The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-15

continuing he SAID:
"Every body will say the laboring man
is entitled to a good dollar. That was
fought over. 1t will be fought over
again, and the same party will win.
There have been a great many battles
fought against gold, but gold has won
every time. Gold never has been COM
promised. Gold has made the W orld re-
spect il all the time. The English people
once thought they could get along with
out gold for awhile, but they had to
come back to it.
On June ], 1874, Senators Jones and
Stewart and all the Representatives and
Senators of the silver States were urgent
and honest In saying that GOLD was the
best and only standard of value, but they
changed their minds when the largely
increased and increasing production of
silver in Nevada and other States reduc-
ed the market value OF silver below that
OF gold at the esta blished ratio Of 10 to
1. Then they wanted a market for their
silver. They wanted to pay existing deDts
and obligations contracted upon the gold
basis in silver, but took care IN their
contracts to stipulate for the payment Of
gold to them, and this has been and is
now the general practice in the silver
States.
Continuing. Senator Sherman said: /
appeal to Democrats and Republicans
alike. We are oil interested in having a
sound and stable currency founded upon
gold and silver. We cannot by law fix
the value OF either metal or coin or OF
any article that enters into the wants of
life. The great law of demand and sup
ply affects the value as Ii does iron, cop
per end zinc. All have fallen in market
value by means of new discoveries and
improved methods of production. The
speaker then read statement OF the di-
rector of the mint, dated July 21,
1895, showing the amount and cost
of silver bullion purchased under the
acts OF 1873 and 1890, and its value
at the present market price. This
statement exhibited shrinksge of over
100000 IT showed the various
forms OF money that have been main
taiued by the government at par with
gold and that travel the circle of the
world without dimuuition OF their pur-
chasing power. Then Mr.. Sherman said
that though silver bullion had fallen 10
nearly one half its former value, yet we
had used 1t and maintained silver coin
made from it at a parity with gold at
the ratio OF 16 to 1.
IL the free coinage of silver Is author
lied, the market value OF silver bullion
becomes the standard for payments on
all contracts made in the past, the pres
ent or the future; 412 l-2 grains of stand
ard silver bullion worth now 30 cents can
with free coinage, be coined into a dollar
upon the demand OF any holder of such
bullion. This dollar IS delivered to the
owner of the bullion and the government
does not undertake to main
tain its relative value with
COLA. The government stamps 1t
"this is a dollar" Its purchasing power
is SO cents, but its debt paying power is
a.. 1t is to be national tender for 81
of debt, but in tie purchase OF any
article 1t is only worth 63 cents for the
seller Of the article can fix his price ac-
cording to the kind of money offered.
1t is the doctrine OF the Populist and the
Anarchist, but is in direct opposition to
the traditional policy OF Thomas Jeffer-
son, Andrew Jackson and the Democratic
party.
Ii Is impossible to estimate the wrong
ald injustice that will be done to cred
itors by the reduction of nearly one-half
of debts due them. The very threat TO
do it will lead to the prompt and harsh
collection of debts before free coinage
can become law. j am advised that
already dents that would have remained
uncalled for have in fear OF sucn law,
been enforced. Ii is certain that before
a free coinage bill can become law the
wide distrust caused by the pending of
such measure will lead TO the rapid col
lection Of debts, the sacrifice of property
and deepen existing financial difficulties
growing out of insufficient revenues for
the national as well as for many state
governments. Ii is sometimes said of
creditors that they ere too thirsty shy
LOCKS, hrlstOcTalb, DlOOu suckcTS, eNtOr-
tioners. 1t may be that there are among
money lenders some mon who merit
these epithets, bat the great body OF the
creditors of our country arc among the
thrifty, industrious and intelligent men
and women of every community. One
great body OF creditors here is the 970,-
600 Union soldiers, their widows and
orphans, who are creditors Of the United
States. To take advantage of the de-
cline in silver in order to reduce the
value Of the pittance given TO pensioners
is worse than to rob the graves OF their
dead.
There is another class OF creditors who
viii be greatly injured by the free coin
age Of silver. 1t is the depositors in saw
ings institutions and Eindred organiza-
tions, who, according to official statistics,
number nearly i've million people and
whose depOsits amount To moro than II