The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-15
SHERMAN IN A
CIRCUS TENT.
CONTINUED from First Page.1


nounce as 'goldites' and robbers ali
| those who believe in the coinage OF
gold and silver.
1T has been said that the dropping
Of the silver dollar in the coinage act
of 1873 was secret. This charge is
shown to be false and especially by the
declarations of the men who now make
the charge. Sixteen months after the
passage of that act Senator Jones of
Nevada, in debate in the senate June
Is, 1880, said: I am opposed to any
proposition, coming in any form it may,
Tor double standard money. L believe
the sooner we come down to purely
gold standard the better it will be for
the country On April "a, 1874: Does
this congress mean now to leave en-
ttrely out of view and discard forever
a standard of value, and what but gold
can be that standard? What other
thing on earth possesses the requisite
qualities? Gold is the articu-
latiOn OF commerce. 1t is the most
potent. 1t is gold that has drifted the
nations from barbarism. 1t is COM
mon denomination of values. 1t makes
the ratification of labor and exchange
of commodities. The value Of gold is
not affected by the stamp Of govern
ment.'
Senator Stewart of Nevada, in the
same debate, on the 18th of June, 1874,
said Sir, the laboring man and the
producer is entitled to have his product
and his labor measured by the same
standard of value that measures your
debt Give him such a stand
ard; give him money as you require
from him You require it from the
producer. You require it from the Ia
boring man, which is right, which can
not be avoided if you wish to save this
nations honor, but give him the Same
money with which to pay that debt
Everybody has to say that the Ia
boring man is entitled to a good dol
lar That was fought over. They will
fight it over again and the same party
will win. There have been a great
many battles fought against gold, but
gold has won every time. Gold never
has compromised. Gold has made the
world respect it all the time. The Eng
lish people thought they could get
along without gold for a time, but they
had to come back to it.
ION June l. 1874, Senators Jones and
Stewart and all the represen tatives
and senators were urgent and honest
in saying that gold was the best and
only standard of value, but they
changed their minds when the largely
increased production greatly reduced
the price of silver. They wanted
market for their silver. They wanted
to pay existing debts and obligations
contracted on a gold basis in silver
but took care in their contracts to stip-
ulate for the payment of gold in them,
and this has been and is now the gen
era1 practice in the silver states When
the coinage law of 1873 was enacted all
of the states except those on the Pa
cific coast conducted their business
upon the basis of greenbacks or United
about 10 per cent. Neither silver nor
gold was used in domestic transactions,
but we collected our customs duties in
gold coin and conducted our foreign
commerce in gold, the money of the
world.
1T was not until January IS, 1875,
that the first step was taken to resume
specie payments, nor did we resume
until January, 1879. During this
period silver rapidly sank in market
value below gold at the ratio Of 16 to 1.
Prior and subsequent to 1873 many
changes were made in coinage by the
leading countries of the world Ger
many in 1871 changed its standard from
silver to gold. France, Italy, Switzer-
land and Belgium had in 1858 entered
into a treaty called the Latin union, to
which others became parties and by
which the coin of each of these cOun-
tries was received and paid by all of
them. This was first modified and
then abandoned.
In anticipation of the resumption of
specie payments the resumption act of
1875 provided silver coins OF dimes and
quarters and half dollars for the re-
demption of fractional currency then
in general use in our country. These
new silver coins gave great satisfac-
ton. They were limited in legal ten
der qualities to SO. At this time Mr.
Bland of Missouri introduced his bill
for the free coinage of silver at the
ratio of 16 to 1 on demand of the hold
ers of silver bullion. The price OF sill
yer then had decreased below that
ratio. The Bland bill, if it had be-
come a law, would have demOnetized
gold. Such was not the purpose of
congress. When the bill came to the
senate an amendment was made on
the motion of Senator Allison which
changed the scope OF the Dill ana au-
thorized and directed the secretary of
the treasury to purchase from time to
time silver bullion at the market p]ce,
not less than 100000 nor more than
81 900. 900 worth per month, and cause
the same to be coined into silver dol
lars as fast as purchased. 1t also pro-
vided that any holder of the coin pro-
vided for by that act might deposit the
same with the treasurer of the United
States in sums of not less than $40 and
receive coin certificates of not less than
$40 each and that the coin deposited
should be retained in the treasury for
the payment of certificates on demand
This bill so amended passed both
houses. It was known as the Bland
Allison act. 1t greatly added to the
difficulties of redemption and for that
reason was vetoed by President Hayes,
but became a. law over his veto. I'm
der its provisions the United States
purchased over 291, 200 ounces of
silver at the cost of O8,279. 26O. 1t
was hoped that this enormous purchase
would arrest the decline of silver, but
in spite of it silver has steadily de-
clined in market value. At the pres
ent price the loss to the government on
the purchase of silver under this act
amounts to over 500, 100000.
Nv hen congress met III OeCGnOeEs
1889. there was a strong desire in both
houses to utilize silver as legal tender
money under conditions that would not
demonetize gold AS a result of long
discussions in both houses and after a
conference between them a bill was
passed July II, 1890, by which the sec
rotary of the treasury was directed to
purchase from time to time silver bull
lion to the aggregate of 4.5OO,OOO ounces
a month at the market price and to
issue in place of such, notes of the
United States which were made legal
tender payable for all debts public and
private, and were redeemable in gold
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