The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-02-26

rope. IL only proves tnat We SOLO gOlQ
and silver as coins too cheap; so they
went to Europe and we used the cheaper
foreign coins instead. This is the most
stupid and silly blunder for an argument
against bimetal,ism ever invented; and
next to this is the one that gold and sill
yer all went to Europe, for in 1891, be-
fore we had coined cent, $6,494, 225.52
went through the custom house. OF
course this was all foreign coin, for the
mint nor national bank were not then in
operation. In ten years this sum rose to
$20,594 ,396.42, or six millions more than
the entire coinage of the United States
up to that time.
Nor does 1t disprove bimetallism is i'm
potent, because coin has bullion value
exceeding its coin value. The merchant
who shipped to Europe 100 gold eagles OF
1192 coinage, knew they would bring him
$1,000 net, 80 he sent them and let for
eign gold circulate at home; and the
same was true of silver The foreign
coin circulation was reinforced by our
home coin plus the premium, and as for
eign coin was both gold and silver in
circulation at that time, it certainly can
be no argument against bimetallism to
have either one or both metals 60 abroad
under too high coin rating,-as we'll
might we argue that man is not two
legged, because he stands either on one
foot or the other when he walks,-never
on both-and that he has no legs when
ne lies down. The suspended metal,
whichever it happens to be, is there for
use, as we'll as the suspended foot
In 1873 our country adopted the single
gold standard and demonteized the silver
dollar. And this has been called by
those who now seek the free coinage of
silver, the great crime of 1873 Most of
our economic and industrial misfortunes
from that day to this are ascribed to this
cause. l am not her to defend or justify,
nor have ever defended or justified the
act of 1873. In my opinion it ought not
to have passed. But that act did not ac-
complish all the dire results with which
it has been charged. 1t did not strike
down silver, for the reason that there
was none in circulation to strike down.
Silver had been stricken down; that is,
expelled from circulation, long before
that under the acts of 1884 and 1887"
This statement is so near perversion
of fact as to be mostly untrue. lit did
strike down silver as our mint reports
will show. In 1871, we coined $1,115, 760
silver dollars, 1,165.36O half dollars, Ill.,
232 quarters, 1851 dimes, 1885, $3.50 half
dimes, in all 4,994,S23 pieces; and in 1873,
7,5l4,35O silver pieces, of which 1,106,45
were silver dollars. Is Senator Nelson
so green as to suppose that to shut up
the mint to silver, that had supplied
nearly two pieces to every family in the
land, was not to strike it down?
The act of 1873 was passed Feb. IA, and
signed the same day, after which not
dollar was coined until 1879; and yet,
293,600 silver dollars were struck, or 8 400
per day. When he says this is not strik-
ing down silver, he states what is false,
no matter what his intentions are In
the two years and six weeks preceding
the act, 100000 of pieces were put in
circulation, from the mint, Of bright new
coins, and yet Knute Nelson says none
were in circulation.
knowing how limited your space is,
will not go through the rest of his false
tables, as indigested siush on "intercon-
vertibility." There is not table of his
given, even when he purpOrts to quote
from government statistics, which is cor
rect and some, on per capita circulation
for instance, are bold faced perversions
He leaves the greenback out of the No
vember statement as not based upon
coin, and yet the act of 1873 made them
redeemable in coin. He quotes for 1865
and 1866, or less than one-third of the
actual circulation. During December
the currency made a net decrease of $19,-
6S8,755, to which must be added $4,476,-
443 of gold which only circulated from
the subtreasury in New York to the
steamer, $40, 465, 1913 in all, and yet SEN
ator Nelson says this does not affect
prices.
What a contrast between this man and
Tillman. One represents the Plutocrats
and the other the DeODle
"A. e. Ball