Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-08-27


II can hold at O parity with gold The
profit representing the difference between
the commercial value Of the silver bullion
and the face value VI the silver dollar goes
, To the government for the benefit OF the
people. The government bought the sill
yer bullion contained in the silver dollar
J nj very much less than its coinage value.
I, paid i, out to its creditors and put il in
circulation among the people at its face
value Of 100 cents. or a full dollar. Ii re-
culxcd the people to accept it as legal
tender and Is thus morally bound to main
tain IL nj parity with gold. which was
then, as now, the recognized standard with
W. and the most enlightened nations OF
, the world. The government having issued
and circulated the silver dollar it must in
honor protect the holder from loss. This
obligation IL has so far been sacredly kept
Not only Is there a moral obligation but
there IL n legal obligation. expressed in
public statute, to maintain the parity.
Gould Not he Kept At Par.
These dollars in the particulars l have
named are not the same as the dollars
which would he issued under free coinage
They would be tn. same in form, but diff
f-rent in value. The government would
have no part in the transaction exceDt to
coin the silver bullion into dollars. 1t
would share in no part Of the profit. 1t
would take upon itself no obligation
IL would not put the dollars into circula-
tion. II could only get them as any citi-
zen would get then-by giving something
Tor them. Ii would deliver them to those
Who deposited the silver and its con-
nccii"n With the transaction there end
such are the silver dollars which would he
Issued under free coinage Of silver at
r n .af
tain the rarityg What would keep them mt
par with gold. There would he no obi
Cation resting upon the government to do
II. and II there were it would he powcrlcss
To do II. The simple truth is we would be
driven to - silver hIsis--;u silver mono
snciallism. Th-s dollars, therefore would
sand upon their real value. IL the free
aGd unlimited coinage OF silver at a ratio
OF sixteen ounces Of silver to one ounce OF
god would. rs some Of its advocates as
sert, make 6S cents in silver worth LOO
cents and the silver dollar equal to tho
gold dollar, then we would have nc
cheaper money than now and il would DO
no easier To ger. 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
IL
value Of the silver dollar, which is ever
| changing, and the effect would be to re-
| ducc property values entail untold finan-
| cial loss, destroy confidence. impair tho
obligations of existing contracts, further
impOvcrish the laborers and producers OF
| the country. create panic of unparalleled
| severity, and intlicf upon trade and COM
| lncrcc "A deadly blow.
| Opposed to That Kind of Policy.
Against any such policy l am unal-
| tcrably opposed. Bimc;allism cannot
bc seq ured by independent action on
| our part. 1t cannot he obtained by
| opening our mints to the unlimited
| coinage of the silver of the world at
| 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 a ratio slightly in excess of sixteen
! and 81 half ounces OF silver To one ounce
oi gold. a!.u ~ hilr her minis are freely
open to both metals at that ratio. not 4
| single dollar in gold bullion is coined
! and circulated as money. Gold has been
| driven oat of circulation III these coun-
| tries and they are on a silver basis
alone. Until International agreement
| is had IL is the plain duty of the United
states To- maintain the gold standard.
| IL Is the recognized and sole standard
! OF the great commercial nations of the
| world. with which We trade more large
| ~ than any other. Eightyfour 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 u gold basis.
| Circulation of the Two Metals
| Chiefly by means of legislation
during and since 1873 there has been
put in circulation more than 1924 900,
| 900 of silver or its representative. This
| has been done in the honest effort to
give To silver. if possible. the same bull
| lion and coinage value. and encourag &c
| the concurrent use of both gold and
silver as money. Prior to that time
| there has been less than 81. 600 900 of
| silver dollars coined in the entire his
tory of the United States. "A period of
| ciShty-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 its market value
| From 1890 tn 1899 the government pur-
| chased 100000 ounces of silver a
month. or $4,000 600 ounces a year This
| was one-third of the product of the
| world and practically. all OF
| this country's product. 1t was
| believed 10y those who then and
now favor free coinage that such use
OF silver would advance its bullion to
It's 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 a 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 It Hut Thinks 1t Imuossibls
| at This Time.