The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-08-20

delivered in the United states Senate on
February I, 1878. the very speech which
Daily misrepresented to show that his
ideas regarding silver coinage were the
very ~antipodes Of those held by Bryan
and his crew. Mi. Blaine SAID
However men may differ about causes
ard processes, all will admit that witnl1
a few years a great disturbance has taken
place in the relative values of gold and
silver, and that silver IS worth less or
Of the werld in 1878 than in 1873, when the
further coinage of silver dollars was
prohibited IN this country. To rsmonetize
stances of that day were surrounding US
is TO. wflfully and blindly deceive our
selves If cur -deEnonetization were the
only cause for the decline in the value of
silver, them rernonetization would be its
proper and effeetual cure: But other
causes beyond our control have been Iar
more potentially operative than the simple
fact Of congress prohibiting its further
coinage. and as legislators we are bound
to take cospizapee of these causes.
What Ulysses S. Grant thought of cur
rency debasement was shown clearly
enough in his veto of the famous in
f1ation bill. He never had any oppor-
tunfty to express himself upon the pres
emit silver question, or even to form views
uponat, for the silver question fn-its pres
ent shape did not exist in his day. and
was only dinily f~oreseen by a few special
lists here and abroad. The general idea
Of debased coinage is as old as other
sorts of theft. but the particular form
which the idea has ecertly taken on is
the mushroom growth of less than a de-
cade. and It is only in that time that it
has been studied out. and ciphered down
to the ultimate disaster that impends
upon its success. No man can find a
word in the writings of Jackson, Benton
or any other great Democratic fnancier,
which favors the fotation of an I'M
limited credit currency. Nc man can
find an utterance of American statesman
ship which favors the fotation of
clipped coin, alleged coin, or otherwise
debased and fraudulent money. The Sc
lection Of Isolated sentences in which
silver is spoken of for coinage purposes.
is a gross form of imposition on the pub
lie. who, if they were shown the entire
context, would see that the remarks
made had no bearing, even remote or in
direct upon the present controversy.
So much for Senator Days appeal to
the Fathers.
One other point we will touch on. The
Senator said
History records the fact that under the
double standard his country grew and
~prospered at a marvellous rate. An occa-
sional period Of financial and business de-
preston came, but the wisdom of the law
makers, who in those days legislated for
the benefits Of the entire people instead of
the privileged few, devised means of re-
lief.
In the first place, this country has
never had a doubie standard. It is nom
sense. There is no such thing. Previous
to 1873 we had a gold standard, and a
nominal silver coinage. but no silver cur
reney, except the fractional coins. 1t is
only since 1873 that silver dollars have
become current.
Secondly. 1t is ludicrous to contrast the
progress previous to 1873 with that which
we have made since. Any man with or
binary diseernment can plainly see that
we have increased more in National
wealth in the twenty-three years since
1873 than we had in all the years from
1900 down to 1873. Above all. the eondi-
ton Of the poor has improved In the pres
ent period, ana year after year a larger
share of the National wealth is being
appropriated to their welfare.
Senator DAILY asks
Who. then, are the advocates of a single
gold standard?
We reply: Almost everyone who is
qualified to speak on it. Almost every
n who is entitled to advise the public
on such matter. Almost everyone who
has braihs and knowledge to compre
bend it and unselAsh patriotism enough
to give h people unbiased advice.