Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17

der conditions that would not demonctixe
gold. As the result Of long discussions In
both houses and after q conference between
them q bill was passed July IA, 1890, by
which the secretary OF the treasury was d.
rected to purchase from time to time silver
bullion to the aggregate Of 4, 500, 900 ounces
month ut the market price, and to issue
In payment of such purchases treasury
notes Of the United States, which were
made legal tender In payment OF all
debts, public and private. and were redeem,
able by the secretary of the treasury in
gold or silver coin at his discretion. This
measure, IL was thought, would arrest the
decline In the market value Of silver and
enable the secretary to maintain the two
metals on parity with each other at the
ratio Of Is to /. : the market value Of
silver continued decline. The govern
ment purchased under the act Of July IA,
1890, los, 900, 900 ounces ut a cost Of 1856.
DOC, 900. This proved to be an expensive
experiment. and the act was repealed Nov.
1, 1893 This repeal was accompanied by
the following declaration, made part OF
tho repeating act:
"And 1t Is hereby declared TO be the
policy Of the United States to continue the
money and to coin both gold and silver
into money Of equal intrinsic and ex-
changeable value, such equality to be Sc
cured 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 and
the equal power of every dollar at all
times In the markets and In the payment
~ nj; 10, L.k
the efforts Of the government should be
steadily directed to the establishment Of
such q safe system of bimetallism as will
maintain at all times the equal power Of
every dollar coined or issued by the United
States in the markets and in the payment
of debts''
This declaration, made by congress and
approved by the president, Mt n time when
the public mind was conferred upon the
silver question, Is a wise statement Of
public policy that ought to be acted upon
without regard to party divisions. This
bill passed a house Of representatives fresh
from the people by the vote Of 239 yeas to
11s nays and the senate by the vote Of 43
yeas against 32 nays. This act was not q
party vote, but 1t IL, believe, the express
sion Of opinion Of majority of the two
XTcaU plrtlcS Vi Une country.
And hero, fellow citizens, We ought to
stand. appeal to Democrats and Repub-
Leans alike. We are oil interested in hav-
ing u sound and stable currency founded
upon gold and silver. We cannot by law
fix the value of either metal or coin or of
any of the articles that enter into the
wants OF life.
Loss In Buying Silver.
The great law Of demand and supply at
fects the value rs it does iron, copper or
zinc. All have fallen in market value by
means Of new discoveries and improved
methods Of production. have here state
ment of the director of the mint, dated
July 81, 1895, showing the amount and
cost Of silver bullion purchased under the
acts Of 1878 and 1890 and its value at the
present market price, showing IA shrinkage
Of over S145, 200, 900.
Hon. John Sherman, Mansfield, O.:
STR have the honor to state in reply to
your letter Of the 18th inst. that the aggregate
amount and cost Of silver bullion purchased
under the acts Of Feb. Is, 1878, and July IL.
1880, was as follows:
Fine ounces. Cost.
Act Of Feb. %,
1878. 1901, 81, OlS SC s3OS, 279, ECO II
Act Of July H. 1890 lGs,G14CS2 So 155, 1881, COZ %
Totals. Sass, 946, 7Ol 90 s4el, 2lO, 262 %
Worth at today's
market price for
silver - namely,
$0.692l2 per fine
ounce ....... BIS, a3s, $40 IS
Loss in purchase 81, 952 81
Respectfully yours, r. Z. PRESTON,
Director of tho Mint.
We had July last in actual circulation
among the people of the United States
81, 500, 725, 200, as stated by the report of
the treasury department, which will
read:
Amount in
circulation
July l. 1896.
Gold coin. 1856, 128 4S1
Standard silver dollars. 52,l75 sos
Subsidiary silver. $3.50 sos
Gold certificates. NEUTRALITY-SUSPICIOUS.. a., 800 159
Silver certificates. ................. S3l, 259 900
Treasury notes. act July IL, 1850. 05,2F ,G6l
United States notes. s............. 2225, 45l rs
Currency certificates, act June 8,
1892 ........ ....................... 3l,S4OCO
National bank notes. .............. 2l5, 3Sl 927
Total. .S................$l,5 09, TO- ~
We had also at that date 1854, $40, 9S1 in
the treasury, mostly gold and silver, held
for the redemption of United States notes
and silver certificates as follows:
Gold coin ACKNOWLEDGEMENTS. Sill, 8O3 $40
Standard silver dollars. ........... 378, GA 04S
Subsidiary silver. .................. Is, $780, 97d
Gold certificates. ..................... 497. 43O
Silver certificates. Observation-Disclosures. H. 59 995
Treasury notes, act July IA, $780,. "a, 465 910
United States notes. 121, 20 65S
Currency certificates, net Juno 8,
1872. ......................... 10000
National bank notes. 10, $685. $40
Total Observation-Disclosures. 1854, SIG, 9Sl
All these forms of money have been
maintained by the government at par with
gold, and they travel the circle of the world
without diminution of their purchasing
power. Though silver bullion has fallen
to nearly one-half it's former value yet VIC
have used it and maintained silver coin
made from it at parity with gold at the
ratio of 16 to !.
Silver Recommendation Threatened.
But now we are brought face to face
with proposition which If agreed to will
make silver the sole standard of value for
all debts and credits, for the wages of labor
and the purchase and sale Of property. The
Democratic party at its recent convention
at Chicago adopted o resolution in favor OF