The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-27

| erty values, entail loss, destroy conf
dence, impair the obligations of exist
| ing contracts, further impoverish the
laborers and producers of the country
create panic Of unparalleled severity
and lntllct upon trade and commerce
a deadly blow
Against any such policy I am unal-
terra bly, opposed.
Bimetallism can not be secured by
independent action on our part. It can
not be obtained by opening our minis
TO the unlimited coinage of the silver
or the world at ratio of sixteen ounces
or silver to one ounce of gold when the
commercial ratio is more than thirty
ounces OF silver to one ounce of gold
Mexico and China have tried the ex-
pertinent. Mexico has free coinage of
silver and gold at a ratio slightly in ex-
cess Of 1672 ounces of silver to one ounce
Of gold, and while her minis are freely
open TO both metals at that ratio not a
single dollar in gold bullion is coined
ana circulated as money Gold has
peen out of circulation and they are on
silver basis.
Until a national agreement fs had II
IS a PLAIN duty of the United States to
maintain the gold standard. Eightv-
four per cent of our foreign trade for
the hScaI year 1895 was with gold stand
ard countries and our trade with other
countries was settled with a gold basis
We now have more silver than gold
Ch1ehy by means of legislation during
ana since 1873 there has been put in
circulation more than 1924, OOO, 600 of sill
YER or its representatives This was
done TO the honest effort to give to sill
yer, II possible, the same bullion and
coinage value and encourage the con
current use Of both gold and silver as
money. Prior to that time there had
been less than nine millions of silver
dollars coined in the entire history of
the Un1ted States-a period of SO years
This legislation secures the largest
use OF silver consistent with financial
sa1ety and the pledge to maintain its
parity with gold. We have kept in cir
cui3t1on more silver than gold This
has been accomplished at times with
grave peril to the public credit
The so-called Sherman law sought to
use the silver production of the United
states for money at its market value
From 1890 to 1888 the government pur-
chased 4,5OO,OOO ounces of silver a month
or %. O0O, 600 ounces a year. This was
One-third of the product of the world
and practically all of this country's
product 1t was believed by those who
then favored free coinage that such use
of silver would advance its bullion val
ne to its coinage value. but this expec-
tation was not realized.
In a few months, Notwithstanding the
unprecedented market for silver pro
duced in the United States the price of
silver went down very rapidly, reach
ing a lower point than ever before
Then upon the recommendation of
President Cleveland, both political par
ties united in the repeal of the pur-
chasing clause of the Sherman law We
cannot with safety engage in further
experiments in this direction
On August p, 1891, in a public ad-
dress, said: IF we could have an in
ternational ratio, which all the leading
nations of the world would adopt and
the true relation be fixed between the
two metals and all agree upon the
quantity of silver which constitutes a
dollar, then silver would be as free and
unlimited in its privileges of coinage as
gold is today" But we have not been
able to secure it and with free unlfr1i-
ted coinage of silver adopted in the
United States at the present ratio we
would be still further removed from any
international agreement We may never
be able to secure it If we enter upon
the so-called free coinage of silver
The double standard implies eouaIi-
ty at ratio. and that equality can only
be established by the concurrent law of
nations. 1t was the concurrent law of
nations that made the double standard
and ii will require the concurrent law
of nations to reinstate to sustain
The Republican party has not been
silver money as its record abundantly
shows. It has done all that could be
done for its increased use with safety
by the United States acting apart from
the governments. There are those who
think that it 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.
than any country in the world except
India or China-$500, 600 900 more than
Great Britain, $50, 600, 900 more than
France; $500, 000, 900 more than Germa-
ny; 1925. 000. 900 less than India and S125,-
000. 900 less than China. The Republican