Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-27

The same weight and fineness. They are
to bear The same stamp of the govern
ment. Why would they not be of the
same value? I answer: The silver dol
lars now in use were coined on account of
the government, and not for private ac-
count or gain, and the government has
solemnly agreed to keep them as good
as the best dollars we have. The govern
ment bought the silver bullion at its mar
ket value and coined 1t into silver dollars.
Having exclusive control of the mintage,
IT only coins what 1t can hold at parity
with gold The profit, representing the
difference between the commercial value
of the silver bullion and the face value
of the silver dollar. goes to the govern
ment. for the benefit of the people. The
| government bought the silver bullion
| contained in the silver dollar at very
much less than it's coinage value. 1t
| paid Ii out to it's creditors and put 1t in
/ circulation among the people at its face
| value of 100 cents or a full dollar. 1t re-
| quired the people to accept it as a legal
| tender, and Is thus morally bound to
| maintain 1t at a parity with gold, which
| was then. as now the recognized stand
| ard with us and the most enlightened ma
| tions of the world. The government
| having issued and circulated the silver
| dollar, 1t must in honor protect the holder
| from loss. This obligation 1t has so far
sacredly kept. Not only is there moral
| obligation. but there is legal obligation.
| expressed in public statute, to maintain
| the parity.
So Is Hanna.
These dollars, in the particulars have
named, are not the same as the dollars
which would be issued under free COIN
age. They would be the same in FORM
but different in value The government
except to coin the silver bullion into
dollars. 1t would share In no part of the
profit. 1t would take upon itself no obli-
CATION. 1t would not put the dollars into
circulation. 1t could only get them, as
citizens would get them, by giving some
| thing for them 1t would deliver them
to those who deposited the silver and its
connection with the transaction would
there end. Such are the silver dollars
which would be issued under free coin
age of silver at ratio of l 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 IL there were
it would be powerless to do it. The SIM
pie truth is, we would be driven to sill
ven basis-to silver monometallism.
These dollars, therefore, would stand
upon their real value. If the free and
unlimited coinage of silver at ratio of
16 to l would, as some of its advocates
assert, make SO 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 1t would
be no easier to get. But that such would
De IuG result IS against EtdSOu dHu 10
contradicted 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 the silver dollar which
is evident, and the offset would be to re-
duce property values, entail untold fnan-
cial loss, destroy confidence, impair the
obligations of existing contracts, further
impovish the laborers and producers of
the country, create a panic of unparal-
IL i ,.t tx,a tot 1n n
commerce a deadly blow Against any
such policy ] am unalterably opposed.
Remains to Be Seen.
Bimetallism cannot be secured by in
dividual action on our part. 1t cannot
be obtained by opening our mints to the
unlimited coinage of the silver of the
world at ratio of 16 ounces to ounce of
gold when the commercial ratio Is more
than 80 ounces of silver to 1 ounce of
gold. Mexico and China have tried the
experiment Mexico has free coinage of
silver and gold at ratio slightly in ex-
cess of 161a ounces of silver to ounce
of gold and while her mints are freely
open to both metals at that ratio, not q
single dollar in gold bullion is coined ana
circulated as money. Gold has been driv-
en- out of circulation in these countries
and they are on silver basis alone. I'm
til International agreement Is had 1t is
the plain duty of the United States to
maintain the gold standard. IT 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 for
eign trade for the fiscal year 1895 was
with gold standard countries and our
trade with other countries was settled on
gold basis.
AS to the "So-Ca1led" Sherman Law.
Chiefly by means of legislation dur
ing and since 1879 there has been put In
circulation more than 1924 100000 of sill
yer. or it's representative. This has been
done In the honest effort to give to silver,
IL possible the sa me bullion and coinage
value and encourage the concurrent use
of both gold and silver as money. Prior to-
that time there had been less than $9,00O,-
900 coined in the history Of the United
States period of ninety-two years. This
legislation secures the largest use of silver
consistent with financial safety and the
pledge to maintain its parity with gold.
We have today more silver than gold.
grave peril to the public credit. The So
| called Sherman law sought to use all the
| silver product of the United States for
| money at its market value. From 1890
| to 1893 the government purchased 4, ,500,0 900
| ounces of silver a month, or 81. 100000
| OUNCES a year. This was one-third of the
| product of the world and practically all
| of this country's product. 1t was believ-
| ed by those who then and now favor
| fres coinage that such use of silver
| would advance it's bullion value to its
| coinage value, but these expectations
| were not realized. In few months, not
| withstanding the unprecedented market
for the silver produced In the United