The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-08-01

~ NSP"p1tooh Pai " IA
declared for the gold standard, viii
the Democratic party has declare
for independent and equal bimeta
lism, at the present ratio. The Den
ocratic party will be reinforced
the earnest advocates of free coil
age, without regard to previous pa
ty affiliations. The temporary cab
which is following the storm at Oh
cage, affords favorable opportunit
to present the facts which underli
the controversy. In doing this. W
will state only what is accepted hi,
tory.
In 1873 small number of COL
operators in Europe and Americ
succeeded in securing the closin
of the mints of the United States t
the coinage of silver. which equal,
with gold. is named in the Constitu
ton as a money metal. Until tina
time the minis of the United State
had always been open to the free ant
unlimited coinage of both metals OF
equal terms. Without suggestion
from any portion of the people, ant
without notice to them, without an,
debate on the subject in eithet
House of Congress, or the sIightes
reference to this mighty and far
reaching change in the law. silvel
money was struck down in the Unitee
States by the stealthy insertion
where it would not be noticed. of {
provision in bill of no general in
terest to which it was not germane
and which purported to be mer,
revision Of the laws governing the
mechanical and administrative oper.
ations of the mint.
This perfdious legislation was th,
elimination of years of effort on the
part of the great money lending and
debt owning class. II doubled ever,
debt, by reducing the value of the
property of every debtor one half
The worlds total supply of each
metal being about equal in coin val
ne, the demonetization of silver re-
duced the volume one half, and
doubled the purchasing power of the
remaining half The quantity of all
money is the measure of the value OF
all property. The less the quantity
of money, the more property each
piece of money will buy. These are
familiar axioms, which none in good
faith deny.
The confiscation Of one half of all
other than money, for the
benefit of those only who deal in the
latter, was not instantaneous. Val
ues did not fall to one half at once;
they commenced falling gradually,
and the decline has continued ever
since and is still continuing. Gold
is the only property which is not
daily depreeiating in value, and is
therefore boarded by it's owners in
stead of being invested in the varied
enterprises by which employment
could be given to the millions now in
enforced idleness, and profits to the
Business is paralyzed,
and gloom and discomfort prevail to
an alarming extent.
Efforts to restore free silver coin
age have been baflled by temporary
which have been reluc-
family supported by free silver repre-
sentatives in Congress in their desire
to preserve harmony in their respect
i've parties. If they had acted togeth-
er on this question, just once, as
the advocates Of the gold standard
have invariably done, they would
have prevailed in 1878. The Bland
Allison act of that year restored the
legal tender quality of the silver dol
lar, but limited coinage; the Sherman
purchase act of 1890 increased the
of silver to be purchased and
coined, but the command to coin it
was construed away, and the ac-
in the treasuary of bull
lion thus caused was given as the
reason for the repeal of the law,
which was accomplished in 1898.
Having removed from the statute
book the last enactment that provid-
ed for the coinage of any legal ten
der silver money, the enemies of BIZ
deny the legal tender
quality of the four hundred and thir-
tv millions Of silver dollars now in
existence in the payment of public
obligations. The Secretary of the
Treasury, following the example of
his immediate predecessor, and with
the approval of the President, re-
fuses to use silver dollars for re-
demption purposes, although by law
every obligation of the Government
is payable either in silver or gold at
its option.
The operations of the Treasury
are thus as fully based on gold as
though the legal tender quality of
The silver dollars had already been
abolished by law. We are told that
sthe endless chain" at the Treasury
will continue to revolye
30 long as the greenbacks or Treas
ary notes are presented for redcmp-
ton. Neither gold nor silver is cir
,ulated in this country. 1t is never
demanded except for export. For
this purpose it will he needed so
ong as we buy more than we sell.
So long as our railroad bonds held
IN Europe are forced upon our mar
xet for whatever they viii bring in
yreenbacks, just so long will these
yreenbacks be presented at our