Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-08-27

represents faith and value There is
90 cents worth Of silver and 80 cents
worth oil faith. They tell us that with
the free coinage Of silver this repre-.
sentative dollar will be worth 100
cents. IL is worth 100 cents now be-
eaueA the government of the United
States has plsdged its faith for its ie-
demption. If all of the power of the
United States government 10 1893 could
not sustain the bullion price OF silver,
how can 1t do 1T now, with greater
production and a still greater supplyf
Impossible.
Here Mr.. Singerly held up gold
coin and said. That represents value
without faith. Applause. 1t requires
no stamp, no Endorsement, no guaran-
tee; but in every country in the world
that Is good for So That is the dir
ference between free silver and free
gold.
II they can enhance the value of
that (holding up a silver dollar 100
per cent-the difference between so
cents and dollar--50 cents worth of
silver and so cents worth OF faith,
why cannot they take that as a dollar?
tholding up a nickel. 1t is just ex-
actly the Same size as the gold piece.
Why not, IL it is good for free silver,
ls itDot as good for free nickel? and
let us put five ceDta' worth of coin and
95 cents worth of faith and make a
dollar? Why notH daughter and ap-
plause
am not here to state any falacy.
but l am here merely stating a fact as
a business man. This (tbe gold coin)
is good the world over. 1t is worth
just as much il you melt it down as
1t is In its present shape. That 1.-THE
nickel) is cLin of about the same
size, but it 10 worth melted down
almost less than one-tenth of one cent.
This, holding up silver dollar,
is what they want us to take--a
violation OF every commercial law from
the beginning of the world.
The relative value of these two
metals, even as coin, is entirely com
mercial. At the beginning of this gov
eminent the ratio between gold and
silver was made Is to l. At that ratio
silver was undervalued, and the result
was that there was no silver in circula-
tion, because being the more valuable
metal 1t was out of circulation. For
the first so or 60 years of the existence
OF this government, up to 1858, there
was about 81, 500, 900 Of silver coined.
During the next 20 years there was
about $4,000. 600. From 1889 to 1878
the entire silver coinage of this coun-
try consisted OF about 50, 500, 600
The passage Of the Bland act and the
other silver coinage acts were not for
the benefit of you and me, not for the
purpose OF helping either you with your
labor or me with mine, hut for the
purpose OF helping the silver mine
owners of the Western States in find
ing market for their silver, and the
most convenient market and the largest
they could find was by creating a So.
called coinage act, by which the
United States government was COM
PEELED to buy four and one-h half million
ounces of silver per month. The result
is that We have piled up about
S400. 600, 600 of silver in warehouses
which it is Impossible to circulate, and
upon which silver the government
issued silver certificates as an evidence
that there has been silver depos ted /;
Just exactly as the buyers of wheat at
the grain elevators. the men who receive
grain buy wheat and corn from the
farmer, and upon those deliveries issue
what we call warehouse receipts.
Now, il warehouseman started in
to buy wheat here at 81 bushel and
kept buying wheat as fast as il came to
him Mt 81 bushel and issuing his
warehouse receipts, showing that he
would pay 81 bushel, and in the
meantime wheat began to drop to 90
cents, 30 cents, so cents, and the whole
town of Wilmington was flooded with
these warehouse receipts, payable for
81. what would be the result? You
storekeepers and merchants woald say
He has got out too much of this.
He cannot redeem it. This wheat be
is taking in to-day is down to 70 cents
and 1t costs him over 81.
The result is his certificates will not
go. Then comes the stoppage. That
was just the thing that precipitatcd
the scare OF 1893. 1t was one great
scare, just as the scare of 1896 is the
fear OF there being possible election
Of Messrs. Bryan and Sewall and that
this country would come to a silver
basis.
II this is to be the great prosperity
that is TO come from the enhancement OF
the value of silver, for the life of me
cannot see (if this dollar is only worth
90 cents to-day. and. ii becomes worth
81 through the faith of the government
morrow, how I am any better off
holding that dollar. But can see how
by the Reputation of that which was
issued to me for a dollar and thar |
have taken for dollar and becomes
worth only 81 cents. bow badly / am
hurt. The effect of this silver scare
and the action OF the Chicago conven-
ton upon the business interests of this
country has amounted in the last 90
days of great deal more in money
than the entire amount of the national
debt of the United States.
The fear of calamity of silver mon
ometallism overtaking this government
has 90 affected the business interests
that the shrinkage in the value of the
securities OF this country has, as I
have said, been very much more than
the whole amount of the national debt
of the United States. Now / ask you
if there ever was time in the history
of this country when 1t was so import
ant, or when our duty was SO apparent,
TO stand by the honor and the integrity
of the United States government? Zap
plause.
We want no Populistic theory, no
setting aside of contracts, no attack
upon the Supreme Court, and / ask
you whether it is not the duty of every
man, without reference to party, to
stand by the national honor pledged in
| the national faith to the redemption of
Its obligations in the coin OF the civil
LIKED worldp Applause.
The effect of this meeting, the