The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1896-08-29


is coined and circulated as money.
Gold has been driven out of circulation in
these countries and they are on a silver basis
alone. Until international agreement is had,
1t is the plain duty of the United States to
maintain the gold standard. 1t is the recog-
nized and sole standard Of the great CONNER
cial nations of the world, with which we
trade more largely than any other. Eighty
four per cent. of our foreign trade for the
fiscal year 1895 was with gold-standard coun-
tries and our trade with other countries was
settled on gold basis.
MORE SILVER THAN GOLD.
Chiefly by means of legislation during and
since 1878 there has been put in circulation
more than 1924 0OO.O 900 of silver. or its repre-
sentative. This has been done in the honest
effort to give to silver, if possible. the same
bullion and coinage value, and encourage the
concurrent use of both gold and silver us
money. Prior to that time there had been
less than 100000 of silver dollars coined in
the entire history of the United States, Il
period of 80 years.
This legislation secures the largest use OF
silver consistent with financial safety and the
pledge to maintain its parity with gold. We
have today 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 for
money at its market value. From 1890 to
1888 the Government purchased 1850, 900
ounces of silver month, or 81 900 900 ounces
year. This was one third of the product of
the world and practically all OF this country's
product
1t was believed 10y those who then and now
favor free coinage that such use of silver
would advance its bullion value to its coinage
value, but this expectation was not realized.
In a few months. Notwithstanding the unpre-
cedented market for the silver produced in
the United States the price of silver went
down very rapidly, reaching lower point
than ever before. Then. upon the recommen.
dation Of President Cleveland. both political
parties united in the repeal of the purchasing
clause of the Sherman law. We can not with
safety engage in further experiments in this
direction
MORE SILVER THAN ANY OTHER COUNTRY.
We have much more silver in use than any
country in the world. except India or China
$500, 100000 more than Great Britain; $780,
900. 900 more than France; S400 600 900 more
than Germany: 5325.0 900 less than India
and 1928 1000, 900 less than China.
The Republican party has declared in favor
of International agreement. and if elected
President it will he my duty to employ all
proper means to promote it. The free coin
age of silver in this. country would defer, it
not defeat. international bimetasm. and I'M
til an international agreement can be had
every interest requires Us to maintain our
present standard.
Independent free coinage Of silver at Il
ratio Of 16 ounces of silver to one ounce of
gold would insure the speedy contraction Of
the voume OF our currency. 1t would drive
at least 500.000.00O of gold dollars, which we
now have permanently from the trade of the
country, and greatly deceased our per capita
circulation.
1t is not proposed by the Republican party
to take from the circulating medium of the
country any of the silver We now have. On
the CONTRARY, it is proposed to keep all the
silver money now in circulation on parity
with gold. by maintaining the pledge of the
government that all of it shall be equal to
gold. This has been the unbroken policy of
the Republican party since 1878.
1t has inaugurated no new policy. 1t will
keep in circulation. and as good as gold, all
of the silver and paper money which are now
included in the currency OF the country, 1t
will maintain their parity. 1t will preserve
their equality in the future as it has already
done in the past. 1t will not consent to put
this country on silver basis. which would
inevitably follow independent free coinage at
a ratio of 16 to l. 1t will oppose the expul-
sion of gold from our circulation
GOOD MONEY NEVER MALE TIMES HARD.
1t is a mere pretense to attribute the hard
times to the fact that all our currency is on
gold basis. Good money never made times
hard. Those who assert that our present
industrial and financial depression is the
result of the gold standard have not read
American history Alright. or been careful
students of the events of recent years.
We never had greater prosperity in this
country, in every field of employment and
industry, than in the busy years from 1880 to
1892, during all of which time this country
was on gold basis, and employed more gold
money in its fiscal and business operations
than ever before.
We had, too. a protective tariff, under
which ample revenues were collected for the
Government, and an accommodating surplus
which was constantly applied to the payment
of the public debt. Let us hold fast to that
which we know is good. 1t is not more
money we want; what we want is to put the
money we already have at work. When
money is employed men are employed. Both
have always been steadily and remuneratively
engaged during all the years of protective
tariff legislation.
When those who have money lack conf
dence in the stability of values and invest
ments, they will not part with their money.
Business is stagnated-the life-blood of trade
is checked and congested. Wecan not restore
public confidence by an act which entails a
deficiency in the public revenues. We can
not inspire confidence by advocating repudia-