Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1896-09-04

no part OIL the DrORv- IL would take
upon itself no obligation. 1t would not
put the dollars into circulation. 1t
could only get them as any citizen
would get them by giving something
for them. 1t would deliver them to
those who deposited the silver, and its
connection with the transaction there
end. Such arc 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 IL there
We're, it would be powerless to do it,
The simple truth is. we would be driv-
en- to silver basis--to silver mono
metallism. These dollars, therefore,
would stand upon their real value
If the free and unlimited coinage OF
silver to an ounce Of gold would, as
some of its advocates assert, make If
ty-three cents in silver worth 100 cents
and the silver dollar equal to the gold
dollar then we weld have no cheaper
money than now al it would be no
easier to get. But tt UGH would be
the result Is against reas and is con-
tradicted by experience il all times
and in all lands. 1t means 4! debase-
ment of our currency to the amount
Of the difference between the c@,nner-
cial and coin value of the silver dc ar,
u,h toh ic,c o1, !; q
would be to reduce property values,
entail untold financial loss, destroy
confidence, impair the obligations or
existing contracts, further impoyerlsn
the laborers and producers of the coun-
try, create panic Of unparalleled Sc
verify and inflict upon trade and COM
merce deadly blow. Against any such
policy I am unalterably opposed.
The republican party has not been,
and is not now, opposed to the use of
silver money, as its record abun-
dainty shows 1t has done all that
could be done for its increased
use with safety and honor by
other governments. There are those
who think that it has already gone be-
yond the limit of financial prudence.
Surely we can go no further, and we
must not permit false lights to lure us
across the danger line.
1--WE have much more silver in use
than any country in the world, except
India or China $500, 100000 more than
Great Britain, $3.50 900, 900 more than
France, s4Oo,OO0,O 900 more than Ger
meny, 1926, 900 900 less than India and
sl25, 100000 less than China. The re-
publican party has declared in favor OF
an international agreement, and If ell
ected president it will be my duty to
employ all proper means to promote 1t.
The free coinage of silver in this coun-
try would defer, if not defeat, lnterna-
tional himetallism, and until an inter-
national agreement can be had every
interest requires us to maintain our
present standard. independent free
coinage of silver at a ratio Of sixteen
ounces of silver to one ounce OF gold
would insure the speedy contraction OF
the volume of our currency. 1t would
drive at least SOC, 900 of gold dollars,
which we now have, permanently from
the trade of the country and greatly
decrease our per capita circulation. It
is not proposed by the republican party
to take from the circulating medium OF
the country any of the silver we now
have
"On the contrary, it is proposed to
~, f;1x
culation on parity with gold by main
tanning the pledge OF the government
that all of it shall be equal to gold.
This has been the unbroken policy OK
the republican party since 1878 II mas
inaugurated no new policy. IL VIII
keep in circulation and as good as goiu
all of the silver and paper money when
are now included in the currency OF
the country. 1t will maintain thelr
parity. 1t will preserve their equall1s
in the future as it has always Done III
the past. 1t will not consent to put TINS
country on silver basis, which would
inevitably follow Independent 1ree
coinage at ratio of 16 to l. 1t viii OPP
pose the expulsion of gold from our cir
culatlon.
Another Issue Of supreme import
ance is that of protection. Those VINO
assert that our present industrial anc
financial depression is the result OF the
gold standard have not read American
history Alright or been careful students
of the events of recent years. we never
had greater prosperity in this country,
in every field of employment and m
dustry, than in the busy years rom
1880 to 1892, during all of when time
this country was on a gold basis and
employed more gold money in its 1lscai
and business operations than, ever be-
fore. We had, too, protective tarlH'
under which ample revenues were col
lected for the government, and an ac--
cumulating surplus which was con
stantly applied to the payment Oh the
public debt.