Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-01-16
VOICE FROM THE TOMB.
Hon. Alexander H. STEPHENS on the d
Atusp nR

Hon. Alexander H. STEPHENS on the Do
grading of Silver.
Hon. Alexander II. Stephens, OF
Georgia, was statesman whose views
on all subjects were universally re
spected, even By his political oppo-
nents- He died before the present sill
yer agitation, but when he was in con-
gress he wrote a letter to gentleman
in California answering several in.
quiries on the question. The letter
was dated January &c, 1882, and has
but recently been given to the public
by the Atlanta Constitution. In speak
ing of the silver question Mr.. Stephens
said:
''The subject is on. of the gravest
that now occupies the attention of con-
gress and the thinking men through
out the United States. The reason
that silver bullion has been depreci-
ated since 1873 in this country is that
congress in February, 1873, struck sill
yer from the lists of money of the
United States The moment that this
act of congress was passed gold was
made the only standard of values
in this country. That was a great
error and was attended with infinite
mischief in the United States
SIN 1892 Mr.. Hamilton and the patri-
otto statesmen of that day recognized
in our coinage the binetallic system of
money; that is, he and they recognized
silver as money as we'll as gold at the
ratio of about 16 parts of silver as
equivalent to one of gold. Under this
regulation and coinage we were pros
porous in 1873. When silver was de-
Of lo1>
equivalent to gold at the ratio stated,
silver in the markets of the world was
at a premium over gold It is useless
to go into reasons why this change
was adopted in our system or by what
unseen hands it was effected. The
true policy of this country is to return
to the system of our fathers. If the
government should now, as it ought
to, retrace its steps and provide for the
free coinage of silver, as it does of
gold, and make 4121a grains of stand
ard silver equivalent to % $40 grains of
gold then silver would Immediately re-
turn to its original dignity in the mar
kets of the world in purchasing and
debt-paying power This is the real
function of money and in this country
this equality in this function at the
ratio stated should be maintained.
1.-The debts and bonds of the United
States provided for payment in gold or
silver coin at the then standard value;
it was a great wrong to the taxpayers,
on whom rests the payment of the
public debt, to strike silver from the
list of money as was done in 1873 1t
was that blow which changed the
values of the property of the United
States. More than half of the money
of the world was at that time silver.
The whole amount in the world in 1878
was estimated at SIS, 900. 600, 600; of these
Sd, 500, 600, 900 were silver and So, 500, oOO,-
900 were gold in round numbers The
ruinous consequences which attended
this bad act of administration were
seen in the failures of mercantile
houses and business men, amounting
to more than half the public debt of
the United States within the last nine
years. Now, I am for the free coinage
of silver bullion just as of gold. Gold
and silver should be put upon per-
feet equality as of yore in the ratio of
16 to l. This would not only add to
the value of real estate and all sorts
of property in the United States,
but it would greatly encourage and
stimulate the mining of silver in this
country. In my view all the gold
and silver that can be produced to our
minis should be coined alike. The
coin should be kept in the vaults of
the treasury and certificates of it given
in all cases where certificates are pre-
ferred. These coin certificates should
be the currency of the country; it
would be the best in the world. In
this age we do not wish to burden with
the weight of either gold or silver in
ordinary business transactions, extend
ing to distant places in the country,
but we do want a paper currency
which is redeemable at the will of the
holder in coin. dollar for dollar. Bank
bills which are SO common in use are
only promises to pay in coin and are
often issued in amounts of two and
sometimes to three for one of coin in
the vaults; but under the plan advo-
Gated by me the certificates would in
no case represent anything but dollar
for dollar"
Mr.. Stephens further said 'that the
present depreciation of silver bullion
and of the silver standard dollar arises
solely from the degradation of silver
by act of congress in 1879. Let con-
gress declare. as it ought to, that 412Z
grains of standard silver is and shall
be equivalent to 25 $40 grains of gold
in it's purchasing and debt-paying
power and instantly silver will be on a
par, if not above par, compared with
gold.
ITO increase the quantity of silver
in the present dollar of 412H grains up
to 40 grains, to make it equivalent to
the present current value of 25 $40
grains of gold, would be a great wrong
to the laboring masses in the union
whose taxes have to meet the public
debt; the holders of the public debt at
the time they received the bonds re-
ceived them under the express stipu.l-
ton that they were to be paid in
United States coin. gold or silver. at
it's then standard value, and all that is
wanting to make gold and silver equal,
to make 412L grains of silver equal in
the markets of the world to 25 S-iO
gold, is for congress to put silver back
on the list of the moneys of the United
States as it was in 1873"
Falling Prices.
Contraction of the currency is the
cause, and the sole cause, and ever was
the cause of a general fall OF prices.
Our British gold standard has resulted
in currency contraction. Con traction