The times. (Owosso, Mich.) 1882-1897, 1896-09-04

TO the government Tor the Denenu Oh tno
people. The government bought the sill
yer bullion contained in tho silver dollar
at very much less than its coinage value
Il paid 1t out to its 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 rs legal
tender and is thus morally bound to main
tain it at a parity with gold, which was
then, as now, the recognized standard with
us and the most enlightened nations OF
the world. The governments having issued
and circulated the silver dollar IL must in
honor protect the holder from loss. This
obligation it has SO far been sacredly kept
Not only 10 there a moral obligation but
there is a legal obligation, expressed In
public statute, to maintain the parity.
Could Not He Kept at Par.
These dollars in the particulars l 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 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.
It would not put the dollars into circula-
ton. It could only get them as any citi-
zen would get them-by giving something
for them. 1t would deliver them to those
who deposited the silver, and its con-,
nection with the transaction there end.
| Such are the silver dollars which would be
issued under free coinage of silver at
ratio Of 10 to 1. Who would then MAIN
tain the parity? What would keep them at
par with gold? There would be no obi
cation resting upon the government to do
it, and If there were 1t would be powerless
to do it. The simple truth is we would be
driven to a silver basis-to silver mono
metallism These dollars, therefore, would
stand upon their real value. If the free
and unlimited coinage OF silver at ratio
of sixteen ounces of silver to one ounce OF
| gold would, as some of its advocates as
sert, 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 it would be
no easier to get. But that such would be
the result is against reason and is con-
tradicted by experience in all times and in
all lands. 1t means the debasement Of
our currency to the amount Of the differ
ence between the commercial and coin
value of the 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
obligations of existing contracts, further
| impoverish the laborers and producers Of
| the country, create panic of unparalleled
severity, and inflict upon trade and com.
merce deadly blow.
Opposed to That Kind of Policy.
Against any such policy 1 am unal-
terably opposed. Bimetallism cannot
be secured by independent action on
our part 1t cannot be obtained by
as,af, e. he s4AI
coinage of the silver of the world at a
ratio of sixteen ounces of silver to one
ounce of gold, when the commercial
ratio is more than thirty ounces of sill
yer to one ounce of gold. Mexico and
China have tried the experiment. Mex
leo has free coinage of silver and gold
at ratio slightly in excess of sixteen
and half ounces of silver to one ounce
of gold, and while her minis are freely
open to both metals at that ratio, not
single dollar in gold bullion is coined
and circulated as money. Gold has been
driven out of circulation in these coun-
tries and they are on q silver basis
alone. Until international 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 large
ly 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 gold basis.
Circulation of the Two Metals
Chiefly by means of legislation
during and since 1873 there has been
put in circulation more than $624OOO,
~ Gil ites
has been done in the honest effort to
give to silver, if possible, the same bull
lion and coinage value, and encourage
the concurrent use of both gold and
silver as money. Prior to that time
there has been less than $4,000, 900 of
silver dollars coined in the entire his
tory of the United States, q period of
eighty-nine years. This legislation Sc
cures the largest use of silver consist
and with financial safety and the pledge
to maintain its parity with gold
We have today more silver than gold.
This has been accomplished at times
with 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 it's market value.
From 1890 to 1893 the government pur- i,
chased 100000 ounces of silver a
month or $4,000, 900 ounces a year. This
was one-third of the product of the
world and practically, all of
this country's product. It was
believed by those who then and
now favor free coinage that such use
of silver would advance its bullion to
its coinage value, but this expectation
was not realized. In a few months.
Notwithstanding the unprecedented
market for the silver produced in the
United States the price of silver went
down very rapidly, reaching q lower
point than ever before. Then, upon
the recommendation of President
Cleveland, both political parties united
In the repeal of the purchasing clause
of the Sherman law. We cannot with
safety engage in further experiments
In this direction.
TALKS OF THE DOUBLE STANDARD
Believes In 1t But Thinks IL Impossible,
at This Time.