The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-17

COLUMBUS. Aug. lG.-'rhe Iscpubll-
can state campaign opened hero ycster-
day at . p. IN, In n big tent on East
Broad street, In the presence, rs estl-
mated, Of 10000 people DelegntionSwer
In the city from Toledo. Bowling Green,
Flndlay, portsmouth. Newark. sahdus-
ky, clyde, TltIn. Springfield. Dayton.
Cincinnati. Mansfield. Zanebvlllc. Clevc-
land, the Hooking valley and other
places. The weather was nne and the
day was given up. BY some OF the manu-
featuring establishments. to attendance
upon the meeting.
Senators Sherman and Foraker were
tho principal speakers, Mr.. Sherman
combining himself entirely to n discuss
sion OF the moncyNQusstlOn, and Mr.. For
aKer, after discussing the silver rucs-
ton, reviewed ut length the effects OF
Democratic tnrlfr legislation, In which
he showed by statistics that II IL rcspon-
sIbls for tho depleted state OF tho treas
ury and the commercial and Industrial
depression.
senator Sherman among other things,
said. Both the silver and tariff are vital
questions or domSstic policy Of equal I'M
%portance, but | propose on this occasion
TO cOnlnc my remarks mainly to what Is
known ns the free coinage OF silver at
the ratio " 10 parts OF silver to II of
gold. This Issue is thrust upon u3 by
the Democratic party. or rather by the
POpulistlc branch OF the Democratic
party. Gold and silver coins are recug-
nlgcd by all commercial nations nt the
world 40 the best standards OF value, AZ
thr measure OF every article OF desire, o.
everything that IL bought and sold.
These two metals not only measure all
other things. but they measure each
ether. Their relative value constantly
changes. Twcnty-three years ago six
teen ounces or silver were worth more
than one ounce OF gold. Now thIrty-One
uunces OF allver can be bought by n
ounce OF gold. This ]luctratiOn OF value
canRot be prevented by law. It Is BE-
yond the reach Of legislation.
II was one OF the first questions to &C.
cUpy the attention OF American states
men after the adoption OF the constitu-
ton and IL now one OF the most pressing.
after mnr than 100 yenrs OF national
growth. In 1872 silver and gold were
made the common standards OF value In
the United States at the ratio OF IL to !,
but this was because that then the act
ual market value Of fifteen ounces OF sill
Tcr was equal 20 the actual market value
OF mi ounce OF gold. The greatclt care
was taken to Hrcerthln this ratio by
Thomas jefferson, then secretary OF
state. and Alexander Hamilton, then
secretary OF the treasury. These two
distinguished Statesmen. who disagreed
upon nearly all OthSr questions, did
11Yr.n NUr,gn tLA ek., aaIn tENs. ,saI,1n ~ tt,a
two metals and that both should be coin
cd Into money at the same ratio.
When the new American coins were
issued II MAS found that the abrad-d and
worn coins OF other countries filled the
channels Of circulation and the new and
bright dollars OF the United States were
exported. This led TO the diScontlnu-
ance. In 1906. by President Jefferson, OF
the coinage of the silver dollar and after
that date none were coined for more
than thirty years This order OF Jefter-
sou. I suppose, would be called by our
populIstIc friends. the crime of 1906"
In the meantime France and other coun-
tries adopted the ratio of l5is ounces OF
silver az the equivalent on one ounce OF
gold To avoid these embarrassing
changes England. IN 1916. adopted, gold
as the single standard OF that country
and silver as subsidiary coin.
Another "Crim-.r
In 1884, during the administration OF
President Jackson and under the leader
ship OF Daniel Webster and Thomas II.
Benton. Congress adopted the ratio of 1G
Ot silver 10 / of gold. by reducing the
number of grains In the gold coin. As
silver was thus slightly ~undervnlucu, 1t
wns not largely coined.
Silver could be coined In France NJ the
ratio OF 151s TO l and the owner Of silver
bullion could send 1t to France and have
It converted into coin at that ratio. thus
receiving about 3 per cent more for his
bullion than II coined at the American
ratio OF lG 10 l.. Gold became the sole
American coin In circulation and the
avawed purpose Of the passage Of the
law OF 1884 was to make gold the stand
ard. This was declared by the commit
tee OF the house of representatives who
had charge OF the bill, who said in their
report:
9TH. committee think that the deS!der-
alum in the monetary system IS n
standard of Uniform value; they cannot
ascertain that both metals have ever
circulated simultaneously. cOrCurrently,
and Unfortunately In any country
whcr" there are banks or money dealers
aud they entertain the conviction that
the nearest approach TO an invnriable
standard IL It's establishment In one
metal shall compose exclusively the cur
rcncy for large payments"
This luw. heartily approved by An
Jackson. would now be called "the
crime OF 1894" In 1853. upon the report
OF Senator Hunter. when Pierce was
President md when all branches of til.
government .Merc under Democratic con-
troll. Congress reduced the quantity OF
silver In the fractional coins (hAlf dimes,
dimes. quarters and half dollnrs) more
than q per cent. directed the purchase OF
the silver FOR their coinage on govern
mCnt account, abolished the law for
their free coinage and made them n legal
tender for s. only. leaving gold still
practically tic only full legal tender
United States coin. At this time the sill
Yer dollar had disappeared from the
current cuinH OF the United States and
was practically and p%urpUscly demonc-
tIZed.
ThIa, I suppose, would nov be called
"the crime Of 1853" Silver vas prnc-
tlcnlly ~dcmoncti2cd by this act aud the
net OF lS%i.
II is certain that from 1901. when Mr..
Jefferson became President, to the close
M ~I2uchannn's administration In 1861,
tho Democratic party was Il gold party,
opposed 10 silver and NIL forms Of paper
money. as ! have already stated, Mr..
Jefferson, In 1906, suspended the coin
ngc OF silver dollars, ana II remained
Suspended for more than 20 ycura. The
oct OF Congress OF 1894 established gold
as practically the only coin IN circuln-
| finn J,oII rnina wore Ipnton'a "Iniut