The Yale expositor., 1896-08-28

will be struck down at blow II the shall
low projects of the Democratic and Popu-
list platforms be realized.
But you have heard from our free
coinage friends here that other nations
have done this. And there are many good
people who believe that France Is doing
il, and that the Latin union-so-callei-is
doing Ii. Now, would like to know why
they can't tell the entire truth about this
matter. Let us not deceive each other
and let nobody deceive us. The Latin
union is composed Of France. Belgium.
Italy, Switzerland and Greece. 1t was
formed in 1865 by treaty between those
year 1880 to take the coins of the other
powers at the ratio of 1917 to /:
hut Germany demonetized silver; she
had ceased TO coin il. and so. in 1913,
those great nations. headed by France
1.-THE, most scientifcally-co country
in the world. and the one which has the
most accurate financial ideas). ] say those
countries. after Germany had demone-
tized silver in 1873. limited their silver
coinage. and by 1876 they suspended it
entirely. They, those great European
nations-France. the strongest monetary
nation in the world. with her allies-un-
dertook with all their power to do pre-
cisely what the free coiners of the Unit
ed States are asking this government
to undertake in the light of such con-
spicuous failures of other nations.
InvariabIe Standards Needed.
Now. everybody admits-I think the
most RAMPANT free-coiner declaimerr
would admit-that the money unit should
remain as nearly invariable as possible.
Now. | say gold has SO remained. Sill
yer has fallen commercially like other
articles. This is denied. They say sill
yer has not fallen. that gold has risen;
Now, that Is the way you look at it..
You can look at it through the deluding
glass of idealism. and it may appear that
way. but 1t is an optical Illusion. Now
let me put an illustra ton from nature.
The waters of Lake Superior. that great
inland sea which floats so much of our
commerce and is such an element in our
prosperity. have for many years been
falling, until now they are lower than
they have been ut any time for fifty
years. and everything on their surface
has fallen. The waters of Lake Supe-
rior. like the universal. spread-out plane
or humanity. bearing everything upon its
surface-those waters bear the fleets,
vessels and craft of all kinds. and YES
sells and craft and fleets of all kinds have
fallen with the water. What would you
think OF a man standing on the deck of
one OF those vessels saving. "'Ths YES
sci has not fallen: this vessel stands just
where II did. but the universal shore of
Lake Superior has risen?" Laughter
and applause.l
Now. say, my friends. that since the
Latin union, from 1873 to 1876. aban-
doned free coinage there has existed in
European nations and the United States
the only practical bimetallism. Let me
repeat this. ! feel that l cannot bear it
into your minds too often or too urgently
lt,Ii
the only nations on the face of the earth
that have any bimetallism whatever.
And why? Because they went to the
danger line. as we went. and then
stopped. TApplause.l The universal
reaching of history demonstrated that
silver could not be pressed without the
immediate humiliation of its companion,
gold, as useful, working money medi-
nm. And when any man gets up and
dreams and soliloQuizes and philosophers
before me and tells me he knows it won't
he so if we try where others failed,
tell him that an ounce of fact is worth
ton OF theory, and that something bodi-
~ Is worth a million of disembodied
ghosts. lApplause.l
What is Ratio?
And yet these gentlemen favor. In the
face of these historical examples and
warnings, that the United States shall
make the unit of coinage the silver dol
lar at the ratio of IS to /.
Now, what is ratio? 1t is not $16 tn
81, as some people claim. daughter
Ratio means this: That there shall be
sixteen times more silver i'm weight in n
silver dollar than there is weight of gold
in gold dollar. Or. to put the definition
in another form. that sixteen ounces of
silver. when coined, shall be the equiva-
lent of one ounce of gold when coined
When gold measured by silver is worth
exist; but when measured by silver the
ounce of gold is worth $31 an ounce com.
mercially. disparity results. Such is the
present condition. and yet the free silver
men assert that it will be no such thing
in case legislative fat endeavors to make
fashioned result. two and two four.
The trouble is that our friends hav
confused the ratio of weight with the
ratio of value. and are trying to confuse
the people with it. The ratio of weight
and the ratio of value were once the
same. but they have changed. They
changed more than thirty years ago
Other nations saw it and obeycd the i'm.
perial behest of that change before we
did, and the ratio is now throughout
| the world 30. or about 81, to /.
Now | say that no legislative fiat what
cver-it does not lie in the power of man
| Il was about to say something more ex-
IRENE than that, which it would not be
proper to say)--it does not lie i'm the
| power of man to enact that n given di.
mension. volume or capacity shall be n
hairs breadth greater than the laws OF
the Almighty have fixed it from the be-
ginning. (Applause.)
1t is necessary that the ra ito or propor.
ton of value should he invariablc. 1t is
necessary for the production of the thing
itself called money. speaking of it in its
great volume. as the volume of money in
the United States. We see analogies
everywhere; we see an analogy i'm nature
Take the air we breathe. 1t is a com
mound substance, made up from oxygen
and nitrogen at the ratio of about II
TO 90. and while this ratio lasts il is from
it we all draw our lives and have our
being But charge to any material de.
gree and. instead of being the vital, life.
giving air, it becomes q deadly and de.
structive miasma.
But the free-coners assert that unlim.
tied coinage of silver will restore II rU n
parity with gold. 1t has been tried by
many nations of tn world. Has it done
il in a single instance? Not one. They
said the same thing when Congress
passed the Sherman act of 1890. They
said buy of us freely 100000 ounces d
month, or $4,000 900 ounces a year, and
you will see that silver will 20 ND to
81 % an ounce Immediately. In the face