The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

TRANSACTIONS, but we collected our ctiS-
toms duties In gold coin and conducted
our foreign commerce in gold. the
money OF the world. It was not until
January, 1875, that the nrst step was
taken to resume specie payments. nor
did we resume until January, 1879.
During this period silver rapidly fell
In market value below gold at the ratio
OF JIG toll Prior and subsequent to 1S73
many changes were made in coinage by
the leading countries OF the world. Ger
many In 1871 changed Its standard from
silver to gold. France. Italy. Swttzer-
land and Belgium had In 1855 entered
into q treaty called the Latin Union to
which other nations became parties and
by which the coins OF each OF these
countries were received and paid out
by all Of them. This important arrange
ment was first modified. and finally
abandoned. and gold became the stand
ard OF value in those countries. but in
all silver was coined and largely used as
Q subsidiary coin precisely as In the
United States.
In anticipation OF the resumption of
specie payments the resumption act of
1876 provided silver coins, OF dimes,
quarters and halt dollars for the re-
demption of the fractional currency
then in general use in our country.
These new silver coins gave great salts
faefions They were limited In legal ten-
der qualities TO SO. AT this time Mr..
Bland 81 Missouri introduced his bin
for the free coinage OF silver at the
ratio OF 16 to on the demand OF the
holders OF silver bullion. Silver had
then declined below that ratio. One
ounce OF gold was worth more than is
ounces Of silver. The Bland bill. II It
had become a law as It passed the house,
would have demonetized gold. Such was
not the purpose of congress. When the
bill came to the senate an amendment
was made on the motion OF Senator Ali
son which changed the scope of the bill
and authorized and directed the secre-
tary OF the treasury to purchase from
time to time silver bullion at the market
price. not less than $4,000. 900 nor more
than $4,000, 900 worth per month, and
cause the same to be coined into silver
dollars as fast as purchased. 1t also
provided that any holder of the coin
authorized by that act might deposit
the same with the treasurer of the Unit
ed States In sums not less than SO and
receive certificates therefor of not less
than $40 each, and that the coin depos-
tied should be retained in the treasury
for the payment OF the certificates on
demand. This bill 50 amended passed
both houses. It was known as the
Bland-Allison act. It greatly added to
the difficulties Of resumption and for
that reason was vetoed by President
Hayes, but became a law over his veto.
Under Its provisions the United States
purchased over POI 900. 900 ounces Of sill
yer at the cost Of $Sos. 27s. $50. It was
hoped that this enormous purchase
would arrest the decline OF silver, but
In spite of II silver steadily declined in
market value, and at the present price
the loss to the government on the pur-
chase of silver under this act amounts
to over 800. 000.o0
When congress met In December, 1889,
there was a strong desire in both houses
to utilize silver as legal tender money
under conditions that would not demon
'etize gold. AS the result of long discuss
sions In both houses and after a confer
ence between them bill was passed
July II. 1880, by which the secretary Of
the treasury was directed to purchase
from time to time silver bullion TO the
aggregate of 4, 500, 900 ounces a month at
the market price and to issue in pay
ment OF such purchases treasury notes
Of the United States which were made
q legal tender In payment OF all debts.
public and private, and were redeemable
by the secretary OF the treasury In gold
or silver coin, nt his discretion. This
measure, 1t was thought, would arrest
the decline in the market value OF sill.
yer and enable the secretary TO main
tain the two metals on a parity with
each other at a ratio of 16 to 1. But the
market value OF silver continued to de-
cline. The government purchased, I'M
der the act Of July II. 1890. 1853 200. 900
ounces at a cost Of $3.50 900. This
proved to be an expensive experiment,
and the act was repealed Nov. l. 1888.
This repeal was accompanied by the
following declaration. made a part OF
the repeating act:
land 1t Is hereby declared to be the
policy OF the United States to continue
the use of both gold and silver as stand
ard money and to coin both gold and
silver into money of equal intrinsic and
exchangeable value, such equality to
be secured through international agree
ment, or by such safeguards OF legisla-
ton 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 of debts. And 1t Is
further declared that the efforts OF the
government should be steadily directed
to the establishment of such a safe sys-
tenn Of bimetallism as will maintain at
all times the equal power Of every dol-
lar coined or issued by the United
States, in the markets and in the pay
ment of debts"
This declaration, made by congress
and approved by the president at q
time when the public mind was centered
upon the silver question. is a wise state
ment 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 23S yeas and 11S nays and
the senate by the vote Of 43 yeas against
SO nays. This act was not party vote.
but It is, believe. the expression of
opinion of a majority of the two great
parties of the country.
And here. fellow-citizens, we ought to
stand. appeal to Democrats and Re-
publicans alike. We are all interested
In having sound and stable currency
founded upon gold and silver. We can
not by law fix the value Of either metal
or coin or OF any of the articles that
enter into the wants Of life.
The great law OF demand and supply
affects the value as It does iron, copper
or zinc. All have fallen in market value
by means Of new discoveries and Inn
proved methods of production. I have
here a statement OF the director Of the
mint, dated July q, 1895. showing the
amount and cost OF silver bullion pur-
chased under the acts OF 1878 and 1890
and its value at the present market
price, showing a shrinkage of over $l45,-
100000:
Hon. John Sherman, Mansfield, o.:
Sir-I have the honor to state in re-
ply to your letter of the 18th inst, that
the aggregate amount and cost OF silver
bullion purchased under the act OF Feb.
2s. 1878. and July IA, 1890. was as follows:
Fine ounces. Cost.
as Il ISIS $50 sol. 2,o1s5s ssos27e, 2eo7l
al Il. Il 1s6 sSs 1ss.e74.es25s 1881
Total 80. .;zSs, e4e.7ol.oo saea.2lo,2e2.eo
Worth at to.
days market