The sun., 1896-10-17
STEWARDS CRIME" OF '66.
now THAT STAIUTE rATED THE
WAY FOR FREE SILVER.

Roger NJ. Sn0TIuhn huuToSbou Juo JoWolloTb
Mckinley and Hobart Club at its meeting at Al
Maiden lane yesterday. Mr.. Sherman said:
1.-TWO hundred and eighty years ago Sir Ed
ward Coke, Chief Justice of England, said: /:
The law doth give to tho King mines OF gold
and silver. thereof TO mako money and not any
other metal, because thereof money cannot bo
made. And hereof 10 great reason. for the value
OF money, being in effect the value of all con-
tracts. is in effect the value OF every man. This
was q declaration Of the law that deposits of
gold and silver in the earth belong to tho SOW
ereign. In England, the King; here, the SOW
ereivn people. This was the law of our country,
MS the Supreme Court of the United States has
decided until the passage, in 1896. of statute
of which | will presently speak. 1t is the law
for two supreme reasons: To make the measure
of values stable and TO place the volume Of the
currency within informed and intelligent con-
troll.
; "Tho advocates OF tho unlimited coinage OF
silver speak OF the silver dollar AS the money
of the Constitution. They appeal to us In the
name of patriotism to cut loose from the money
standards OF England. The greatest constitu-
tional lawyer OF our country was Daniel Web
ster. Listen to his opinion of the money OF the
Constitution. Webster said: The circulating
medium OF q commercial community must be
that which is also tho circulating medium of
other commercial communities, or must DO
capable of being converted into that medium
without loss. 1t must also be able not only to
pass in payments and receipts among individu-
ais OF the same society and nation, but to adjust
and discharge the balances Of exchanges be-
tween different nations. 1t must be something
which has value abroad as we'll as ut home.
by which foreign as well as domestic debts can
be satisfied. Tho precious metals alone answer
these purposes'
"A constitutional dollar and q patriotic
dollar, in the opinion OF that great expounder of
the Constitution. is not one that ceases to be a
dollar and becomes fifty cents when 1t goes out
of the United States. A patriot, one would
think, would desire the same honor accorded to
the coin with which he pays his way, as TO the
flag or his country. How can one be honored
when the other is debased?
ut 10 true that q silver dollar was prescribed
by the first Coinage act. But what kind Of
silver dollar? The Supreme Court answers the
question in the case of Bronson agt. Rodes:
Tho design Of the minuteness and strict
ness in the regulation Of coinage is easily seen.
It indicstes the Intention of the legislature to
give q sure guaranty to the people that the
coins made current in payments contain the
precise weight Of gold or silver Of the precise
degree of purity declared by tho statute. 1t
recognizes the fact accepted by all men through
out the world. that value is inherent in tho
themselves value. and being such. and being in
other respects best adapted to tho purpose. are
the only proper measures Of value; that these
values are determined by weight and purity,
and that form and impress are simply certit-
cafes OF value worthy OF absolute reliance only
because of the known integrity and good faith
of the Government which gives them
The dollar OF the Constitution was a dollar
containing intrinsic value in bullion for its face.
1t was worth 100 cents everywhere. 1t received
no value from the mint mark or from legisla-
ton. The mint mark was only evidence thatit
was an honest dollar. The present standard
silver dollar is an honest dollar only so far
as the credit OF tho Government is pledged
TO make good any deficit. Now we are
asked TO substitute for q dollar containing in
trinstc value to the amount of the mint stamp.
or for a dollar which is in effect one-half II
promise or the Government to pay for value
ceved. the free coinage dollar OF MIR. Bryan For
arguments sake let US conceds all that has b. en-
sad In favor OF the large use OF silver money.
Lei us concede that the quantity OF gold is too
restricted to serve the demands of trade. Let
US concede that gold has appreciated in value
until 1t has ceased to be n tar measure of the
value or debts contracted before the dark act
outlawed. 1t may be that a man who wants a
Bryan dollar to pay such debts will finally con-
us concede that larger quantities of money Will
give q stimulus to business Let us concede
that 1t will be easier for the hard pressed far
u.
But out of what cornucupia is all this pros
perity to be pouredr The Chicago platform. in
eupstance. demands that the mInts or the United
States shall transmute into legal tender coin all
silver bullion offered. without expense to the
So cents worth OF bullion shall become &C. for tho G
neneht ,I, OF the silver owner, 100 cents Of the
Unlike the standard silver dollar. W Witch aii the
Government has paid out for value and Is bound
circulation from the Treasury. but from the
bullion owner.
the ssniorage, Of the difference between the
bullion and coinage value. But the Bryan dol
the bullion owner nothing: he Is to get the
benefit OF the seniorage; not the Government
Bryan unlimited dollar is its Initiation OF the
rGs s4rreney ~ ,h Az. BSyan said at Madison sqnnre
tion which lessons the worlds stock Of standard
money increases the exchanReable value Of the
dollar, Then any legislation which increases
the stock OF standard money decreases the ex-
changeable value of the dollar. The volume Of
the existing currency IS or may be regulated
and the needs of trade. But the volume of
Bryan dollars ia only,o be limited by the for
bearance Of owners OF silver the world over and
by the capacity OF the minus.
TO accomplish all these benefits for silver
coin. The power to coin money and regulate
the value thereof has hitherto been exercised
lematical goal OF blmetallism by the Bryan
method Is to oe sought by the debasement of the
coin.
What has the silver mine owner done for us
that he should demand these rewards at the
hands of the people of the United States, at the
hands of the pioneers who settled the Western
wiids, at the hands Of the iaborng man who
finds the present struggle for existence almost
greater than he can bear2 The most liberal
nations have thought their debt to their great
est warriors. to their eminent discoverers to
their world-famed statesmen, well repaid with
the gift OF an estate. or a moderate rtune OF n
statue. Who are these wealthy silver bugs who
are so modest rs to ask. in the name OF patriot
ism. for half the value OF all racts OF every
mans value? Some of you think that. even in |
adjusting the tarin. the Government should be |
deaf to the cry ~ infant industries for protec-
tion. Why should this unexampled protection
TO silver be exacted from every man that has a
dollars valueI
well. those are questions ! will try to answer
on eminent authority. The foremost advocate |
of protection to silver. Senator stewart OF
Nevada. whose legislative career OF over thirty |
years Is the history OF ming legislation in this
country. whose Interest In silver mines Is stated
TO lie in the millions. said In the Senate in June
1865: Miners devote three -fourths OF their
labor TO exploration. and consequently remain
poor, While individuals amass large fortunes
1t Is certainly not the silver Senators who have
remained poor. Quite certainly they are irlti
viduals who have amassed large fortunes Make
no mistake abe who will benefit by the free
coinage of silver. fifty cents into 100 cents of
IEuNnE