The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-23

the gold dollar In. addition to this men
can take silver dollars TO their banks ana
the banks VIII giNo them greenDacks Tor
The silver, and Tho government Will give
them gold for the grccnbacks. Tnis Is
Why tho silver dollar keeps as valuable
as The gold dollar But u We mad Tree
eo,naee OF silver. The pront IN swapping
gold for silver. aid having the silver
coined as have explained IL 10 you, ana
the dtms nj for silver dollars by debtors
would soon carse tic number or SILVER
dollars 10 become 90 great that the Cow
srnn.cnt coulc no longer treat tncm az
being the same as gold dollars, where
upon they would fan 10 Their bullion value
OF hity cents each. We nave actual PROOF
of this our ncighbor. Mexico. has al
ways had free coinage OF gold and silver
and al practically The same ratio as ours
lie 10 l. Twenty i've years ago McM-
cos gold dollar and her silver dollar were
~ par With each other. But as silver
sas fallen IN value during chose twenty
i've years. GClo has disapp from cir
cuiation until II las long. ceased 10 CIR
culato at all ana ne Mexican gold dollar
will now buy two Mexican silver dol
lars II this has happened 10 Mexico Win
Tho free coinegc OF silver, why shdu III
not also happen 10 1sF J conclude ' Ilsl,
fore q at free coinage Of silver viii drive
all OF our gold on OF circulation ana
WIZ mako cur money silver money eN-
clnsivclv, and that that silver money
will fan 20 It's BULLION value. WMch VIII
mako 4 dollar worth only % cents or less
CONDITION WHEN ACT OF 1873 PASS
I'D.
As 7 have made reference. fcllow-cii-
zcnr 10 tho fact that we had coined. ~
all our existence as a nation prior 10
1873. only eight Millions Of silver dollars,
am led 90 give you some account OF VIZ
state Of our money when Wndt YOU nav
20 often heard spoken OF as the liauu
Of 1873 was pcrpctrated. am lea aiso
90 giving YOU an account or that same
fraud, the demoretzing act, Whlcn !o-
have so often heard was snrreptllouSf
and corrrptly passed through 'ohGl W
by Wall Street and gold bugs gencialiy 20
deprive the poor man OF ms money Wy
dollar Of Lis oau0ics. In the hIab lin'r'
no net dcmonctiEinC silver ever was pass
Ell nv the United States or by any Other
country Every dollar Of silver that ever
was money anywhere IN the "orlu Is iull
Segal-tender money to-day, eAcfRt li i5.s
WA when she was changing TO the gold
standard melted up and sold as nuiloh
about SOO.OOO"O Of silver. But the Unit
al states have since coined more than
500 ODn 90 of silver. so that there Is more
silver mOIey I'm this country and IN the
world TO-DAY than there ever was before.
have mentioned tho fact that when
the act OF 1873 was passed, we had never
lcoined but eight millions OF silver dol
liars but these were underyalucd. ana All
of them had gone out OF the country.
Startling as it may sound, ] am, never
fheless. safe In saying that there ls not
a man in this audience that ever saw d
tsilvcr dollar coined 10y the United states
prior to 1873 SO much Tor the SILVER uo,-
lars this country had. ! will now say n
Syord about the subsidiary coinage. We
coined. between the institution or the
,Eoyprnmenf and 1865, So, 443, HlW IN
fuhsieiarv silver. halves, quarters &c.
Sc ali ~ This coinage was fun coinage.
Two halves or four quarters belhg equai
70 a dollar. But. as nave toiu you, ~
HS34-'37. we reduced the gold IN eoiu
SejoUar so that a gold dollar became worth
1ess than n silver dollar and, as l nave
:sold you. that drove the silver d9Ii@fs 9us
of the country. But as inc eVlu -Vilar
was less valuable than two half dollars
or four quarters. the gold also drove these
out OF the country. 50 that by 1913 we
had no silver for change. ana that pc
came the era of shinplaster5 wheh every
body issued small notes for change. Con-
eeouenfly in 1853, Congress reduced the
silver in the subsidiary coinage so as 10
make two half dollars. four quarters, &c
worth less than a gold Gcllar. ne re-.
coinage after 1893 staid here. We cory u
between 1853 and 1873 S3I $50. 900, tnd
that coinage was all the American sliVe.
that was in this country When the tl't
OF 1873 was passed. But that small SILVER
4 was legal tender for only 3d. so that IL
\ was used for change only. and no busi-
ness transactions were based upon il.
There was some foreign silver here IN
1873 and i must candidly say that nelth-
er / nor any one else knows now mucn
there was of that. But there was n06S
much for the reason that between 1'9Z
and 1850 we coined the great sum OF
$500 O9OG70 I'm gold, IL furnished al ths
coined money the people wanted anu
there was no occasion Tor foreign SlINtI
10 come here. You will perceive, there
fore gentlemen. that when Congress ue-
prived YOU OF the dollar of your daddies
your daddies had never had any si Stu
dollars for you TO be deprived o. Inc
Falk Won have heard, therefore. OF the
characterization Of silver has absolute
iy nothing TO rest upon. II would De an
easy matter to show you also from inc
,ecords that when the act OF 1915 was
nassed tho members Of Congress VINO
had charge Of the matter UNDERSTOOD per
fectly what they were doing, ana thty
rsssed n. az they declared at the time
because we were on a gold basis No one
waited the silver dollar, and they saw
no reason. therefore, TO retan pro,
Use me record here. but my time will
not permit OF my reading 1t, ana ! SNAIL
therefore, pass on TO my 1eNt pvliil.
WHEN MONEY DEPREClA I'D hO99
FALLS on LABOR.
TIE next proposition I shall state IS
that whenever the money or country
becomes DEPRECATED as ours. would be
come under the free coinage or silver the
eeveresst loss falls upon the iaoorlns
man. The world has had MANY expert
rnces with debased money. and IL mas
never failed 10 haTpen. that, ihongn tne
purchasing power Of the money leI. INC
wages OF labor and salaries 70 sai'lIe '
,nen remained for Il long time almost
fstationary and never did rise IN any sort
Fof fair proportion TO the iau IN the pnr-
chasing power of the money. IL happened
an this country in tho northern states
during our war. Several years ago a
.committee was appointed by the United
States Senate TO inquire into the course
Of wages in this country. IL had on IL inc
nblest and the most impartial men IN
both parfies in the Senate, and IL made
sts report in March. 1893. aftcr having
enent "a long time in patient inVestiga-
lions Its report upon the points L am
going to refer 10 was unanimous. IL
made a thorough Investigation or prices
and wages for tfty-twO years, and IL took
abundant evidence TO prove, and so re-
ported. that although the government
money fell I'm value during the war 50
low at one time that 10 took about three
dollars OF the paper money, IN Wmch All
husincss was trsH sactcd. to buy one
dollar OF gold. yet In 1862. when every
thing used by the labOrlng man In ms
Family had advanced about eighteen per
c,n. wacc- had only advanced three per
cent. i'm iSc3 when everything used by
The lsborer had advanced about ~ per
emit. wages had only advanced about
1O1-3 Per cert; I'm 1864. when everything
used bv the iabOfer had advanced about
o. 10 ner cent. W. ecs had only advanced
about Is - per cent IN 1850 when waat
81. labcrer used had advanced about III