Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1896-10-16

nations as to the proper equivalent The
country that overyalued gold was soon Win
out silver, and Vice versa. some countries
insisted on a ratio OF 10 TO |, others oil
il to l.
About 200 years ago the average judg-
ment OF European nations was that the
proper equivalent was 10 TO !. That was
the ratio adopted In what was then known
as tho market Of the world. II was deter
mined by the market values OF the two
metals"
Senator Allison then turned his attention
60 the history OF the coinage laws OF the
United states lie began his review Of the
American monetary system by an eNamna-
ton OF the financial conditions existing IN
1892 He referred in words u highest praise
TO Alexander Hamilton. He said 1t never
occurred to that inancier that 1t would be a
crime to fail 10 provide for statute de-
clarng for the free and unlimited coinage
of silver at the ratio OF l6 TO !.
FOLLOWED THE OLD WORLD.
at first Hamilton was inclined to favor
a single standard monetary system, but
after reflection decided In favor Of double
standard lie sought the advice OF the re
puted founder Of the democratic party
Thomas Jefferson This distinguished states
man maintained that both gold and silver
should be coined, and at ratio OF eqniya-
Tents fixed by the markets OF the world. lie
also said that we should be careful TO
learn the market values in the countries
Sith whom we principally traded, or were
likely to principally trade He did not al
yocate fixing our ratio Of equivalents To
suit LII Hung Chang and his Chinese fol-
lowers. with whom we had but little com
mercial relation They fixed upon the
double standard They made the ratio OF
Is to l. after inquiry In England, France
and other populated states OF Europe. as
10 the market values of the two metals
legislation in France saying. Whatever
we may say Of the republic OF France com
pared with our own republic we should adj
miro the integrity OF that country, that mas
always stood against debased currency"
Returning to the monetary history Of this
country, ne said. 1.-THE trend OF the debates
of 1894 shows that the iinancers OF that
time we're in favor Of the continued circula-
ton OF both gold and silver In our coun-
try" He added: eve recited this history
of currency to show that our fathers were
aware Of the Importance Of basinE the ratio
of the two metals on the market values OF
them. Now. we are told by the Chicago
platform that VIC should at once declare for
the free coinage of silver at the ratio OF
16 to L. without waiting for the aid or con
sent Of any other nation. In the eleven or
twelve speeches Mr. Bryan makes day he
says this is necessary in order to establish
bmetallism."
CRIME or 70
Speaking Of the alleged crime Of 1873, Sen.
ator Allison said; 81 know of no one In Ne
braska or Iowa who wants to re-establish III,
conditions that existed in these states In
1873. II is argued that the dropping Of tht
silver dollar OF i12ih grains out Of our cir
culation has caused depression. We were
then on a paper basis. except In California
where there was some coin In circulation
or the publicity Of the act Of 1873 he sold
1.-TWO years before that provisions were mad
for collating the coinage laws, dropping tht
obsolete sections and codifyinE the sections
that were left" Senator Allison furthr
showed that the bill was given considerable
publicity, and said that the standard SlvC
dollar to be dropped" appeared as a headini
In the bill In large print of capital letteTe
He briefly reCited the history of the mon
etary legislation of this period in both IN,
senate and the house. Provision was made
for the coinage of trade dollars by the gov
eminent for the owners OF silver bullion
the government charging only the dctua
cost Of coinage. THAT bill was he worl
of Stewart and Jones of Nevada ana 1t wa
constructed In their interests. II |as doc
tored for the benefit Of the silver nine own
ers and for their benefit alone" Senator Al
lison said he had made this statement 4
congress in 1878. "SinCe then the state
ment has been made by free silver organ
that he admitted that the law Of 1873 ha
been doctorCd. II was doctored and for tn
sole interests OF the silver bullion owner
and by their representatives"
Senator Allison then devoted some time I
explaining the abandonment of free conag
OF silver between 1873 and 1876 by the ma
lions of Europe. In 1876 the minis O
European nations were all closed and silve
began to fall, to divorgc from gold I'm value
This was because of the action OF Europe
No money that was money In 1873 has cease
to be money since then.
or the increase In the worlds volume o
metallic money since 1873 he said there hat
been $4,000. O00,0 600 coined money added o
three-tifths Of the coined money in circula
tion. This year there will be Si5O.OOOOO
more added. $50 now what becomes OF TIL
populists statement that one-half tn
worlds supply OF money was stricken dowI
in 1873. II this is destroyed our populist
friends have not single leg on which Il
stand" tApplause)
In connection with the Bland-AllIson bill
the speaker said his name was never men
toned except by way of vituper
alton. when the bill was praise
1t was called Bland's. when
was condemned It was termed Allison's
The government by that law placed in cir
culation 42l 600 coo standard silver dollars
They are legal tender all over the Unitet
States. unless otherwise stipulated in thu
terms OF a contract II was Bland himsel
that insisted on placing that provision in th
law"
NOT SHERMAN'S WORK.
Senator Allison, in speaking of the Sher
man bill, called especial attention to tn
fact that though that bill bore the nam
of the distinguished fnsncier. he in realit
opposed the measure all along. 1t was givel
his name because he was the chairman o
the committee that framed It, II was tn
work OF Senators Teller Jones and Stewart
all free siyerites This statement was re
Ceivcd with shouts of laughter.
Sifce 1878 $3.50 600 900 OF silver has beer
absorbed One-half of the products of tn
silver mines. one-sixth OF the silver Of tn
world. How then can you trace the diminu
ton OF prices to diminutiOn of metalli
curroncy?' The speaker wildly contraste
the gold-using countries with the silver
using countries. The one set has spleudi
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