The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22

II makes possible the classification OF la
Dor and the interchange OF commodities
Gold has interviewed In bargains made be-
tween men since the dawn or civilization.
and a has never failed 20 faithfully fuihil
It's part as the universal agent and servant
OF mankind The value or gold II
not affected by the stamp OF the govern
ment''
senator Stewart. OF Nevada. IN the same
debate on the 18th OF June, 1874. said
s'Sir. the laboring man and the producer
Ia entitled 10 have his product and his
labor measured by the same standard or
the world that measures your national
debt Give him such a standard
give him money as you require IRON him.
You require Il from the producer. You
require from the iaboring man gold 20
pay the interest on your national DEBT.
which Is right, which cannot De avoided
~ you mean TO save national honor; but
then give him the same money with when
TO pay that debt"
The question will never be settled until
! YOU determine the simple question whether
i the laborlng man is entitled TO have
gold dollar II he earns A., or whether you
are going 20 cheat him with something
else That n the upshot OF the whole
| thing Everybody has 90 say that the Ia
boring man was entitled 10 "A good dollar.
| That was fought over They will fight IL
| over again. and the same party VIII win.
There have been great many battles
fought against gold. but gold has won
/ every time Gold has never compromised.
Gold has made the world respect IL
! all the time. The English people once
I thought they could get along without gold
for awhile. but they had TO come back
\ TO g.
/ On June /. 1874;
Senators Jones and Stewart and all the
representatives and senators Of the silver
states were urgent and honest in saying
/ that gold was the best and only standard
/ OF value. but they changed their minds
when the largciy-increased and increasing
production OF silver In Nevada and other
states reduced the market value or silver
below that OF gold at the established ratio
/ OF 16 10 /. Then they wanted a market for
their silver. They wanted TO pay exist
ing debts and obligations contracted upon
| the gold basis I'm silver, but took care I'm
I their contracts to stipulatc for the pay
ment OF gold TO them. and this has been
4 and IS now the general practice In tho
/ silver states. When the coinage law OF 1873
was enacted all or the states except those
on the Pacific coast conducted their busl-
l ness upon the basis of greenbncks or United
! States notes, then at a discount Of about
Is per cent Neither silver nor gold was
used In domestic transactions, but we col
| lected our customs duties I'm gold coin
| and conducted our foreign commerce In
gold. the money OF the world II was not
| until January 1878, that the first step was
we resume until January, 1879.
During this period silver rapidly fell In
| market value below gold at the ratio OF
l6 TO I. Prior and subsequent TO 1873 many
changes were made In coinage by the lead
| ing countries OF the world. Germany in
! 1871 changed its standard from silver to
gold. France, Italy. Switzerland and Rel
gium had In 1866 entered into a treaty called
the Latin union. 10 which other nations be-
| came parties ana by which the coins OF
each or these countries were receivable and
! paid out by all OF them. This important
arrangement was first modified and final
ly abandoned. and gold became the stand
| ard OF value I'm those countries. but In oil
| silver was coined and largely used az a
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 quar-
| ters and half dollars for the redemption OF
| tho fractional currency then IN general
use In our country These new silver coins
gave great satisfaction. They were linn
| tied In legal tender qualities 10 $40 At
this time Mr.. Bland. OF Missouri. intro
duced his bill for the free coinage OF silver
at the ratio OF rs 10 | on the demand OF
tho holders OF silver bullion. Silver had
then declined below that ratio. One ounce
OF gold was worth more than rs ounces OF
silver. The Bland bill IL IL had become "A
law as II passed the house. would have
demonetlzcd gold. Such was not the pur-
pose OF congress. When the bill came
to the senate an amendment was made
on the motion OF Senator Allison which
changed the scope OF the bin and author
ICED and directed the secretary OF the
treasury TO purchase from time 10 time
silver bullion at the market price not less
than 100000 nor more than 5000 900 worth
per month and cause the same 10 be coined
into silver dollars as fast ms purchased.
4 al har rrt, ~ H..
coin authorized by that act might deposit
tho same with the treasurer OF the United
States In sums not less than 81 and re-
ceive certificates therefor OF not less than
$40 each. and that the coin deposited should
be retained in the treasury for the pay
ment OF tho certificates on demand This
bin. so amended, passed both houses IL
was known as the Bland-Allison act. IL
greatly added 10 the difiicultlea OF resump-
ton. and for that reason was vetoed by
President Hayes, but became n law over
his veto Under it's provisions tho United
States purchased over 291. 600, 600 ounces OF
silver, at the cost OF S30s, 279, eco IL was
hoped that this enormous purchase would
arrest the decline OF silver. but In spite OF
it silver steadily declined I'm market value,
and at the present price the loss TO the
government on the purchase OF silver under
this act amounts 10 over 500. 600
When congress met In December. 1889,
there was strong desire I'm both houses
10 utilize silver as legal tender money under
conditions that would not demonetize gold.
As the result or long discussions In both
houses and after conference between
them bill was passed July "a, 1890. by
which the secretary OF the treasury was
directed 10 purchase from time 10 time
silver bullion 10 the aggregate OF 4.6O0.00O
ounces a month at the market price and
TO issue In payment OF such purchases
treasury notes OF the United States which
were made legal tender I'm payment OF
oil debts. public and private. and were
redeemable by the secretary-of the treas
ury In gold or silver coin. at his discretion.
This measure, IL was thought. would ar
rest the decline IN the market value OF
silver and enable the secretary 10 main
tain the two metals at a parity with each
other at the ratio OF rs toll. Put the market
value OF silver continued 10 decline. The
government purchased under the act OF
July ~. $780, l6S.0o000o ounces NJ a cost OF
sl56,ooo.0o0. This proved TO be an expensive
experiment, and the act was repealed Mo-
Ncmbcr !, 1893 This repeal was accom-
s..nied nv this fnllaxrlnor darla IN tInn r.aJo