Belding banner. (Belding, Mich.) 1889-1918, 1896-08-06
REPuBLlCANlSM DEFENDED.
Congressman smiths Reply To Towne NJ
Grand Rapids Tuesday Night.

spoke as follows:
II have been itvited by the com
mittee of the state league Of Republi
can clubs to speak upon the issues o
the coming presidential contest, and
assure you | greatly esteem the honor
thus conferred. 1t was not my owl
personal desire to have any controversy
; with any man with whom | had had
close personal relations in this canvass
have not gone outside of my home to
seek such an OCCASION but after the elo-
I quent address of my friend aud col.
league last night, | feel called upon tc
make some reply.
Several years ago ! had the honor
to preside in this very hall at meeting
which was addressed by that magnetic
and magnificent man, VIM. Mckinley.
Then this country was prosperous; but
three and one-half years of Democrat
rule and threatened free trade have
left smokeless factory chimneys and
emptied workshops. The speaker of
last evening said in this very hall that
the Democrat party never could be
trusted to outline IA policy for this
country. To paraphrase his very words
OF last evening, ii he was honest then
j. he honest now
Three and one-half years ago, when
the Wilson bill was framing, the young
orator of Nebraska, Mr. Bryan, went
the length of all the free trade measures
of which mis- colleague were the au-
thOrs. He told his hearers tnat free
trade would help the farmer and help
the laboring man. Who was it that
placed the crown of thorns upon the
brow of labor? William j. Bryan
helped TO cruelty that same American
labor, and now comes forward with
another proposition TO wreck the coun-
try further. Having gone the lengths
OF free trade and free wool, they now
propose To give US free silver and finish
up the financial ruin. Just when we
have been surfeited with free trade, ii
Is unwise to try free silver, which mas
never been advocated by our party or
any other great party 1t is unwise TO
coin silver free at less than its com
mercial value
The ratio of Is to | was inaugurated
at time when the gold dollar was
made the Unit OF value because the old
ratio of IL to would not do. In 1872
Germany decided that the increasing
product of silver made it undesirable
to extend to it the privileges of free
coinage and therefore demonetized it.
France and the Latin union closed
their mints against the free coinage Of
silver. The United States, which had
not coined silver dollar in many
years. acting upon the advice Of the
secretary Of the treasury, dropped
from the privilege of the mintage the
standard silver dollar of 412i grains,
the half dime and the three cent piece;
but in the very same act it was proyid-
ed that private owners of silver bull
lion might bring it TO the mint and
the government would coin 420 grains
into trade dollar for private account.
The trade dollar was made legal ten
der for 81, but il would not circulate,
and in 1878, at the request of silver
mine owners, the Bland-Allison act was
passed. Under it $1,000, 900 worth Of
silver bullion was purchased and coin
ed into standard silver dollars of 412t
grains, each full and unqualified
legal tender. But the price of silver
continued to 20 down and the vast an
nual output offered upon the London
market in excess of the demand OF
trade fixed the price of every grain of
standard silver. But the silver mine
owner again came TO the government
and wanted more legislation. And
the Republican party passed the Sher-
ment should purchase four and a half
million ounces a month and loo mil
lions OF dollars was thus invested in
silver bullion, all of which is now cir
culating among the people, either as
silver dollars or certificates represent
ing bullion.
In Mexico today silver dollar can
be bought for u cents, and every dol
lar OF gold has been driven out Of cir
culation in Mexico by that same free
coinage act Why is il we can buy
two silver Mexican dollars for one Of
this country S coinagey Because that
government has lost the power To main
tain the value Of its money. But our
dollar Is backed up by gold, and that Is
why our silver dollar is worth dollar.
We can control the output of silver IN
our mints, but Mexico can not, and
that free aud unlimited coinage has
ruined the currency of the country.
Can Mexico buy what she wants in
the markets OF the world on silver
standard No; she must buy ON gold
standard, aud when she sells To Europe