Prior to that time
| there had been less than 100000 OF
silver dollars coined in the entire his
tory of the United States, a period OF
SO wears. This legislation secured the
| largest use of silver consistent with
financial safety and the pledge to
maintain it's parity with gold. We
have today more silver than gold.
This has been accomplished at times
with grave peril to the public credit.
The so-called Sherman law sought
to use all the silver production OF the
United States for money at It's market
value. From 1890 to 1898, the gov
ernment purchased 4, 100000 ounces OF
silver month, or 100000 ounces a
wear. This was one-third OF the pro-
duct of the world, and practically all
of this country's product.
It was believed by those who then
and now favor free coinage that such
use of silver would advance its bullion
value to its coinage value, but this ex-
pectation was not realized. In few
months, Notwithstanding the unpre-
cedented market for the silver produc-
cd in the United States, the price OF
silver went down very rapidly, reach
ING q lower point than ever before
Then upon the recommendation ol
President Cleveland, both political
parties Joined in the repeal OF the pur-
chasing clause of the Sherman law
We cannot with safety engage In
/ further experiments III this direction.
MORE SILVER THAN ANY COUNTRY.
| We have much more silver in use
than any country in the world, excep'
india or China-$5O0, ,00O, 600 more
than Great Britain $3.50, 600. 600 more
than France; $500 600 600 more than
Germany 1926 600 600 less than India
and 1925 .0OO, 900 less than China. The
republican party has declared IN favor
Of an international agreement, and Il
elected president, it will be my duty
to employ all proper means to promote
/ it The free coinage Of silver IN this
-. .-9--lI dofar &c not defeat,