Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-09-04


ment for the benefit of the people The
government bought the silver bullion con
tanned i'm the silver dollar Mt very much
less than its coinage value 1t paid it out
~ it's creditors and put it in circulation
among the people at it's face value of 100
cents or a full dollar. 1t required the peo-
pie to accept it us 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 gov
eminent having issued and circulated the
silver dollar, it must in honor protect the
holder from loss This obligation it has so
far sacrcdly kept Not only is there a
moral obligation, but there is n legal obli-
cation expressed in public statute to main
tain the parity.
Gould 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 diff
ferent in value The government would
have no part i'm the transaction except to
coin the silver bullion into dollars. 1t
would share in 40 part of the profit. 1t
would take upon itself no obligation. 1t
would not put the dollars into circulation.
1t could only get them as any citizen
would get them by giving something for
them. 1t would deliver them to those who
deposited the silver and its connection
with the transaction there end. Such are
the silver dollars which would be issued
under free coinage of silver at n ratio of 16
to /. Who would then maintain the par
ityY What would keep them at par with
gold? There would be no obligation rest
ing upon the government to do it, and if
there were it would he powerlcss to do it.
| The simple truth is, we would be driven to
a silver basis, to silver recommendation.
These dollars therefore, would stand upon
their real value If the free and unlimited
coinage of silver mt u ratio of 16 ounces of
silver to 1 ounce of gold would, as some of
its advocates assert, make 50 cents in sill
yer 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 contradictcd by experience in all times
and in all lands. 1t means the debase-
ment of our currency to the amount of the
difference between the commercial and coin
value of tine silver dollar which is ever
changing, and the effect would be to re
duce property values, entail untold finan-
cial loss, destroy confidence, impair the OBJ
| legations Of existing contracts, further i'm
poverish the laborer and producer of the
country create panic of unparalleled Sc
verify and inllict upon trade and commerce
n deadly blow. Against any such policy 1
am unalterably opposed.
Question of Bimetallism.
Bimetallism cannot be secured by indie
pendent action on our part. 1t cannot be
obtained by opening our minis to the I'M
limited coinage of the silver of the world
at Il ratio of rs ounces of silver to / ounce
of gold when the commercial ratio is more
than 30 ounces of silver to ounce of gold
Mexico and China have tried the expert
mcnt Mexico has free coinage of silver
and gold at Il ratio slightly in excess of
1917 ounces of silver to ounce of gold,
and, while her minis are freely open to
| both metals at that ratio, not Il single dol
lar in gold bullion is coined and circulated
as money. Cold has been driven out of
circulation in these countries. and they are
on silver basis alone Until internation-
al agreement is had it is the plain duty of
! the United States to maintain the gold
standard. II is the recognized and sole
standard Of the great commercial nations
w. Oi'G "Iii'' ,'' Wlii, '.''Io iiiolu
',''.'. ,''i' .,I ioIi PEI
1898 was with gold standard countries,
1871 I''- 'o' was
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~, ''i.ia -, '','''a VI '9'''' W. u'iiliis
,''.t' rnn p'.' liI ~
its representatives This has been done in
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~ "i'u 40 '"I 600 ~ ' i'''o
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0 oI 'nG iii''li 0''''''' " lar'o,, "I 81 years
PlS l'Hl'l'l'" S'.uIe7 inc i"IEes' use Oh
SILVER 'Ii'9l9''i'' WIN H'l'h'!di Slie'Y anu
wv wv l'''-e ~ MS party WIN R"iu
We nave ''u"F more s.NCr imam golu'
MS mas .,''h aC'"lill IlS!'ou at times win
grave peru 10 thc pune credit Inc SO
cillcu sherman law soughJ 10 use All the
/ silver lrmafT OF the [ nltbl STATES Tor