The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-10-03
SOUND ARGUMENT.
\ Leading Railway Mans Talk for Homes,
Money.

money
The great Auditorium at Chicago was
crowded TO the doors on the evening
of Saturday, the Goth. by an enthnsi-
nstic audience which assembled TO hear
Melville Il. ingalls, talk on the money
question. After being duly introduced
and warmly received by the railway
men present Mr.. Ingalls, said;
There are many questions involved In
this campaign. but the one burning question
In this: Shall this government OF ours. re-
gardless OF any other government, estab-
lish the free coinage OF silver at the ratio
OF sixteen to one. which means that six
teen ounces OF silver shall be made equal
20 one ounce OF gold. 20 far an the gov
eminent can make II. and II means that the
owner OF silver bullion. whether II has
been dug out OF the mines OF Colorado or
in the dark retreats OF Siberia or in South
America, or. perhaps. may have beon
bought In the markets OF New York or Lon
don. shall have the right to take the sill
Yer bullion. which he can purchase for IS
cents on the dollar. or which costs him
that TO produce. 10 the minis OF the United
States and receive therefrom silver dol
lars which shall be stamped as good for
100 cents on the dollar I'm the payment OF
all dues TO the United States and In the
settlement OF all debts between you and
me7
I, when Mr.. Bryan first started on his
canvass he undertook TO say that free
coinage would raise the price OF silver from
65 cents an ounce. its present price. 10
3l29, or from % cents on the dollar to 100
cents on the dollar. That was his Madison
Square speech. but as he began TO go west
and catch the populist brother he soon left
that and dropped down to his b3-cent dol
lar. He might just as well, because there
Is no more chance or raising silver 10 100
cents by the establishment OF free coinage
I'm this country than there is In turning
the hand back on the dial. What is coin
age? am going into some OF these ele-
mentary truths tonight to get the ideas
all before you In consecutive thought.
THE question OF making a coin legal ten
der has no effect outside OF the country
whore the law was enacted. When people
talk about raising the price TO par, they for
get about the immense production OF sill
yer. II has grown In 20 years from 65.-
600. 900 ounces to 900 ounces. and at
the same time the use OF II for commercial
transactions has decreased; and this In
crease OF III. 900 ounces has gone on
IN spite OF this low price. and will any OF
you gentlemen who are familiar with busi-
ness methods tell me what would be the
production IL, instead OF selling at Sc cents
an ounce. II sold at {l.29 an ounce7
For the last hundred years in the coin
age OF Europe the ratio CT silver and gold
was about one to fifteen and one-half. that
Is, that one ounce OF gold should equal
fifteen apd one-half ounces OF silver In
value. II rarely was less than one TO
fourteen. never greater than one to six
teen: and the demands OF silver and gold
for commerce work werc so great that
their commercial values were kept at about
that price. There never was a government
In the last two centuries who attempted
20 coin silver and gold at ratio different
from their commercial ratio The first at
tempt at the experiment Is the one Mr..
Bryan wants US TO make In this country.
"Other civilized nations OF Europe, fol-
lowing England's example. adopted the
gold standard. but continued 10 coin Sill
yer until 1871, when Germany after the war
with France concluded she could take the
large subsidiary she had received put the
country on gold, and establish her com
mercial integrity with the gold standard.
This produced so much silver for sale that
the Latin union found Themselves being
flooded with silver. and gold being driven
out In 1871 the Latin union, which was
stronger than the American nation OF
to-day, found themselves being flooded
with aiver. which was driving out gold,
although silver was then tribe under
the value OF gold. The minis OF France
were so full OF silver that they couldn't
coin IL I'm two years. and the result OF II
was I'm 1873 they limited the coinage or
fiye-franc pieces and IN 1876 the Latin
union entirely suspended the free coinage
OF silver.
beg your attention while I repeat II. The
Bryan populists claim that II this nation
OF 20, 900 900 people establish the free coin
age OF silver at sixteen 10 one. II VIII have
the effect at once OF raising its price 10
par regardless OF the fact that It's COM
mercial ratio is thirty-two TO one. There
IL. no better way OF dlsproving an as
sertion OF this kind than by pointing out an
exact instance OF the kind In the past,
and fortunately In this case we have II.
n T.. -. Fs4l..
ly TO silver. and was anxious TO maintain its
free and unlimited coinage with gold at
the ratio OF fifteen and one-half to one.
I'm the Latin union were France, Swift
zerland, Italy and Beigium-nations con-
tanning about 100000 OF people. or more
than our present population. The CONNER
cial value of silver at that time was about
seventeen 10 one, compared with gold, and
vet with this small difference, and with
the friendly feeling OF these great nations.
with this Immense population behind them,
they found their minis clogged with sill
yer, gold leaving their countries. and they
were forced I'm 1873 60 limit the free coinage
OF the 1ve-franc pieces.
.Does anyone know OF anything that has
transpired since 1873 that would render
successful any attempt 10 do now what
failed then especially when we consider
further that Il failed in 1873 with the COM
merciai value OF silver at about seventeen
20 one, and now II Is thirty-two TO one3
The production OF gold has Increased so
much since the discovery In California,
the growth OF credits has been so great
that the need OF money In not so great as
II was, and the commercial world mas
found that the great transactions ana Ak
changes have TO be conducted with gold.
with silver as subsidiary coin. Such -
the history OF the use OF silver In Europe.
which country to-day has gold as a stand-
ard, but still uses silver In large quantities
for domestic transactions. but without free
coinage. and with It's legal tender quail
ties limited. In other words, the standard
OF value OF Europe Is tho same as that OF
the United States.
Now, consider this; Alexander Hamll-
ton oyervalued silver at three per cent.
Thomas III. Benton overvalued gold at about
four per cent. and yet so unerring was
the law OF trade that I'm the first place IL
drove out gold, and In the next place II
drove out silver. Can you tell me by
what process our populist friends think
they will keep their gold and silver In
circulation side by side. after they estab-
iish tho free coinage OF silver at sixteen
A. xuh ho rnrarngrclal rnffO IN thlr-