Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1896-09-02

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 dit
ferent in value. The government would
have no part in the transaction except tc
coin the silver bullion into dollars. II
would share in no part OF the profit. II
would take upon itself no obligation. II
would not put the dollars into circulation,
It could only get them as any citizen would
get them. by giving something for them
1t would deliver them to those who de
posted the silver and its connection with
the transaction there end. Such are the
silver dollars which would be issued under
Tree coinage OF silver at a ratio OF 16 to i
Who Would Maintain Patty.
Who would then maintain the parity
Mnat would keep them at par H.;c gold!
Ihere would be no obligation resting upoi
the government to do it, and II thore were
II would be powerless to do 1t. Tho simple
truth is we would be driven to = silver
oas's-to silver monometallism. Tasse dol
iars, therefore, would stand upon theii
real value. /, the free and unlimited coin,
age Oh silver at a ratio of 16 ounces Of
silver to ] ounce of gold would. as some
o. us advocates assert. make % cents II
SILVER worth 100 cents and the silver dollai
equal to the gold dollar, then we would
nave no cheaper money than now, and Il
would be no easier to get. But that suct
wodld be the result is against reason ano
Is contradicted by experience In all times
and In all lands. 1t means the debasemen'
OF cur currency to the amount OF the DIFF
ference between the commercial and coir
value OF the silver dollar which is evel
changing and the effect would be to reduc;
property values, entail untold financia
loss, destroy confidence, impair the obliga'
lions of existing contracts. further impov'
erish the laborers and producers OF the
country. create a panic Of unparalleled
severity and inflct upon trade and com
merce a deadly blow. Against any sucf
policy am unalterably opposed.
Gold Driven Out of Mexico.
"Bimetallism cannot be secured by In.
dependent action on our part. 1t cannot
be obtained by opening our minis to the
unlimited coinage of the silver OF the
world at a ratio OF 16 ounces of silver tC
| ounce of gold when the commercial ratio
Is more than 30 ounces of silver TO | ounce
OF gold. Mexico and China have tried the
experiment. Mexico has free coinage OF
silver and gold at a ratio slightly in ex-
cess OF 1914 ounces of silver to l ounce OF
gold, and while her minis are freely open
to both metals at that ratio, not a single
dollar in gold bullion is coined and cir
culated as money. Gold has been driven
out OF circulation In these countries and
they are on a silver basis alone. Until
international agreement is had, It is the
plain duty Of the United States to main
tain the gold standard. It is the recog-
nlzed and sole standard of the great com
mercial nations Of the world with which
we trade more largely than my other.
Eighty-four per cent. of our foreign trade
for the fiscal year 1895 Was with gold
countries, and our trade with
other countries was settled on a gold basis.
More Silver Than Gold.
"Chiefy by means OF legislation during
and since 1878, there has been put In
circulation more than 1924, 900. 900 of sill.
yer or its representative. This has beer
done In the honest effort to give to silver
II possible, the same bullion and coinage
value and encourage the concurrent use Of
both gold and silver as money. Prior t
that time. there had been less than 5000,
900 OF silver dollars coined in the entire
history of the United States, a period o.
eighty-nine years. This legislation secures
the largest use of silver consistent Will
financial safety and the pledge to main
tain its parity with gold, We have to
day more silver than gold. This has beer
accomplished at times with grave peril Il
the public credit. The so-called Sherman
law sought to use all the silver produc
OF the United States for money at its mar
ket value. = From 1890 to 1893. the gov
eminent purchased $500, 900 ounces of sill
yer a month, or 81, 900, 900 ounces a year
This was one-third the product of thi
world, and practically all of this country
product. II was believed by those whit
then and now favor free coinage that sucf
use Of silver would advance its bullion
value to its coinage value. but this ex'
pectation was not realized. In a few
months. Notwithstanding the unprecedent
ed market for the silver product in the
United States. the price of silver wen
down very rapidly. reaching a point lower
than ever before. Then. upon the recon-
mendation 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.
ION the second of August. 1891. in g
public address. | said: III we could have
an international ratio which all the lead
ing nations of the world would adopt. ant
the true relation be fixed between the two
metals and all agree upon the quantity
OF silver which should constitute a dollar
then silver would be as free and unlim'
tied in its privileges Of coinage as gold /!
to-day. But that we have not been abl'
to secure. and with the free and unlimited
coinage OF silver adopted In the United
States at the present ratio. we would b.
stlll further removed from any interna
tional agreement. We may never be abb,
to secure il II we enter upon the isolated
coinage OF silver. The double STANDARD
implies equality at a ratio and that equal
ity can only be established by the concur
rent law Of nations. 1t was the concurren
law Of nations that made the double stand
ard: II will require the concurrent Law
Of nations to reinstate and sustain it.
Party .-nyors use of silver Money.
THE Republican party has not been an,
Is not opposed TO the use of silver none,
as its record abundantly shows. 1t ha
done all that could be done for its in
creased use with safety and honor by tn
United States acting apart from other gov
ernments. There are those who think tina
1t has already gone beyond the limit c
financial prudence. Surely we can go n
further, and we must not permit falls
lights 10 lure us across the danger line.
Means Defeat of InternntIona
Agreement.
I'VE have much more silver IN use tina
any country in the world except India o
China-S500, 900, 900 more than Great Brit
ain; $780, 600, 900 more than France; $500,
600, 900 more than Germany; 1925, 900. 90
less than India and S125, 600, 900 less thai
China. The Republican party has declare,
in favor OF an international agreement, and
II elected president, 1t will be my duty t
employ all proper means to promote II