The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-09-03
THE DOLLARS COMPARED.

We have coined since 1878 more than
400, 900 of silver dollars, which are
maintained by the Government at par
ity with gold and are a full legal tender
Tor the payment Of all debts, public and
private. How are the silver dollars now
In use different from those which would
be in use under free coinage? They are
to be of the same weight and fineness:
they are to bear the same stamp Of the
Government. Why would they
not answer: nS OF the the si1Reg same Gaas value?
now in use were coined on account
of the Government and not for private
account or gain, and the Government
has solemnly agreed to keep them as
good as the best dollars we have. The
Government bought the silver bullion
at Its market value and coined it. Hay-
ing exclusie control Of the mintaee IL
only coins what it can hold at a parity
with gold.
The profit representing the difference
between the commercial value of the
silver bullion and the face value of rIe
silver dollar goes to the Government
for the benefit OF the people. The Gov
erntnent bought the silver bullion con.
tanned in the silver dollar at very much
less than its coinage value. It paid it
out to its creditors and put in circula-
ton among the people at its face value
Of 100 cents or q full dollar. It required
the people to accept 1t as legal tender
and Is thus morally bound to maintain
1t at parity with gold, which was then.
as now, the recognized standard with
US, and the most enlightened nations of
the world. The Government having ia
sued and circulated the silver dollar, it
must in honor protect the holder from
loss. This obligation 1t has so far sa-
credly kept. Not only Is there q moral
obligation but there is a legal obliga-
ton expressed in public statute to
maintain the parity.
THEY COULD NOT BE KEPT AT
PAR.
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 different in value. The
Government would have no part in the
transaction except to coin the silver
bullion into dollars. It would share in
no part of the profit. It would take
upon itself no obligations. It would not
put the dollars into circulation. II
could only get them as any citizen
would get them-by giving something
for them. It would deliver them to
those who deposited the silver, and ita
connection with the transaction would
there end. Such are the silver dollars
which would be issued under free coin
age OF silver at a ratio Of 16 to 1.
Who would then maintain the parity?
What would keep them at par with
gold? There would be no obligation
resting upon the Government to do it,
and If there were 1t would be powerless
to do 1t. The simple truth is, we would
be driven to silver basis-to silver
momotnetallism. These dollars, there
fore, would stand upon their real value.
Ii the free and unlimited coinage Of sill
yer at a ratio of sixteen ounces Of sill
yer to one ounce Of gold would. as some
or Its advocates assert, make 50 cents
In silver worth 100 cents. and the silver
dollar equal to the gold dollay. then we
would have no cheaper money than now
ana It would be nc easier to get But
that such would be the result u against
reason. and Is contradicted by experi-
ence in all times and in nll lands It
means the debasement Of our currency
by the amount of the difference between
the commercial and coin value Of the
silver dollar, which Is ever changing,
ana the effect would be to reduce prop
erty values. entail untold financial loss,
destroy confidence, impair the obliga-
tions of existing contracts, further I'm
pover1sh the laborers and producers of
the country, create a panic of unparal-
leled severity, and infiict upon trade
and commerce a deadly blow. To any
such policy am unalterably opposed.
BIMETALLISM.
Bimetallism cannot be secured by in
dependent action on our part 1t can
not be obtained by the opening of our
mints to the unlimited coinage Of the sill
yer OF the world at a ratio Of sixteen
ounces of silver to one ounce Of gold,
when the commercial ratio Ia more than
thirty ounces of silver to one ounce of
gold. Mexico and China have tried the
experiment. Mexico has free coinage
Of silver and gold at a ratio slightly in
excess Of sixteen and one-half ounces
OF silver to one ounce of gold, and while
her mints are freely open to both met
ais at that ratio, not single dollar in
gold bullion is coined and circulated IS
money. Gold has been driven out Of
circulation in these countries, and they
are on q silver basis alone. Until an in
ternational agreement Is had it is the
plain duty of the United States to MAIN
tain the gold standard. It is the recog-
nized and sole standard Of the great
commercial nations Of the world with
which we trade more largely than any
other. Etghty-four percent Of our for
eign trade for the fiscal year 1895 was
trade with other countries was settled
on a gold basis.
WE NOW HAVE MORE SILVER
THAN GOLD.
Chiefly by means Of legislation during
and since 1878 there has been put in cir
culation more than 1924, ,0o0, 900 Of silver
or its representative. This has been
done in the honest effort to give silver,
If possible, the same bullion and coin
age value, and encourage the concur
rent use of both gold and silver as mon
ey. Prior to that time there had been
less that 10000 silver dollars coined In
the entire history of the United States,
q period of eighty-nine years. This leg
islation secured the largest use Of sill
yer consistent with financial safety and
the pledge to maintain its 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 production Of the
United States for money at its market
value From 1890 to 1893 the Govern
ment purchased 4,500, 900 ounces Of sill
yer month, or $4,000, 900 ounces year.
This was one-third Of the product Of the
world and practically all Of this coun-
try's product. It 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 expectation was not realized.
In q few months, Notwithstanding the