The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-22
Mr.. BLAINE ON SILVER.

Much ado has been made by the Demo-
cratic press, and particularly By the
Scranton Times. over an extract from a
speech made in congress on Feb. Z. 1878
by James G. Blaine. in which he took firm
ground in favor of bimetallism. The en-
tract printed in the Democratic papers
conveys the erroneous impression that Mr.
Blaine was then in favor OF the free, un-
limited and Independent coinage by this
country alone of the silver OF the entire
world. 1t was a general declaration OF be-
lief that the business of the world needed
the use of both gold and silver as prima-
ry money-a proposition fully reartrmcd
by the 81. Louis convention, which pledged
the Republican party to work for inter-
national bimetallism. Never for one mo-
ment did Mr.. Blaine hold, either in 1878 or
afterward. that the United States could
have complete bimetallism by itself. upon
the basis of an artificial over valuation OF
silver.
-:li:--
At the time the address In question
was delivered. the senate. as one of our
contemporaries opportunely points out,
was considering the Bland bill, which pro-
vided for the free coinage OF dollars con-
tanning 4l2ia grains of silver. Mr.. Blaine
opposed that proposition, because at The
current market price, 4l2la grains Of sill
Yer We're worth only 81 cents. He held
that the act of the government in coming
the proposed dollars would be simply
throwing into the pocket of the silver
mine owner a profit of cents on every
dollar coined. 1t is thus easily to be seen
what would be the attitude of Mr.. Blaine
today toward proposition whereby the
government instead of coming 80 cents
worth of silver ino a dollar, should under
take to make a dollar of So cents worth
of silver. and whereby the silver mine
owner. instead of deriving a clear profit
of cents would have Al cents clear on
every dollar coined.
tilt
Among other things he said: However
men may differ about causes and process
es, all will admit that within few years
"a great disturbance has taken place in the
relative values OF gold and silver, and
that silver Is worth less or gold is worth
more in the money markets of the world in
1878 than in 1873, when the further coinage
of silver dollars was prohibited in this
country. To remonetiZe 1t now as though
essential conditions had not changed. is
wilfully and blindly to deceive others. If
our decentralization were the only cause
for the decline in the value of silver. then
reconciliation would be its proper and
effectual cure. But other causes, beyond
our control, have been far more poten-
TALLY operative than the simple fact that
congress prohibited its further coinage.
AS legislators We are bound to take cog
niZance of these causes" True as these
words We're In 1878. when silver was only
few cents cheaper than gold, are they
not equally true today. when the dollar
in the former metal is now worth In bull
lion only little more than half the dol
lar in gold?
Mr.. Blaine held with the Republican
party of today that ''our line of policy
in joint movement with other nations
to remonetize is simple and direct" but
he thus pointed out the danger Of attempt
ing to act alone: THE difficult problem
is what We shall do when we aim to re-
establish silver without the cooperation
of European powers, and really an ad-
vance movement to coerce those powers
into the same policy. Evidently the first
dictate of prudence is to coin such a dol.
lar as will not only do justice among our
citizens at home. but will prove pro-
tection-an almost harrcade-against the
gold monometallists of Europe. who,
whenever the opportunity offers, will
quickly draw from us the $l60,000000 Of
gold coin We now hold. If we coin silver
dollar of full legal tender, obviously below
the current value Of the gold dollar. we are
simply opening our doors and inviting Eu-
rope to take our gold. With our gold fiow-
ing out from us we shall be forced to the
single silver standard and our relations
with the leading commercial countries of
the world will not only be embarrassed but
crippled" Substitute for "Sl60C0 of
gold coin" the words 5000 900, ,0g0" and Mr..
Baine's warning will exactly fit the more
menacing conditions of today.
tit
1.-THE question before congress-" he con-
tinued. sis whether 1t is now safe and eX-
pedient to offer free coinage to the silver
dollar of 4l2is grains, with the mnts Of
the Latin union closed and Germany not
permitting silver to be coined as money.
1t assuredly follows that II we give free
coinage to this dollar of inferior value and
put II in circuation. we do SO at the ex-
pense of our better coinage In gold. and
unless we expect the invariable experience
of other nations to be in some mysterious
way suspended for our peculiar benefit,
we inevitably lose our gold coin. 1t will
flow out from us with the certainty and
force of the tides. Gold has indeed re-
mained with US in considerable amount
during the circulation of the inferior cur
rency of the legal tender; but that was be-
cause there were two great uses reserved
by law for gold-the collection of customs
and the payment of interst on the public
debt But If the inferior silver coin is also
to be used for these two reserved purposes
then gold has no tie to bind II to US. What
gain. therefore. should we make for the
circulating medium If on opening the gate
for silver to flow in, We open still wider
gate for gold TO flow out?' In the opinion
of Mr. Blaine the free and unlimited coin
age of Il dollar of less than actual value
was incompatible with Justice or right. He
said: "At current rates Of silver, the free
coinage of a dollar containing 4l2i9 grains.
worth in gold about so cents. gives an
illegitimate profit to the owner of the bull
lio,f enabling him to take % cents worth
of TITO the mint and get II stamped as
coin and force his neighbor to take it
for q full dollar. This is an unfair ad-
vantage which the government has no
right to give to the owner OF silver bull
lion and which defyauds the man who Is
forced to take the dollar"
--:ll:-
As to the direct effect upon the people
of the coinage of cheap dollars. Mr.. Blaine
said: Consider further what injustice
would be done to every holder of a legal
tender or national bank note. That large
volume of paper money--in excess Of $780,
600, ,00O--is worth between ss and 80 cents
on the dollar in gold coin. The holders Of