The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-08-27

difference between the commercial value
of the silver bullion and the face value OF
for benefit OF the people. The government
bought the silver bullion contained in the
coinage value. 1t paid out to its creditors
and put 1t In circulation among the peo-
pie at Its face value of one-hundred cents
or Il dollar 1t required the people to ac-
cept 1t as legal tender. and is thus NOR
ally bound to maintain it at n parity with
nized standard with us and the most en-
liEhtened nations OF the world. The gov
ernment having issued and circulated the
SILVER dollar, II must in honor protect the
holder from loss. This obligation it has
SO far sacredly kept.
They Could Not BE Kept ut Par.
These dollars. in the particulars / have
named are not the same as the dollars
which would be issued under free coinage
Ihey would be the same in form, but diff
tcrent In value. The government would
have no part In the transaction, except
share in no part of the profit: it would
take upon itself no obligation: II would
not put the dollars into circulation: 1t
Woull only get them as any citizen would
get them. by giving something for them:
Il Il would deliver them to those who depos-
transaction, would there end. Such are are
the silver dollars which. would be issued
nnder " in free S coinage Of silver at ratio OF
parity? What would keep them at a par
with gold? There would be no obligation
IL there we're it would he powerIes.s I. "Io to
do II. The simple truth is we would be
driven orr, ,,s1, to silver basisnto silver mono
would stand upon their real VnluH le.orei ff
the free and unlimited coinage OF silver
& at RATIO Of IL ounces OF silver to one
ounce or gold would as some OF its adyo-
Gates assert, make SO cents in silver worth
oneahhondrSd onr-,h cents and the silver dollar
II would be easier to get. But that such
would be the case is against reason and
contradlcted by experience in all times
and in all lands. it means the debasc.
me nhen1 y, o OF our currency to the amount OF
coin value of the silver dollar which is
ever changing. and the effect would be To
rneauce property values. entailing untold
the obligations of existing contracts. FUR
ther impoverish the laborers and produr-
ers arsidt nI the country create panic of unpar-
ana commerce deadly blow Against
any such policy. l am unalterably opposed
Efmetalism.
Rimetallism cannot be secured nv In
Heperdent action on our part. 1t cannot
oe optaihed by opening our mints to the
unlimited coinage of the silver of the
world at ratio of l6 ounces of silver
h' one ounce of gold. when the com
va SILVER 10 one ounce of gold. Mexico
ana emma have tried the experiment
ArNlco has free coinage of silver and
e".i at ratio slightly in excess OF six
''' IL ana half ounces of silver to one
ounce OF god. and while her mints
are freely open to both metals at that
tatln not single dollar in gold bullion
is coined and circulated as money. Cola
ms been driven out of circulation in
,heSe countries and they are on a silver
oasis alone. Until international agree
ment Is had 1t is the plain duty of the
United States to maintain the gold
standard.
We Have More Silver tfnn GoId.
Chiefly by means of legislation dur-
ing and since 1879 there has been mt
IN circulation more than SG24, ,OO0. 900 of
SILVER. or It's representative. This has
neen done In the honest effort 10 give
10 silver if possible the same bullion
and coinage value and encourage the
concurrent use OF both bold and silver
as money. Prior to that time there had
neen less than nine millions of silver
uoiIarS coined In the entire history of
tne United states. a period of eichty-
nine wears. This legislation secures the
largest use of silver consistent with
nnahGial una ia safety and the pledge to main
tam It's parity with gold. We have
TODAY more silver than gold. This has
peen accomplished at times with grave
peril TO the public credit. The so-called
sherman law sought to use all the sill
yer product of the United States for
money at its market value. From 1890
TO 1898 the Government purchased 45OO.-
uuo ounces or silver month. or s., 600 =
600 ounces a year. This was one-third
or the product of the world, and prac-
tically all of this country's product.
1t was believed by those who then and
now favor free coinage that such use
of silver would advance its bullion value
to its coinage value. but their expec-
tation was not realized. In few
dented market for the silver product
Of the United States. the price of silver
went down very rapidly, reaching a
lower point than ever before. Then,
upon the recommendation of President
Cleveland. both political parties united
In the repeal of the purchasing clause
OF the Sherman law. We cannot with
safety engage in further experiments in
this direction.