The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-27

II can hold at n parity with gold. The
pront, representing the difference be-
tween the commercial vnluc OF the silver
bullion ana the face value OF the silver
dollar, goes TO the government for Tho
bcncllt Of the people. The government
bought tho silver bullion contained IN
the silver dollar at very much less than
It's coinage value. II paid 1t out to Its
creditors and put Il IN circulation among
the people nt Its face value of 100 cents
or full dollar. It reuuIrcd tho people
To accept II as legal tender and IN thus
morally bound TO maintain 1t at n parity,
with gold, which was then, as now, rec
oEnlEed ns the standard with us, and
the most enlightened natlonS OF the
world. The government, however, Is-
sued ana circulated the silver dollar, Il
must In honor protect the holder from,
loss. This obligation II hRs so far pa
cred kept Not only Il there moral OBJ
llEntion, but there IL legal obligation,
cxpresSd lp public statute to maintain
the patty
They Conid Not he Kept at Par.
Thesc dollars. in the particulars I
have named, are not the same ag 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 tho
transaction, except to coin thc silver
bullion Into dollars. IL would share in
no part OF the profit. II would take up-
on Itself no obligation. II would not
put the dollars Into circulation. 1t
could only get them as any citizen
would get them. by giving something
for them. II would deliver them to
those who deposited the silver. and Its
connection with the transaction there
end. Such are the silver dollars which
would be issued under free coinage OF
silver nj ratio OF iG TO /.
Who would then maintain the par
lty? What would keep them at par
with the gold? There would be no OBJ
legation resting upon the government
to do II, and II there were, II would be
powerless Ia do 1t. The simple truth
Is. We would be driven TO n silver basis
to silver mOnOmetallism. These dol
lars therefore would stand upon their
real value. II tho free and unlimited
coinage Of silver nt n ratio, OF sixteen
ounces OF silver 10 one ounce OF gold
would, us some OF Its advocates assert,
make iifty-threc cents In silver worth
one hundred cents and the silver dollar
equal TO the gold dollar, then We would
have no cheaper money than now, and
Il would be no easier to get. But that
such would be the result Is against rea-
son and Is Contradlcted by experience
In all times and In all lands. IT
MEANS THE DEBASEMENT OF
OUR CURRENCY TO THE AMOUNT
OF TIE DIFFERENCE BETWEEN
THE COMMERCIAL AND COIN
Al n
WHICH Is EVER CHANGING and
the effect would be to reduce property
values entail untold financial loss. de-
stroy confidence, impair the obligations
OF existing contracts. further impov-
erish the laborer and producers OF the
country. create n panic OF unparalleled
severity. and innlct upon trade and
commerce u deadly blow. Against any
such policy, l am unalternbly opposed.
BI-,fetsIlism.
Bl-metalllsm cannot be secured by
Independent action on our part. 1t
cannot be obtained by opening our
mints to the unlimited coinage OF the
silver OF the world ut a ratio OF sixteen
ounces OF silver tp-one ounce OF gold,
when the commercial ratio L. 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 ratjO
slightly In excess Of sixteen and n half
ounces OK silver to one ounce OF gold,
and while her miRts are freely open to
both metals at that ratio. not Il single
dollar IN gold bullion Is coined and cir
culatel as money. Gold has been drlv-
en out or circulation IN these countries
and they are on 4 silver basis alone.
UNTIL INTERNATIONAL AGREE
MENT IS HAD. IT IS THE PLAIN
DUTY OF TIE UNITED STATES TO
MAINTAIN TIE GOLD STANDARD.
II Is the recognized and sole standard
OF the great commercial nations OK the
world, with which we trade more large
ly than any other.
EiShty-four per cent OF our foreign
trade for the fiscal year 1885 was with
gold standard countries and our trade
with other countries was settled on q
gold basis.
Chiefly by means OF legislation during
and since 1875 there has been put In cir
culatIon more than .G2i 900, 900 OF silver,
or It's representative. This has been
done in the honest effort TO give to silver.
IL possible. the same bullion and coinage
value. and ENCOURAGEMENT the concur
rent use OF goth gold and silver as
money. Prior TO that tlmc there had
been less than 100000 OF silver dollars
coined In the entire history of the United
States. period or elghty-n!nc years.
This legislation secures the largest use
ot silver consistent with financial safety
and the pledge 10 maintain Its parity
with gold
We have to-day more silver than gold.
vi l,..K
with grave peril 10 the public credit. The
sn-called Sherman law sought to use all
the silver product OF the United States
for money at Its market value. From
1890 to 1899 the government purchased
4,sG0,OOO ounces OF silver month, or
$4,000 900 ounces year. This was one
third OF the product Of the world and
practically all OF this country's product.
In few months. notwithstanding the
unprecedented market for the silver
produced In tho United States, the price
OF silver went down very rapidly. rcnch-
Ing a 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
safely engage in further experiments In
this direction.
The Double Standard.
On the 22nd OF August, 1891. In public
address, said: "If we could have an in
ternational 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 quail
ty OF silver which should constitute n
dollar, then silver would he as free and
unlimited In Its privileges OF coinage ns
gold Is today. But that we have not
been able to secure, and with the FREQ
and unlimited coinage OF silver adopted
IL, IN. IrrIlnI SIafns. nj tho nrnscni rntIn