The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22

confidence merely upon the merits OF its
candidates. but upon the soundness or It's
public policy. It's measures and It's aims.
IL is the distinguishing feature OF our
republican government that every question
affecting the people OF the United States
must ultimately be determined by them
at tho ballot box. Every legal voter has
an equal voice In deciding IL. however diff
ficult the problem may be. IL so happens
that at the coming presidential election
there Will be submitted TO your Judgment
two such questions one OF which is wheth-
or any holder of silver bullion may de-
posit it at the minis OF the United states
and have Il coined for hts benefit and with
out cost TO him into silver dollars, each OF
the weight OF 4i2ia grains OF standard
silver. nine-tenths fine. and may tender
them for any debt. public or private. The
other question II whether ia ievying duties
or taxes on imported goods we should only
consider the revenue required. or whether.
while raising the needed revenue, we should
seek also TO protect and encourage do
nestle industries: the one IN called rev.
enue tarin and the other protective
tariff Both the silver and tariff are vital
questions OF domestic policy OF equal Inn
portancc. but I propose on this occasion
10 contne my remarks mainly 20 what IS
known as the free coinage OF silver at the
Patio OF l6 parts or silver 20 OF gold This
Issue Ia thrust upon us by the democratic
party. or rather by tho populistic branch OF
the democratic party. Gold and silver
coins are recognized by all commercial ma
lions OF the world as the best standards OF
value, as the measure OF every article OF
cesirc. OF everything that IN bought or
sold. These two metals not only measure
MI other things. but they measure each
other. Their relative value constantly
changes. Twenty-threc years ago iG ounces
pr silver were worth more than ounce
9f gold. Now 81 ounces OF silver can be
bought by ounce OF gold. This fiuctuatlon
or value cannot be prevented by law 1t
IL beyond the reach OF legislation IL IA
caused by the changing demands for and
the Increasing supply OF these metals from
the mines. Both are necessary as money
silver TO supply the daily wants OF life and
gold TO measure the larger transactions OF
business. especially I'm exchanges with for
eign nations. How to maintain the parity
or the two metals mt fixed ratio has been
~ ana always VIII be difficult problem
not only I'm the United States, but IN tho
civilized world.
IL was one OF the FIRST questions 10 oc-
cupy the attention OF American statesmen
after the adoption OF the constitution. and
10 now one OF the most pressing. after
more. than 100 years OF national growth
In 1872 silver and gold were made the com
mon standards OF value In the United
states at the ratio or 10 10 l. but this was
because that then the actual market value
or 10 ounces OF silver was equal 10 the
nttHht HaIhct Nhiuc or l ounce OF gold
The greatest care was taken TO ascertain
this ratio by Thomas Jefferson, then sec
rotary or state. and Alexander Hamilton.
then secretary OF the treasury These two
distinguished statesmen. who disagreed
upon nearly all other questions, did agree
upon the then relative value OF the two
metals, and that both should be coined
into money at that ratio.
At that time neither gold nor silver was
found In any considerable quantity In the
IL states then forming the union The rev.
olutionary war had been conducted with
paper money. which became worthless and
the coins or Spain. England and other
countries had been made n legal tender
and continued 50 for many years eftcr the
adoption OF the constitution
When the new American coins were is
sued Il was found that the abradcd and
worn coins OF other countries filled the
channels Of circulatioo. and tho new and
bright dollars OF tho Jnitcd States were
exported. This led TO the dscontinuance,
IN 1909. by President Jefferson of the coin
age OF the silver dollar, and after that date
none were coined for more than 20 years
Tho order Of Jefferson. I suppose. would
be CALLED by our populstic friends the
crime OF 1906" In the meantime France
and other countries adopted the ratio or
ish ounces OF silver as the equivalent OF
ounce OF gold. TO avoid these cmbar-