Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17
of 1878 was 43o, 700, o41, or "a times the
number issued before 1873

of 1878 was 43o, 700, o41, or "a times the
number issued before 1873.
Some Personal Inoonsissenoies.
1t Is strange that the very men who sup
ported and urged this coinage law Of 1878
and demanded the exclusive coinage Of gold
are the very men who now demand the FREQ
coinage of silver and denounce as gold
ties and robbers all those who believe
in the coinage of both gold and silver. 1t
has been said that the dropping Of the sill
yer dollar In the coinage act Of 1878 was
surreptitiously done. This charge Is shown
to be false by the debates in congress, and
especially by the declarations Of the men
who now make the charge. Sixteen months
after the passage Of that act Senator Jones
OF Nevada in debate In the senate June
II, 1874, said:
~ am opposed to any proposition, come
in whatever form 1t may, that attempts to
override what God himself has made for
money. / believe the sooner we come down
to q purely gold standard the better 1t will
be for the country"
On April /, 1874, he said: docs this
congress mean now to leave entirely out Of
view and discard forever standard of val
uef And what but gold can be that stand
ard? What other thing on earth possesses
the requisite qualitiesY 80" Gold is the
articulation of commerce. 1t Is the most
potent agent Of civilization. 1t Is gold that
has lifted the nations from barbarism. 1t
Is the common denominator Of values. It
makes possible the classification Of labor
and the interchange of commodities Gold
has interviewed in bargains made between
men since the dawn Of civilization, and 1t
has never failed to faithfully fulfill Its part
as the universal agent and servant Of man.
kind. 80" The value of gold is not af-
fected by the stamp of the government
Senator Stewart Of Nevada In the same
debate on June 10, 1874, said: 1.-The labor
ing man and the producer are entitled to
have their product and their labor measur-
ed by the same standard Of the world'that
measures your national debt $50 Give
them such n standard, give them money as
you require from them. You require it
from the producer. You require from the
laboring man gold to pay the interest on
your national debt, which is right, which
cannot be avoided If you mean to save ma
tional honor; but then give him the same
money with which to pay that debt. The
question will never be settled until you de-
termine the simple question whether the
laboring man is entitled to have n gold
dollar If he earns it or whether you are
going to cheat him with something else.
That is the upshot of the whole thing.
Everybody has to say that the laboring
man was entitled to good dollar. That
was fought over. They will fight it over
again, and the same party will win. There
have been great many battles fought
against gold, but gold has won every time.
Gold never has compromised 49, Gold
has made the world respect 1t all the time.
The English people once thought they could
get along without gold for awhile, but
they had to come back to it,.
seIAshness Steps In.
On June /. 1874, Senators Jones and
Stewart and all the representatives and
senators of the silver states were urgent
and honest In saying that gold was the best
and only standard Of value, but they
changed their minds when tho largely in
creased and increasing production of silver
in Nevada and other states reduced the
market value of silver below that of gold
at the established ratio of 10 to 1. Then
they wanted market for their silver.
They wanted to pay existing debts and
obligations contracted upon gold basis in
silver, but took care in their contracts to
stipulatc for the payment of gold to them,
and this has been and is now the general
practice in the silver states. When the
coinage law of 1878 was enacted all of the
states except those on the Pacific coast con-
Quoted their business upon tho basis Of
greenbacks or United States notes, then at
u discount of about ID per cent Neither
eli pn in domestic tron
actions, but we collected our customs du-
ties in gold coin and conducted our foreign
commerce in gold, the money OF the world.
1t was not until January, 1875, that the
first step was taken to resume specie pay
ments, nor did we resume until January,
1879
During this period silver rapidly fell in
market value below gold at the ratio of 16
to l. Prior and subsequent to 1873 many
changes were made in coinage by the lead
ing countries of the world. Germany in
1871 changed it's standard from silver to
gold. France, Italy, Switzerland and Bel
GUM had in 1865 entered into treaty
called the Latin union, to which other ma
tions became parties, and by which the
coins of each of these countries were re-
cieved and paid out by all Of them. This
and finally abandoned, and gold became
the standard of value in those countries,
but in all silver was coined and largely
used as a subsidiary coin precisely as in
the United States.
The Bland-Allison Act.
In anticipation of the resumption OF
specie payments, the resumption act of
1875 provided silver coins, of dimes, quar-
tiers and half dollars, for the redemption of
the fractional currency then in general use
in our country. These new silver coins
gave great satisfaction. They were limited
in legal tender qualities to $40. At this
time Mr.. Bland of Missouri introduced his
bill for the free coinage of silver at the
ratio of 16 to ON the demand of the hold
ers of silver bullion. Silver had then de-
clined below that ratio. Ono ounce Of gold
was worth more than 16 ounces of silver.
The Bland bill, if it had become law ms
it passed the house, would have demon
cited gold. Such was not the purpose of
congress-
When the bill came to the senate, an
| amendment was made, on the motion of
! Senator Allison, which changed the scope
of the bill and authorized and directed the
secretary of the treasury to purchase from
| time to time silver bullion at the market