The Superior times. [volume] (Superior, Wis.) 1870-1912, 1896-10-03

arguing In favor of the free and unI,n,itea
coinage OF silver. Some gentlemen boya
lgued from one end of the country r. - =
oIher IN favor of it without being paid for
mr.. Bryan, believe, did that, working
ILaughter.1 al ace
"hen silver Men Were for Gold
NOW what has the Republican marty
aIa what has the United States dona for
on You Will Tecollect that in 1871
comn,1fF.uP passed law providing for the
iiIpuIsOFy purchase and coinage Of two
IhilIIoh dollars worth of silver avery
noIIn' authorized the coinage of fo3,r
nlllIioh and that went on wear after 49,
~ 70 1s5O Before Mr.. Cleveland Va
80 INTO once IN 1894, when that spIen-
eIu p"Elot' that wonderful orator that
kpIendid American, James @ PLANE go
IIneI was living God bless his name
"Hu memory forever, Mr. Cleveland Iroa4
Sue suspension of that coinage STATING =,
80 to@soh the fear that if it we're not
suspended the silver dollars would acc,,ra,,
l'te 70 such an extent that being Of q dir
I'Fent commercial value than gold -,
oulq drlVe gold out Of circulation and mn
tue united States upon a silver hssis
SoAgresS paid no attention to him. WIN
gentlemen, gold had not only been sdontad
a. tAe standard by the great commercial
n I'd
9'ates' out some of these bonanza siIvar
senators had argued strenuOusIv in favor
y! IT, MI Stewart had said in the senate
~ the united States: We have resources
oundant to get gold Forty million nee
DIe can furnish all the money that is uecas-
sdry. Ihey will get it. When gold il in
Nlted 70 a country like this, with such an
INDUSTRIOUS people as We have, with our
INDUSTRY and our resources. l saw there
VIII be no difficulty about getting sufi
Gent gold, He went on to saw that We
must nave gold, the country must be upOn
soId standard, for that was the stable
STANDARD OF value and Mr. Jones OF Ne
Nada also declared that so exact a measure
Is II OF human effort that when it is ex-
cIuSNeIy used as money il touches the
very heart of honesty That means that
II IS so exact that If you have it in your
pocket you may go away. you may leave
II where you choose to leave it. in safety
Yen may feel absolutely certain that. come
what may, it will stay by you and will nor
nuctuate in value That is whv Mr. Homes
or Nevada wanted US to go on a gold basis
until the great silver mines were opeuad
IN which they were interested and they
had vast silver product TO find a Gus
toner for.
Enactment of the Sherman Law
Now, gentlemen, in 1890 we passed an
act, and l voted for il. my colleague here
and |. which is called the sherman act
for the purchase of $500 900 ounces OF
silver every month. The secretary of the
treasury was to issue in payment for that
silver bullion the notes Of the United
states, payable in coin. 1t was declared
IN that act that il was the policy Of the
United States government to keep silver
and gold at parity with each other. The
government went on purchasing silver
bullion and issuing paper upon it and coin
Ing silver dollars until 1898. That act
II ElFt E.v-r
IN say ing, in my judgment was a mistake.
it was a mistake because there was no
limit in duration of time TO these pur-
chases. They were to go on and on if the
act were not repealed, for a dozen or
twenty or thirty years We passed that
Dill as a compromise. 1t was passed to de-
feat the free and unlimited coinage of sill
yer. J on remember the senate had passed
a free coinage bill at that session in 1Nq0
by very large majority and We felt that
we must adopt a compromise measure Of
that kind in order to defeat the passage
ultimately Of free coinage bill. and the
putting Of the country as we thought
upon a silver basis But what happened2
Men began 10 see that if that coinage went
on, the purchase of silver year after year,
and the issue OF government notes based
upon it, pretty soon we would have as
much Of that silver money or its repre-
sentative as We had gold. or more, and
gold would go out of circulation and We
would be on a silver basis. Many Of YOU
rocOllect that in 1898, for that reason, gold
began to 60 into hiding. Men are not
willing to invest a gold dollar II they
think they may have to take a poorer
dollar in return for it. The panic of 1898,
while a financial panic in large part, was
not altogether due, in my judgment TO
The silver act of 1890 | think you people
Of the United States are largely RESPONSE
hle for the panic Of 1898 when you defeat
ed benjamin Harrison for reelection in
S92 With the Mckinley law in operation,
and elected Ar. Cleveland upon a platform
which declared that protection to Amer
lean Industries and American labor was
institutional We passed quickly from
the highest tide of prosperity to a time
Of trouble and panic. You remember the
mines were shut down, factories closed
furnace fires were banked, men were
thrown out of employment. banks began
TO break, and ii became necessary 10 rescue
the country from impending financial
trouble. Mr.. Cleveland recommended the
repeal of the Sherman Purchasing act. II
took a long hard fight against the silver
barOnS and the free silver Democracy of
he South TO repeal it. Mr.. Cleveland is
entitled to great credit for the fight which
he made for honest money. and to main
tain the credit of the country in that !
emergency So are the Democrats who
voted with him. although l think the ma
jority Of the votes in favor Of that repeal
in the United States senate were Repub-
lican votes just the same. [AppIausel
Liberal in the Ise of silver.
Now, gentlemen has the United States
beer illiberal in its use of Silyer2 To-day
we have $500. 600 OO0 or thereabOuts Of
gold; and We have nearly $500 100000 Of
silver-not demonetized silver, because
since 1878 every single silver dollar has
been, under the laws Of the United States.
a legal tender. receivable for taxes and
governmental dues, unless by private con
tract it was exempted from tender. Hash
he United States treated silver pretty
w4l2 Now what is proposed? 1t is pro
posed that congress shall now pass a law
opening the minis OF the United States to
the free and unlimited coinage Of silver.
A yOice-Aud gold.
and Of gold; yes. Now what would be
the effect of it? II YOU consult the expert
ence Of nations there is no more doubt
about the result of il man there is that to-
morrow morning will follow tonight
A voice-To the silver mines Of the
world.
That is. opening the minis not to the
product Of the United States alone, but 10
the silver product Of The whole world. Mr..
Concord the