The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-30

as much silver must be put into the
silver dollar as there is gold put into
the gold dollar. Gold is recognized as
being more valuable than silver or else
both would be treated alike and an ounce
of silver would be treated as equal to
an ounce of gold, and the ratio would
be 1 to 1. Gold and silver are both used
for other purposes than as money. We
make watches and jewelry out Of gold.
and tableware AID other articles out OF
silver So bot1 of these commodities
have certain prices in the markets. and
when we consider the market price OF
the two metals. we find that one ounce
Of gold is equal TO thirty-one ounces OF
silver.
The expression, free and unlimited
coinage OF silver means that any owner
of silver bullion, without regard to
where it was mined, may take any
quantity Of it to the minis of the United
states and have it coined into silver
dollars, free OF expense, for every 4121s
grains Of standard silver presented and
the coined dollars delivered TO him as
his property, to do with it as he may
desire The only obligation OF the gov
eminent being that the dollars shall be
taken at their face value in the pay
ment Of debts
The government does not issue the
money and has no control over it after
1t is delivered to the owner of the silver
bullion. He can exchange 1t for pro-
ducts, land or labor, at such terms as
he can make with the owners OF these
commodities.
He then went on TO give the history Of
ratios, commencing at the organiza ton
Of the financial history of this country
Hamilton and Jefferson, he said, were
not in the habit Of agreeing but on the
question OF ratio they always agreed.
They agreed on the principle of the rela-
tive commercial value of gold and silver
He then showed the hostile attitude Of
both Jefferson and Jackson TO silver
and its total disuse, by order Of Jeffer-
son In 1906, and continuing for Thirty
years. He also showed that the actual
characterization Of silver took place in
1858 and that the demonstration In
1873 was only nominal.
He said: AFTER the act Of 1853 two
half dollars contained 3s4 grains, while
the silver dollar contained 412h grains. |
OF course the silver dollar did not cir
culate and presume there are but few
in this audience who ever saw a stand |
ard silver dollar prior to 1873 The di-
rector OF the mint in the report for 1895, |
page III, says:
=" Tt thus happens that the real demon |
citation of silver in the United States
took place in 1853. Its characterization |
in 1873 was only nominal. Nor was it |
1emonetiZed dn 1853, as has just been
shown, the result of accidents'or an
oversight Tt was deliberate and in
Lentionaa. The act of 1873 only con-
formed the law to the actual monetary
condition SO far as the metallic currency |
If the United States was concerned,
hat had existed here for nearly a quar-
Ter Of century, anterior to its pas
sage
THE Question now is, can this nation,
alone, open its minis to the free and
Unlimited coinage Of silver at the ra-
10 Of 16 to 1, and IL it does, what will
De the effect? 1t is well to observe that
while silver was worth $3.50 an ounce in
1913, that it is only worth 6S cents an
ounce now. It IS also we'll to remern-
Der that in the event of our opening
lur minis to the free coinage of silver,
me or two things will happen:
Either, first, silver will rise to $1.29
IN ounce. and If 1t does gold wiz re-
main in circulation with silver an no
injury viii come ITO anyone, but a e re at
'enefit VIII result to the owners of the
liver bullion, by the raising of the
rice of silver to that figure
''Or, second, If silver does not rise TO
l29 an ounce, our gold will go out of +.
REGULATION and we VIII not have BIZ !.
letalnsm but Will drop to a silver basis
With silver as the sole measure OF values {
''Can this country alone, by the OPEN
ng Of its minis, raise the market price '
( silver from 6S cents to 81 20 an ounce
nd maintain it at that figure? 1t I
'elieved sc could, I would be in favor z
f the free and unlimited coinage of sill
err
what are the conditions now, as
ompared with 1873, when silver was 1
7orth $1.30 an ounce in the markets?
he price Of silver, like wheat or corn, r
epends upon the supply, the demand '
nd the cost Of production. In 1873
ne worlds production of silver was {
J, 200, 900 ounces. Since that time there y
as been steady increase In the amount
NTH in 1894 the world produced 167 ,0o0,-
70 ounces more than was produced in
'73. Under ordinary conditions. with
lch a vast increase in the supply, I'M j.
SIS there has been a corresponding in
'ease in the demand, the price of this
must unquestionably fall.
Has there been an increase or de-
ease in the demand since 1873? There
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