Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-27

goes 10 the government for the benefit
of the people. The government bought
me silver bullion eontained IN the sliesa YER
value IL paid 10 out TO It's ctc1ltors, anu
put IL IN circulation among the people
az It's face value Of 100 cents or iuli
dollar. 10 required the people 10 accept
il as a legal tender. and IL thus morally
bound 90 maintain Il at party win
gold, which was then. as now; the recos
nizcd standard with us. and me most
enlightened nations OF the world. Ihe
government having issued and circuiated
the silver dollar. II must IN hohoi pio-
toct the holder from loss. rms opllss-
ton 70 has so far sacredly kept. Not only
IS there moral obligation, but there ~
"a LEGAL obligation. expressed In public
statute. 10 maintain the parity.
THEY COULD NOT BE KEPT AT PAR.
These dollars. I'm the particulars ! have
named. are not the same as tne ooiIals
which would be- issued under Tree COlll-
axe. They would be the same IN FORM
but different in value. The government
would have no part in the TRANSACTION,
except 10 coin the silver builoh ihio
dollars. IL would share In no part OF lhe
profit II would take upon itself no obi
cation. IL would not put the dollais
into circulation. IL could only set them
as any citizen would set them. by giving
something for them. 1t would denver
them to those who deposited the silver
and its connection with the transaction
would end. Such are the silver dollars
which would be issued under ifee com
age of silver at a ratio OF 10 TO j. W no
would then maintain the parity? What
would keep them at par with gold? There
would be no obligation resting upon the
government to do IL. and II there were
10 would be pOwcrloss TO DO II. The SIM
pie truth Is We would be driven TO
silver basis-to silver monometallism
These dollars therefore would stand upon
their real value.
II the free and unlimited coinage OF
Cfl Of ~ a
20 ] ounce of gold would. as some or
Its advocates assert, make a5 cents IN
silver worth 100 cents. and the silver dol
lar equal 10 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
reason, and IS cOntradicted by experience
in all times and in all lands. II mems
the debasement Of our currency 10 the
amount Of the difference between the
commercial and coin value Of the silver
dollar. which is ever changing, and the
effect would be 70 reduce property values,
entail untold financial loss, destroy conh-
deuce impair the obligation OF existing
contracts, further impoverish the labor
ers and producers of the county. create
a panic Of unparalleled severity, ana IN
hict upon trade and commerce a deadly
blow. Against any such policy am
unalterably opposed.
BIMETALLISM.
Bimetallism cannot be secured by inde-
pendent action on our part II cannot be
obtained by opening our mlntS 10 the un-
limited coinage of the silver Of the world,
at a ratio of l6 ounces OF silver to ! or
gold, when the commercial ratio Is more
than 30 ounces of silver 10 l ounce
Of gold Mexico and China have tried
the experiment. Mexico has free coinage
Of silver and gold at a ratio slightly IN
excess Of l6 IL ounces Of silver 10 ] ounte
of gold and while her mints are trf ly
omen 10 both metals at that ratio. not
q III n
and circulated as money Gold has been
driven out Of circulation I'm those coun-
tries, and they are on silver basis alone.
Until international agreement is had. 10
is the plain duty Of the United States to
maintain tho gold standard. II Is the
recognized and sole standard Of the great
commercial nations Of the worli, withi
which we trade more largely than any
others Eighty-fouT per cent. OF our
foreign trade for the fiscal year 1895 was
with gOld-standard countries. ana our
trade with other countries was settled on
a gold basis.
NOW MORE SILVER THAN GOLD.
Chiefly by means Of legislation during
and since 1879. there has been put in
circulation more than SG24.09)00 900 OF silver,
or it's representative This has been
done IN the honest effort to give to silver,
II possible. the same bullion and coinage
value. and encourage the concurrent use
Of both gold and silver as money. Prior
TO that time there had been less than
nine millions Of silver dollars coined in
the entire history Of the United States,
a period OF " years. This legislation Sc
cures the largest use Of silver consistent
with financial safety. and the pledge TO
maintain It's parity with gold. We have
to-day more silver than gold. This has
been accomplished at times with grave
peril TO the public credit. The so-called
Sherman law sought 10 use all the silver
product OF the United States for money
az It's market value. From 1890 10 1893 the
II..
silver a month, or dO00O00 ounces
year. This was one third Of the product
Of the world. and practically al Of this
cOuntrys product II was belieVed by
those who then and now favor free coin
age that such use Of silver would advance
its bullion value 10 its coinage value, but
their expectation was not realized. In q
few months. Notwithstanding the unpre-
cedented market for the silver produced
in the United States the price Of silver
went down very rapidly. reaching a
lower point than ever before. Then, upon
the recommendation Of President Cleve-
land. both political parties united in the
repeal OF the purchasing clause Of the
Sherman law. We cannot with safety en-
gage IN further experiments in this direc-
ton.
THE UNDERSTANDABLE.
on the 22d Of August, 1901, I'm public
address, / said: III 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
quantity OF silver which should constitute |
q dollar then silver would be as free and |
unlimited I'm It's privileges of coinage as
gold is to-day But that we have not |
been able 10 secure. and with the free
ana unlimited coinage OF silver adopted |
iu The United States. at the present ratio, |
we would be still further removed from
any international agreement. We may
never be able TO secure II II we enter upon |
he isolated coinage Of silver. The d0u- |
hlc-standard implies equality at a ratio.
and that equality can only be established /
by concurrent law Of nations. 1t was /
the concurrent law or cations that made |
the dOuble-staudard, il viii require the |
concurrent law Of nations TO reinstate /
and sustain IT,
The Republican party has not been. and 1
Is not now opposed to the use Of silver /
money, az Its record abundantly shows. |
II has done all that could be done for its /
use. with safety and honor by /
the United States. acting apart from /
other governments. There are those who /
think that it has already gone beyond /
The limit Of financial prudence. Surely.
we can 30 no further. and we must not |
permit false lights TO lure us across the |
langer-line.
MORE SILVER HERE.
We have much more silver in use than |
any other country in the world, except |
India or China-&O0 100000 more than |
.Ithl inIlldlls S4JlNtlfNVJ more lHdu /
France: S4O0OO0O00 more than Germany; !
'325 900 900 less than India, and S12 10000 |
ess than China. The Republican party |
has declared in favor Of an international |
agreement, and, II elected President. IL
will be my duty TO employ all proper
means 10 promote IT, The free coinage /
)f silver in this country would defer II |
not defeat. international bimeta llism. and
lntl an international agreement can be
had, every interest requires us TO main
ain our present standard. Independent
.ree coinage Of silver. at a ratio of 10
ounces Of silver 10 / ounce Of gold, would |