The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-10-09
THE HISTORY OF
SILVER COINAGE
Eloquent Address Of President ".
T.. Ingalls, IN the Chicago
Auditorium.
HE is AN oLD.TIME DEMOCRAT
Hut Makes an Earnest and Able Plea
for Sound Money and National Hon
or-Thc Experiences Of the Past
Guide for the Future.


or-Thc Experiences Of the Past
Guide for the Future.
Speaking 10 $500 railway men ut the
Auditorium. In Chicago. "A few days ago
NJ 4, Ingalls,. president Of the Big -Four
and Chesapeake and Ohio railways. de-
liyered Il maSterly address on the money
question. Mr.. ingalls,. as In well known
has always been Democrat until this
campaign He was introduced 10 the
audience by Il. o. Jardeau. conductor
In active service on the g. ~ and ST. T..
Ry.. who presented him as a man who.
the other day. said to his employees: "Go
home and study this question. Then, II
you want TO vote for Bryan and sewall.
and against what we consider the best
interests of this company and anyone
discharges you for so voting come "a
me. viii discharge the man who dis
charged you and put you back 10 work" e"
The following are extracts from Mr..
ingalls, speech Let us look at the his.
tory of our own country. In 1892. after
We came out of the war with England,
our currency WAS In the most deplora-
BILE condition In the world The old con-
tinental congress had issued greenbacks
unlimited; they were popullsts that
even Bryan ought TO be proud o. They
put out so much continental money that
II was IN the end burned up. and when
Alexander Hamilton took charge OF the
treasury In 1879 he had 20 create some
thing new lie called IN 20 his aid that
great son OF Virginia, Thomas Jefferson.
a man who had Travelled the world over.
and who perhaps was more familiar
with the laws Of commerce than any
body ~ that day, and they decided that
they must have gold and SILVER IN this
country. and that they would fix the ra-
Ito " coinage ns near the commercial
value as possible. and in pursuance
~ that resolve they fixed the value at
/ Ia u. Now. they over-valued silver
by that They had agreed that fifteen
ounces of silver should pay as much
debt as one ounce or gold and by SELL
ing the latter abroad for fifteen and one
half ounces of silver Il man could pay
his debt ~ tfteen ounces of silver and
have half an ounce as profit, and the
result was all the gold left the country
and We were on Il silver basis. There
gold piece seen. Even the sill
yer dollars that were coined were driven
out by the clipped and worn Spanish
pieces that came In. and in 1906 Presi-
dent Jefferson arbitrarily stopped the
free coinage of the same TO save ex-
pcnse.
In 1898 the Great Andrew jackson
came upon the scene--a man who is
10 have been Democrat and
nm honest man. until we have listened
to Mr. Bryan, who has given another
account OF him. He had friend In the
United States congress by the name OF
Thomas II, Benton. who was in the
United States senate for thirty years
and, II you want 10, read the history Of
the coinage Of the United States and
see that this discussion is no new thing.
II you viii take Benton's speeches you
will find he thought this question all
over; he repeatedly stated that our ra-
Ito was wrong and that we had no gold
In this country, and the result was that
In 1884 a new ratio was established at l6
to /, and in making that ratio they
overvalued gold just as much as they
lid silver before, for man could take
his sixteen ounces OF silver and sell
them abroad and get more money to
pay his debts than an ounce of gold
would pay, and the result was that all
he silver left the country and we had
nothing but gold. So extraordinary was
this that the halves and quarters,
which We're made of the same proper
donate weight as the dollar disappear
ID. and in 1853 congress in order to pro-
vide silver change for the people. had |
% reduce the weights OF the halves and |
quarters and dimes.
Now consider this: Alexander Ham
lton overvalued silver about per cent;
Thomas II. Benton overvalued gold |
Ibout per cent. and yet so unerrlng |
vas the law of trade that in the first |
,lace II drove out gold and in the next |
,lace II drove out silver. Can you tell |
ne by what process our Populist friends
hink they will keep their gold and sill
'er In circulation side by side after
hey establish the free coinage Of silver
It 16 to /, when their commercial ratio
3 S2 or 80 to 1? This process Of cheaper
money driving out the better has been
inown for 500 years. 1t was first men
loned in 1864. 1t is what is known as
he Gresham law, on account of Sir
Thomas Gresham, who in 1858 wrote a
etter to Queen Elizabeth in regard to
he matter II is as unerrlng as the
,bb and flow of the tides, yet these Pop
llist people come to preach new
and tell you in the nineteenth
century this law will not work.
Let me give you an illustration: If
'ou have 500 of gold in your pocket
md 500 in silver, and they are both
qual for the payment of debts, but
he gold can be sold to the money