The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-26

our fathers took this so-called double
standard. based upon the intrinsic
value, because the double standard was
| in use in almost all other countries,
although they understood perfectly
| we'll Gas Senator Jones had stated) that
, a double standard is of no practical
value to anybody, because when the
intrinsic value of the two metals Is AT
| the true ratio Is really a single stand
| ard, and when they are at the same IN
trinsic ratio of value of country falls at
once to be standard Of the less valuable
coin. This Is just as true of money as
1t IL of the standards Of measures and
weights What would be thought OF
the state that would establish one
length of a foot measure for purchas-
ing another for selling?
HAD TO STOP COINAGE.
Let us now see what was the expert
ence of our fathers with the double
standard so carefully and exactly es-
tablished. From 1892 to 1906 the COIN
age of silver and gold went on at the
established ratio. In that year Thomas
jefferson was president of the United
States, and James Madison was secre-
tary of State. There had then been
coined gold eagles, gold half eagles
ard gold quarter eagles: silver dollars,
half dollars, quarter dollars. etc. The
total amount of silver dollars coined
down to that time was about $S,OOO.-
900. 1t was found in that short length
of time that the relative intrinsic value
of the two metals had changed and
that fifteen pounds of silver was worth
commercially more than one pound of
gold, and that consequently the coined
| dollars did not remain in circulation,
| but We're purchased for the purpose OF
export. President Jefferson, according
ly, on the 1st of May, 1906. directed the
stoppage of the coinage of the silver
dollar.
| No more silver dollars We're coined
until 1887, when a new act of congress
was passed reducing the silver in the
coin from 4lG grains to 4l2la. During
this period, more than thirty years, the
original silver dollar had entirely dis
appeared from circulation and the
country lived and prospered under
| single gold standard adopted by
Thomas jefferson himself under the
| authority of law, and for the simple
reason that, owing to the difference In
the relative quantity of the production.
and therefore the relative value, Of sill
Yer and gold, double standard could
not be kept up at the established ratio.
GREAT TROUBLE WITH VALUES.
The act of congress of 1897 undertook
to restore the equality of the relative
commercial value of the two coins,
and for the time being it did restore it
by the change have mentioned. in the
weight Of the silver in dollar, making
the value of the gold and silver the
same. But meantime the commercial
value of the gold in our coins had risen
above the face value of the coins and
consequently the gold coins began To
be exported; and to meet this diff
ference congress in 1894 reduced the
amount of gold in a dollar sufficiently
TO make me gold In 1t worth no more
than its face value
Here again is another instance in orr
own experience when there was no mo-
tive other than that of simple busi-
ness common sense of the necessity of
regulating the intrinsic value CONNER
cially or the metal they contained.
| Ana yet In this year of our Lord we
are asked to shut our eyes to all human
experience dncluding our own. and TO
enter unon the coinage of silver at n
ratio OF only little more than half its
commercial valuein proportion to the
value of gold.
THE ACT OF 1873.
i call your attention now to the not
OF 1913 which the demagOgles and the
great silver mine owners and snecu
lators IN silver all over the world have
atel! denouncel as a crime because
tneE say, congress secretly demonctiz-
ed silver. l have already shown YOU
that' sixty-seven years before. Thomas
Jefferson. the great Democratic presi-
ueht or the United States, acting under
the authority of law demonetized silver
AMI that IL
1887, and when, if YOU call is 50. il
was remonetized, almost none was
coined, Tor the total amount coined
down To the passage Of the act Of 1873
was only SS,O3I,22S: and of this, as
have before stated almost the entire
amount had been coined before 1906.
In 1913, therefore, there was no silver
coinage of dollars as n fact, and sub
stantially none in existence. and the
country mad been continually on the
gold standard absolutely, since 1906,
and practically from the very begin
ming. because. before that time, the
silver being out Of relation to gold, did
not circulate and was exported.
Congress perfectly understood what
1t was about when it passed the revised
coinage act of 1873. There was no con-
tention about 1t, although the subject
was under consideration for nearly
or quite, two years. And the omission
of the provision for further coinage of
silver rose from the same obvious blsi-
ness common sense that the experience
and action of Jefferson and the whole
course of the government had shown
to be true.
Two years after the act of 1873, gold
having been the sole standard for more
than three-quarters of the existence of
the Republic. and there being n vast
issue of the paper money of the govern
ment which was deprecated from the
enormous issue required by the war.
congress took in hand the subject of
the resumption of specie payments,
which all men then recognized-and
all sensible men in every country still
recognize-as essential to the welfare
and progress of every country. Con-
gress then passed the resumption act.
Knowing that by law and practice. gold
was the single and interchangeable stand
ard of value. it provided for commence
ing redemption of United States notes
in 1879; and to provided for coinage to
answer the purposes of the use of small
money, the law provided in terms for
the coinage of half dollars and perhaps
other subsidiary coin, but, of course.
made no provision for the coinage Of
silver dollars.
EVERYBODY UNDERSTOOD.
Do the free coinage of silver people,
many of the leaders of whom were then
and still are. in congress, pretend that
they voted on that act in ignorance Of
the fact that no provision was made for
coming silver dollars. while express
provision was made for the coinage of
small silver? Did the people under
stand 1t? Nobody pretends any such
| thing EVaryhp6y kpau, tbof tho oo,,,
mercial countries of the world were. as
rapidly as possible. coming to the only
philosophical standard of values, name-
ly, single standard either of gold or of
silver; the countries where labor was
best rewarded and where the conditions
of property and prosperity were most
uniform among all portions of the COM