The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-27
deadly blow. Against any such policy ]
am unalterably opposed.
BIMETAIIISM


age OF the silver Of the world at a ratio of
IL ounces OF silver to ! ounce of gold, when
the commercial ratio is more than 30 ounces
or silver to ounce of gold. Mexico and
China have tried the experiment. Mex
leo has free coinage of silver and gold at a
ratio slightly IN excess Of 161a ounces of sill
yer 10 / ounce OF gold, and, while her mints
are freely open to both metals at that ratio.
not single dollar in gold bullion is coined
and circulated as money. Gold has been driv-
en- out OF circulation in these countries, and
they are on a silver basis alone. Until an
international agreement is had, it is the plain
duty OF the United States to maintain the gold
standard. 1t is the recognized and sole stand
ard of the great commercial nations of the
world with which we trade more largely than
any other. Eighty-four per cent of our for
eign trade for the fiscal year 1895 was with
gold standard countries and our trade with
other countries was settled gold basis.
WE NOW HAVE MORE SILVER THAN
GOLD.
Chiefly by means of legislation during and
since 1873 there has been put in circulation
more than 1924 900, 900 of silver or It's repre-
sentative. 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 So 900, 600 of silver coined in the en-
tire 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 maintain
its parity with gold. We have today more
at times with grave peril to the public
credit. The so-called Sherman law sought
to utilize all the silver product of the United
States for money at its market value. From
1890 to 1888 the government purchased 4.500,-
600 ounces Of silver month. or $4,000 900
ounces a year., This was one-third the pro-
duct 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 of silver would advance It's bullion
value to Its coinage value but this expecta-
ks1xz .nI 1v,o Paxxr he r1n(-
withstanding the unprecedented market for
the silver produced in the United States,
the price of silver went down very rapidly,
reaching 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 en-
gage in further experiments in this direction.
THE DOUBLE STANDARD.
On the 22d of August, 1891, in a public
address, / said: IF we could have an In
ternational ratio which all the leading ma
tions of the world would adopt, and th1 true
relation be fixed between the two metals and
all agree upon the quantity Of silver which
should constitute a dollar, then silver would
be as free and unlimited in its privileges OF
coinage as gold Is today. 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 be still further removed from any in
ternational agreement. We may never be able
to secure it il we enter upon the isolated
coinage Of silver. The double standard i'm
plies equality at g. ratio and that equality can
only be established by the concurrent law of
nations. 1t was the concurrent law OF nations
that made the double standard: it will require
the concurrent law of nations to reinstate
and sustain It,.
IT FAvORS4 THE USE OF SILVER MONEY.
The Republican party has not been and is
not now opposed to the use Of silver money
as it's record abundantly shows. 1t has done
ali that could be done for it's increased use
with safety and honor by the United States,
acting apart from other governments 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.
We have much more silver in use than
any country in the world except India or China
$500, 600 900 more than Great Britain; $780,,
900 000 more than France; $400 600, 600 more
than Germany; 1926, 600 600 less than india
and $125, 600 600 less than China The Re-
publican party has declared in favor of an
international agreement, and If am elected
president it will be my duty to employ all
proper means to promote it, The free coinage
of silver in this country would defer, II not
defeat, international bimetallism, and until
an international agreement can be had, every
interest requires us to maintain our present
standard. Independent free coinage Of silver
at ratio of 16 ounces Of silver to ounce Of
gold would insure the speedy contraction of
the volume OF our currency. 1t would drive
at least 500. 900 900 of gold dollars, which we
now have permanently, from the trade of the
country, and greatly decrease our per capita
circulation. 1t is not proposed by the Re-
publican party to take from the circulating
medium of the country any of the silver we
now have; on the contrary it is proposed to
keep all of the silver money now in circula-
tion ON parity with gold, by maintaining
the pledge of the government that all Of 1t
shall be equal to gold. This has, been the
unbroken policy Of the Republican party since
1878. 1t has inaugurated no new policy. 1t
will keep in circulation and as good as gold
all of the silver and paper money. which are
now included in the currency of the country.
1t will maintain their parity. 1t will preserve
their equality in the future, as 1t has al
ways done in the past. 1t will not consent
to put this country silver basis, which
would inevitably follow Independent free coin
age at ratio Of 16 to 1. 1t will oppose the
expulsion of gold from our circulation
FARMERS AND LABORERS SUFFER
''@-.s efss MOST.
If there is any one thing which should be
free from speculation and fuctuation it is
the money of country. 1t ought never to
be the subject of mere partisan contention.
When we part with labor, products
or our property, we should receive in return
money which is stable and unchangeing in
value as the ingenuity Of honest men can
make It. Debasement of the currency means
destruction OF values. No one. suffers SO
much from cheap money as the farmers and
laborers. They are the first to feel its bad
effects and the last to recover from them.
This has been the uniform experience Of all
and not the rich are the greater sufferers
from every attempt to debase our money.
1t would fall with alarming severity upon
investments already made; upon insurance
companies and policy holders; upon savings
banks and their depositors; upon building
and loan associations and their members;
upon the savings of thrift; upon pensioners
and their families; and upon wage-earners
and the purchasing power of their wages.
UNLIMITED IRREDEEMABLE PAPER
MONEY.
The silver question Is not the only issue
affecting our money in the pending contest.
Not content with urging the free coinage of
silver. it's strongest champions demand that
our paper money shall be issued directly by
the government of the United States. This
is the Chicago Democratic declaration. The
st. Louis Peoples declaration is that ''our
national money shall be issued by the gen.
eral government only, without the interven-
ton of banks OF issue. by full legal tender
for the payment of all debts, public and pri-
vate," and be distributed direct to the peo-
pie and through lawful disbursements Of the
government
worlds silver we are asked to enter upon an
era of unlimited irredeemable paper currency.
The question which was fought out from 1865
to 1879 Is thus to be reopened with all It's
cheap money experiments of every conceiva-
bic form foisted upon us. This indicates
most startling reactionary policy, strangely
at variance with every requirement of sound
finance; but the declaration shows the spirit
and purpose Of those who, by combined ac-
tion, are contending for the control of the
government. Not satisfied with the debase-
ment of our coin, which inevitably follows
the free coinage OF silver at 16 to 1, they
would still further degrade our currency and
threaten the public honor by the unlimited
issue of an irredeemable paper currency. A
graver menace to our financial standing and
credit could hardly be conceived, and every
patriotic citizen should be aroused to prompt
ly meet and effectually defeat 1t.
IN THE HIGHEST DEGREE REPREHEN-
SIBLE.
1t is cause for painful regret and solicit
tude that an effort is being made by those