The American guide., 1896-08-22

confidence merely upon the merits OF Its
| candidates, but upon the soundness Of Its
| public policy. Its measures and Its aims.
1t IL tho distinguishing feature Of our
republican government that every question
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 II. however dif-
ncult the problem may be, II so happens
that Mt the coming presidential election
there viii be submitted to your judgment
two such questions, one OF which Is wheth-
or any holder OF silver bullion may de-
posit It at tho minis OF tho United States
and have II coined for his bench, and with
out cost to him into silver dollars. each OF
the weight OF ti2s grains Of standard
silver, nlnc-tenths fine, and may tender
them for any debt, public or private, The
other question is whether in lovylng duties
or taxes on imported goods we should only
consider the revenue required, or whether,
while raising the needed revenue, we should
sock also to protect and encourage do
nestle Industries the one II called rev.
cnuc tnriff and the other u protective
iarff. Both the silver and tariff are vital
questions OF domestic policy OF equal i'm.
portancc, but ! propose on this occasion
to connnc my remarks mainly to what IS
known as the free coinage Of silver at the
ratio OF 10 part OF silver to Of gold This
issue Is thruS, upon us by the democratic
party, or rather by the ponulls,io branch OF
the democratic party, Gold and silver
coins are recognized by all commercial ma.
tions OF the world as tho best standards Of
value, an the measure OF every article Of
deslro, OF everything that IL bought or
sold. These two metals not only measure
all other things. but they measure each
Other Their relative value constantly
changes. Twcnty-thrco years ago 10 ouncca
OF silver were worth more than ounce
~ Told, Now 81 ounces OF silver can be
bought by ounce OF gold. This iiuctuatlon
OF value cannot bo prevented by law, II
Is beyond the reach OF legislation. II IL
caused by the changing demands for and
the increasing supply OF these metals from
tho mines, Both are necessary as money
silver to supply the daily wants Of life and
gold to measure tho larger transactions Of
business, especially In exchanges with for
clsn nations, How to maintain the parity
or the two metals Mt fixed ratio has been,
Is and alwayn Will he dlfficut problem,
not only In the United States, but In the
civilized world
1t was one Of tho first questions to oe-
cupy tho attention OF American statesmen
after the adoption OF the constitution, and
is now one OF tho most pressing, after
more than 100 years OF national growth.
In l19e silver and gold were made the com.
mon standards Of value In the United
States at the ratio OF 10 to /, but this was
because that then tho actual market value
OF Is ounces Of silver was equal to the
actual market value OF ounce Of gold.
The greatest care was taken to ascertain
this ratio by Thomas Jefferson. then sec
rotary OF state, and Alexander Hamilton,
then secretary Of the treasury. These two
distinguished statesmen. who disagreed
upon nearly all other questions, did agree
upon tho then relative value OF the two
metals. and that both should be coined
into money at that ratio.
Al that timc neither gold nor silver was
found In any considerable quantity In the
II states then forming the union. The rev.
olutlonary war had been conducted with
paper money. which became worthless. and
the coins of spnin. England and other
countries had been made a legal tender
and continued so for many years after tho
adoption of tho constitution.
when tho now American coins were is
sued 1t was found that the ahradcd and
worn coins of other countries filled the
channels OF circulation, and the new and
bright dollars OF the United States were
exported. This led to the discontinuance.
In isos. by President Jefferson OF tho coin-
age OF the silver dollar, and after that date
mons wcrc coined for more than 30 years.
This order OF Jefferson, I suppose. would
be called by our popuiistio friends "the
crime Of isoS." In the meantime France
and other countries adopted the ratio Of
l5it ounces of silver as the equivalent OF
J ounce OF gold. To avoid these embar-