Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-09-15

neSo uoiars IN the particulars l have
which would be issued under free coinage
They would be the same In form. but dif-
,erent IN value. The government would
hays no part In the transaction except to
coin the silver bullion into dollars It
would snare In no part of the profit. II
would take upon itself no obligation. 1t
Would not put the dollars into circulation.
IL could only get them as any citizen would
get them, by giving something for them.
IL would deliver them to those who de-
posted the silver and its connection with
the transaction there end. Such are the
silver dollars which would be issued under
Tree coinage OF silver at ratio Of 16 to i.
Who Would Maintain Panty.
Who would then maintain the parity?
Mnat would keep them at par w;it gold?
,Gere would be no obligation resting upon
I the government to do it, and If thare were,
lt would be powerless TO do it. Tho simple
truth is we would be driven to 8 silver
oas's-to silver recommendation. These dol
iars, therefore, would stand upon their
rear value. l. the free and unlimited coin
age OF silver at ratio of 16 ounces OF
silver to l ounce of gold would, as some
OF lts advocates assert, make 53 cents In
silver worth 100 cents and the silver dollar
equal to the gold dollar, then We would
would be no easier to get. But that such
would be the result is against reason and
is contradicted by experience in all times
ana IN all lands. 1t means the debasement
OF our currency to the amount OF the dlf-
ference between the commercial and coin
value of the silver dollar which is ever
changing and the effect would be to reduce
property values, entail untold financial
loss, destroy confidence, impair the obliga-
tons of existing contracts, further impov-
erlsn the laborers and producers OF the
country, create a panic OF unparalleled
severity and inflict upon trade and COM
merce deadly blow. Against any such
policy am unalterably opposed.
Gold Driven out of Mexico.
"Bimetallism cannot be secured by in
dependent action on our part. 1t cannot
be obtained by opening our minis to the
unlimited coinage of the silver of the
world at a ratio of 16 ounces of silver to
l ounce of gold when the commercial ratio
is more than 80 ounces of silver to ] ounce
Of gold. Mexico and China have tried the
experiment. Mexico has free coinage OF
silver and gold at a ratio slightly In ex-
cess OF 16h ounces of silver to l ounce OF
gold, and while her minis are freely open
to both metals at that ratio, not single
dollar in gold bullion is coined and cir
eulated as money. Gold has been driven
out Of circulation in these countries and
they are on a silver basis alone. Until
international agreement is had, it is the
plain duty of the United States to main
tain the gold standard. 1t is the recog-
nized and sole standard of the great COM
mercial nations of the world with which
we trade more largely than any other
Eighty-four per cent. Of our foreign trade
for the fiscal year 1895 was with gold
standard countries, and our trade with
other countries was settled on gold basis.
More silver Than Gold.
Chiefly by means Of legislation during
and since 1878. there has been put in
circulation more than S624 000, 900 of sill
yer or its representative. This has been
done in the honest effort to give to silver,
il 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 9,000,
900 of silver dollars coined in the entire
history Of the United States, period Of
eighty-nine years. This legislation secures
the largest use OF silver consistent with
financial safety and the pledge to main
tain its 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 to use all the silver product
of the United States for money at its mar
ket value. From 1890 to 1898, the gov
eminent purchased 100000 ounces of sill
yer month, or $4,000, 900 ounces a year.
This was one-third the product of the
world, and practically all of this country's
product. 1t was believed by those who
then and now favor free coinage that such
use of silver would advance its bullion
value to its coinage value but this ex-
pectation was not realized. In few
months, Notwithstanding the unprecedent-
ed market for the silver product in the
United States, the price Of silver went
down very rapidly, reaching a point lower
than ever before. Then. upon the recon-
mendation Of President Cleveland, both
political parties united in the repeal OF
the purchasing clause OF the Sherman law.
We cannot with safety engage in further
experiments in this direction.
ION the second of August. 1891, in a
public address, / said: If We could have
an international ratio which all the lead
ing 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 dollar,
then silver would be as free and unlim-
tied in its privileges OF coinage as gold Is
to-day But that we have not been able
to secure, and with the free and unlimited
coinage of silver adopted in the United
States at the present ratio, we would be
still further removed from any interna-
tionai agreement. We may never be able
to secure 1t IL we enter upon the isolated
coinage of silver. The double standard
implies equality at ratio and that equal
ity can only be established by the concur
rent law of nations. 1t was the concurrent
law of nations that made the double stand
ard; 1t will require the concurrent law
of nations to reinstate and sustain it.
Party Favors use of silver Money.
"The Republican party has not been and
is not opposed to the use of silver money
as it's record abundantly shows. 1t has
done all that could be done for its in
creased use with safety and honor by the
United States acting apart from other gov
ernments There are those who think that
II has already gone beyond the limit of
financial prudence. Surely we can go no
further, and we must not permit false
lights to lure us across the danger line.
Means Defeat of international
Agreement.
1--WE have much more silver IN use than
any country in the world except India or
China-$500, 000, 900 more than Great Brit
ain; $3.50. 600 more than France; $780,
900, 900 more than Germany; 1926, 900, 900
less than India and SIPS, 100000 less than
China The Republican party has declared
in favor Of an international agreement, and
IL elected president, 1t will be my duty to
employ all proper means to promote it,
The free coinage Of silver in this country
would defer IL not defeat international BIZ
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