The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-09-07
SPEECH BY EX-SENATOR
HENRY L. DAWES.


PSEslSs a=<rSS ina, business interests are
s~a eF-ng depression and that there IS a
lack % confidence and dlscourag cement in
every pTanch Of business From 4 lack q
mAFAe. FOR produce. manufacturers Of re
East are forced TO suspend bus ness 10 a
great degree. and are calling or tas gov
eminent Tor redress Each tine parties
are alviGsd on the cause and cure OF de-
preston. One declares that ne eyl comes
from ne act o3 ISIS. when congress aool-
isned fret. coinage OF the standard silver
Goiaar. ard that the cure - free coinage
d. ae Fauo Of IS TO :. as before lSl& A
considerable number Of this party. how
ever. ne was CAD 10 know, declined 10 ac-
esps tae cure proposed IoE t2ess evils by
theiF fellows.
Wirhone reference 70 wsfat Republicans
may sa5 Is 10 ,he cause or cUre. lae pro-
posed 10 ask what kind Ct cure is pro-
posed Free coinage means that every
Doay VINO Possesses 4l2la grains OF silver
can go 70 a mint and nave IL stamped as
dollar and compel his creditor 20 take Il
for dollar. In 1873 II turned cut mat the
silver dollar was worth more than 100
cents. while the gold dollar was worth Just
mat Where you have two kinds Of 'Iaon-
ey, where one is worth more than the
other, you viii keep the best and pass the
other ono along. SO under that law IN
1915 there were no silver dollars circulated
or coined because there was no Use for
them; they were either kept or sent where
pney were worth more than gold In lss2
The law made the dollars on 4 ratio OF u
% l, but they found they had overesti-
mated the standard. and though carried
on for years. gold went somew here else
and silver was circulated IN lSs. an ex-
act standard OF 10 TO was Bxed. From
$50 10 ISIS silver went out of the currency
and hardly dollar was found, owing 10
a Ia
cause there had been no use for standard
silver dollars since 1854. that it went out
u existen
Every phase Of business Is now under
a nightmare. which the Democrats now
say was brought about by stopping the
coinage Of the standard silver dollar" said
Mr.. Dawes, and proceeded 10 show the
faliacy OF that argument IF there is as
much money as in 1873 and as good. can
any one tel why the dropping Of the silver
dollar and putting others in It's place has
caused thls trouble? Is there as much
money circulated as In 1913? There is
more. In 1915 There vas just slSoi per
capita In circUla tion in the country; today
there is $50 for every man. woman and
ch!ld-S24 IN circulation and 81 lying idle
waiting fer revival Of business TO cali II
out. There IS 40 nation on earth that has
Is much money in circulation per capita
as the United States. France has So per
capita and We have $50. Only four nations
OH earth have so much as the United
States has. Belgium has ST. Portugal -,
Netherlands s24. Austria So. All the rest
Netherlands soi. Australia So All the rest
United States. II new life Is given TO bus
mess 81 more OF life blood would ctrcu-
ate
Is money so good az II was? There were
three kinds then. gold. silver and green
backs. all three legal tender by law; to-
day there are nine. and seven are legal
tender the same gold, silver and green
backs before 1873, and the other two are
silver certificates and national bank bills,
and they are a good as legal tender, be-
cause bonds are back Of the bills, and sill
yer certificates are for SO much deposited
and ready for payment when demanded
Mr.. Dawes said his figures were accurate,
having been obtained from the treasury
department since he was invited 10 speak.
Whatever money can do In this land, every
one OF the seven kinds can do that the
three before 1878 could do. The only rea-
son why business lags in the land is not
because it cannot have all the silver dol
lars IL wants TX can have them 4 they are
wanted. IN 1878 we attempted 10 help sii-
yer: that was by the Bland bill. In the
senate Allison put in clause that the
United States would buy not less than
2eoo,0o0 nor more than 100000 month
and issue silver certificates. They have
ga n01 900 silver dollars in the treasury, be-
cause no. one wants them and because sil-
yer certificates perform their functions.
II silver VIII restore prosperity any man
can get silver BY certificates. The reason
that silver Is Idle Is because every man
prefers certificates. SO silver Is not bet
ter than any Of the seven kinds Of money
now legal tender.
II is not the fact shat money is not as
plenty or az good. that has brought on this
evil. We must look elsewhere for the
trouble Mr.. Dawes wanted to talk as a
nelgtbor and fairly. Had ne not shown
that the money is better and that there Is
more of il now than before 1873? II the
stopping OF the coinage in 'I3 has caused
al this trouble. why did It walt for nearly
twenty years? Why didn't ii come before
From 20 when silver dollars dropped out
to 80. the country experienced prosper
ity never seen before or since. and he
challenged proof 20 the contrary When
mans books show ne can sell more than
ne Is obliged 20 buy. he Is prosperous.
when he IS paying out more than te takes
in he Is growing worse. and X Is only q
question OF time when he goes 10 the wal.
So with nations. when they sell more
abroad than they are obliged 70 bring
nome. they are prosperous, and the reverse
IS sure 10 maze them bankrupt. Take that
test from 20 10 s.. every year the balance
The Hayes administration, we had accu-
mulated Sgjo e0 90. For the next four
years came Teverses and we lost our bal
ance and S25doo 90. at The end % ~ we
accumulated again and had soc 100 sur
plus. gain comes a reverse and We have
run behind 500 600 30 Whatever the cause
Nas K was not silver.
Mr.. Dawes read from the Eng,kh Stats
lcian Muhall showing ihst the prosperity
u twenty years before g WAS without
parallel over two and one~haf millions
day we're added 20 0GT prosperity and an
der The first fifteen years standard silver
dollars had been dropped from our eur
TeDcy. Putting silver back y 10 not CuFe
re trouble Some tniug else must De done.
though MIR Dawes ga not propose 30 say
wAat tAat rTher taing was Efz auditors
Anew he referred 20 a tarsm Rest storing
silver was uOl 3laFTn}ass y free coinage
ls established any man. MO has - GEMS
81 ortiz Of silver. can take IL 10 Tie mint.
have !, stamped and make his creditors
lake & for a dollar. on can aaFe he
silver Of ne Worid brought here and coins1
gas same a. ours exc@gi for the freight.
Ws have $ls5.sUos9 - silver and otaer
nations SEQ satsu more ar. BIS 4u 5
ne cson would pa $3.50 - ~ IA elrCsHa-
ilon Has slo iaborsr. Ehe uscAanle. and
the manufacturer got bullion 90 csreuia-ef
W-ho has xot IT, The government has got
So 81 - y It's treasury.
Where : ne rest1 The mine owners
and spe-cuIa ,ors have bullion. and the mo-
nsnf Nj Eryan's law Is signed iesir fer
tunes w.I Be doubled u SILVER i made
a-v dollar al ina silver in the world vii
star. for th.s co4otry. Cod being ne
better metal. vii 40. We have Eo' sen
80 lso u sold IN thls country, ana az chat
Will start Instantly 20 MAKE better Use
of e ey putting * lufo silver. Take a
th!~a rtxaa out and cur currency @ouiA
coilsqse Instantly. Yea bring ~ s!iFsr.