Richmond daily palladium. [volume] (Richmond, Ind.) 1876-1904, 1900-10-27

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iods one ounce of gold would exchange
for about 16 ounces OF silver For
some years past one ounce of gold has
exchanged for b or 81 ounces of sI'-
yer. 1t viii now exchange in the same
ratio. and there is no reason to doubt
that ii will so continue to exchange for
an indefinite time. These are facts
| snail not stop to discuss how this
came about. Whether it was the al
legged crime of 'I3.'' or whether 1t was
because silver has become relatively
more plentiful than gold, or because
the desires of men have changed
whatever theory You may adopt, the
fact remains unchanged. viz, one ounce
of gold is equal in eNchangeable power
TO 81 ounces Of silver. Yet it is in fun
view of these facts that Il politfsa-
party. or. rather, n combination of al
least three political parties. proposes,
if it gets control of the government,
Of silver mt the old ratio of Is TO /.
Why? Why? If il was desirable to
open the mints for the free coinage of
silver. why not do as our fathers die,
to-wit. make the ratio as near as pos
sible to the commercial-value ratiot
They say il was IL crime TO close the
minis to free coinage of silver in 1873.
| deny 1t; but if it We're true, would il
cure that crime to commit an egregi-
Gus folly in 1900?
Democratic Sophistications.
The Democratic champion still AYERS
that on this question the party stands
where ii did in 1896. He does not
talk about it so much, but when he
does talk about il, he uses the same
misleading phrases as of old For in
stance, he has repeatedly said: The
Republican administration under Me
kinley is coming silver every day il
the month and every month in the
year ut the ratio OF III to 1. If that is
not the correct ratio. why do they dc
itY'
Mr.. Bryan knows why, but he con
ceals the reason and allows his hearers
| TO draw erroneous conclusions The
statement so far as it goes. is true
| In 1873 measure passed congress di
recting the secretary of the treasury
| to buy 100000 ounces per~month anc
coin into standard dollars" Blu
| mark this: The coinage was TO be fol
| the government andf on government al
| count. and not on private account fol
| the benefit of holders of bullion. u
1 f.,xx e-e-.Ss1
l which alxsekeer tAaSrs atnGSln e~srs,s
TWO nfffffon ounces month. That al
also declared it to be the policy of til
government to maintain these dollar|
ON parity with GOLD. In 1898 the pur1
chasing clause of-the Sherman law
was repealed. Since that time the
minis have in truth been engaged In
coming up the purchased bullion. But
mark this: Through the law and BY
the operation of the treasury, the dol
lars have been kept equal to gold
They are paid out only by the govern
ment and against the receipt by the
government of an equal amount In
gold. or in service rendered or goods
bought With the governments guar
antee of parity, and the quantity linn
tied. 1t is manifestly an Indifferent
circumstance whether the ratio We're
10 to /, 20 to l, or ) to 1. And vet Mr..
Bryan deftly insinuates that this prac-
tice justifies free coinage for every
body at that ratio without any guaran-
tee of equality with gold from any
body
Let me tell you a story. 1t illus
trates this matter and makes it more
clear -Four or five years ago L lis
tened to conversation between a GER
tain judge and Il banker The Judge
said: Il constantly hear that our sill
yer dollar is worth only 60 cents. and
yet you bankers and all dealers arr
glad to take them for a dollar each
How is that? Are they really worth a
dollar, or do you all give 10 cents more
Tor each OF them than they are worth:
My question is an honest one: / want
TO know" The banker replied: well.
| Will answer YOU by the Kindergarten
method" He held up nickel and
asked the Judge. What is that An
swer: "A Nickel cents" What i
the metal in the coin worth?" Judge.
Il don't know" Banker: Il will tell
You. 1t is worth about six-tenths of
StAi'r WV " Atil - Sllitli value lii
Itself. how does it come to be worth
. centsE Judge: Why, the govern
ment having issued it for ; cents. and
having received , cents for it. will re-
deem it for : cents in gold won't it :"
Banker: Yes You have it exactly. |
You have described what is perfectly |
analogous to the truth regarding the |
silver dollar The government buys |
the silver at the market price. now
about 80 cents stamps a certain auan-
tity of it dollar. gets dollar for If /
when it pays one out and redeems IT I
when presented for redemption.
Judge: Does the government redeem
It with 8 gold dollarF" Banker: "No:
but il does substantially the same /
thing. 1t receives it as the equivalent |
IF gold dollar in the payment of
customs dues Being as efficient as
gold for that purpose 1t is now the
A1ual of gold for all purposes. At the
'ap,a time il does this. il pays gold 70
very one that wants ii and has a
lain or demand ON the treasury. Thus
he parity - maintained" / have been
obliged IL say 50 much by way of ex-
llanatlon or preface to my main ques-
ION
The Real Interest of Wage Farmers
How would the interest of wage