Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-07-10


clal value of the two metals.
We have had the effect of this law
In the official reports of governments
for 200 years prior to 1873, and the
Euctuation, one dollar as compared
with the other, was never to exceed
three per cent.
| WHAT SIXTEEN TO ONE MEANS.
Under this law, with us, 3714 grains
OF pure silver were put in dollar, and
% ID grains of pure gold were put in
a dollar, 16 gold dollars to weigh as
much as one silver dollar. That is
what sixteen to one means. In other
words, anyone bringing 37l4 grains OF
silver 10 the mint had it coined into a
dollar, and anyone bringing 1922
grains of gold to the mint had it
coined into dollar. And as long as
this was the law, no man was willing
or did sell that much silver or gold for
less than dollar. Foreign induce.
ments at times caused much of Our
gold 10 leave us, as it is doing now,
but we had silver to fall back on, and
then again when much of our silver
left Us, we had gold. Thus we walked
down the century OH two legs, from
13 poor colonies to 3G grand States.
During all of that century, the
metal in the two dollars never varied
more than three per cent, and could
not, under the inexorable law of sup
ply and demand, with the mints open
and the hands of our debtors on the
governor that controlled the demand
And the fact that we had two metals
to rely on gave us money and a safer
system than if we had relied on one of
these metals only. This was the
elasticity that bimetallism gave to our
primary money.
THE CRIME OF 1878.
In 1873 the law was changed, and
gold only was made primary money.
The miuts were left open to the free
coinage of gold, but closed as to the
free coinage of silver. An unlimited
demand for gold for use as money was
left in operation. The unlimited
coinage of silver was stopped. One OF
the main arteries feeding blood to
civilization was cut Of. The debtor
was to have no option to pay in money
made from either OF these two metals.
He was to be limited to gold alone.
One of the fundamental principles
OF a popular government was violated
in making this change. The consent
oil the people was not obtained-the
consent of the governed-that princi-
pie pronounced in the Declaration of
Independence. 1t was not discussed
in any campaign, and it was not known
to the people for over two years after
ward. The editors and newspaper re-
porters did not know it. 1t was done
surreptitiously. i have not time TO
dwell upon this dark page of our his
tory and cover what else want to in
this speech, will dispose OF it in this
way: Silver was demonetized Febru-
ary II, 1873. l now offer q reward of
500 to any man or woman who will
find word about it in any newspaper,
published in the month of February,
1873. You will find the newspapers
OF that year in the public libraries.
All you will find is simple news
telegram of five lines, that the
amended mint bill had passed. The
mint and coinage bill that has been
on our statute books since 1892, and
amended frequently, is more that Is
pages long, embracing everything
from the cent pieces to the naming of
the various officers of the mint, and
fixing OF their salaries. 1t has fire..
quently been amended in many re-
spects, AS to duties and salaries OF Of
ficials, alloy in the metals, or the size
and form OF our copper and nickel
token pieces. A telegram announcing
the amendment of the mint bill con-
veyed no information to the people
that indicated that the mints had
been closed to silver, its legal tender
character taken from it., or any other
information that would indicate that
silver had been demonetized. Hence,
the people were in ignorance of what
had been done by that Congress,
famous in history as the salary-grab
Congress.
Let no man claim that the act was
honestly and openly passed, till he
can claim the reward l offer. II the
type-setters, reporters and editors OF
the papers did not know it, the voters
did not know it.
THE DECLINE OF VALUES.
With all the principles of bimetal-
lism destroyed, with silver thereafter
used as token or credit money, like our
paper money, all resting on gold, sill
yer began to decline in value as meas
ured by gold the only primary money,
and in % years it has declined 80 per
cent. or rather gold, under the demand
for it, has appreciated. For 200 years
prior to 1873, under bimetallism, they
had not parted more than three per
cent: in % years, under monometal-
lism, the metal in the two dollars had
separated so per cent.
All property not supported by trust
causes, or increased demand, fell with
silver as expressed in dollars. AS
measured by exchangable value with