The Portland daily press., 1896-09-07


mad been on a specie paying basis. the
a. 1t was undervalued in the ratio es-
taoiished by law between the two net
AIS the silver dollar being, commercially,
OF more value than the gold dollar.
ihese dollars, as personally know, were
ooined exclusively for use of manufaot-
urers of silver plate, who found it lore
convenient and economical to deposit
unref1ned silver bullion at the mint and
receive In return standard dollars, than
TO have the work performed by any out
side refiner, besides the stamp OF the gov
eminent insured the standard fneness
OF the metal they were TO use. At that
time there was charge Of one-haH of
per cent for coinage.
"Hrom the organization of the govern
ment until 1906 when the coinage OF sill
Yer dollarsNwas suspended by President
Jefferson thore were only 81, 439,617
coined. From that period until 1885
| not one dollar was coined. 1t can here
be said with truth that although We
have had by law the bimetallic stand
ard. from the organization ofsthe govern
ment until 1873, in point Of fact we had
practically
BUT A SINGLE STANDARD.
For as is well known the slightest de-
Walton in the commercial value Of either
Of the m etals destroyed ths established
ratio and drove the dearer metal out Of
circulation. This condition existed as
to our coinage until 1t was corrected by
the act of 1884 passed during the presi
dent of Gen. jackson, and which re-
oeived the Enforcement of every leading
Democrat and Wing at that time in
Congress.
"The discovery of gold in California
in 1848 and it's enormous production
drove all our fractional silver coin out
of circulation, and it was undervalued
so that we had to depend 70. this CHAR
aoter of coin on the half worn silver
money of Spain and Mexico. Some of
those present will remember when fps
and levies were the small coin of the
country.
ITO obviats this condition of affairs
Congress- in 1858 passed an act reducing
the weight Of the standard silver in th Q
fractions of the dollar from 412 10 grains
in the two halves and four quarters to
865 grains, restricting its legal tender
power to payments of IS and under.
"This nominal generalization of sill
YER restored 1t to circulation as a suhsidi-
airy coin, while its limited legal tender
i power made it subserviant to gold, and
prevented Its driving that metal out Of
circulation.
'Thus we are ia ught through expert
enoe, the imposs Utility of maintaining
} such uniformity in the commercial val
ues, and legal ratio Of thu two metals, Of
} would justify their free coinage, and in
J sure their circulation at the same time
unless it comes through nn information.
al agreement fixing an arbitrary ratio be-
tween thestwo metals. Without this in
J, ternational agreement (and 1t must EN-
. brace all the leading commercial nations
OF the worldly the best divergence in thu
, commercial value of either Of the metals
! will destroy the legal ratio, and driv'
) tho dearer coinage out of circulation"
Mr.. Snowden spoke for an hour an(
, halt. holding the close attention of hi
, audience.
ii Among the Mckinley men who sat OF
the platform last evening was DIR
D Schuyler Of Troy. n. Y. DR.. Schuyle
| has been Democrat IS years, holding
{ many places of trust in that party, blu
/ he has repudiated the doings Of the Chic,
I 60 convention and Is pronounced Nc
| Kinley and Hobart man. He came herr
from Poland Springs as the guest o
q Col. Osgood.