The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-10-15
CONDEMNED OUT OF THEIR own
MOUTHS.

MOUTHS.
No objection to the free coinage ofsilver
is deserving of less respect and considers
ton than the claim that American silver
mine owners will be benefited by an in.
creased demand for their products. No
objection SO stultifes Republican can
didates and leaders as this one. The
policy of the Harrison administration as
outlined by Secretary Window in his re-
port of December, 1890, was to increase
the value of silver bullion by legislation
so as to bring it to parity with gold at
ratio of 16 to 1. Concerning this
legislation, the secretary said: "This
measure was suggested with view to
prom ote the joint use of gold and silver
as money, to increase the volume of
paper currency by the annual addition
of an amount equal to the value of our
silver product, to provide home market
for the American product of silver and
by so doing enhance the value OF that
metal until q point was reached where
we could with safety open our mints to
the free coinage of both metals at fixed
ratio" In describing the effect of this
legislation-the Sherman law--the secre.
tary said: "The price Of silver rapidly
advanced after the passage of the new
law; indeed the immediate effect of the
law had been Loyalty anticipated in the
advance in price prior to its passage.
On the 1st of July, 1890, the price in
silver was s1.04. On July IA the price
had adv anced to 81 0S, to Aug. 10, s1.13
and on Sept. 8 s1.21, the highest point
reached"
In his public addresses Major McKin-
ley pointed to this effect of the Sherman
law as an achievement worthy of popu-
lar approval. To increase, by law, the
demand for an American product and
thereby increase the price of that product
will not then demand a law in the in
terests of the owner Of silver bullion.
On the contrary Secretary Rusk, in his
report as secretay Of agriculture, pointed
out the beneficial effect this enhanced
value of silver caused by the Sherman
law had upon the prices Of American
wheat. He said: "The recent legisla-
ton looking to the restoration of the
bimetallic standard of our currency and
the consequent enhancement of the
value of silver, has unquestionably had
much to do with the recent advance in
the prices of cereals, The same cause
has advanced the price of wheat in
Russia and India, and in the same degree
reduced their power Of competition.
English gold was formerly exchanged
for cheap silver and wheat purchased
with the cheaper metal, was sold in
great Britain for gold. Much of this ad-
vantage is lost by the appreciation of
silver in those countries. 1t is reasona.
BILE therefore to expect much higher
prices for wheat than have been received
in recent years"
Do the advocates of the gold standard
derive that silver, very important
American product, shall be deprived by
law Of its money use and thus kept at a
low price? Do they desire that Alneri-
can wheat and cotton shall be cheap
also7 Have they become the advocates
of the opinion of Rothschild expressed al
the Brussels conference that "wheat al
80 shillings quarter instead of 45 q
quarter is rather blessing than other
wise?" Is the pronuciamento in favor
Of the gold standard, scheme to reduce
the price of labor and commodities in
the United States, SO that dollar good
the world over will buy as much here as
in Europe? And is this purpose sought
to be concealed by creating prejudice
against the miners of silver?