The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1896-05-21

of the proceedings of the house of repre-
sentatives, shows clearly that I was oD-
posed to that policy. Perhaps it will not be
improper, in answering your letter, to state
briefly what my position upon the ques-
ton Of free coinage then was. as shown
by the speech of February q. 1878, which
Is the one from which garbled extracts are
being made blythe advocates of that policy;
and. in doing this. I distinctly disclaim any
purpose to vindicate myself against the
charge Of inconsistency, because, In my
opinion, such a charge, whether true or
false is of no consequence whatever in the
discussion Of this or any other question.
1.-The fact that a man Is wrong at one
time in life constitutes no reason why he
should be wrong always, and even II 1T
wcro true that I had advocated the free
coinage Of silver Is years ago would have
been a political coward If had refused
on that account to follow my honest con-
victions and oppose such policy when
satisfied that 1t would be Injurious to the
country. I am more anxious to be right
than to be consistent. and If the gentlemen
who quote garbled extracts from an old
speech, made when the conditions were en-
tirely different from what they are now,
can convince me by fair argument that any
OF my present opinions upon that or any
other subject are erroneous, I will not hes
ttate to abandon them.
THE speech made in the house Of repre-
scntatives on the 21st day of February,
1875, Is the only one to which the advocates
OF free coinage ever refer. and that was
made in opposition to free coinage and in
favor Of striking out a free coinage pro-
vision from a bill. and inserting in place
Of it a section requiring the secretary OF
the treasury to purchase not less than ~
Oc000 worth nor more than $4,000, 900 worth
Of silver bullion each month. and coin 1t
Into standard silver dollars on account Of
the United States government and giving
the government the benefit Of the gain or
seieniorage. instead Of giving 1t to the
owners Of bullion. as would be the case UNI
.der,a SYSTEM of. free coinage. At that time
the silver dollar had been dropped entirely
from the coinage, by the act of February
u. 1873 and such as has been coined pre-
ytous to that date were legal tender only
to the extent Of five dollars, by the act of
1874. the difference between the value of
silver dollar and the value of gold dollar,
at the ratio OF sixteen to one, was only
about seven or eight cents, and !. together
with many other gentlemen who were op-
posed to free coinage, then believed that
this small difference between the value OF
the two dollars would be removed II the
United States should resume the coinage
end use Of silver as full legal tender.
ION the 5th day Of November, 1877. a mo-
ton was made in the house Of representa-
lives to suspend the rules and. 1t passed
q
taincd the following clauses:
land any owner of silver bullion may
deposit the same at any--bnttsd States
coinage mint. or assay ONCE, to be coined
into such dollars, for his benefit, upon the
same terms and conditions all gold bullion
Is deposited for coinage under existing
laws
"Finally. after long discussion In the
senate. the bill was amended by striking
out the free coinage provision and insert
ing in its place the following:
"'And the secretary of the treasury IS
authorized and directed to purchase from
time to time silver bullion at the market
price thereof. not less than $1,000, 900 worth
rer month, por more than 81, 000, coo worth
Der montt., and cause the same to be coined
monthly as fast as so purchased; and a
sum sufficient to carry out the foregoing
provision Of this act is hereby appropriated
out OF any money in the treasury not other
wise appropriated. And any gain or
seisnorage arising from this coinage. shall
be- accounted for and paid into the treasury
as provided under existing laws relative
to the subsidiary coinage
1.-THE bill with this amendment was sent
back to the house for the concurrence of
that body, and on the 2ist day of February.
1878, while it was under consideration,
made the speech which has been so often
referred to during the last three years by
the advocates vf free coinage, and few
sentences from which they have frequently
published. In this speech l said among
other things, that the overloaded taxpay-
ers of this country, already staggering and
sinking under the burdens imposed upon
item by unwise legislation, would have
been subjected by that provision to new
exaction Of several millions Of dollars an
nually to pay for coming the bullion OF
capitalists at home and abroad. I cannot
become the advocate Of such a system,
either as to gold or silver. and although
my vote was given for the bill as 1t passed
tho house under a suspension Of the rules,
with this feature in it, did not approve
Of 1t, and then hoped that it would be
amended in the senate,
my position upon this subject In briefly
this: am opposed to the free coinage Of
either gold or silver. but in favor Of un-
Of exact equality. No discriminat ton should
be made In favor Of one metal and against
the other; nor should any discrimina ton
be made in favor Of the holders Of either
gold or silver bullion and against the great
body Of the people who own other Kinds
of property. A great government should
treat all its citizens alike, and whenever 1t
attempts to do otherwise it will engender
a shirt OF discomfort which sooner or later
must disturb the harmony II not the peace
of society. It Is scarcely necessary to say
that a gross discrimination would be made
silver bullion were permitted to have 81
or 81 cents worth of silver coined and
stamped rs dollar, when the owners OF
gold bullion were required to present 100
cents worth of gold in order to have their
metal coined and stamped as dollar. The
two metals are coined upon terms Of exact
equality only when dollars worth of sill
yer is contained in the silver dollar and q
dollars worth of gold is contained in the
gold dollar, and when no more is charged
for the coinage Of one than for the coinag go
Of the other. In the speech referred to I
showed that the ratio established by the
coinage act Of 1872 overvalued silver and
drove gold out Of circulation"
VIII He Moved to Chicago.
New Haven, Conn.,, May 16.-The
works of the Diamond Match company
in Westville are to be transferred to
on July l. The concern EN-"
plyos l25 hands here. The old match
factory has been in Westville nearly
half a century. The wages paid by the
company constituted the main revenue
of the village.
RiY Mills Rnrned.