New-York tribune., 1896-08-27

creditors and put il in circulation among the
people at it's face value of leo cents, or fuii
dollar 1t required he people to accept II as
a legal tender ana !. thus morally bouho u
maintain It at a parity with gold. which was
then. as now the recognized standard with us
and the most enlightened nations of the wor'u'
The Government having issued ana circ"a'eu
the silver dollar, ii must IN honor pro'eo' WV
holder from loss. This obligation 1t mas So ia'
sacredly kept Not only is there moran o'''
CATION but there is a legal obligation expressed
In public statute to maintain the parity
THEY COULD NOT BE KEPT AT PAR
These dollars. in the particulars have named
are not the same as the dollars which wouin ne
issued under free coinage. They would be the
sa,,e ,r form, hut different in value. The Gov
ernment would have no part in the transao''o"
excent TO coin the silver bullion into dollars IL
would share in no part Of the profit IL wou'o
take upon itself no obligation. 1T would not put
the dollars into circulation. 1t could only Ee'
them. as any citizen would get them py giving
something for them. II would denver 'he"h W
those who deposited the silver, and its connec-
tion with the transaction there ends
such are the silver dollars which would be
issued under free coinage OF silver at rato oi
16 10 l. Who would then maintain the parity
What would keep them at par with so'o
There would be no obligation resting upon ''e
Government to do 1t. and. If there were IL "ouio
be powerless to do It, The simple truth is we
would be driven TO a silver basis-to silver mono
uetallism. These dollars. therefore. would stand
unon their real value If the free and unlimited
coinage Of silver at a ratio of 16 ounces OF silver
70 ounce of gold, would. some Of its advo-
Gates assert make 53 cents in silver worth lVo
cents and the silver dollar equal to the goid DOL
lar then we would have no cheaper money 'ha
now and il would be no easier to get But that
such would be the result is against reason ana IL
contradicted by experience In all times ana III an
lands 1t means the debasement OF our currency
10 the amount of the difference between the coni-
rnercial and coin value of the silver dollar which
&C. over changing. and the effect would be to re-
duce property values entail untold hhahcia ios''
destroy confidence. impair the obligations Of ex-
isting contracts further mpoverish the laporers
md producers Of the country. create panic OF
unnaralleled severity and infict upon trade and
commerce deadly blow. Against any such pol
icy am unaterably opposed
BIMETALLIsM
p,roet tallism cannot be secured by independent
action on our part. II cannot be obtained oy
onening our mints to the unlimited coinage oi
the silver of the world, at ratio OF 10 ounces VI
silver 10 | ounce of gold. when the comihercia'
ratio is more than 80 ounces Of silver TO ounce
of gold Mexico and China have tried the eN-
,orir,ert MEXICO has free coinage Of silver and
gold at ratio slightly in excess or 1872 ounces Vi
silver to ounce of gold, and, while her mints
are freely open to both metals at that ratio not
o single dollar in gold bullion is coined and cir
oulated as money Gold has been driven oN OF
circulation In those countries and they are on
euver basis alone Until international agree
mont is had It is the plain duty OF the uhiteo
c,o,os IN maintain the gold standard. 1t is the
recopnized and sole standard Of the great COM
mercial nations of the world, Wltn "hich We
trade more largely than any others. Eish'S
four per cent OF our foreign trade 1or 'he Hs0ai
,oar 1so5 was with gold-standard countries ana
.o,,r trade with other countries was settled on
gold basis.
WI, NOW HAVE MORE SILVER THAN GOLD
Chiefly by means Of legislation during ana sl'ce
1873 there has been put in circulation more 'hah
Sii24 600 900 Of silver, or its represeh'alNe Inns
hos heen done in the honest effort 20 give to sill
YER If possible the same bullion and coinage
value and encourage the concurrent use Of both
I'D ord silver as money. Prior to that time
there had been less than nine millions OF SILVER
auars coined in the entire history of the United
c,otes neriod of eighty-nine years. This legis-
,,,or secured the largest of silver consistent
with financial safety and the pledge to maintain
Its parity with gold.
We have to-day more silver than gold Thls
has been accomplished at times with grave peril
10 the public credit. The sO-called sherman Id"
sought TO use all the silver product OF the Ohlteu
States for money at its market value. From lo'o
10 1898 the Government purchased 4''oo'ooo
ounces Of silver a month, or J4.Oo0Voo ounces a
wear This was one-third Of the product or the
world and practically all of this countrys proo-
net. 1t wss believed by those who then and now
favor free coinage that such use OF silver would
advance its bullion value TO its coinage Naiue, Dut
this expectation was not realized In a 1eW
,nopths Notwithstanding the unprecedented mar
ket for the silver produced in the United states
the price Of silver went down very rapidly, reach
ing a lower point than ever before Then upon
the recommendation Of President Cleveland, both
political parties united in the repeal or the pur-
chasing clause of the Sherman law. we cannot
with safety engage in further experiments in this
THE DOUBLE STANDARD.
On August 90. 1891. in a public address. said:
off we could have international ratio which
all the leading nations of the world would adopt.
and the 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 to-day But that we have not
been able to secure, and with the free and un-
limited coinage Of silver adopted in the United
States at the present ratio would be still fur
ther removed from any international agreement.
We may never be able to secure 1t If we enter
upon the isolated coinage of silver The double
standard implies equality at a ratio. and that
equality only be established by the concur
rent law Of nations. 1t was the concurrent law OF
nations that made the double standard it will re-
quire the concurrent law Of nations to reinstate
and sustain it,"
IT FAVORS TIE USE OF SILVER MONEY.
10 Dan icn hnc.