The National tribune. [volume] (Washington, D.C.) 1877-1917, 1896-09-03

Cnleuy Dy means OF legislation uuiips a"u
since 1878, there has been put into circulation
more than S624, 100000 of silver, or its repre-.
sentative. This has been done in the honest
effort to give to silver, if possible the same bull
lion and coinage value, and encourage the con-
current use of both gold and silver as money.
Prior to that time there had been less than
9.0000 900 of silver dollars coined in the entire
history of the United States, period OF o.
years. This legislation secures the largest use
Of silver consistent with financial safety and
the pledge to maintain its parity with goid.
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 LOT
money at its market value. From 1890 to 1898
the Government purchased 4,500,00U ounces Oh
silver month, or 100000 ounces year.
This was one third of the product of the world,
and practically all of this country's product
1t was believed by those who then ana now
favor free coinage that such use of silver wouid
advance Its bullion value to its coinage Vaiue'
but this expectation was not realized. In
few months, notwithstanding the unprece-
dented market fer the silver produced In the
United States, the price of silver went down
very rapidly, reaching lower point than ever
before. Then, upon the Recommendation OF
President Cleveland, both political parties
united in the repeal OF the purchasing clause oil
the Sherman law. We cannot with safety en-
gage in further experiment in this direction.
THE DOUBLE STANDARD.
On the 22d of August. 1891 in public ad-
dress, / said l.: f." If we could have an lnterna-
tional 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 con-
stitute q dollar, then silver would be as Tree
and unlimited in its privileges OF coinage as
gold is to-day. But that we have not been aoie
to secure and with the free aad unlimited
coinage of silver adopted in the United states
AT the present ratio. we would be still farther
removed from any international agreement.
We may never be able to secure it ii we enter
upon the isolated coinage of silver. The double
standard implies equality at ratio, ana that
equality can only be established by the concur
rent law of nations. II was the concurrent
law of nations that made the double standard ;
it will require the concurrent law OF nations
to reinstate and sustain it.
The Republican party has not been, and ls
not now, opposed to the use of silver money,
as its record abundantly shows. 1t has done
all that could be done for its increased use,
with safety and honor, by the United states
acting apart from other Governments. Ihere
are those who think that it has already gone
beyond the limit of financial prudence. surely
we can 90 no 1uftneT, anu We Hiuoe NV PS''hN'
false lights to lure US across the danger line.
MORE THAN ANY OTHER COUNTRY.
We have more silver in use than any other
country in the world except India or China
$500,000,000 more than Great Britain, Sl5O,
600 more than France. $500, 100000 more
than Germany, $685., 100000 less than lndia
and Sl25. 100000 less than China. The Kepuo
| lican party has declared in favor of an inter
national agreement. and If elected President ii
will be my duty to employ all proper means te
promote il. The free coinage of silver IN THU
country would defer, if not defeat, interna
tional bimetallism, aud until an internationa
agreement can be had every interest requires
US TO maintain our present standard. moe
1 pendent free coinage of silver at ratio OF IL
ounces of silver to one ounce of gold would In
sure the speedy contraction of the volume o
our currencyt 1t would drive at least 100000,
600 of gold dollars, which we now have, per
manently from the trade OF the country, an'
greatly decrease our per capita circulation.
1t is not proposed by the Republican party t
| take from the circulating medium OF the coun
try any of the silver We Row have. On I'd
contrary, it is proposed to keep all of the siive
money now in circulation on parity VIII
gold by maintaining the pledge OF the Govern
ment that all of il shall be equal to gold. -Thi
has been the unbroken policy of the Republlca
party since 1878. 1t has inaugurated no ne'
policy. twill keep in circulation aud as goo
as gold all of the silver and paper money who
are now included in the currency of the conr
try. 1t will maintain their parity. 1t wi
preserve their equality In the future as it liza
always done in the past. It will not consent
put this country On silver basis, which woul
inevitably follow independent free coinage q
a ratio of 16 to /. 1t will oppose the expulsio
of gold from our circulation.
y
IL there is any one thing which should be fire
from speculation and fuctuation il is the none
of a country 1t ought never to be the subjet
of mere partisan contention. When we pal
with our labor. our products or our propert.
we should receive in return money which is I
stable and unchanging in value as the ing
nuity of honest pien can make 1t. Debasemef
of the currency means destruction of value
No one suffers so much from cheap money :
the farmers and .aborers. They are the fir
to feel its bad effects and the last to recovs
| from them.
This has been the uniform experience of a
countries, and here, as elsewhere, the poor All
not the rich are always the greatest sufferer
| from every attempt to debase our money.
would fall with alarming severity upon inves
menis already made. upon insurance compani'
and their policy holders; upon savings bani
and their depositors; upon building and Ioa
associations and their members; upon the sa'
ings Of thrift; upon pensioners aud famille
and upon wage earncrs and the purchasin
power of their wages
UNLIMITED IRREDEEMABLE PAPER NONE,
The silver question is not the only issu
affecting our money in the coming contes
| Not content with urging the free coinage
silver its strongest champions demand that on
paper money shall be issued directly by tt
Government of the United States. This is th
Chicago Democratic declaration. The ST. Lou
| Peoples declaration is that "our Nations
money shall be issued by the General Govern
ment only, without the Intervention OF bani
of ISSUE be full legal tender for the payment
all debts, public and private" and be d
tributed direct to the people, and throug
lawful disbursements Of the Government
| Thus in addition to the free coinage of 1t
worlds silver. we are asked to enter upon a
| era of unlimited irredeemable paper currenc
The question which was fought out fro
!, 1865 10 1879 is thus to be reopened with all i
: uncertainties aud cheap money experiments
: every conceivable form foisted upon US. Th
indicates . most startling reactionary polio
. strangely at variance with every requiremel
. of sound finance; but the declaration shows Il
, spirit and purpose Of those who by combine
! action are contending for the control of the Go
? ernment Not satisfied with a debasement
our coin which would inevitably follow the FIR
, | coinage of silver at l6 to /, they would st
: further degrade our currency and threaten u
| public honor by the unlimited issue Of an
: | redeemable paper currency. A graver mena
to our financial standing and credit cOu
: | hardly be conceived. and every patriotic citiz'
: should lie aroused To promptly meet and effes
ually defeat it.
v | IN THE HIGHEST DEGREE REPREHENsIBLT