The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-08-27

Inc government DOubnt the silver Dul-
lion at its market value and coined it
into silver dollars. Having exclusive con-
troll of the mintage it only coins what it
can hold at parity with gold. The
profits, representing the difference be-
tween the commercial value of the silver
bullion and the face value of the silver
dollar, goes to the Government for the
benefit of the people. The Government
having issued and circulated the silver
dollar, it must honor and protect the
holder from loss. This obligation it has
so far sacredly kept Not only is there
moral obligation, but there is a legal OBJ
| maintain the parity. These dollars in
the particulars l have named are not the
same as the dollars which would be
issued under free coinage. They would
be the same in form, but different in
value. The Government would have no
part in the transaction, except to coin
the silver bullion into silver dollars. 1t
would share in no part of the profit. 1t
would take upon itself no obligation. 1t
would not put the dollars into circula-
ton. 1T could only get them as any cit
izen would get them, by giving something
for them. 1t would deliver them to those
who deposited the silver and it's connec-
ton with the transaction there end.
Such are the silver dollars that would be
issued under free coinage of silver at
ratio of 1G to 1. Who would then ain
tain the parity? There would be no obli-
CATION resting upon the Government to
do it, and if there WERE it would be pow
erless to do it. The simple truth is we
would be driven to silver basis-to sill
yer monometallism. These dollars,
therefore, would stand upon their real
value.
"lf the free and unlimited coinage of
silver alta ratio of 16 ounces of silver to
| ounce of gold would, as some of it's adj
vocates assert, make 53 cents in silver
worth 100 cents, and the silver dollar
equal to the gold dollar, then we would
have no cheaper money than now, and it
would be no easier to get. But that such
would be the result is against reason, and
is contradicted by experience in all times
and all lands. 1t means the debasement
OF our currency to the amount of the
difference between the commercial and
the coin value. of the silver dollar, which
is ever changing, and the effect would be
to reduce property values, entail untold
financial loss, destroy confidence, impair
the obligations of existing contracts, fur
Their impoverish the laborer and pro-
ducers of the country, create panic of
unparalleled severity and infict upon
trade and commerce deadly blow.
Against any such policy l am unaltera.
bly, opposed.
"Bimetallism cannot be secured by in.
dependent action on our part. 1t cannot
DE obtained by opening our minis to the
unlimited coinage of the silver of the
world, at a ratio of IS ounces of silver
to ounce of gold, when the commercial
ratio is more than 30 ounces of silver to
ounce of gold. Mexico and China have
tried the experiment. Mexico has free
nf ell md oil
slightly in excess of 1G and half ounces
OF silver to l ounce of gold, and while
her minis are freely open to both metals
at that ratio, not a single dollar in gold
bullion is -coined ana circulated as
money. Gold has been driven out of cir
culation in these countries, and they are
on silver basis alone Until interna-
tional agreement is had, it is the plain
duty of the United States to maintain
the gold standard. 1t is the recognized
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 countries, and our trade with
other countries was settled on Il gold
basis
After poining out that the United
States has now more silver than gold in
circulation, Major Mckinley continues:
'On the 22nd of august, 1891, in a
public address, 1 said: If we could have
an international ratio, which all the lead
ing nations of the world would adopt,
and the true relations be fixed between
the two metals, and all agree upon the
Quantity of silver which should consti-
tute Il dollar, then silver would be as free
and unlimited in it's privileges of coinage
as gold is to-day. But that we have not
been able to secure, and with the-free
and unlimited coinage of silver adopted
in the United States at the present ratio
we would be still further removed from
any international agreement. We may
never be able to secure it if we enter upon
the isolated coinage of silver. TIE
double standard implies equality at
ratio. and that equality can only be
established by the concurrent law of ma.
tions. 1t was the concurrent law of ma
tions, that made the double standard: it
will require the concurrent law of ma
tions to reinstate and sustain it,
1.-THE Republican party has not been,
and is not now, opposed to the use of sill
yer money, as it's record abundantly
shows. 1t has done all that could be done
for its increased use, from other govern
ments. There are those who think that
it has already gone beyond the limit of
financial prudence. Surely we can go no
further and we must not permit false
lights to lure us across the danger line
"Debasement of the currency means the
destruction of values. No -one suffers so
much from cheap money as the farmers
and laborers. They are the first to feel its
bad eects and the last to recover from
them. This has been the uniform eyneri-