Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-07-01
DELEGATE WILLIAM II. KINCAID
Replies to James T. McCieary, Who=e
Speech was Brought Forward by Mr..
Rinehart rs an Argument \ gainst silver.

Cl6dry referred 10 ana QuOLeQ DN w. n.
Rinehart in yours of the 9th. We have
also read the speech of Mr.. Towne, who
McCleary tries to reply to. McCleary' :
speech is the old song on the question Of
free coinage, and is a tissue Of false state
ments from end to end. The law maker
spoken of exists, and He is a deity who
rules the universe without respect to per-
son or nationality, and we are not the least
afraid Of the judgment He will render, ulu-
mately on the financial question between
the great mass of the poor and the rich
autocrat Of this country and Europe who
desire to overthrow every matter Of justice
and fair dealing between the wealthy
classes and the commonality. The first
point McClery refers to is That with UNI
limited coinage of both metals, silver and
gold at a fixed ratio, the metal that is
over-valued at the mint will go TO the mint
and will circulate as money, while the
metal that is undervalued at the mint will
retire from circulation. This being true,
why was silver demonetized instead Of
gold? When this act went into force as
law, silver was per cent. above gold in
price. If McCieary is right. silver should
have been circulated instead Of gold, gold
demonetized instead Of silver. McCleary,
Mr.. Rinehart. nor no man, so far, has been
able to explain this fact in the face Of Nc
Cleary's argument, that the metal having
the greatest value at the mint takes pre-
cedence over that having the lesser value.
See further. This theory was never DEM
onstrated during the 81 years from 1872 to
1879 when we had the double standard Of
gold and silver on equal footing, nor has it
ever been so from 1893 to 1873 The mint
records show the production of silver TO
gold TO have been 20 to 50 per cent. more
than it has been since 1873 (see these rec
ords), they are just as we state They
show there was from 20 to 50 per cent.
greater production of silver than gold at
different dates than al any time since 1873,
yet a very close ratio between. the metals
was maintained for the whole period of 800
years. Again, from 1901 to 1850 the total
product Of silver and gold of the world for
every $l00 worth produced 36.7 per cent was
gold and 6S.3 was silver. Take the % years
from 1913 to 1894, when it is claimed silver
was over-produced and depreciated and
for that reason we were using It 10 produce
fifty cent dollar, and, gold they claim,
being the most valuable metal at the mint,
is entitled 10 circulation and must pay all
debts public and private, when so demand
ed. Let us see the Niger in the woodshed.
The production Of each metal, gold and sill
Yer, as seen by the records at our minis,
is for every 500 produced of both metals
since 1873 47.4 per cent. is gold and 500 per
cent. silver, SO less than for the so years
preceding, and then comes the depreciation
of its value. Take it from 1881 to 1870, the
product of silver was $4.0 in every 800,
and from 1881 10 1880 it was S55.O7 in every
500 produced Of both metals, $50 less of
silver in every 500 than from 1881 to 1910.
You can't hoodwink the people on this
theory of OVer-prOductiOn, and the metal
having the greatest mint value takes pre-
ctdence N circulation over the lesser in
value. Another point in the same line that
| cannot DE denied with proof. No nation
on earth mas ever been deiuged with more
silver full legal tender money, than it
| could use or silver and gold combined
France maintains 70000ON0 silver dollars
IN circulation and maintains a fixed ratio
OF lol2 TO ]. making them less in value
than ours, and they are fun legal ten
der in payment of all debts. public and pri-
! Vate. and are not considered q fifty cent
dollar either. France has far more prop
ertv han We have or England or Germany.
Another nut for MCCleary or his endOrsers.
by the mint records Of 1894. for the q years
| from 1913 TO 1893. the worlds production Of
silver was S2,G09 925. 533 Twenty per cent.
Is set out for industrial works; this leaves
&bL 9lO,42I for coinage purposes. How
much silver was coined IN the minis Of the
world in that time? In the p years re-
z rred to above the world coined 50 457. 1913 o.
lnf. Ihis was 60 more silver than
was LETT for money purposes. Now. as
there Is no boarded silver bullion anywhere
IN the word eve defy any man 10 point
out $ZO,COoWO boarded anywhere In the uni
verse;, and as every years product is en-
TREY used SHOW US differently II you cam.
where did the Over-plus used for coinage
come from? These are not idle predictions.
! nut certified, stubborn facts. and vet these
gold bugs fear a deluge Of silver and cry
oV6r-producuon ard deprecated silver
dollar.
McCleary then SAYS: after giving sill
yer coinage from 1873 to 1894 a fair trial.
II is failure, and TO say that one-half our
money has been cut down is plainly to
state an unmitigated falsshood When
specie payments We're resumed In 1873 IL
was considered $l0OO00.00) in gold would he
Suincient 10 meet all outstanding treas
ury notes. 1t was found so until our reve-
nues were found insufficient" The reve-
nues had no more to do with restraining
the presentation of gre6rbaclls to the treas
ury for redemption than Mr.. PETER. Of
Kansas, had to do with writing the plat
form Of the Republican party al ST. Louis.
After the concurrent resolution of 1878.
called the Stanley Matthews act. passed.
January % of that year. John Sherman as
Secretary Of the Treasury, to cOntrovert its
preCep1s. began to coin a reserve fund Of
never been repealed or controverted by any
act of Congress, and reads: "All bonds
and the interest thereon shall be paid In
silver dollars containing 4l2la grains Of
standard silver of the coinage of the United
States, ard such payment is not a violation
of the public faith. nor a d5rogatiOn Of the
rights of the public creditor" Following
this in a short time was the passage Of the
Bland silver Dill rehabilitatins the silver
dollar as II stood under the act Of 1884.
After this act became q law Sherman
changed his policy with reference to re-
deeming the greenback in gold alone. He
said: The Secretary deems ii proper to
state that in the meantime. in the eXecut-
ing Of the law as it now stands, he viii
feel ii his duty to redeem all United States
notes presented on and after January list,
next, at the office Of the Assistant Treas
ury of the United States In the city of New
York. In sums not less than $50. with either
gold or silver coin, as demanded by the
holder. but reSerying the legal option Of
the government" The right TO pay in
either coin at the will of the gOVcrnme Dt
was held by Sherman, and this position was
held by all the Secretaries Of the Treasury
down to Foster under Harrison. He OPEN
ed the Pandora box that let in the world 10
drain our treasury of gold a will. This
took place October Is. 1891. From 1879 70
this date only $50 0000l0 IN Ere5nbacks were
presented TO the treasury for redemption,
yet We exported ga this period Of thirteen
years, or about. E339 100000 In gold, and
there was no coin In the treasury 70 get it.
A little over s. 629.0 coo per year. Why was
this SO? Because silver was the watch dog
at the treasury that prevented the raids.
But John Sherman and Calico Foster, the
backbone and sinew Of the Republican
party. had laid the ropes 90 administer for
the rich potentaes of England dose Of
their financial system TO this country. A
gold basis. Il single gold standard. an open