The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-10-08
SIXTEEN TO ONE. =,


An unidentified body OF Democrats
has issued a small campaign paper
which we welcome. not only as relief
from a one-sided fight but as evidence
that the Democratic campaign Is chief
ly marked by humbug and evasion
Quoting the Advertisers statement
that imperialism is much less tan
gibie danger than ID TO ! the new paper
says: es-s.sffar's {
Yet the Republican party not only
taught but. successfully operated this
country from 1861 to- 1873 upon 10 to
silver basis. Silver. not gold, was the
unit of our financial system from the
! founding of the republic. The Spanish
milled dollar was made the standard or
our coinage and remained so until the po-
tercy OF English gold secured change.
corruptiy and surreptitiousiy, IN 1873
The entire statement is misleading.
The Republican party did not success
| fully operate" the country from 1861 to
1873 upon 16 to silver basis; IN TACT
| the system in vogue was so unsatis-
factory that basis in gold or its re-
deemable equivalent was earnestly and
in the end successfully sought. Before
the war the Spanish milled dollar was
! in common use as were Canad an ana
English coins, saying nothing OF Wild
cat paper money. AS result there
was so continuous a fluctuation of
monetary value that a man could never
tell what silver coins were worth until
he had lookedi at the official Coin Book,
issued monthly by the Government
Even then he might go to bed with $40
and wake up with IS. When the war
came on, greenbacks had to be issued
and at times 1T took $500 of them TO
buy 81 In gold. Across the line, in the
IConfederacy, a man went to market
with a valise full of grayback currency
and came back with the purchases in
his vest pocket. During and after the
war silver disappeared and small frac-
tional currency called shinplasters took
it's place. In 1870 the writer was not
able to pass a twenty -five cent silver
piece at railroad ticket office, because
the agent. never having seen one be-
| fore, thought 1t might be bogus. The
! white metal had been drained from the
country to help pay, at its bullion
value, for imports.
| 1t was the gold from California, rum
ming about s6.OOO.OOO per month. which
kept the Unions finances from falling to
pieces during the Civil War. After
wards II was this gold, and that receiv-
ed from expanding exports, which
brought United States bonds up to par
and, with the promise of the resums-
ton of specie payments, brought green
backs to a parity with gold and got the
country ready for an industrial race in
which IL has outstripped Great Britain.
The Democrat adds:
Sixteen to One was no menace to the
Republic for eighty-odd years and is mo-
one now.
that there can be no prosperity in the
United States unless the men with
money are ready to loan their funds OF
put them directly into business. Now
the men of money declare that they
will not loan gold while there is pos
sibilty OF getting back silver; mol
would they loan silver If there was the
prospect of its return at a reduced val
uation. That being the attitude o.
financiers, the acceptance by Congress!
of the 16 to 1 principle would simpl,
tie up the circulating medium. Capita
would scurry to cover. AS the nationa
experience shows, when capital does
that hard times come and millions o
people are thrown out of work. Undel
the gold standard everybody keep
busy If he wants to, at good pay. TheI
why change the system? Why not lie
well enough alone?