The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-15

coins OF such metals and OF. every dol
lar at all times in the markets and
the payments of debts. And it is fur
Their declared that the efforts of the
government should be steadily direct
ed to the establishment of such a sys-
TEN of binetalliSm 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
ana approved by the president when
the public mind was centered upon the
silver question is wise statement of
public policy that ought to be acted
upon without regard to party. The
bill passed a house of representatives
from the people of 239 yeas and us
nays, and the senate by the vote 43
party vote but is, I believe, the ex-
preston of the opinion of a majority
or the two great parties of the coun-
try. And here, fellow citizens, we
ought to stand. I appeal to Democrats
and Republicans alike. We are all in
terested in having sound stable cur
rency founded on gold and silver.
we are now brought face to face
with a proposition which if good to
make silver the sole stand2 of value
for all debts and credits for the wages
of labor and purchase of the sale of
property. The Democratic party at
its recent convention at Chicago
adopted resolution in favor of free
coinage of silver at the ratio of is
parts of silver to one of gold. We know
in the United States and all the coun-
tries of the world 80 ounces or more
of silver can be purchased by one
ounce of gold. With such law in ef-
feet gold would be demOnetiZed- Moth
ing can be more certain that that.
The United States has thus far main
tanned its silver coins at parity with
gold coins only by its exclusive mon
OpOly of coinage and by limiting the
amount With free coinage OF silver
there could be no limitation. Silver
n
upon the mintS and under the manda-
tory free coinage of silver dollars, the
gold dollar will be boarded or viii be
quoted and sold as a commodity at
about 1914 cents of silver coin. Silver
viii stand as the par value and gold
will be quoted at its commercial value
Let US contemplate for a while the
inevitable result of free coinage of sill
yer even if I repeat what L say. 1t
would violate every contract for the
payment of money made since January
1 1879. The resumption act which
went into operation on that day pro-
vided for the payment in coin on de-
niand of all United States notes pre-
scented for redemptiOn.Al forms of mon
ey whether silver or gold or paper
were maintained at par with each 9TH
er and have been so maintained ever
since. During all this period gold and
silver. coins at par with each other
have been the standard of value of all
loans, contracts or purchases and the
faith of the United States was pledged
although silver bullion declined in
market value they have been kept at
par with gold coins at the legal ratio
of 16 to 1. But if the free coinage of
silver is authorized, then the market
value of silver bullion becomes the
standard for payments on all contracts
made in the past, the present or the
future. Four hundred and twelve
grains of silver now worth SO cents can
be coined into a dollar of the bullion.
l. -
the bullion supported by the fiat Of the
government. The -0Vernrnent does
not undertake to maintain its relative
value with the value of gold. The gov
eminent stamps it: This is a coin
dollar It's purchasing power is 50
cents, but it's debt paying value is one
dollar in the purchase of any article.
1T is the doctrine of POpuhsts and
the anarchists but in direct opposition
to the traditional policy of Thomas
Jefferson and Andrew jackson and the
Democratic party.
they are blOodthirsty, aristOcrats,
bloodsuckers, eXtOrtioners. 1t may be
there are among money lenders some
men who merit epithets, but the great
body of them are among the thrifty
industrious and intelligent men and
women of every community. one great
body of creditors here is the 100000 sol
diers, their widows and orphans who
are creditors of the United States to
the amount of $240 600, 600 and for serv-
ices and sacrifices.
ITO take advantage of this decline in
order to reduce the value of the pit
lance to those pensioners is worse
than to rob the graves of the dead.
There is another class of creditors the
free coinage of silver will greatly in
jure It is the depOsitOrs in savings in
situations who number nearly 100000,
whose deposits are more than $780,
OOO, 900. viii you cheat them by reduc-
ing the value and purchasing power of
money they have saved? It viii affect
seriously the multitude of clerks and
employees who depend upon monthly
pay and will reduce the purchasing
power of all salaries of officers and
employees in the public service of the
United States, and every state, coun-
ty city, or township in this broad land
But by far the greatest injury result
ing from free coinage Of silver will
fall upon the workingman. Their
wages are now based upon money OF
the highest value Under free coinage
of silver the value of the silver dollar
will fall to 50 cents in gold or, as L
have already said, the hundred cents
of the gold dollar viii be worth 1874
cents. Under Tree coinage of silver ev-
cry workman can and ought to demand
enough silver for his daily wages to be
equal to the purchasing power of his
present wages in gold. The struggle
between wOrkingmen and capital Will
then begin. And no one knows how II
is to get any advances of pay. We
have strikes and strifes enough now.
But when free silver coinage with less
purchasing power comes, what them
Mr.. Sherman closed by saying that
it would be dishOnOrable for this coun-
try to scale down its national debt
contracted during the civil war by
adopting free coinage of silver.
Democratic State Central Committee.
The Democratic state central commit
tee will meet in this city next Tuesday