The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1897-04-08


age OF silver under circumstances which
should make every dollar in silver as good
as every dollar in gold; and that pledge it
is our duty to-day by the passage of this
Oil to endeavor to respond to. (Applause.)
secondly, Mr.. Speaker, l am in favor
OF the passage of this bill because l be-
iieVe that its defeat under the circum-
stances under which it is presented, and in
view OF the pledge which we made at the
st. Louis convention, would result in a
tremendous injury to the sound money
cause. Applause.) 1t must be under
stood that there are in this country thou
sands, yes, millions, of voters, who.
whlle opposed to the free coinage of silver
Dy this country alone, because they believe
1T would give us simply silver monometal-
ism, as believe it would, are yet in ia
vor of an honest effort to secure an inter-
national agreement upon this point be-
cause they believe that if that can be Sc
cured through the cooperation of the
commercial nations of the world, it will
give us currency, every dollar or which
shall be as good as gold, and that we
shall have gold standard or its equiva-
lent. That it what they believe
Now, in view of the fact that there
are millions of people who believe that
TINS can be accomplished, l hold, without
entering upon discussion as to the proba
Dllltles of success, that it would be a
fatal mistake, practically, for this side of
the House, under those conditions, not to
meet the wishes of those men, and give
thorough trial to this endeavor to OBJ
tain an international agreement. If it
fails, then we shall have done our full
duty IN the premises, and no harm will
nave happened. If it succeeds, then we
shall have secured throughout the COM
mercial world a universal and common
standard of value that will promote in
ternational trade. (Applause) l be-
lleve, therefore, under these circumstan-
ces, without entering upon discussion, that
1t is the duty of every Republican, in
view of the pledge that we have made,
in view of the fact that we should dam
age the cause of sound money by refus-
ing to meet our pledge, to vote for this
proposition.
Zone word further. When the sugges-
ton is made that gentlemen in favor of
silver at 16 to 1 are voting for this bill,
want you to read between the lines of
their speeches and you can understand
|
them so much as to see this bill defeated
to-day, and if their votes would do it,
they would so cast them"
Republicans Favorable to Silver.
Let us take up the history of the ma
tional financial legislation year by year,
and show what Republicanism has done
for bimetallsm at home and abroad.
The act of Feb. II, 1873, contains pro-
vision for the unlimited coinage of silver
dollars weighing 400 Troy grains, nine
tenths fine, and made them legal tender
for any amount not exceeding 80. This
was done upon the petition of the Repub-
lican Legislature and Republican Gov
ernor of California, presented by the Re
publican Senator from that State. The
act further provided for the use of sill
yer as subsidiary coin, so that, with the
exception Of the nickel 5-cent piece and
the bronze cent. the white metal was
able to become the entire small change
of the American people after the resump-
ton of specie payment. 1t did not pro-
vide for the coinage of the old dollar of
41215 grains, nine-tenths fine, because
that amount of silver was worth more
than that for years had been worth more
than 100 cents in gold, and was no longer
brought to the minis for coinage by own
ers of bullion. being more valuable in
that condition than as coin. The Govern
ment stamp. indeed, in that case, would
have set it forth to the world as worth
less than the silver used to form it, but
that act of 1873 was careful not to de-
monetize the silver dollars already coin
ed, containing in its sixty-seventh and
last section an express provision That
this act shall not be construed to affect
any act done, right accrued, or penalty in
Cured upon former acts; but every such
right is hereby saved" And among
these. of course the right of the silver
dollar to pass as legal tender was chief.
The Forty third Congress, Republican
in both branches. passed the act provid
ing for the resumption of specie pay
1hent President Grant signed this bill
on Jan. IA, 1875, and under it's provis-
ions the use of silver as money metal
passing current among the people was,
made possible, after many years use of
deprecated paper If the Republican
party had done nothing more than this in
the legislative field it would deserve well
of the republic. By making the obliga-
tons of the United States payable in spe-
Gle on the first day of January, 1879. it
laid the way for the highest possible use
of silver throughout the land and attained
that standard whereby every dollar in cir
culation became equally and all as good
as gold. For this it deserves the support
of every honest believer in bimetallsm.
And in it's struggle to preserve its high
standard it must have his support, or we
shall sink to the level of Mexico, or
Japan.
The Monetary Commission.
On the 10Th day of August, 1876 Pres
ident Grant gave his approval to the
Joint resolutions already passed by the
Republican Senate. whereby a commits
sion was established having for its OBJ
iect among others an inquiry.
First-Into the change which has taken
place in the relative values of gold and
silver: the causes thereof, whether per-
manent or otherwise; the effects thereof
upon trade, commerce and finance, and the
productive interests of the country, and
unon the standard of value in this and
other countries.
Second-Into the policy of the restora-
tion of the double standard in this coun-
try. and if restored, what the legal ratio
between the two coins, silver and gold.
should be.
Al the head of this body, showing the