Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1896-09-10

These dollars in the particulars I have
named are not the same as the dollars
which would be issued under free coinage.
They would be the same in FORM but diff
ferent in value. The government would
have no part in the transaction except to
coin the silver bullion into dollars. 1t
would share in no part of the profit. 1t
would take upon itself no obligation. 1t
would not put the dollars into circulation.
1t could only get them as any citizen would
get them, by giving something for them.
1t would deliver them to those who de-
posted the silver and it's connection with
the transaction there end. Such are the
silver dollars which would be issued under
free coinage of silver at ratio Of 16 to 1.
Who Would Maintain Pa-,sy.
"Who would then maintain the parity?
What would keep them at par ,-::c gold?
There would be no obligation resting upon
the government to do it, and if there were,
it would be powerless to do it. The simple
truth is we would be driven to g. silver
basis-to silver monometallism. These dol
lars, therefore, would stand upon their
real value. II the free and unlimited coin
age Of silver at ratio of 16 ounces of
silver to 1 ounce of gold would. as some
of its advocates assert, make SO cents in
silver worth 100 cents and the silver dollar
equal to the gold dollar, then we would
would be no easier to get. But that such
would be the result is against reason and
is contradicted by experience in all times
and in all lands. 1t means the debasement
of our currency to the amount of the diff
ference between the commercial and coin
value of the silver dollar which is ever
changing and the effect would be to reduce
property values, entail untold financial
loss, destroy confidence, impair the obliga-
lions of existing contracts, further impov-
erish the laborers and producers OF the
country, create a panic of unparalleled
MERGE a deadly blow. Against any such
policy l am unalterably opposed.
Gold Driven Out of Mexico.
"Bimetallism cannot be secured by in
dependent action on our part. It cannot
be obtained by opening our minis to the
unlimited coinage of the silver of the
| world at ratio of 16 ounces of silver to
1 ounce of gold when the commercial ratio
of gold. Mexico and China have tried the
experiment. Mexico has free coinage of
silver and gold at a ratio slightly in ex-
cess of 1914 ounces of silver to 1 ounce OF
| gold, and while her minis are freely open
| to both metals at that ratio, not single
dollar in gold bullion is coined and cir
| culated as money. Gold has been driven
out Of circulation in these countries and
| they are on silver basis alone. Until
| international agreement is had, it is the
plain duty of the United States to main
| tain the gold standard. 1t is the recog-
nized and sole standard of the great COM
| mercial nations of the world with which
we trade more largely than any other.
| Eighty-four per cent. of our foreign trade
for the fiscal year 1895 was with gold
standard countries, and our trade with
other countries was settled on gold basis
More Silver Than Gold.
"Chiefiy by means of legislation during
and since 1878, there has been put in
circulation more than 1924, 900 900 of sill
yer or it's representative. This has been
| done in the honest effort to give to silver,
| if possible, the same bullion and coinage
| value and encourage the concurrent use OF
both gold and silver as money. Prior to
that time, there had been less than 9,000,-
| 600 of silver dollars coined in the entire
| history of the United States, period of
| eighty-nine years. This legislation secures
the largest use of silver consistent with
| financial safety and the pledge to main
| tain it's parity with gold. We have to-
day more silver than gold. This has been
| accomplished at times with grave peril to
the public credit. The so-called Sherman
law sought to use all the silver product
| of the United States for money at it's mar
ket value. From 1890 to 1898, the gov
| eminent purchased 4.500.000 ounces of sill
yer a month, or "a 900, 900 ounces a year.
| This was one-third the product of the
| world, and practically 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 it's bullion
| value to it's coinage value. but this ex-
| pectation was not realized. In few
! months, notwithstanding the unprecedent-
ed market for the silver product in the
| % i1rynr
down very rapidly, reaching point lower
than ever before. Then, upon the recon-
mendation 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.
"On the second of August, 1891, in a
public address, l said: If we could have
| an international ratio which all the lead
| ing nations of the world would adopt, and
| the true relation be fixed between the two
| metals and all agree upon the quantity
of silver which should constitute dollar,
| then silver would be as free and unl1m-
tied in it's privileges of coinage as gold Is
| to-day. But that we have not been able
to secure and with the free and unlimited
coinage of silver adopted in the United
| States at the present ratio, we would De
still further removed from any interna-
tional agreement. We may never be able
| to secure 1t II we enter upon the 1SOlated
coinage of silver. The double standard
implies equality at ratio and that equal
| ity can only be established by the concur
| rent law of nations. It was the concurrent
| law of nations that made the double stand
| ard; it will require the concurrent law
| of nations to reinstate and sustain It.
Party Favors use of silver Money.
"The Republican party has not been and
| is not opposed to the use of silver money
as it's record abundantly shows. It has
| done all that could be done for Its in
creased use with safety and honor by the
| United States acting apart from other gov
ernments. There are those who think that
it has already gone beyond the limit of
| financial prudence. Surely we can go no
| further, and we must not permit false
| lights to lure us across the danger line.
Means Defeat of International
| Agreement.
eve have much more silver IN use than
| any country in the world except India or
| China-$500, 900, 900 more than Great Brit
| ain: $3.50, 900, 900 more than France; $780,
! 0O0, 900 more than Germany; 1926, 900 900
less than India and $125 200, 900 less than
| China. The Republican party has declared
in favor of an international agreement, and,
| IL elected president, it will be my duty to
employ all proper means to promote it.
The free coinage of silver in this country