Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-10-22

cause the mint ratio Of Is to was es.
tabllshed after carefully ascertaining
the market value Of silver and cold
throughout the world, and the necessi-
" OF having the mint ratio and mar
ket or bullion ratio substantially the
same was recognized in order to se-
. cure the circulation of both metals.
Jefferson in his report saws !:
''Just principles will lead us to disre-
gard legal proportions altogether, to
inquire into the market price of gold
III the several countries with which we
shall principally be connected in com
merce, and to take an average from
them" PETER and the free coinage
advocates entirely ignore the sound
principles laid down by jefferson,
Hamilton and others, and want to
adopt the ratio of 16 to without tax
ing into consideration at all the mar
ket value of the metals. The history
OF our coir age proves that during most
OF the time from 1892 to 1873 the laws
OF this country utterly and entirely
failed to maintain the value of gold
and silver at the mint ratio, notwith-
standing all efforts to make that cor
respond to the market ratio. With
free coinage, and both metals un]im-
tied legal tender, the slightest varia
tions OF the market have deprived us
either of gold or silver, and only the
less valuable has circulated as money.
Mr.. PETER held up to the audience
a silver dollar and also silver bar
which he had made from another sill
yer dollar, as an illustration, he said,
OF l0C-cent dollar and 5O-cent dol
lar. The silver dollar hammered SO
as to obliterate the stamp is worth on
ly the bullion value-about SO cents.
He certainly presumed upon the in
telligence. of his audience and must
have considered us all fools and idiots
when he had the effrontery to use s;
that illustration as an argument for
the unlimited coinage of silver, when
it is really the most conclusive argu-
ment against silver. PETER knows
very well what makes our silver dol
lar worth 100 cents in gold. He knows
that it is on account of it's limited
coinage and the policy and pledge of
the government to maintain it, and all
its money, at parity with gold, and
in order to maintain the parity of its
moneys, the government will go so
far, if necessary, as to redeem even
silver dollars with gold.
i PETER was dishonest enough to at
tempt to convey the impression that
the silver dollar under free coinage
would have the same value as the
dollar we have now backed by the
government. With free coinage, gold
and silver, in the bullion markets Of
the country, have the same value in
bullion AS they have in the form of
coin. This is true because it costs
nothing to have the bullion convert
I'd into coin. Senator Jones, OF Ne
!; vada, says on this point: "Of course,
with unrestricted coinage in any
country the bullion value and coin
age value will in that country be CO.
incident" And when the bullion or
, market value differ from the mint
value, the market value Invariably
| fixes the value OF the coin, under a
| free coinage system. The coin adapts
: itself to the bullion value, and is
worth no more than the bullion it
contains, whatever be its face value.
With free coinage our silver dollar
would be worth only what the metal
!, in it is worth, and that is only about
so cents at present. 1t is to prevent
people from being cheated with SO
cent dollars that the Republicans
are opposed to the free and unlimit-
, ed coinage Of silver at 16 to 1. We
are not opposed to silver, and we
want to coin in the future as in the
, past, just as much as we can conve-
niently maintain at a parity. We
) have over $625, 100000. in silver,