The record-union., 1896-08-27
A DOCUMENT ALL VOTERS
SHOULD CAREFULLY Read

are maintained by the Government at
parity with gold, and are full legal
tender for the payment of all debts,
public and private. How are the silver
dollars now in use different from those
which would be in use under free coin
age? They are to be of the same weight
and fineness; they are to bear the same
stamp of the Government Why would
they not be of the same value? l an
swer: The silver dollars now in use
were coined on account of the Govern
ment, and not for private account or
gain. and the Government has solemnly
agreed to keep them as good as the
best dollars we have. The Government
bought the silver bullion at its market
value, and coined it into silver dollars.
Having exclusive control of the mint
age, it only coins what it can hold at
a parity with gold. The profit, repre-
senting the difference between the COM
mercial value of silver bullion and the
face value of the silver dollar, goes to
the Government for the benefit of the
people. The Government bought the
silver bullion contained in the silver
dollar at very much less than its coin
age value. 1t paid it out to its creditors,
and put it into circulation among the
people a its face value of 100 cents, or a
full dollar. 1t required the people to ac-
cept it as a legal tender and is thus
morally bound to maintain it at parity
with gold which was then, as now, the
recognized standard with us, and the
most enlightened nations of the world.
The Government having issued and cir
culated the silver dollar, it must in
honor protect the holder from loss.
This obligation it has so far sacredly
kept. Not only is there a moral obliga-
ton, but there is a legal obligation, eX-
pressed in public statute to maintain
the parity.
| THEY COULD NOT BE KEPT AT
PAR
''These dollars, in the particulars [
have named are not the same as the
dollars which would be issued under
| free coinage. They would be the same
in form, but different in value. The
Government would have no part in the
| transaction, except to coin the silver
bullion into dollars. 1t would share in
no part of the profit. 1t would take
upon itself no obligation. 1t would not
put the dollar into circulation. 1t could
only get them, as any citizen would get
| them, by giving something for it. 1t
would deliver them to those who de-
posted the silver, and it's connection
with the transaction there end.
Such are the silver dollars which
would be issued under free coinage of
silver at ratio of 16 to l. Who would
then maintain the parity? What would
keep them at par with gold? There
would be no obligation resting upon
| the Government to do it, and if there
were it would be powerless to do it.
! The simple truth is, we would be driven
| to a silver basis, to silver monomet-
allism. These dollars, therefore, would
stand upon their real value
! IF the free and unlimited coinage Of
| silver at a ratio of sixteen ounces of
silver to one ounce of gold would, as
some of its advocates assert, make 80
| cents in silver worth 100 cents. and
the silver dollar equal to the gold dollar,
then we would have no cheaper money
| than now, and it would be no easier to
| get, but that such would be the result
| is against reason and is contradicted
! by experience in all lands. It means
| the debasement of our currency to the
amount of the difference between the
commercial and coin value of the silver
| dollar, which is ever changing, and the
effect would be to reduce property val
ues. entail untold financial loss, destroy
| confidence, impair the obligations of
! existing contracts, further impoverish
the laborers and producers of the coun-
try. create a panic of unparalleled Sc
verify and inflict upon trade and COM
merce a deadly blow. Against any such
policy 1 am unalterably opposed.
BIMETALLISM.
"Bimetallism cannot be secured by in
dependent action on our part. 1t can
not be sustained by opening our mints
to the unlimited coinage of the silver
of the world at ratio of sixteen ounces
| of silver to one ounce of gold when
| the commercial ratio is more than
thirty ounces of silver to one ounce of
gold. Mexico and China have tried the
| experiment. Mexico has free coinage
of silver and gold at a ratio slightly in
excess of sixteen and a half ounces of
silver to one ounce of gold, and while
her mints are freely open to both metals
| at that ratio, not a single dollar in
gold bullion is coined and circulated as
| money. Gold has been driven out OF
circulation in these countries, and they
are on silver bssis alone
Until interyc tional agreement is had
it is the plain duty of the United States
to maintain the gold standard. 1t is the
| recognized and sole standard of the
great commercial nations of the world
with which we trade more largely than
any other. Eighty-four per cent. OF
our foreign trade for the fiscal year
1895 was with gold standard countries
and our trade with other countries was
settled on a gold basis
WE NOW HAVE MORE SILVER
THAN GOLD.
Chiefly by means of legislation dur
ing and since 1878, there has been put
in circulation more than S624. .000, 900 OF
silver or its representative. This
has been done in an honest effort tc
give to silver, If possible the same
bullion and coinage value. and encour-
age concurrent use of both gold and
silver as money. Prior to that time
there had been less than 5000. 600 of sill
Ner dollars coined in the financial his
tory of the United States, a period OF
eighty-nine years. This legislation Sc
cured the largest use of silver consist
ent with financial safety and the
pledge to maintain its parity With gold
We have to-day more silver thar
gold. This has been accomplished a
times with grave peril to the public
credit The so-called Sherman Law
sought to use all the silver product o.
the United States for money at United
States market value. From 1890 t
1893 the Government purchased 1900,
Goa ounces of silver a month. or $1,000,
600 ounces year. This was one thirt
OF the product of the world. and prac
tically all of this ocuntry's product. +