, 1896-08-19

money metal were marked the amount
Of money that was actually in them, it
would obviate the necessity OF weigh
ing them each time that a purchas was
made. This was done. bat new diff
cultie5 arose. Some fellow with an
eye to cuisines saw a chance to grow
Itch at other peoples expense. He
weighed some pieces and marked them,
but did not put into them the requisite
amount Of the metal. Then again it was
found that as the metals came from the
mines a more or less amount Of impuri-
ty was in them; hence. to guard against
fraud in these two directions. it wtas
determined that the only proper one to
do the weighing and marking. is the
government. Hence governmental
coins came into use.
Now l desire that each OF you fix
this thought in your minds: The act
of coming money-the governmental
stamp on the coin-is nothing more
ment's guarantee of the requisite
weight and fineness of the metal. For
instance. the governments stamp on
the silver dollar tells the one TO whom
it may be offered that it contains 412h
grains OF silver, 9 parts fine and 1 part
alloy: that is nine parts of pure silver
and one part alloy put IN to harden
she metal so it will not wear out so
rapidly by use.
The first coinage law passed by the
United States was on the I'd day Of
April, 1892. 1t provided for the coin
age OF the gold eagle Of the weight Of
270 grains; the half and quarter eagles
OF proportionate weight, to be made of
metal containing 1923 parts squire gold
in a thousand; the silver dollar con-
tanning 416 grains of pure silver, the
half dollar. quarter dollar. dime and
half dime Of proportionate weights, to
be made Of metal containing 1924
parts CT silver in a thousand. This
gave the ratio OF Is to Lit was found
out afterward that this ratio made the
gold in a dollar worth more than its
face value. The result was that gold
coins went out OF circulation. This ra-
ito was continued until 1884, when con-
urocS oh opual tho rntto fro- tx ~ 1 To
Is to /. This was done by reducing
the weight Of the gold dollar from q
grains to 25.S grains. making 16 ounces
OF silver worth one ounce OF gold. This
made our silver dollar worth less than
the metal contained in it. That is it
was worth more as bullion than the
same amount Of silver when coined in
to a dollar. The result was that silver
coins left us. They disappeared from
circulation. The money spectators
bought them up, aud sent them abroad
basis up to this time. 1884. From that
time on we have been on a gold basis,
except from 1861 to 1879, when we were
on a paper basis.
Now what do these figures show. and
what has been the experience Of the
nation in this matter? 1t has been
this: The dollar that has been the less
value in the markets of the world has
been the one in use by the people.
while the one having the more value in
the markets of the world has disap-
peared from circulation. Now let me
ask you this question: Suppose that
you have two dollars, n worth more
than the other. and you have made a
purchase and must pay N out, which
one will you let 60 Of? Why. the one
that is Of less value. that is what You
will do, and any other man will do the
same thing. (Apptause.) Now our ex-
perience with the double standard has
been the experience of every other ma
lion under the sun that has tried them.
1t is the universal experience Of all ma
lions that where two circulating medi-
ums are made standard money, the one
having the less value In the markets OF
the world will drive out the hav-
ing the more value. II l were to advo-
cate the adoption of two yard sticks,
one 10 inches long and the other &c
inches long, you would say the ching
is absurd, and SO 1t would be; but 1t Is
not n whit more absurd than to have
two circulating standards of differen,
values In the markets OF the world. I,
Is simply impossible to nave two stand.
ards Of value In the markets of the
world floating side by side. II 1t be q
good thing to have two standards Of
value differing In price in the markets
Of the world, why would 1t o be
good thing to have three or four? Tbe
thing is simply absurd. : Away
back IN General Jackson's administers
ton, his secretary of the treasury said:
The proposition that there can be but
one standard in tact, is self-evident.'
The Hon. VIM. D.. Kelley when dis.
lcussing the coinage bill known as "Th4
Great Crime ot 1873" Eatd on the noos
Of the house in 4 speech delivered OF
the IN a April. 1879. these words: n
Il impossible to retain the doubls
standard" Tho Hon. John @. Carlisle
in . spesch made At Memphis. Tenn.
on the IA day Of My. 1895. sald this:
II confess my inability to understand
lwhhf Il rAnUv ~Aawt hv Ar,Jn~lr