The Denison review. [volume] (Denison, Iowa) 1867-current, 1898-11-15

ACKNOWLEDGEMENTS ACKNOWLEDGEMENTS
say that France tried it for hundred
years and in that hundred years, trying
TO get two coins that would remain of |
the same value changed the ratio one
hundred and fifty times, and then gave
it up. She did not change the ratio of
coinage hundred and fifty time; a
part of the time she only changed the
amount of alloy; made one coin now
richer and now poorer, but never for
six months at a time did she succeed in
making the ratio of coinage correspond
with the market ratio of the two met
ais. Last year at Waterloo a man
questioned this proposition. called
him to the platform and showed him
the history and in the presence of two
Thousand people he admitted that l
was right. Again your answer ''try it
again" And this is your only answer.
You propose, it is true, that the gov
eminent shall make both coins legal
tender, and equal in the payment of
debts. This the government can do.
And here we strike another proposition
which it is important to remember.
The government can impart to any
coin. or paper even, debt paying power
but it can impart to neither coin nor
paper purchasing power. 1t was made
a legal tender SO that if you owed me
debt you could bring me in one hand
gold, and in the other hand greenbacks,
and the latter discharged as much debt,
and afforded you as complete receipt
as did the former. But when went
into the markets with the gold, and
the paper. 1 found that the gold would
purchase two and half times as much
as the paper. want to show you, my
democratic friend, that your party in
1892 recognized the distinction between
purchasing power and debt paying
power; for in your platform of that
year it was declared that sBoth coins
should be kept of equal intrinsic and
exchangable value so as to insure the
maintenance of the parity of the two
metals and the equal power of every
dollar at all times in the markets, and
in the payment of debts" The gov
eminent can make two coins equal in
the payment of debts by declaring both
legal tender, but something more will
be found necessary than legal tender
to make the two coins equal in the
markets.
In this connection let me tell an ex-
perience which Mr.. Bynum recently
had in this state. While he was dis
cussing this phase of the question a
man sitting over at his left said: ssMr.
Bynum, if the government makes both
the gold and silver legal tender will
they not be equal in the payment of
debts?" Mr.. Bynum walked over oppo-
site him and said substantially. "My
friend, concede to no man greater
admiration for the greatness of his
country than 1 entertain; and con-
cede to no man greater admiration for
the powers and prerogatives of congress
than [. l concede, sir, that congress
can take button and make it legal
tender for dollar, and then in the
hands of a repudiator this button will
discharge dollar debt. But my friend
when you have once discharged dol
lars debt with button, the business
sense of this world will see to it that
you never get in debt another buttons
worth F" Congress can impart to but
ton debt paying power but in the
markets it will continue to purchase a
buttons worth.
Let me tell you another instance.
met man on the train the other day
who had heard me the night before,
and he said to me: ''Of course, you are
correct that the material in the coin
determines it's value. but if the govern
ment stands ready to give dollar in
gold for silver dollar, will not that
keep the material in the silver dollar
equal in value to the material in the
gold dollar?" Twill any one part with
4l2.5 grains of silver, 1.-THE amount OF
standard silver in silver dollar fol
less than 25-s grains of gold, (the
amount of standard gold in the gold
dollar, when the government stands
ready to exchange the one for thu
other at par?" I assured him thai
while he was correct IN theory, there
was no proposition for lie exchangs by