Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-10-27

/
The government under free coinage of gold
makes every 22 grains of pure gold worth a
dollar, and under the free coinage of silver ev-
cry 37lS grains Of pure silver would be worth a
dollar as it was from 1893 to 1873.
| With both gold and silver money full legal
tender the debtors would pay in the money
most easily obtained.
This would create greater demand for the
the more plentiful or cheaper metal and cause
it to rise, and a less demand for the scarcer or
dearer metal and cause it to fall and thus the
two would be brought together and kept at q
parity.
| We favor the ratio of 16 to for the following
reasons:
First, Because 1T Is our present legal ratio and
to change it would compel the re-coinage Of all
our silver dollars,
Second, Because all our government bonds
are payable in coin (gold and stlver of the pres
ent weight and fineness, and
Third, Because the amount of silver in the
world is by weight about 16 times that OF the
| gold in the world, thus making 16 to the
natural and proper ratio.
| What ratio do the Republicans offer? 1t is
poor grace for them to critic1se without offer
| ing better ratio.
| Never until this year did the Republican par
ty declare against the fires coinage of silver.
Nearly all OF Its great men since 1875 have de-
clared tn emselves for silver and condemned Its
demonstration. In 1885 the Republican plat
form denounced Cleveland's administrator for
its efforts to degrade silver, and Mckinley was
was the chairman Of the committee that draft
ed that platform and presented it to the COM
mittee for adoption.
| Not only that, but he voted for the free coin
age OF silver while member Of Congress. In
1891 he most vigorously denounced Cleveland
for his hostility to silver. Here is what he
said in a speech delivered at Toledo, Ohio Feb
ruary 10, 1891, relating to Mr.. Cleveland, viz:
s'During all his years al the head Of the
Government he was dishonoring one of our
precious metals, one OF our great PREDICTS, dis
crediting silver and enhancing the price of
| gold. He endeavored before his inauguration
to office, to stop the coinage of silver dollars,
and afterward and to the end of his administers
ton persistently used his power to that end
He was determined to contract the circulating
medium and demonetlze one of the coins OF
| commerce. limit the volume Of money among
the people and make money scarce and there.
for dear. He would have increased the value
| of money and diminished the value of every.
thing else-money the master. everything else
the servant. He was not thinking of the poor
man then. He had left their side, He was not
standing forth in their defense. Cheap coats,
cheap labor and dear money. The sponsor and
| promoter Of these, protesting to stand guard
| over the welfare Of the poor and lowly. Was
| there ever more glaring inconsistency or reck-
| less assumptions"
This is what Mt. Mckinley said In 1891. If
what he said was true then 1t is true now,
If Cleveland's policy was wrong then the sans
policy is wrong yet. Now, Mr.. Mckinley favors
a continuation of Clevelands financial policy
which he so justly condemned in 1891. What
reason does he give for his change on this
question? Is it because his party has declared
for Mr.. Cleveland's financial policy9
The st. Louis convention WAS run by tbs
money power with the great and mighty Mark
Hanna as high priest.
The republican platform declares against free
coinage of siluer-fayOrs bimetallism by interna-
tional agreement, but until that can be obtained
| the existing gold standard must be maintained.
| This means that bimetallism is better than the
| single gold standard but that we must wait for
the better thing until foreign nations will let lis
have it.
| II international bimetallIsm would be q good
thing why not bimetallsm for the United States
alone? If one would produce a Scent dallar,
would not the othor also? If one would Increase
| the fortune of the silver miner would not the
| other too?
| If one would be national dlshOnor and .repu-
diation would not the other be international dis
honor and reputation?
ltisno dishonor nor reputation tie pay debt
according to the terms of the contract. To pay
n r m ic CHI Tho
| creditor While the other rObs tie debtor
All the bonds of the United States are
payable in coin-gold OF silver-at the option of
the government and to pay in either is not repu-
diation.
In 1873 concurrent resolution offered by
Senator Matthews passed both Houses OF
Congress by large majortles declaring that all
the bonds of the United States are payable at
the option of the Government in silver dollars
of the present weight and fineness and that to
do SO is not In violation of the public faith nor
in derOgation of the rights of the
creditor. Mr.. Mckinley voted for this resolu
ton.
Mr.. Cleveland during his present administra
ton asked for authority to issue gold bonds and
said that $l8,O0O000 more could be obtained
thereby for the lot he was about to issue, Con
!
that issue Of bonds like all other issues were
made payable In coin, and the purchaser.
bought them upon that basis and paid accord
ing to their own figures s1G,OoO,OOO less thar
they would for gold bonds, and now for them
now to demand payment in gold would be to ask
for $4,000 900 more than they are entitled tt
upon that one issue alone Would 1t be honest
and right to make the people pay millions upon
millions of dollars more than tha tar,nc nf tb.
contract calls for? Would it be right and hon
orable for the government to rob its own people
| to gain the unrighteous praise for nationa
honor and integrity from the favored bondhold
{ ers?
Every obligation should be paid according tt
to its terms, no more no less-ess would be re
| pudiation, more, confiscation. Give Shylock hi
his pound of flesh, but not one drop of Ameri
, can blood.
About 95 per cent Of the business of the coun
try is done with the check and credit system
} All this of course must have money basis. Fo
every dollar in circulation there is $50 of credit
and If the dollar is taken away the $40 credit Il
? taken with it.
: Under such a systema small contraction o
the currency would greatly embarrass business
S much more SO than than where the credit sys
TEN is not in use SO extensively
According to the latest Information from TN
Treasury department (see circular No. 1a3) tilt
circulation in the United States has decrease,
over $l5o,oOO,uOO since the repeal of the purchas
Ing clause in the Sherman law on Nov. l. 1893
This contraction of the currency has DESTROY
ed $3,OOO0O0,0O of credit, and consequent
t greatly depressed commerce. Under the pres
ent financial policy and which is endorsed b
, YRepuDllcansOarty this contraction of flu. o,,,