Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-10
Foolishness Of the Declaration
Favor Of Monetary In
dependence.
P0PULIST IDEAS OF FINAN
Feeble Attempt to Invoke the
tons Fathers in Support Of
Free Coinage.

Among all the crazy assumptions
the PoDulistic platforms, perhaps p
most foolish is the one that we can +
ate and maintain monetary SYSTEM,
dependent of that of other nations. +
make this stroke of idiocy more pref,
ferrous, the spirit and the example off
fathers of the republic are invoked
sustain it. The efforts of the fatH
were most earnestly and steadily diref
to bringing the young republic viii
the commercial brotherhood of NATL
and nothing was further from II
thoughts than the idea that the progi
of the country could be facilitated h
declaration of financial independet
For sixty years after the passage of l
mint act, English, French, Spanish
Portuguese coins were freely circuld
in the United States, and were ID
tender for the payment of debts at
tain values fixed by act of Congress.
his celebrated Mint Report, Alexan|
Hamilton endeavored to coordinate
monetery system with that of other
tions-not to make any violent depart
from European practice. The only ST.
ing departure that was made in the lei
lation framed on Hamilton's reel
mendations was in fixing the COIN
ratio between gold and silver at Is II
and the result of this quickly DEM
strated what the Populistic Democr
call our financial servitude." That
to say, it showed that while the mi
of France were open to the free coin.
of gold at the ratio of 1917 to 1, we co
not keep our gold from going where
would have most value. The differe
was only about 3 1-3 per cent, but
was sufficient to drive gold out of
country, so that in the words of Sena
Benton its extinction was complete.
If the establishment of a ratio of th
own was strike for financial indepe
ence of Europe on the part of the 9
Tiers it was manifest failure, :,
established for the first generation
the republic q regime of silver mo
metallism. But this was not in
least what they desired; in fact, so Iii
were. they impressed by the necessity
keeping silver as part of the circr
ton that the coinage of silver doll
was suspended by executive order
1905 and was, for domestic purposes
least, never resumed. That is to S
the fathers were so determined to
back the gold that for thirty years Il
had been shunting into European mi
that they fixed new ratio, which
fered 3 per cent. more to the posses
of gold bullion than he could get
France or Holland. That the bullion
the silver dollar thus became more val
BILE than the bullion in the gold dollar
not trouble them much, for they, app
emily, did not want the silver dolla
halves, quarters and dimes of this me
being sufficient for their wants-and
the subsequent coinage of that mu
talked-of but little known piece, .
dollar of the fathers" was for export
the East. Here, again, if monetary
dependence was what they are aim
at, the result was a failure, for Eur,
diverted into its own minis the sill
of the United States as peremptorily
it had done the gold, for the simple r
son that no law could compel the oy
err of bullion not to take it where
got most for it in returned coins.
But the POpulists are determined
have "an economic and financial syst
which shall make us masters sof our o
affairs" Among the preliminaries
such a condition of things, they are
least logical enough to recognize the
cessity of interfering with the freed
of private contract. That was c,
for financial lameneSs not thought of
the fathers of the republic, and is
generally deemed to be contrary to
letter and spirit of the constitution VIII
they framed. But the transformation
the Democrat into the Populist seel
among other changes, to work q surp
ing indifference to the value of the sa
guards of the constitution. 'FRONT.'
habit. there is the customary profess
of allegiance to "those great essent
principles of justice and liberty NJ
which our institutions are founded" O
to be followed by a series of propositi
destructive alike of the principles {
institutions. On whatever other poi
the makers of the constitution may b,
differed, they were entirely at one as
the obligation both of nations and of
dividuals to make an honest provis
for paving their debts.-ROchester =,