, 1896-08-27

gal tender for the payment OF all debts,
public and private. The owners OF bull
lion would get a silver dollar. 1t be-
longs to him n nobody else. Other
people would get it only by their labor,
the products of their lands or ONE
thing of value. The bullion owner on
a basis of present values would receive
a silver dollar for SO cents worth OF
silver and other people would be re-
quired to receive it as a lawful dollar
in the payment of debts.
The government would get nothing
from the transaction. 1t would bear
the expense of coming silver and the
community would suffer loss by its use.
We have coined since 1878 more than
400, 200. 900 Of silver dollars which are
maintained by the government at a
parity with gold and are a full legal
tender for the payment Of all debts,
public and private. How are the silver
dollars in use different from those
which would be in use under free coin
age? They are to be of the same weight
and %tineness and bear the stamp Of the
government. Why would not they be
Of the same value? answer: The
silver dollars now in use we're coined
on account of the government and not
for private account or gain and the
government has solemnly agreed 20
keep them as good as the best
dollar we have. The government
having issued and circulated the
silver dollar it must in honor pro-
tect tine holder from loss. This obliga-
ton it has so far sacredly kept. Not
only is there a moral obligation ex-
pressed in the public statute to main
tain the parity.
These dollars. in the particulars |
have named. are not the same as the
dollars which would be issued under
free coinage. They would be the same
in form, ,but different in value. The
government would have no part in the
transaction. except to coin silver bull
lion into dollars. 1t would share in no
part of the profit. 1t would take upon
itself no obligations. 1t would not put
dollars In circulation. 1t could only get
them as any citizen would get them by
giving something for them. 1t would
deliver them to those who deposited
silver. and its connection with the
transaction would end there. Such are
the silver dollars which would be is
sued under the free coinage Of silver at
a ratio Of 16 to /. Who would then
maintain the parity? What would
keep them at a par with gold? There
wou.d be no obligation resting upon
| The government to do 1t, and If there
were. it would be powerless to do it.
The simple truth is, we would be
driven to a silver basis. to silver mono-
metalism. These dollars. therefore,
would stand upon their real value.
II the free and unlimited coinage of
| silver at a ratio of 16 ounces of silver
to one ounce Of gold would, as some OF
its advocates assert, make SO cents in
silver worth 100 cents and a silver dol
lar equal to a gold dollar, then we
would have no cheaper money than
now and 1t 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.
Blmetallism canno be secured by inde-
pendent action On our part.
1t cannot be obtained by opening our
minis to unlimited coinage of silver.
Mexico and China tried the experiment.
Mexico has free coinage Of silver and
gold at a ratio slightly in excess OF 1914
ounces OF silver to one ounce of gold.
and while her minis are freely open to
both metals at that ratio. not a single
dollar in gold bullion Is coined and cir
culated as money. Gold has been driv-
en- out Of circulation in these countries
and until international agreement Is
had, 1t is the plain duty Of the United
States to maintain the gold standard.
MI. Mckinley then refers to the
Sherman law as an evidence of the
sincerity OF the republicans In trying
to secure the greatest use Of silver. He
then quotes from . speech he made In
August %. 1891, to show his position in
regard to the free coinage, which was
the same then al now. Mr.. Mckinley
further says:
Tho Independent free coinars Of
silver at . ratio OF 16 ounces silver 60
one ounce Of gold would insure the
speedy contraction u the volume OF
our currency. 1t would drive ut feas.
500. 0O0. 1000 gold dollars which We have
now permanently from the trade Of the
country. and greatly decrease our per-
capita circulation. No n suffers 90
much from cheap money as the farmes
and laborer. They are the first to feel
Its bad effects and the last to recover
from them. This has been the uniform,
experience OF all countries and here q
elsewhere. the poor and not the rich
are the greatest sufferers from every
attempt to debase our money. II would
fall with alarming severity uoon the
Investments already made. upon the In
surance companies and their policy
holdsfs; upon savings hanks cad their
IAspositofs; upon buildfny and loan ~