Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-10-28
MIR. ELLIS ANSWER
Shakes up the Questions Of the
States Attorney.
BEFORE THE BRYAN CLUB

APPEARS BEFORE THE BRYAN CLUB.
Askss N lntsiigens and fhesoagh r.
PLY 70 the Long List u Istssrogsssses
and Illustrates Tie Many virtass end
Bench = IL the Free Collage Of eilvsr.
T. H. Ellis answered the questions
recently propounded by C. j. Searle
at the Bryan club headquarters last
night. Toe hail was crowded with
both democrats and republicans.
Mr.. Ellis answers were presented in
IN interesting manner. The debate
10 appended:
Searle: would like to have you
define bimetAllism, and where you
get your definition?
Ellis: Bim4tallism il the use Of
two metals. Bimetallic coinage i, to
coin two metals on like terms. BIZ
metallic payment is to give to each
metal the same paying power.
France has bimetallic payment and
monometallic coinage. We have
monometallic coinage and monome-
tallic payment at the option Of the
contractors. True bimetallism would
return to rs the system that was in
vogue when debts we're contracted
aud enable US to settle according to
contracts now in force.
Searle: DO you believe that silver
is now demoneiized; IL 30, what is
your definition of demonstration?
And where do you get your defni.
ton? Do you believe in the alleged
''crime Of 1882" il SO. what 10 your
evidence of that crime?
Ellis: Ii is not belief, bot fact.
Silver was demonetized Feb. -, 1873,
by revision of the coinage laws,
which dropped from that law the
standard silver dollar, and made sub.
sidiary coins legal tender for $40
only. followed by q section nullify-
ing all laws heretofore passed. The
standard dollar was again restored
in 1873; not, however, to free coin
age. but by . purchasing act in limi-
ted quantity, which made il buyme-
tallism instead Of bimetallism. This
law restored to it the debt paving
power except to those who desired 10
contract against it. but did not re-
store the unit measure. In that case
it was semi-buymetsllic coinage and
optional bimetallic payment. The
law of '7S was a crime because it was
passed by deception; the law Of 1873
Was crime because it made one
money for the rich and another for
the poor. -
Searle: Do you believe that the
free and unlimited coinage of silver
at ratio Of 16 to l by the United
States alone will bring about q pari-
ty between the metals at that ratio?
Produce More Than We Consume.
Ellis: Yes, for the reason that the
United States could consume all the
silver in the world before we reached
. cash basis, and could nse twice the
amount Of silver in the world in the
payment Of our foreign debts; and
inasmuch as we produce more than
We consume and the balance OF trade
being in our favor 500, 900. 900 each
year would compel the money to hug
our shore for settlement of the ex-
cessive purchases. While that was
the case United States coins would
remain intact for such settlements
from all export stations on earth.
The only danger threatening the
parity on the metal is when used in
the settlement Of foreign debts, but
even in that case our foreign bond
holders will be greatly interested in
maintaining such parity, for it will
be property OF their own. II the
price should drop it would prove a
benefit instead of a detriment, for il
the metal be low in foreign nations
1t would again seek our shores for
reminting and be used to buy our
products.
Searle: Do you believe that all
that is required to make . dollar 10 for
the government Of the United States
to put its stamp on anything and
call it . dollar. or do you believe
that making such thing SO stamped
a legal tender makes it q full 100
cent dollar, and equaled to every
other dollar issued by the govern
ment?
Ellis: The dollar is expressed in
the law. No other source has the
power to 90 express it or the power
to apply it. The material upon
which law 10 stamped has NO part in
the debt settling power unless other
wise specified in the contract; for
Illustration, our government bonds
call for dollars stamped on 4l2}
grains of silver 800 fne, 100 alloy or
its equivalent in gold.
Never Had Rssumptioa.
Searle: Explain Why the different
moneys Of the United States were all
of different values prior to resump.
tion in 1879.
Ellis: We never had resumption /;
that can not be done on q gold basis,
the law is now used to help hold q
corner on gold. AL moneys became
Of the same value As soon as they
we're relieved of their debt paving
restrictions; for illustration, Al cents
worth Of gold when stamped q dollar
vill nav \ dollar debt. 80 cepts worth