The Globe-republican., 1896-08-20
Yn OHIO SENATOR DEHOUECES
TIE FREE COINAGE OF SILVER.
OPENS oHlO.s CAMPAIGN.
3AS Financial History OF the United
States Discussed se Length-Declsres
That Workingmen and PensI0n-
sfs Would He Ruinod II the
Gold Standard Il Not
Aalntol00d.

COLUMBUS. Ohio. Aug. 1.-THE Re.
Dablican State campaign opened here
ss o'clock this afternoon in . great
tent IN the presence, 1t is estimated,
- 10. 600 people. At 1870 o'clock. after
The usual music and cheering of some
we'll known men. Governor Bushnell,
- chairman, formally opened tho ex-
ercises with q short speech. after
which he introduced United States
Senator John Sherman. who was re-
esived with great cheering. As soon
- order was restored, the veteran
xnancier spoke. in part IS follows:
Both the silver and tariff are vital questions
- domestic policy of equal Importance. but
propose on this occa sion to con6n my rom arks
Dainly to what is known as the fres oinage OF
eNver at the ratio of sixteen p,rts Of silver to
900 gold. This issue i, thrust upon US by
tie Democratic party. or. rather. by the Popu-
Ast b. anch of tho Democratic party.
Gold and silver coins are recognized by all
commercial nations Of the world as the best
Standards of valus. as tn, measure of every ar
t1cae OF d,sirs. OF everythilg that is bought or
sid. These two metals not only measure
Ill other things, but they measure ch
s&her. Their relative value constantly changes
3vcntythree years ago sixteen ounces OF sill
var were worth more than one ounce Of gold.
Now thirty-one ounces OF silver can be bought
% On, ounce of gold.
In :8A. during the adninistr iti IN OF Pre- =
k1ens jackson and under the leadership of
0aaisl Webster and Thomas II. Benton, Con.
4sess adopted the ratio OF i8 OF silver to 1 OF
gold. by reducing the number Of grams in the
sold coin. As silver was thus slig ntly under.
va.ned it was not largely coined Silver could
- coined in France at tho "a ito of Il to I, and
~ owner Of silver bullion could send it to
YSance and have it conyer: ed into coin at that
atio. thus receiving about per cant more for
- bullion than if coined a. the American
Satio Of Is to !. Gold became the only Amer
han coin in circulation. and the avOwed pur-
Doso Of the pas ,sge of the law of 1884 was to
mako gold tho standard. This law. helrtily
approved by Andrew Jackson. would now be
called The Crime of 1891
THE ACTION TAKEN IN 1853
In 1883 upon The re,ort of Gen ,tor Hunter.
whom Pierce was president and when all
branches OF the cover ment war3 under Demo-
ssate control, Congress reduced the quantity
u silver in the fractional coin, (half dimes.
Aimrs, quarters aad h,lf dollars) moro than
pr cent directeI the purchas, of the silver for
okoir coinage on government account abolished
The law for their free CO mage ald III ade them
afull legal tender for S. only, leaving gold still
practically the only full legal tender United
States coin. At :his time the silver dollar had
&bappeared from tn current coin g. of the
Uni.sd States and was practically and pur-
Doscl7 demone.lzsd. This. l suppose would
row becailed tho Crime of 1853 Silver was
practically demonctiz ID by this act and the
snt Of 1884.
1T i, certain that from 1871. when Mr. JEFF
esson became president. to the close of Buchan-
49, al 80 -
party was gold party, oppo cd to 81 yer and
al forms of paper mon,y
when the Republican party came into
power il l,6l. by the election of Mr Lin cOln il
had to face formid ible bellion. G Id and
silver were alike banishel from circulate ON
ani irredeemablc pap money of all denomi-
nations, from ten Gems to 5 .O) was substi-
tn'cd in pla,e Of coii. When lie war WIS ov,r
the Republic party sought to r.s;o-e specie
payment rs soon as practicable. In March.
CD. it pod gel the faith Of the nation t, pay.
nicnt in coin or its equivalent OF all bonds Of
tie unitoi States and t o re1eem the United
States notes at the earliest possible ronen: in
n.
TIE 1873 REVISION OF MINT LAWS.
in order to carr out this pledge it b &C anne
ncccssa to revise tn, various coinag, laws OF
the United States. This was promptly and
vary aIctuily done by bill framed II tho
Treasury department while MIR. Boutwell, was
Secretary. 1t was thoroughly considered BY
tho experts o. that department ana was printed
and submitted to all pers ors ii the United
States who wer, suppos d to be familiar with
the COINAGE laws Th, bill. containing sixty.
seven sections. accompanied b. mass of infor-
Dation that fills a volume, was sent to Con-
Gress April 2, 1877, by Secretary Boutwell,
and its passags was strongly recommended BY
him This bill omitted from tho coins of the
United States the silver dollar. precisely as
vas doce in IS s, but provided for tho coinage
os ths fractional parts Of the d, llar in accord.
ance with the act of that year Tn, bill was
pending in Congress for three years-was care
Soily considered in both house, and special at.
tention was called to the omission of the IL. N
Sfain silver do lar. which was mover in the bill
os any stage anS the reasons for this omis ion
given. 1t was finally dcterminei at tho urgent
Se0uest OF members from tho Pacific coast to
Insert among tbs silver coin trade dollar
eootaining 20 grains OF stand rd silve-. but
Mis- dol ar was made like the minor coins. a
legal tender for So only. There was but one
yea and nay vote on the bi /, and that was on
he proposition to repeal tn, charge made by
the mint for tho coinag, Of gold ] voted
against its repeal
The bill pass ID both houses and became
NV February l.. IS7a by p-a,d- 'ly a unaui.
nous vote OF both psrti g. ar "A. specially
supported and voted for by tho s,ratoS, and
members from the liver sta.es
This has been called the C ime Of 'ss' and
- the bill was under my charge in the Senate
IWas hesd to be tho -hief cri nia al 1t was, in
bet. q wise measls- "f nnbic poli.y carefully
Aiscussed and considered during three yeara
When We test the outcry a ,inss this act with
Shc sober acts shown b. oti :ial rccor is il an
pears simply lcd,ccU9s. The total numb Of
aiiyer dollars coinet fc I'm LIS. to 49,. was OsI-
1f6: while the number f trade dollars issued
1nier ths coinage act Of g ccnsa ming scv.n
and oac-haH grains morc slve than the old
dollar WAS 5, 1924 and the NJ DO 1T stand.
srd silver dollars co;noi unics Blani- Alii-
scn act of 1873 was I %. i3t:.i. e. .y-f,ur times
tbe number Issued before 49,.
1T is strange 'h,s tn, vcry men who sup.
Iorsed ana u7ged this coinage ,wo Of 80 and
1amanded tho exclusive Coinage OF gold are
1As very men who now demand the free coin.
aee Of silver and denounce a. "gu.dt.s" and
Ss6bers all who believe in the coinage Of both
sid and silver
1t has been said that tho dropping of the
G2ver dollar in the COMA So act Of ls,s was sur.
0pti:iOusly done This charge l. shown to b.
anlss by the debate in congress. and especi ,lly
- the declaration OF tho mea Who nov make
- chargA Sixteen months aftor TIA passage
- that act Senator Jones Of Nevada. in q de-
Aste in the Senate. June II. 1874 said: 1 an
n 80 a.