Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1896-08-21


1t Is strange that the very men who sup
ported and urged this coinage law In 1878
ami demanded the exclusive coinage Of
gold, are the very men who now demand
the free coinage Of silver and denounce as
"goldites" and "robbers," all those who
believe In the coinage Of both gold and sill
yer.
Senator Sherman declared that the
charge that the dropping of the silver dol
lar in the coinage act of 1873 was surrepti-
tiously done was false and quoted from the
debates in the Senate to sustain his charge,
especially from the speeches Of Senators
Stewart and Jones during the session Of
the Senate in the year 1874, In which both
of these men were shown to have favored
the gold standard. Continuing he said:-
1t was not until January, 1875, that the
first step was taken to resume specie pay
ments, nor did we resume until January,
1879. In anticipation of the resumption Of
specie payments the resumption act of 1875
provided silver coins of dimes, quarters
and half dollars for the redemption of the
fractional currency then in general use in
our country. They were limited in legal
tender qualities to $40. At this time Mr..
Bland of Missouri introduced his bill for
the free coinage of silver at the ratio of Is
to on the demand of the holders of silver
bullion. The Bland law, if it had become
law as it passed the house, would have
demonetized gold. An amendment by Sena-
tor Allison changed its scope. 1t directed
the secretary of the treasury to purchase
from time to time silver bullion at the mar
ket price not less than 81, 600, 900 nor more
than 100000 per month.
This bill so amended passed both houses.
1t was vetoed by President Hayes, but be-
came law over his veto. Under its pro-
visions the United States purchased over
POI ,O00, 900 ounces of silver at the cost of
$30S, 279, 260. In spite of this enormous
purchase, silver steadily declined and at
the present price the loss of the govern
ment on the purchase of silver under this
act amounts to over 500, 000,000
On July Ia, 1890, Congress passed bill
by which the secretary of the treasury was
directed to purchase from time to time sill
yer bullion to the aggregate of 100000
ounces month at the market price and to
issue in payment of such purchases treas
ury notes of the United States which were
made legal tender in paymentof all debts.
But the market value of silver continued
w no
under the act Of July IA, 1890, 16S, 900, 900
ounces at a cost of $156,000,000 This
proved to be an expensive experiment and
the act was repealed November /, 1898,
accompanied by declaration that it is the
policy of the United States to continue the
use of both gold and silver as standard
money and to coin both gold and silver in
to money of equal intrinsic and exchange
able value, such equality to be secured
through international agreement, or by
such safeguards of legislation as will insure
the maintenance of the parity in value of
the coins of the two metals.
liquidation and National DIshOnOr.
And, here, fellow-citizens, we ought to
stand. l appeal to Democrats and Repub-
licans alike. But now we are brought
face to face with a proposition which if
agreed to will make silver the sole stand
ard of value for all debts and credits, for
the wages of labor and the purchase and
sale of property. We know that in the
United States and in all countries in the
world 80 ounces or more of silver can be
purchased by an ounce of gold. With the
free coinage of silver gold will be de-
nometiZed.
With the free coinage of silver the gold
uOiidl Will SOlu rs q COLL
modify at about 1914 cents of the silver
coin. Silver will stand as the par of value
and gold will be quoted at its commercial
value. Free coinage would violate every
contract for the payment of money made
since January /, 1879. If the free coin
age of silver is authorized 4121 grains of
standard silver bullion, worth now SO
cents, can be coined into a dollar. The
government does not undertake to main
tain its relative value with gold. The gov
eminent stamps it "This is dollar" Its
purchasing power is SO cents, but its debt
paying power is one dollar.
1t is the doctrine of the populist and
the anarchist, but is in direct opposition
to the traditional policy of Thomas Jeffer-
son, Andrew Jackson and the Democratic
party.
1t is impossible to estimate the wrong
and injustice that will be done to creditors
by the scaling of nearly one-half of debts
due them. The very threat to do it will
lead to the prompt and harsh collection of
debts before free coinage can become a
law. One great body of creditors here is
the $4,000 Union soldiers, their widows
and orphans. 1t would be an act of per-
tdy for this great country TO pay them
with money of less purchasing power than
gold coin.
There is another class of creditors that
the free coinage of silver will greatly in
jure. 1t is the depositors in savings insti-
buttons. Will you cheat them by reducing
the value and purchasing power of the
dollars they have deposited?
Free coinage will also wipe out nearly
one-half the value of life insurance which |
provident people of the United States have
paid to secure in case of their death some |
support and protection to wife and chill |
dren.
But by far the greatest injury resulting
from the free coinage of silver will fall |
upon workingmen. Under free coinage of |
silver the value of the silver dollar will |
fall TO SO cents in gold.
There is another element of meanness |
in this free coinage of silver. The United |
States has always paid its bonds in gold |
coin or its equivalent. 1t is one of the OBJ
jects of those who advocate the free coin |
age of silver to force the government to |
pay these bonds in silver coin reduced in |
value. 1t is harsh to express this opinion |
of measure favored by many good peo- |
pie, but cannot regard it any other light |
but as both robbery and a fraud and all |
the worse if committed by a great, rich |
and free people. When their honor is in |
volved the people never fail to respond. |
This reversing our standards of value has |
like the fire bell at night startled and |
alarmed our people. Let us settle it by |
following the action of Washington, Ham
ilton, Jefferson, Benton, Hunter, Lincoln
and Grant; let us maintain silver and gold |
at par with each other at the legal ratio of |