The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-07
MIR PATTERSON. SENSIBLE SPEECH

VI IA.
The Hon. Josiah Patterson, OF Tonnes
see. recently delivered an address at
Frankfort Ky, on the political issues Of
the day which, TO our way of thinking,
was a model OF good sense. good manners,
conservatism and patriotism.
Mr. Patterson began with history of
the free silver movement and the causes
that led up to the split in the Democratic
party in 1896. He also went into the his
tory or silver coinage in the United
States and coming down finally to a dis
cussion of the free coinage Of silver at the
ratio of &c to l. he said:
we have only a limited number OF sill
yer dollars. They are dependent or repre-
sent dollars held on a parity with gold by
the government. The government having
purchased the material out OF which they
are made with gold or its equivalent for
less than 100 cents on the dollar IL follows
that the government is under a moral OBJ
ngatOn 10 maintain the silver dollar on a
parity with gold. The entire amount OF
silver dollars is much less than the an
nual taxes levied by the government and
as the government receives these silver
dollars on a parity with gold for all its
dues. and at the same time maintains gold
payments on its obligations. it follows
that the parity will be maintained as long
as the government is able and has the
disposition TO carry out The arrangement
However, If the number of silver dollars
was sufficiently great as TO make IL i'm
possible for the government TO maintain
The parity, then the government would
be either forced to retire them or they
would become the currency OF the coun-
try, and force gold out of circulation, and
in that event their purchasing power
would be reduced TO the value Of the SUBJ
stance out Of which they are made.
The greenbacks and Treasury notes are
held on a parity with gold simply because
on presentation they are redeemable in
gold and so IL is that the dollar composed
OF 23.22 grains of pure gold is the founda-
ton upon which the entire superstructure
OF commerce. is erected. 1t is the regula-
tor OF the whole.
The free silver advocates. I'm reply 10
this. say that money is a creature of law,
that the government has the power to
make money and. by creating a demand
for II, to determine its purchasing power.
They say that gold lis admitted to free,
unlimited and independent coinage. and.
being dignihed by this unlimited demand
Tor IL. II has a purchasing power OF one
hundred cents: that on the other hand,
silver has been degraded and denied these
nigh privileges enjoyed by gold Knock
the shackles from silver and admit II 10
free unlimited and Independent coinage.
and then the demand. being unlimited, II
too will have a purchasing power equal
TO one hundred cents. In this way they
reach the conclusion, that IL we adopt the
free. unlimited and Independent coinage
OF silver at the ratio OF 1G TO ] the bime-
tallic standard will result, and the people
will enjoy concurrent circulation Of both.
what the advocates OF sound money say
is that II is not the stamp OF the govern
ment, not the eagle on the dollar, not
the lettering. but the value of the 232
grains OF gold which gives the purchasing
power 10 the dollar. They say that II you
add one grain TO the dollar its purchasing
power Is increased by the value of that
grain or IL you take from II one grain
II is TO that extent diminished. SO. they
say II you give unlimited coinage to silver
at the ratio OF 16 20 the commercial
value OF the S7l.25 grains OF pure silver
composing the silver dollar would exactly
determine Its purchasing power. II you
add FIVE grains or subtract five grains il
will he increased or diminished To that
extent. They say II 1922 grains Of pure
gold and 37l.25 grains OF pure silver were
worth exactly the same in the open mark.
ct. that the coinage ratio OF 10 TO would
result In tho bimetallic standard, and
necessarily In the concurrent circulation
OF beth az long ~ these commercial val