The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-06-19
FREE SILVER ouTcAsTs.
Renegade Republicans Who Favor
Debased Currency.


Some individuals, who bolted the re-
publican party last year and voted for
Bryan now propose TO organize what
they call 1.-THE Silver Republican Party
of the United States" For some reason
they do not care to join the populists
or the free silver democrats. They
seem TO think they will have a better
chance of picking up Offices If they have
a distinct organization.
These boilers cannot be prevented
from forming new party, but in doing
so they ought to state clearly to the
public what its principles are and what
reason there is for its existence. That
has not been done. Ex-Congressman
Towne declares that:
.This is n movement that has taken
deep root. and will grow until the res
toration OF silver TO an equality with
gold have been accomplished"
What is this equality that Towne and
his associates are going to devote the
rest of their lives TO securing? Does
he intend 10 say that the time will come
again when 10 ounces of silver will
exchange everywhere for one of gold?
1OWHt hDOuiu iOOh lnO AiCto III tAAo
face. The price of silver, which was
100 cents an ounce in 1870, is 60 cents
now. In spite of the low price the sill
yer miners of the United States put
56,000,0O0 ounces on the market last
year and made money at the business.
The demand for silver by silver stand
ard countries is decreasing because the
number of those countries are dimin-
ishing. Japan, the most progressive
of Asiatic nations, with n population
of 100000, has adopted the worlds
standard. Peru and Bolivia, though
silver-producing countries, are prepar-
ing TO do so.
Does Towne really believe that his
little movement" will be able to raise
the purchasing power of 371 grains OF
silver until il becomes equal once more
TO the purchasing power of 20 grains OF
gold? II is difficult TO believe that any
intelligent man who knows what the
present silver production of the world
is, and how much more cheaply II is
produced than of old, really imagines
anything of the kind.
Undoubtedly the restoration" Towne
has in mind is that of the debt-paying
power of silver, and not of it's purchas-
ing power. There was a time when 371
grains of silver would pay off as much
indebtedness as 20 grants OF gold. 1t
takes now $50 grains of silver. The
purchasing power of silver cannot be
increased by law; the debt-paying
power can be increased dishonesty
as far as existing contracts are con-
cerned.
That is why Towne insists on free
silver currency which shall be retroac-
tive-that is, which may be used in the
payment of debts contracted on the
gold standard. He wishes TO haveit put
in the power OF debtor TO satisfy n
debt OF 100 cents with silver dollar
worth AZ cents. That Is what he means
by "the restoration Of silver to an
equality with gold"
OF course he does not say that that is
what he means. Neither does Bryan.
They and the other free silverites seek
to veil with vague phrases their con-
templated dishonesty; when they IRE
Intercepted about their l1navish pur-
pose, they refuse TO answer.
Towne declares also that the great
question now before the people, not
only Of this country, but OF the world, Is
the money question. He may think so,
out he is mistaken. AS far as the stand
ard is concerned, that question has been
settled. This country has decided TO
stand by the gold standard. So have
all other countries which are of any
Importance, except India and China.
They will do so as soon as they can.
No nation which has once adopted the
gold standard ever will give IL up IN
order to adopt what Towne calls obi
metallism," but what Is in reality moth
ing but silver monometallism. That
monometallism, bad when made the
basis Of future contracts, Towne de-
sires to be made applicable retroactive
ly TO existing contracts.
Real bimetallism means nm cquival-
ence Of values. IL means that the pur-
chasing power OF the bullion In the sill
yer coin must be equal TO that OF the
bullion in the gold coin of the same
denomination. That Is the sort Of BIZ
metallism the United States sought to
establish by the coinage acts OF 1905 and
1884, but failed on both occasions. So
In 1879 II adopted gold monometalilism.
"Bimetallism" with Towne means sill
YER monometallism, the gold dollar re-
naming on the statute books butnever
circulating. This country never has had
dollar worth less than % grdns of
gold. Towne would like TO aflict the
country with dollar worth OILY AZ
cents, and gradually getting cheaper.
Towne's "silver republicans" lack two
qualities. Those qualities are honesty
and courage. They wish 20 deblse the
currency and cheat creditors, which is
dishonest but they are such cowards
that they do not dare TO state rankly
what IL Is they are aftcr.-Chicago
Tribune.