The times. (Owosso, Mich.) 1882-1897, 1896-08-21
Facts Better Than Theory.
CONTINUED from page i,)


S125, 900, 900 In '92 to S65, 900, 900 in '96
asked him whether there had been any de
monetization of silver between 1872 and '96
Mr.. Tarsney should have read all of the
statements. Its not the crime of '73 but the
blunder Of 1872 from which we are suffering
Now they come forward with another
beautiful thing. In business when man
has failed to keep his obligations, 1t is not
unusual that little collateral should be
asked for securing the second loan. A man
would not be blamed for asking him to
secure an endorser and when the democratic
party brings up this new pledge, 1 want
some one else to endorse it than Altgeld,
Tillman, or.Jery Simpson. They propose a
complete reversal of our policy. They
would change it all in an instant. A bust
ness of 100 billions of dollars annually, or
over four millions for every hour of the day,
passes through the national banks, every
dollar of which is based ON unit of value
that is understood by all. Now they pro-
pose to give us free and unlimited coinage
of silver and thus completely change this
standard.
In 1892 at the establishment of the mint,
Alexander Hamilton made thorough in
vestigation, finding fifteen ounces of silver
equal to one of gold. This was the dollar
of our ''daddies," Is to 1, not 16 to 1. In
'34 it was decided that one of the metals
had been undervalued, so the ratio was
made 16 to 1. But the ratio in France was
15H to at this time, hence our silver at
this time went to France where it was val
ued higher. We had free coinage until 1878.
At this time Germany and the Latin union
ceased to coin silver and the United States
concluded they could not 60 it alone and in
asmuch as we were coming no silver then,
it was decided to drop the dollar from the
list of coins.
John Sherman voted against the demon
etization of silver while Free Silver Stewart,
of Nevada, voted for it. No one has been
so cruelty misquoted in this contest as James
G. Blaine. He said: 81 can see no justice
in coming 412 grains of silver, worth 80
cents, into dollar" and he proposed to put
100 cents worth of silver or about 425 grains
into the dollar.
The western mine owners claimed that If
the government would buy certain amount
of silver it would restore the parity between
the two metals. Under the Bland-Allison
act the government purchased million dol
lars worth per month and still it went down.
They now said if you will purchase AZ mil
lion ounces per month 1t will restore it, but
four years, silver. steadily went down. The
silver men say that il the government bad
taken the whole output of the country it
would have restored the parity. Ii the lit
tie 5 millions which we did not buy would
have fixed the price of the 81 millions we
produced, why would not the 100 millions
produced outside of the country also have
had an effect on the price. When we con-
slider that in barely eighteen years the re-
publican party coined 429, 100000 of silver
dollars and maintained every one of them
equal to gold. it is evident that the volume
has been increased instead of one-half being
stricken down.
In '73 they say q crime was committed
and now, Independently of Europe, they
ask us to right it. The republicans have
never been in harmony with English wishes.
Englshmen have never banqueted our min
lister. We are independent of Europe.
We tried to maintain the parity of the
metals but do not think it unwise or I'M
patriotic to ask the cooperation of the world
in coming the worlds silver. Last year the
United States produced 46 millions of
ounces of silver while the world at large
produced 1877 millions. Every ounce of the
United States product depends upon the
other 1877 millions for its value.
In 1898 visited Mexico and presented
check for loo dollars drawn upon my home
bank, and the bank to which presented the
check paid me LAT Mexican dollars for it.
1 thought was in great luck and went out
to spend my extra Al dollars, but everything
had risen in price. The Mexican dollar
was then worth IS cents; 1t Is now worth
but 521S cents and yet our dollar contains
but 412 grains of silver while theirs contains
400 grains. Why can an American dollar
buy almost two Mexican dollars? Because
our country maintains Its money on a
gold basis. You can convert
every dollar into gold. The Spanish milled
dollar which was the standard dollar in 1s42
is now worth only its bullion value. The
Japanese yen which contains more silver
than our dollar, is worth but SO cents.
Here 10 a coin just as It came from the
Mexican mint before 1t was stamped.
If the Mexican government stamp should be
put on 1t it would be worth Just what 1t is
now, 52& cents. Take away grains and
then let the U. y. government put its stamp |
on and it will be worth 100 cents, because
Mexico has silver standard and the Unit |
ed States has gold standard.
OF 1900 million dollars worth of our an
nual foreign trade, over 1900 million is with |
countries on gold basis. Under the Nc