Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1898-10-28

angel. But In 1880, We found that ali
these silver dollars came back into the
treasury. They would not remain il
circulation. Then silver certificates
were issued for them and the question
arose. why coin the silver IL it will
not circulate? Why not buy bulliol
and issue paper upon thak?" And So
in 1890. under the Sherman law, we di-
rected the purchase Of 100000 ounces
OF silver every month. and In three
years thereafter 5000 tons Of silve,
bullion was bought and stored ava, in
the national vaults where it yet re-
mains.
But the government issued the value
Of that bullion in paper and as a re still,
over six hundred millions Of dollars
was put into circulation in is years,
Including Of course the silver coined
between they ears 1873 and 1893. That
vas government coinage. This is suf-
ficient proof that free and unlimited
coinage Of silver will never produce BIZ
metallism in this country, but on the
contrary, 1t would produce monometal-
ism Of the worst kind, for Mt would be
monometallism Of the cheaper metal.
EVERY DOLLAR OF EQUAL VALUE
All our money today is as it has been
since the resumption of specie pay
ments, on a PAR. every American dol
lar. whether gold, silver or paper. the
equal Of every other. and every one of
them equal to 100 cents of gold value.
During the last session Of congress
the senate sent to the house what vas
known as the Teller resolution. But
there it met its Waterloo. That meas-
ure declared that all our obligations
bonds and greenbacksCwerep roperly
payable in silver coin. Its manifest
purpose was to make deprecated sill
Yer. coined at the ratio Of 16 to /, an
honorable legal tender in payment ut
national obligations. The result of its
passage would have been to place as
al Once upon a silver basis, and to de
preciate u currency. The senate alsl
sent to the house a bill the effect tf
which was to repeal the provisions of
the resumption act. and leave the gov
eminent without means to maintain
the gold redemption fund and to keel
u greenbacks on a par with gold. Inc
republican ways ana means commi 20.
of the house, sound money ,,eln3craIic
members %concurring unanimously IL.
turned it to the house with a negative
recommendation.
During the consideration X. til. bill
to raise war revenues the de Hocratic
minority of the house advoc ..cd an is
u Of greenbacks-in other words. a
forced loan. And when the ..ues.,cu
was asked, to what extent, the demo-
cratic leader replied. Until We shall
determine the limit of safety by g1;,s
beyond t." Think of that proposition!
A nation with boundless credit to is
sue q forced loan as an experiment
and keep on issuing 1t until the limit
o. safety shall have been passed and
the nations credit destroyed. It is
less than six months since tha.. rec;s-
less and preposterous propo ,iton was
made in congress. and yet d demo
cratic friends have the effron: r., to
tell us that there are no nati3nal is
sues involved in this campais..
EAGER FOR THE BONDS.
But the difference between repuL,i.
can and democratic policy with respect
t. the maintenance of the national
credit is more marked when Tho af-
flrmatice financial legislation Of the
present congress is conside e.. I re-
gQrd as one of the uisosf md ,noot