The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

cult executive duties. And he has the
higher claim upon us that during All
mis- active Life he has been faithful and
able Republican thoroughly In sympa-
my with the principles OF the Republic
an party. That party does not rest its
claims to your confidence merely upon
the merits OF its candidates, but upon
the soundness Of its public policy, its
measures and its aims.
II u the distinguishing feature Of our
republican government that every d,ies-
ton Affecting the people OF the United
states must ultimately be determined
by them at the ballot box. Every legal
voter has an equal voice in Deciding II.
however difficult the problem may be.
II so happens that at the coming presi-
Dental election there will be submitted
TO your judgment two such questions,
one OF which Is whether any holder OF
silver bullion may deposit II at the
mints OF the United. States, and have II
coined for his benefit and without cost
to him into silver dollars each Of me
weight OF 412h grains of standard silver
nine-tenths fine and may tender them
LOT any debt, public or private. The
other question 10 whether In levying du-
ties or taxes on imported goods we
ehould only consider the revenue re-
qutred. or whether while raising the
needed revenue we should seek also to
tries; the one 10 called revenue tariff
ana the other a protective tariff. Both
the silver and tariff are vital questions
OF Domestic policy OF equal Importance,
but propose on this occasion to confine
my remarks mainly to what Is known as
the free coinage Of silver at the ratio OF
16 parts Of silver to one OF gold. This
question y thrust upon US by the Demo
cratic party. or rather by the Populistic
branch OF the Democratic party. Gold
and silver coins are recognized by all
commercial nations of the world as the
best standards of value, as the measure
OF every article of desire, of everything
that Is bought or sold. These two metals
not only measure all other things. but
they measure each other. Their relative
value constantly changes. Twenty
three years ago 16 ounces OF silver were
worth more than one ounce Of gold.
Now 81 ounces OF silver can be bought
by one ounce Of gold. This fiuctuation
of value cannot be prevented by law.
II Is beyond the reach of legislation. It
Is caused by the changing demands for
and the increasing supply Of these met
ais from the mines Both are necessary
as money. silver to supply the daily
wants OF life and gold to measure the
larger transactions OF business, espe-
cially in exchanges with foreign ma
lions. How to maintain the parity of
the two metals at q fixed ratio has been.
is, and always will be difficult prob
lem. not only in the United States, but
in the civilized world.
It was one Of the first questions to oc-
cupy the attention Of American states
men after the adoption of the const-
tuition and Is now one of the most press
ing, after more than 100 years of natlon-
al growth. In 1892 silver and gold were
made the common standards of value
In the United States at the ratio Of is
to ], but this was because that then the
actual market value of 15 ounces of sill
yer was equal to the actual market
value of one ounce of gold. The great
est care was taken to ascertain this ra-
ito by Thomas Jefferson, then secretary
OF state, and Alexander Hamilton. then
secretary OF the treasury. These two
distinguished statesmen, who disagreed
upon nearly all other questions, did
agree upon the then relative value OF
the two metals and that both should be
coined into money at that ratio.
At that time neither gold nor silver
were found in any considerable quaint.
" In the Is states then forming the
Union. The revolutionary war had been
conducted with paper money, which be-
came worthless, and the coins OF Eng
land, Spain and other countries had
been made legal tender and continued
so for many years after the adoption Of
the constitution.
When the new American coins were
issued 1t was found that the abraded
and worn coins of other countries filed
the channels of circulation, and the new
and bright dollars of the United States
were exported. This led to the discon-
tinuance. in 1905. by President Jefferson
Of the coinage OF the silver dollar and
after that date none were coined for
more than 30 years. This order OF Jeffer-
son, suppose. would be called by our
Populistic friends. ..the crime OF 1906"
In the meantime France and other
countries adopted the ratio OF 15M
ounces of silver as the equivalent of one
ounce of gold. To avoid these embar-
RAISING changes England. in 1916, adopt
ed gold as the single standard in that
country and silver as subsidiary coin.
In 1884. during the administration of
President Jackson and under the lead
ership OF Daniel Webster and Thomas
II. Benton. congress adopted the ratio
of 16 of silver to of gold, by reducing
the number OF grains in the gold coin.
AS silver was thus slightly underval-
ued, 1t was not largely coined.
Silver could be coined In France at
the ratio OF 15ls to and the owner of
silver bullion could send 1t to France
and have It converted into coin at that
ratio. thus receiving about 8 per cent
more for his bullion than II coined at
the American ratio of 16 to i. Gold be-
came the only American coinin cIrcula-
ton and the avowed PURPOSE OF the
passage OF the law of 1884 was to make
gold the standard. This was declared by
the committee of the house of repre-
sentatives who had charge of the bill,
who said In their report:
1.-THE committee think that the desid-
eratum in the monetary system is q
standard of uniform value; they cam
not ascertain that both metals have
ever circulated simultaneously. concur
rently and Unfortunately In any coun-
try where there are banks and money.
dealers and they entertain the convic-
ton that the nearest approach to an In
variable standard Is Its establishment
In one metal, which metal shall com.
pose exclusively the currency for large
payments"
This law. heartily approved by An
drew Jackson. would now be called "the
crime of 1884" In 1858 upon the report
OF Senator Hunter, when Pierce was
president and when all branches of the
government were under Democratic
control. congress reduced the quantity
OF silver In the fractional coins (haif
dimes, dimes, quarters and half dol
lars) more than per cent, directed the
purchase OF silver for their coinage on
government account, abolished the law
for their free coinage and made them a
legal tender for IS only. leaving gold
still practically the only full legal ten
der United States coin. At this time the
silver dollar had disappeared from the
current coins of the United States and
was practically and purposely demons
etized.
The purpose of this act Is thus stat
ed by the chairman OF the committee
having the bill in charge in the house
of representatives.