The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1896-09-16
The Ohio Senator's Great
Speech at Columbus.
SILVER FALLACIES EXPOSED
Brief Review of Coinage Legis-
lation In the Uni. ed States.
THE RESULTS OF FREE SILVER.

Nation Tells How Free Coinage Would
Unsettle the Business Working
men Would sufYer-siiver Monometal-
ism Observation-Disclosures Of the
ing Argument.
The Republican campaign in Ohio was
opened at Columbus Aug. 15with a meet
ing attended by 10, 900 persons Governor
Asa Bushnell presided, and speeches were
made by Senator Sherman, Senator Elect
Foraker and General Stewart l.. Woodford
of New York. Following is the full text
Of Senator Sherman's address
Mr.. CHAIRMAN AND FELLOW CITIZENS
A citizen Of Ohio has been selected by the
Republican national convention as it's
candidate for president of the United
States, and we are here to ratify and sup
port his nomination We take pride in
William Mckinley not only for the honor
conferred upon Ohio by the convention,
but because we know him TO be fitted for
that great office We know that since his
boyhood his life has been pure and stain
less that as a soldier in the Union army
he was brave and loyal; that as member
Of congress for many years he exhibited the
highest mental traits and rendered great
services TO his country and that as govern
or of Ohio he proved his capacity TO per
form difficult executive duties And ne has
the higher claim upon us that during all
his active life he has been faithful and
able Republican, thoroughly In sympathy
with the principles of the Republican par
ty. That party does not rest its claims TO
your confidence merely upon the merits
of Its candidates, but upon the soundness
OF its public policy, it's measures ana it's
aims, - --s=~s<Nee---
i, 1t Is the distinguishing feature of our
Republican government that every ques-
tion affecting the people of the United
States must ultimately he determined by
them at the ballot box. Every legal voter
has an equal voice in deciding IL, however
difficult the problem may be. II so hap
pens that at the coming presidential cleo
ton there will be submitted TO your judg
ment two such questions, one of which is
whether any holder of silver bullion may
deposit 10 at the minis of the United States
and have 1t coined for his benefit and
without cost TO him into silver dollars
each of the weight of 4123 grains Of stand
ard silver nine tenths fine, and may tender
them for any debt, public or private. The
other question is, whether in levying duties
or taxes on imported goods we should only
consider the revenue required, or whether
while raising the needed revenue, we should
seek also to protect and encourage domestic
industries. The one is called revenue tariff
and the other a protective tariff. Both the
silver and tariff are vital questions Of do
nestle policy Of equal importance, but l
propose on this occasion 20 confine my re-
marks mainly 10 what is known as the free
coinage of silver at the ratio of Is parts of
silver TO l of gold.
This issue is thrust upon us by the Dem
ocratic party, or rather by the Populistic
branch of the Democratic party. Gold and
silver coins are recognized by all CONNER
cial nations of the world as the best stand
ards of value, as the measure of every ar
ticle of desire, of everything that is bought
or sold These two metals not only meas
ure all other things, but they measure each
other Their relative value constantly
changes. Twenty three years ago 10 ounces
of silver were worth more than / ounce
of gold. Now 81 ounces of silver can be
bought by ounce of gold. This huctu-
alton of value cannot be prevented by law.
1t is beyond the reach of legislation. 1t is
caused by the changing demands for and
the increasing supply OF these metals from
the mines. Both are necessary as money,
silver to supply the daily wants of life and
gold TO measure the larger transactions of
business especially in exchanges with for
eign nations. How To maintain the parity
of the two metals at a fixed ratio has been,
Is and always will be a difficult problem,
not only in the United States, but in the
civilized world.
Early Coinage History.
II was one of the first questions to oc-
cupy the attention of American statesmen
after the adoption of the constitution and
Is now one of the most pressing after more
than 100 years of national growth. In 1892
silver and gold were made the common
standards of value in the United States at
the ratio of Is TO /, but this was because
that then the actual market value of Is
ounces of silver was equal TO the actual
market value of / ounce of gold The
greatest care was taken TO ascertain this
ratio by Thomas jefferson, then secretary
of state, and Alexander Hamilton, then
secretary of the treasury. These two dis
tinguished statesmen, who disagreed upon
nearly all other questions, did agree upon
the then relative value of the two metals
and that both should be coined into money
at that ratio.
At that time neither gold nor silver was
found in any considerable quantity in the
Is states then forming the Union. The
Revolutionary war had been conducted
with paper money, which became worth
less, and the coins of Spain, England and
other countries had been made a legal ten
der and continued so for many years after
the adoption Of the constitution.
When the new American coins were is
sued, IL was found that the abraded and
worn coins of other countries filed the
channels of circulation, and the new and
bright dollars Of the United States were
exported. This led 10 the discontinuance,
In 1906, by President jefferson of the coin
age of the silver dollar, and after that date
none was Coined for more than 80 years
This order of jefferson, suppose, would
be called by our Populistic friends 1.-THE
crime of 1906" In the meantime France
and other countries adopted the ratio Of
1871 ounces of silver as the equivalent Of
l ounce of gold To avoid these embar-