Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-09-03

4 lis a. 80 tItA In NvAnlt
uun'er 'hem 10 persons who dono.,. .ouid
i, nhd It's connection with NJ u
ACTON there end. Such are tho saa rams
49, ""icn would be issued under froa 49,
unr snver AT n ratio Of 16 10 / W.
wonl5 taan maintain the parity? Wbat
Mouia keep them at par with goid. rmnat
would be no Obligation rest,n 80 mere
so,erhnheht TO do it, and IL there ~ ~ me
"ouu pe urlven 10 4 silver hosis w
monI aliSm. These dollars .bero,o.a
Mouiu staad upon their real yo,,o ,sotIVe,
ratio ~ unlimited coinage Of silver -
ounce os an =, ounces Of silver 10 one
Gates assert. make 53 cents In unn auVo-
w cents and the silver dollar oorai "ot,h
SOU uoiiar' tnen we would have NO
., ~ 'Iah now ana 1t would be no ct.
,o ger. But that such wonId Ia 49, e"ser
y, r,enna ienSoh ana Is cnntradicted by ex.
maans ah times and in all :an6s 7,
the amen. 80 s'SSnieht or our currency IN
lne amount or the difference hatnenn ~
commercial and coin value az tho Ill iii ,ne
nl when Is ever changing. and tho 60
Nou,u De 10 reduce pgo2er.y voluas -.
"n.olu financial loss, de.,tr row cons1a 10
palr tue obligations OF existing II
ana,ner hnpoVerish the laborers and nro
n".o vi the country. create n manic Of M
pa,alieicd severity and infllot nnon ~
ana a deadly blow .raue
W.! opiosel.
:imetaIIism.
Blmetallism cannot he secu-od H.
ueht action on our part. 1t cannot no oh
u"nreu oS opening our minis 10 m. ~
hhi'eu coinage of the silver Of tho uo.h,
t"uo Oh sixteen ounces of silver "a
one ounce OF gold when the commoron1
ia.o ~ more than thirty ounces of silver 20
~ 'unce OF gold. Mexico and China have
trled me experiment. Mexico has froo 80
L Az vi SILVER and Unll % an -.
excess or sixteen and one-haIf Ounces 80
sliNer 10 one ounce OF gold. and while bor
mNhNs are freely open to both metals ar
th'L rato' not a single dollar In ooIa hui
non Is coined and circulated as mnnar Ola
nus prrh dr!Veh out of circulation in these
countries anu they are on a silver basis
atone. Until International agreement l. hnd
II Is the plain duty IF the United states
10 MAINTAIN The gold standard. Ii Is the
recognized and sole standard Of the preat
commercial nations Of the world with
Which we trade more largely than onv
other. Etghty-four per cent of orr forei.n
trade Tor the fiscal year. 1875. was with
sohd stahdard countries and our trade with
u.her countries was settled on a gold basis.
we NOW Have More silver Than
Gold.
Chiefly by means Of legislation DURING and
since 1878 there has been put In circulation
' more than 1914. 0O0, 900 of silver or ire ranro.
sentative. Tlds has been done in the honest
eHort TO give to silver IL possible the same
builloh ana coinage value and encourage
the concurrent use OF both gold and silver
as money. Prior TO that time. there had
been less than D.nO.W0D of silver dollars
coined IN the entire history of the United
States, a period of cighty-uine years. This
legislation secures the largest use OF silver
consistent with financial safety and the
pledge TO maintain its parity with gold.
! we nave to-day more silver than gold. This
has been accomplished at times with grave
peril TO the public credit. The so-calIed
sherman law sought TO increase all the
silver product OF the United States for
money at Its market value. From 1890 TO
1913 the government purchased 100000
ounces OF silver n month or 81, 00O,O 900
ounces a year. This was onc-third the pro-
duct Of the world and practically all of
this country's product. Ii was believed by
those who then aad now favor free coinage
that such use Of silver would advance its
bullion value 10 its coinage value, but this
expectation was not realized. In Il few
months, Notwithstanding the unprecedented
market for the silver produced In the United
States, the price of silver went down very
rapidly, reaching a lower point than ever
before. Then, upon the recommendation Of
President Cleveland, both political parties
united in the repeal Of the purchasing
clause Of the Sherman law. We cannot with
| safety engage in further experiments in
this direction.
, The Double standard.
on the I'D Of August, 1891, in a public
+, address. | said: III We could have an in
terna,iunal ratio which all tie leading ma
tiCns of the world would adopt, and the
true relation be- fixed between the two
metals and all agree upon the quantity of
silver which ShOu!d constitute a dollar, then
silver would be rs free md unlimited In its
privileges OF coinage as gold Is to-day. But
that we nave not been able 10 secure, and
ulth the free and unliCrited coinage OF sill
yer adopted in the United States at the
| present ratio. we would be still further te-
! moved from any international agreement.
We may never bc able 10 secure it II We
enter upon the Isolated coinage OF silver.
The double standard implies equality nj a
ratio, md that equality can only be estaD-
/ liShed 10y the concurrent law Of nations. it
was the concurrent law Of nations that
made the double standard: 1t will require
! the concurrent law Of nations to reinstate
aud sustain X.
IL FayOrs the Use of silver Money.
The Republican party has not been and
Is not now opposed 10 the use OF silver
| money as its record abundantly shows. 1t
has done all that could be done for It's IN
| creased use with safety and honor or the
. United States, acting apart from OlHci SV'-
| ernments. There are those who think that
II 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.
We have much more silver In use than
| any country In the world except India or
| C~hina-SJOO.O 900. 900 more than Great
| Britain: $3.50. O00, 900 more than France;
| $500. OO0.O 900 more than Germany: S325,OW,-
600 less than India, and $~12j,OOO,ODo less
than China. The Republican party has de-
clared In favor of an International agree
! ment, and If elected president 1t VIII be my
duty TO employ all proper means 10 promote
IL. The free coinage of silver in this couh-
try would defer, IL lot defeat, international
| bimetallism, and until an international
| agreement can he had every interest re-
ouiros us 10 maintain our present standard.
| independent free coinage OF silver ut a Fa-
rio of sixteen ounces of silver to one ounce
| Of gold would insure the speedy contraction
| Of the volume of our currency. Ii wonid
| drive at least 500, 900, 200 of gold dollars
| which we now have permanently from the
trade of the country and greatly decrease
| our per capita circulation.
1t is not proposed by the Republican party
| 10 take from the circulating medium OF the
| country the silver we now have. On the
contrary. IL is proposed to keep all or the
silver money now In circulation on a parity
with gold by maintaining the pledge oil 'ne
| government that all OF 1t shall DE equal "