Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17
The Ohio Senator's Great
Speech at Columbus.
SILVER FALLACIES EXPOSED
Brief Review of Coinage Legis-
lation In the United States.
THE RESULTS OF FREE SILVER.

The Foremost Financial Authority Of tho
Nation Tells How Free Coinage Would
Unsettlc the Business Woodworking
men Would Suirer-silver Monometal-
iism Threstened-Inconsiste OF the
Silver Ssnators-An Able and Interest
Ing Argument.
The Republican campaign In Ohio was
opened at Columbus Aug. 15with a meet
ing attended by 10, 900 persons. Governor
Asa Bushnell presided, and speeches were
made by Senator Sherman, Senator Elect
Foraker and General Stewart L. Woodford
Of New York. Following is the full text
of Senator Sherman's address:
Mr.. CHAIRMAN AND FELLOW CITIZENS
A citizen of Ohio has been selected by the
Republican national convention as its
candidate for president OF the United
States and we are here to ratify and sup
port his nomination. We take pride in
William Mckinley not only for the honor
conferred upon Ohio by the convention
but because we know him to be fitted for
that great Office. We know that since his
boyhood his life has been pure and stain
less; that as IL soldier in the Union army
he was brave and loyal; that us u member
of congress for many years he exhibited the
highest mental traits and rendered great
services to his country, ard that as govern
or of Ohio he proved lis capacity to per-
form difficult executive duties And ho has
the higher claim upon us that during all
his active life he has been IL faithful and
able Republican, thoroughly in sympathy
with the principles Of the Republican par
ty. That party does not rest it's claims TO
your confidence merely upon the merits
of its candidates, hat III ON the soundncss
of its public policy, its measures and its
aims.
1t Is the Distinguishing feature of our
Republican gOvCrnniuCt that every qUcS-
ton affecting the people of the United
States must ultimately be determined by
them at the ballot box. Every legal voter
has an equal voice in deciding 1t, however
difficult the problem may be. II so hap
pens that at the coming presidential cleo
ton there will be submitted to your judg
ment two such questions, one of which is
whether any holder OF silver bullion may
deposit it at the minis of the United States
and have 1t coined for his benefit and
without cost to him into silver dollars,
each of the weight Of 412H grains of stand
ard silver nine tenths fine, and may tender
them for any debt, public or private. The
other question is whether in levying duties
or taxes on imported goods we should only
consider the revenue required, or whether,
while raising the needed revenue, we should
seek also to protect and encourage domestic
Industries The one is called revenue tariff
and the other protective tariff. Both the
silver and tariff are vital questions of do
mestic policy of equal Importance, but 1
propose on this occasion to confnc my re-
marks mainly to what is known Us the free
coinage of silver at the ratio Of Is parts Of
silver to of gold
This issue is thrust upon us by the DEM
ocratic party, or rather by the Populistic
branch of the Democratic party. Gold and
silver coins are recognized by all CONNER
cial nations of the world as the best stand
ards of value, rs the measure of every ar
ticle of desire, of everything that is bought
or sold. These two metals not only meas
ure all other things, but they measure each
other. Their relative value constantly
changes. Twenty three years ago 16 ounces
of silver were worth moro than l ounce
of gold. Now 81 ounces Of silver can be
bought by ounce Of gold. This fluctu-
alton of value cannot be prevented by law.
It is beyond the reach Of legislation. 1t is
caused by the changing demands for and
the increasing supply Of these metals from
the mines Both are necessary as money,
silver to supply the daily wants of life and
gold to measure the larger transactions of
business, especially in exchanges with for
eign nations How to maintain the parity
~ l. A. IT, l.. hoo
is and always will be difficult problem,
not only in the United States, but in the
civilized world.
Early Coinage History.
1t was one of the first questions to oc,
cupy the attention of American statesmen
after the adoption of the constitution and
is now one of the most pressing, after more
than 100 years of national growth. In 1872
silver and gold were made the common
standards of value in the United States al
the ratio of Is to /, but this was because
that then the actual market value of IL
ounces of silver was equal to the actual
market value of l ounce Of gold. The
greatest care was taken to ascertain this
ratio by Thomas jefferson, then secretary
of state, and Alexander Hamilton, then
secretary of the treasury. These two dis
tinguished statesmen, who disagreed upon
nearly all other questions, did agree upon
the then relative value of the two metals
and that both should be coined into money
at that ratio.
At that time neither gold nor silver was
found in any considerable quantity in the
a8 states then forming the Union. The
Revolutionary war had been conducted
with paper money, which became worth
less, and the coins of Spain, England ant
other countries had been made legal ten
der and continued so for many years afte
the adoption of the constitution.
When the new American coins were Is
sued, IL was found that the abraded ant
worn coins of other countries filled tn
channels of circulation and the new ant
bright dollars of the United States wer
exported This led to the discontinuance
in 1906, by President jefferson of the coin
age of the silver dollar, and after that dat
none was coined for more than 80 years
This order of jefferson, / suppose, woul
Re called by our Populistic friends 9TH
crime of 1906" In the meantime Franc
and other countries adopted the ratio G
n6h ounces Of silver as the equivalent G
b ounce Of gold. To avoid these embal