The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-09-03
THE TRUTH ILLUMINATED.
A FLOOD OF LIGHT DIsPELS DARK
NESS.

Extract From Senator Sherman's Famous
Speech at Columbus, Ohio, on the Financial
History Of the Country.
This issue Is thrust upon US by the
~ party or rather by the popus
silver coined are recognized by all the
commercial nations of the world as the
every article of desire, Of everything that
Is bought or sold. These two metals not
only measure all things but they measure
changes. Twenty-three years ago 16 ounces
of silver were worth more than one ounce
Of ggd Now ounces ef Of F
tuation of value cannot be prevented by
law. It Is beyond the reach OF legislation.
for and the increasing supply of these
metals from the mines. Both are neces-
sary ~ as m9Mnssy.silSyerS me S t9 supply the daily
larger transactions of business. and espe-
cially in exchanges with foreign nations.
metals meta - at ma fixed ratio has has been, M is IS, and and
always will be difficult problem, not only
in the United States. but In the civilized
sIt was one of the first questions to oc-
cupy the attention Of the American states
men after the adoption of the constitution
and is now one of the most pressing after
more than 100 years of national growth.
In 1892 silver and gold were made the COM
mon standards of value in the United States
at the ratio of 15 to 1. but this was be-
cause that then the actual market value
of Is ounces of silver was equal to the
actual market value of one ounce of gold.
The greatest care was taken to ascertain
this ratio by Thomas Jefferson, then Sec
retary of state, and Alexander Hamilton,
then secretary of the treasury. The two
upon nearly all questions, did agree upon
the then relative value Of the two metals,
and that both should be coined into money
at that ratio.
"At the time neither gold nor silver was
found in any considerable quantities in the
13 states then forming the Union. The Rev
olutionary war had been conducted with
paper money, which became worthless, and
the coins Of Spain, England and other coun-
tries had been made legal tender. and
continued so for many years after the
adoption of the constitution.
when the new American coins were
issued it was found that the abraded and
worthless coins Of other countries filed the
channels of circulation and the new and
bright dollars of the United States were
exported. This led to the discontinuance
in 1906 by President Jefferson of the coinage
of the silver dollars, and after that date
none were coined for more than 80 years.
This order of Jefferson. suppose, would
be called by our populistic friends the
crime of 1906 In the meantime France
and other countries adopted the ratio of
15k ounces of silver as the equivalent of
one of gold. To avoid these embarrassing
changes, England, in 1916, adopted gold as
the single standard in that country and
silver as subsidiary coin. In 1884, during
the administration of President Jackson.
and under the leadership OF Daniel Web
ster and Thomas H. Benton, congress
adopted the ratio of 16 ounces of silver to
one of gold, by reducing the number of
grains in the gold coin. As silver was thus
slightly undervalued. 1t was not largely
coined. =
Gold became the only american coin in
circulation. and the ayowed purpose of the
passage of the law of 1884 was to make
gold the standard. This was declared by
the committee of the house of representa-
tives who had charge of the bill, who said
in their report:
The committee think that the -iesIder-
atum In the nseetary system is standard
OF Uniform value. They cannot ascertain
that both metals have been circulated SIM
ultaneously, concurrently and indiscrimi-
nately in any country where there are
banks or money dealers. and they enter
.proach to an invariable standard is It's
establishment in, one metal, which metal
shall compose exclusively the currency for
large payments
AlS idWs uSdEllly dppTOVeQ Dy AuQre~
jackson. would be called the crime of 1884.
In 1858, upon the report of Senator Hunter,
Mne9 en- p1eres was president @ and al branch
control, congress reduced the quantity OF
silver in the fractional coins (half dimes.
than een the
the silver for their free coinage and made
them legal tender for IS only, leaving
tender United States coin. At this time
the silver dollar had disappeared from the
current coins OF the United States and
purpose of this act is thus stated by the
chairman of the committee having the
alfves:
We propose. SO far as these coins are
concerned, to make silver subservent to
to ' do O what n the M best I writer's writer's ON political I
economy have approved; what experience,
where the experiment has been tried. has
mittee believed to be necessary and proper
to make but one standard currency and
to make gold the standard coin.'
This, suppose. would be called the
crime of 1853. Silver was practically de-
monetized by this act and the act of 1884.
Jefferson became president, to the close Of
Buchanan's administration in 1861 the dem
ocratic party was gold party. opposed to
silver and all forms of paper money. AS
! have already stated, Mr.. Jefferson In
1906 suspended the coinage of silver dol
lars ana II renamed SUSPENDED Tor more
than 80 years. The act of congress Of 1884
established gold as practically the only
Benton mint drops All democrats were
then gold bugs
Senator Hunter. in 1858. during Pierce's
administra ton. secured the passage of q
law which reduced the silver in the half
dimes. dimes. quarters and half dollars,
making them subsidiary coins, abolished
their free coinage and limited their legal
tender to IS. The silver dollars were not
mentioned and were practically excluded
from coinage or circulation-yet now the
democratic party, and when silver has
fallen in value to nearly one.han its for
mer value-seeks to demonetize gold and
to establish silver as the sole standard Of
value.
when the republican party came into
power in 1861 by the election of Mr.. Lin
coin. 1t had to face a formidable rebel
lion. Gold and silver alike were banished
from circulation and irredeemable paper
money of all denominations from 10 cents
to $4,000 was substituted In place Of coin.
When the war was over the republican
party sought to restore specie payment as
soon as practicable. In March, 1869, 1t
pledged the faith Of the nation In pay
ment in coin or Its equivalent of all bonds