Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-02-10

lied one of the money metals of the
United States? You are silent, but
you know it just the same, for the Reg
lister has at length quoted these gen
tlemen of both parties on this point
from the Congressional Globe, as it
was then called Now. Mr. Witness,
and please try to look the jury in the
face, who is Juggling with the facts of
history? No answer. Well, you have
something more to say of the act IF
1873, which you deem SO benficent, be-
cause it has entailed the British gold
standard upon us. You say:
Our Bryanite friends, including the Reg
lister, of course, are fond of imagining
that this was the act that "foiSted upon
us the hated gold standard ignoring the
fact that il was during the good old Dem
ocratic days and under the administra-
ton of Andrew Jackson that gold as the
safest money was recognized by the act
of 1894
You are willing to assert your belief
to that effect? Then was not the adj
ministration of Andrew Jackson try
ing to foist'' the CHEAPER money
metal on us? Why was the act of June
%, 1884, passed? At that time silver
was more valuable than gold in the
United States and had been during the
first seventy years of this century, be-
cause the generally accepted ratio in
France and Southern Europe was 151a
to /, and those countries had free
coinage laws, while the ratio in the
United States at that time was Is to /.
Silver was, therefore, more valua-
BILE in the United States than in Eu-
rope and the result was that silver
came to the United States from Eu-
rope, because it was then worth more
in gold and gold went from the United
States to Europe where it was worth
more in silver. Hence, the act of 1884,
the purpose Of which our neighbor,
now on the witness stand, endeavors
to misrepresent. The effect of that
act was to make the coinage ratio in
the United States 1902 to I, the inten
ton being to make silver more valu-
able in Europe and as the European
ratio remained unchanged at 151a to 1,
the previous conditions were reversed
and silver went to Europe while gold
came to the United States. This con-
dition of things was even less satisfac-
tory than ttat which prevailed before
and to get its silver coin back into cir
culation in the United States Congress
on January is, 1887, less than three
years later, again changed the coinage
ratio from 1902 to l to 1888 to l.,
which has ever since remained the
legal coinage ratio and is poputarly
known as Is to /. Thus will be seen
that, instead of trying to get to a gold
basis by the acts of 1884 and 1887,
which is the impression our neighbor
intends to convey, the government was
really trying to force silver into circu-
lation. Will the witness please brace
up and note the point?
Again, Mr. Intelligencer, you say
that the act Of 1853 was 1.-The first step
in the direction of gold valuation"
Pardon the plain statement, but you
do not apparently know what you are
talking about. The facts are that I'M
der the influence of the ratio of 16 to l.
our silver was constantly exported,
even the subsidiary silver coins. Now,
Twill the witness please hold up his
head and look at the jury?) to prevent
this and to keep silver in this country
the act of 1858 was passed. 1t limited
the legal tender quality of subsidiary
silver coins to payments not exceed
ing five dollars, and reduced the guam
tity of silver in the half-dOllar, quar-
ter-dollar, dime and half-dime, so as
to make the ratio in the subsidiary
able to leave these silver coins in the
United States than to export them to
Europe and the change had that effect
The quantity of silver in the silver dol
lar was not changed and as the silver
dollar was worth considerably more
than gold at that time, Europe con-
tinued to gobble up all our silver coin
it could get hold of. And right here
we will quote the esteemed Intelligent
Ger farther:
At this time it was stated by Dur
ham, who led the fight for the bill in the
House of Representatives: I'VE have
had but a SINGLE STANDARD for the
BEEN AND NOW is GOLD. We pro-
pose to LET IT REMAIN SO and to
ADOPT SILVER TO IT. TO REGU-
will bear in mind that this was in the
good old Democratic days" 1t was
Democrat speaking. and the Act which
became law under Democratic admin
iStra ton. made no reference to the silver
dollars. because nothing had been seen
of them.
True, nothing had been seen of
those silver dollars at that time be-
cause they We're too valuable over
gold. Now as to Representative Dur
hams statement, which our neighbor
capitalizes so boldly above, and which
he evidently thought clinched his ar
gument for the British gold standard:
What was Mr. Durham advocating?
The single gold Standard boldly re-
plies the witness, perking up a bit
And was not the single gold standard