A COMMON SENSE TALK.
THE WALDO HILL'S FARMER HAKES
AH ABLE ADDRESS.
Louie That I Logic A Brilliant Speaker
With a Brilliant Record In Old Marlon
County.
Salkm, Or., Aug. 21. Hon. T. T. Geer,
republican candidate for presidential elec-
tor, delivered an address here tonight un-
der the auspices of the Workingmen's
Republican club, and greater enthusiasm
within the rank and file of the party
dates from this occasion. The large
armory hall was filled with workingraen
and others anxious to hear their fellow-
countryman discuss the political situation,
The speaker talked with the earnestness
of a man in sympathy with his hearers,
and the audience was responsive, listen-
msr with rapt attention for two hours,
Dreaitin? into ouidutsls 01 auuiause ire-
quently. The speaker was plied with
questious at intervals, and. assuming the
cuaracter of teachergood naturedly an-
swered all and invited more. The speech
was as follows : In the beginning God created the neav- their selling price in proportion to the always will be a dimcuit problem, not only
We are all complaining of hard times, ens, the ratio of 16 to 1, and then the decreasing value o'f the money they took Unlted states- but ln th8 o'vllised
and justly so. Although there are half a earth." their pay in, and there would be no profit -it 'was one of the first questions to oc
dozen parties in the field, with two candi- There might be some excuse for favor- in it to anybody. cupy the attention of the American states
dates for the presidency, everybody ing the free coinage of silver at the ratio And, next to the wage-earner, the men after the adoption of the constitution
crrop. that th one thini needed first r,d of 16 to I if the Door reason could be farmer would be the last man to realize and is now one of the most pressing after
... 1. I .. f. ,Y,. , tn,1..a
u,v.w . - , r j .. . .. i
wiai depression, anu mere is a unani-
mous -agreement that we want it now.
Tbe question is, What shall we do for a
remedvf Times hcian to vet hard with
the firct annpnranrf f the nnnnlist nnrtv
on the po itical horizon of this country,
but itsPeffectwasbnot ntoreU.an a mere
unueriow in puinic concerns uiuu u ue-
came strong enough to put the demo-
cratic party in power in 1892, since which
time the condition of the country has
been growing from bad to worse, with no
possible chance for relief or respite, save
in the success of the republican party at
the end of this campaign. If our party
does not triumph in November, then the
populist party will, and to expect a four
years' dose of populism to cure the effects
we are experiencing from a similar dose
of democracy, inspires about the same
degree of hope you might find in the
bosom of a limn who upon finishing a
term In state's prison for theft discovered
himself facing 411 indictment for murder
in the first degree.
And that the prospective success of the
populist programme should make all
kinds of business tremble is as plain as
that two and two make four. Although
I admit that the populist belief that gov-
erumeuts can make something from
nothing, and thut 50 cents make a dollar
if the law only says ho, would le us likely
to make five the sum of two and two as
any other amount.
We are all complaining because money
Is not in circulation, ami we all agree
that times will be no better until some
body begins to employ it in industrial en
terprises. Now, when thut desired condi
tion conies about, who is going to employ
capital men who have got it, or men
who haven't? The tiresent aggregation
of heterogeneous isms that is trying to
down the republican pHrty, is based on
one chief declination, that it is bitterly
... . ... ... J
Iiimtue to millionaires unless iney own
silver mines!, and bankers, and the rob-
tier baron uiiitiufacturers, and every other
..1. r ........ . . e . t .
1 1 mis ui iiicu or HrVMK liiiioii im 11 itii wiiii
liuve nt Ihrir coiiiniaml mty cuutiidftuble
ludeed, their chief complaint is .that
the money of the country is iu the hands
of the rich as though it could 1 any-
where else I If thrie is any man prrs-
eut who can name any country on earth
where the money is in the hands of the
iKtor, or ever was, I will Immediately
join this crusade of Mr. llrysn's sgnimit
the only men in the country ho have
got any money to circulate and see what
we ran do to induce the poor to employ
our idle men; but I widi to say in ad-
vauce that I In-long to the poor claw my-
self, and I am ju-d coutiaty enough to
insisi lliai no Kind 01 coercive legislation
Is going tn iietsiiade uie to start either
woolen null or iron foundry, not this
year, and possibly not next. Of course,
I could a well a any othri poor man,
but I don't Irel a I'll like it.
Now, the absurdity of the wotVlngmen
of this country, whose first desire is
employment, siding a party which is
arrayed 111 bitter hostility to the only
men ho can tvrr allord thrni relief, I
apparrnt to every man who troubles h un
til with second thought. A long
tlubilitJJt.verlhehrsdof men who
havt lilotir), one end of hhh threatens
lo patroiiue loirn manufacturers
csuee thev furnish chrsper goods, ami
the other end say. t ate K.....K o mtro-
duct fluctuatiiig standard of money
thst will make Investments uncertain snd
tiualnrM calculations iuiNtsile, just that
long will turn with monev keep it with-
drawn from the channels of Ha. If And
Uiey will do it in . II drlrnsc, a the ouly
sensible thing to do.
The present crusade againat capitalist
wouhl appear "money wrr," "pluto-
rrat" aud "ehvlovk" on the one band
sad "ttimeUlUut snd ihe.p money" on mavoi of I'otll.nd wa. making the firrt . . i- ." .. p" ,'"'' '"' . d"" ttwve's of th. n i.onsi rurr.; net, in ,.Z,?t b litwiiing 1 h . a n b' , . , r , J.M .
the olber, though a.' hr.vy sr. a, ".,gh, of In li.e " ,0 p.event The Immi- "wZJifiE? Trl 'TZi'll .rKstaS eTn.'" ,,",,.,.1 "thT'T IV
yniiiriil .. 1 have hr.td on that aide I gtatbm of Chine, that di.tiugui.hed , ,r him ha"r read ''"" '-- -"" M half .u. Uit.f 1, ltt, ! JTm tl 'o i . 'Jw ! t n mwel
when an opponent la callrl a"K"ldtug." gentlrma" Insi.ted that Ihe way to pto- lh. Th, .... Ihr ,J . 1, a.ehing them b.uliary r-.it... atM.ii.iw4 At ih I me. Mr i .r.4 or VI x,n m. t" "4 ": e4auwy
And srx l. gold atsndatd wa. ptactic tec, our I.U.r -a. ,0 keep ou, I.Urr. a. Inrntt.l t'rVp'lln'riruniy ',7 SZ Ttt Kt, Vi'. A'S 7 STZV -' .hrn'of 'Ji
s1IyMbli.hr,lln lU. more than .ttly Ur aN.ve th "liotdee of A.i" a -ev ... ,rt the solemn r.p..i.s bllliy of the m.nllonl end were preotireily ModJ m.nd of the hoTde LuTn.!' g-H 4o!l.r .ul 1 iLHSl? Ttf 1 '!!
steisaifo. when tongtrM lost ms.le the sible, and la fight till "Ihr. M srme. ,r-.l. nt .. h.red man" The ral frm roine,. or eirrutlo-,.t now the .er had ih.n 4.. imj bei. . ,h,7" ,,, " ,i ' . L. , , T be ooie.J
,..,.. end ude,.U,e. .,Ker f- riptte..." .0 esl the rondUio,,. 1-uel.whe -Her f ..ry.n J- fZJtflJSZ-Vt?9.W ftr! UCSVi,: " 'tZSZTZZ 'lE?.7Z
byaodolug. I loin Ih.l lime utilil alter wliK U nable. them to work on cheaply, r'l l 4-ll . m.f vnl.t-.li te d.so.tl.e gold and -The ti..aJ h7l t u s. a !" and gold w ll be o.M el It.
1.. ... ...... ..f .. .i ti n..m it,. ..n.. Mnih.M .il,.wii. ! build Pg aaeurUU.a .haree end II. . M,.biiah ansa an ths a.,1. ...Vl.t ..":'" " lf M h w.e a rMsa.iul ' "
lift stiver tisrd In tin. rouulry. put in declare the way lo compete I to coin
IS41, In mdrr to lndue st te.sl Ihr silver Itrt sud lus 1st that the best thing we
rtsll dollar siul ipiatlrr to teniatn In Ihe
niuntry, rongrra. pesard a Isw to tedtua
lh amount of silvrt in llifm and make
lliem less luM fur mher puip-r
than fer tnottry rlirulatiitti Th 1 hir
Bian of the bouse Commuter nniiii and
Mieaii.. In it potting h bill, g.ve lh
lnlUin Ing reMn.
"Wr Itttt n.l lu dd what Ihe l-t tstltrt.
un lithal euoniy hate approved,
what tieti., whet Ihe eiiiutent
bs been I lied. lis. ilrtlli.nsll.lr.l In I
Mrresnaiy and po-1ef In m.k one stsnd
std of rutteitit, and lo tusk sit other.
sulssrfvlent ti II V liie.n la
gold lh .Uii'laj I run. and to
niske
rusk
ihisi new .ilser (m a p!u aide and "
nirnl, not f.f !''. but f.s! stiisll
trsnsatlions "
Nine th Ua-bn( eta'esmen during thai
wri hi In our tiMinlif's bist.Hy Man. I
today as high in lb estimation tl our
ittflfat anJ r.twi"y in lb rtl
kuatioa f oui Ht 1 a Ihun of an earlier
taialioi. and yt thy tjnly t!e.UtJ
themselves "goldbugs" by legislative This idea that the volume of money re-enactment
! ulates prices is simply an antiquated sn
Therefore, if the gold standard was perstitfon, but on account of the effort
adopted in 1853, or if it was not adopted made to deceive farmers with it, requires
until I073, the tact remains tnat nve
times as much silver has been coined
under the gold standard as was coined
before : and if the amount of silver
coined depends on the standard in use,
and if the gold standard has produced
50 times more standard silver dollars in
20 years than the so-called double stand-
arddidin 80 years, and more especially
since the later fathers declared in favor
of the gold standard, and since all
free coinage countries have debased
silver coins and a contracted currency
by reason of the consequent expulsion
of gold, there remains nothing for the
sincere friend of silver to do, but to sing
praises to the gold standard and shout
in the fervency of his joy : "Oh, 'gold-
bug' where is thy sting; oh, 'silverbug'
where is thy victory ?
There is something positively amusing
about the pertinacity with which the
popocrats contend for the ratio of 16 to I,
under any and all conditions. Nobody
else has ever done so 111 this country, or
in any other. Even the " fathers " prop-
er established the ratio of 15 to I, and
made a mistake, as our later fathers did,
when they made it 10 to 1
. . -11 f
no rauu una cvci umi ickoiucu oa jl
1, ,.UUH.
sacred origin until our latter-day saints
came under the influence of the 16 to I
genii, and they now generally hold that
the first chapter of Genesis should read :
i r 1 1 t n tViat it wnuld tip an PYnprinlflTlt hilt
s.!rir::: rr.r " :"-:-'"r.,
ti wuui.. vCU 6..
would at once disappear is as certain as
that there is now no gold in any free
coinage country in the world. This is so
because the cheaoer monev always drives
the dearer money out, and does all the
business itself, and this is so bee auseif
;u, yuuiim, ni.n.i
note falling due the first day of next Janu-
ary, by the terms of which you agreed
to pay John Smith on that day "one
horse," and if, when that day came, you
had in your poasession a$io cayuse and a
f 1000 stalliou I say under such condi-
tions you would pay the debt with the
$to cayuse because it filled the con-
tract it was " one horse."
I cannot make it plainer than this, and
only want to add to thi9 phase of the
subject that no law could ever be passed
that would enable a nation to escape from
the fact that the two metals cannot be
coined at an arbitrary bullion ratio and
both remain in circulation.
The immediate effect, then, of the pas-
sage of a law providing for the free coin-
age of silver at the ratio of 16 to I,
would he to contract our currency by tne
amount of our gold, and to reduce the
purchasing power of the remainder to
the bullion value of silver, or to 50 cents
on the dollar.
Kverv workiiiguiau who likes this
prospect should vote for the free coinage
of silver.
Hits cliarge mat silver lias ueeu "un-
lairiy treated ty our government is
the most demagogical appeal to ignor-
ante and prejudice ever known in Ameri-
can politics. There is no reason for
every school loy not knowing that even
though something wrong on this question
was done in 1873, it was all righted five
years later, ami after every other great
commercial nation bud excluded silver
from its mints, our government began
M . . .1. ...1. : .1.
coining per uiuiuu, wuitu 11
continued to do for 12 years, when it was
superseded by the Sherman law that fur-
. ui. ... I rLat t, u 1 Lull! ta 1 1
iiinuvu un: iui mivci imiiikmi tw me
tttnouut of 54,kk),oii) oiiticet rr Dinium,
about eoual to the entire product of
the American silver mines. This law
lemained in force for three years, and
during all these years the other great
nations of the earth stood by in amaze-
tnent and said : "In the name of henveu
how long can '.lie I'niled States hold sil-
ver up ny tier own unanieu etions f But
the end came in iHuji, and while we were
in the very midst of furnishing the
Kfeatest maiket for silver it ever had, it
fell in value the fastest and furthest.
Now it is only tiecessay to say that if
our government could not seep tne price
of silver up when it was up, how In the
naiuc ui imuiimii uu r mtv
prcted to put it up wlien It is down I
If we could only be reasonable about
this question, aUmt two-thirds of this
bosh we hear about free silver coinage:
would lie abandoned long lielore the No-
vemlier election.
Hut there I one tuotHwilioii made by
the fire silver advocate before which
reason stand aghast, and patriotism
trembles. It is that our country should
oti our mint to silver in order that our
oiking.nirti may compete with Mexico,
China and japan in the markets of the
world, Thi argument mean simply and
solely that free silver countries having
" cheap money " a a conrjneiire, have
cheap labor al (which 1. true I, and if
would couite with them we must
adopt the monetary basi which gives
cheap llxr. No other teaoii is ever
K'en. aud how 011 eatih any uian who
es(icts to work for a living for the nut
few years ran I Induced to vote for
Hivsn, which means cheap money, cheap
I"1" piolettion. 1 one ol the
ttiyrteiles of the age.
ran do 1. 10 at once tirop in tne leri ul
the ' hrslhrtt Ottnre" and t-eal him al
his own liaine.
This cild hav leen don in yesr
egohv s-Uistng our wnkingnin to adopt
the Chines eleiidetd ol living , that
would hat artllrd It with. nil auv liittlirf
Inml'lr A steady diet Ihrn ot lt and
ti would have rn.blfl out w.ekirtginrn
to cnite In the matkrt of the w.nl.1,
inuih ea ftee siKer would now, and
hould bate lf -li.t-d f. Ihe sake
if nn:ter. If f"f rta mher relt.
Th 16 lo I ! trs my ' f.d a rt
.f lh pet.ple," bill it otrlv wilt t4 l
th rktngmen The rll.xl lo fmd th
Is'ttiet ! Iset n lh old Ihrrwlhat
taiemenl thai th t.f of sigrt wllttral
pi. aim is i. govetitrd tli amount of
tii.tie la rttruUtton. I n if this wer
I rue. it would t an argument against
ftee tvtnage, f,nr that would t surely
MIowshI by a cmttet tioa ol llierutreiii y,
and. thereto., lea nxt upua whtth l
has pit
iiv. iu inn ? 1. vnrn iur mnri i -.. -- - hi m-n arniu nuit. .. a .t, . - --- - -.
n f " .... " I'ts 11 g 11 sa 1 1 i til is rm glass 1 a. at .s " W lis ayMrlllsi Or aw sM.es...i .m , . a
some attention. II tne proposition were
true, then prices could never decrease, be-
cause every year sees more money added
to the total volume of money, than the
year before. Now, whether you assume
that prices are determined by the total
amount of gold and silver, or whether
you concede the popocratic claim that sil-
ver is not ' primary money," and admit
that prices are based on gold alone still
the fact remains that every year sees an
enormous increase of gold coin. So, if
the "basis" for determining prices is
steadily increased, how on earth can
prices ever become lower any year than
they were the year before?
If this absurd hallucination were true,
that prices are estimated by the amount
of " primary money " in existence, and
not by the amount that is going to be
used m the business, then the popocratic
wheat-buyer could snap his fingers at
Rothschild and all the other " Shylock "
demons, for his countless millions now
" locket up " could be used for " estimat-
ing" just the same, and prices would go
.. .:
up m spue 01 enemies 01 uie people.
The fact is, the quantity of money cuts
little or no figure in determining the
. ......
uutcui buhhiuc. uui uic uunuiv ui iuc
V.. . llWt., ...... H V,.
money does, and it is for this reason, and
this alone that the tendency of free coin-
age of silver would be to increase prices.
Men with articles to sell would increase
ovon that 1 1 1 mi ir 1 ' rie in rriea " fro-
:::: ,rrr' .. .r.u . "7 sz
au ,u. s "
store with butter and eggs, the merchant
fixes the price on the butter and eggs and
also on the shoes and cloth tue farmer
buv3. This svstem never will be chanced,
and the farmer would be virtually as help-
less as the wage-earner to fix' prices'
";"""
It may be they will have to try to be
satisfied, but I still have an abiding faith
that the farmers of the country will vote
for Mckinley, protection and sound
money. "
But everything canuol be said in one
speech. I am opposed to the free coinage
of silver by our country alone because I
am a bimetalist, favoring the use of both
gold and silver among the common
people at an equal purchasing power
with each other, and no free coinage
country oil earth has such a system; we
have it now, and I believe in letting
well enough alone. I am opposed to the
free coinage of silver for the further rea-
sou that 1 have been a hard workingmail
all my life, and so far as I can see, there
is no prospect for any change in my voca-
Hon. Aly sympathies and associations
are all with the laboring classes, and I
see by study and observation that where
"a crown of thorns is pressed down upon
the brow of labor" it is always pressed
harder und more hopelessly where there
is free coinage of silver or free trade,
Mr. Uryau stands for these and advo-
cates a systeui tnat would speedily cru-
cny lanor, not, perhaps, ou a cross ol
gold, but what would be infinitely wotse,
on a cross ot depreciated silver, worth
only 50 cents on the dollar,
I am in favor of the election of Major
McKiuley because he represents the
great principle of protection to American
industries, and the upbuilding of Ameri-
can markets.
I favor his election because he is a typl-
. 1 4 1. . I. r
cai mericHii siuicsman, who is saie,
sound and tried, while his opponent is
unsafe, unsound and untried.
ituJm nil l Cm. I ........
luihik mi my 111c nave iktcu uicui
ber of tae rrullicau party, aud at no
time in its history have 1 felt nivself un.
der stronger obligations to yield to it
whatever supjiort I can command, be-
cause in 110 ptevious campaign has it so
fully represented the bent thought and
aspirations of those of our people who
constitute the foundation of American
enterprise aud industry.
I lertmng the reasons I have given good
aud sufficient ami capable of being main
tained anil defended before any audience
in the United States, I take pride in em-
pbasuing my allegiauce to the republi
can party.
I believe the indoisemeut of the priu-
11pm uui uuwn m inc viihik pisuoriu
and tne election ol Its candidates would
I industrial and financial suicide. With
the history of mankind protesting in
earnest eloquence, it would be a burleme
on statesmanship, an outrage on logic
and a traves'y on common aeuae. It
would lie 11 11 lay. unjust, unnecessary, un-
justifiable and unpatriotic, and may the
I .on I have mercy on the soul of the
thoughtless men who, with the history
of their own and other countries to guide
them, persist in oting blindly and arbi-
tranly to perpetuate sud sggrsvate the
depression which even uuw threatens to
engulf thrmaehr aud their fellow citi-
lens.
ki ,r.,, ,
ne KCpUDUCSn party lianOl
for honest ITIuney and the chanCC
-arn
10
WILLIAM McKINLEY.
I'hlla 1el Me I re.
sir llryan pe hs from Lincoln
wiiiit witii i r. thsutsixe poll. i win nn I
I ha dollar Ihey paid la ea a gold tslu
romli.g l.kk 10 them la dollar, a. val
uable, Th I the rub ef Ihe rampeiin
Mil they or will they not How mo. h
I aM has Mr. Ilryen ihrewa on th !
by aeerly Ihree nrate pee ber
I'm. sa Times Herald
Thfe Is not a ftsw In the il.le,t l..n
!'. I It Ine M'.i.an du.tar oil m)
,i,t rih ! .. rtshle We .re tn
Ihe g I I I-.. row. en I the ii.iii ki.
iil I adds lite sa.ra at rents oris at
t..,,e l the present ..a.laft Ameft.-..
Iiisr toh n Usi. .i4 in the I nit
to.i.s A I- i r i go si.nd.rf lake
sit the i."l r.l.t on Ihe l
a-a la- I -I tv II Ssse In ef .1
tr d.n if ess, ilv lh. ,t. Ma.r'g mt
of Ihe Sne ei.ter It nt.,n. t nt.hs
4 nui isibi - 4 rtrfvhf .hst .-.!
is on tt Tt.e u-t of.t-.r en v mH 14
U' ?' nf .ll.ee a 4-Hs ht Ih.t
a it not ,-,,ttK enstmly la e e .o I
r.sii' a.tfti of 4m.Ii ng In . !. fe
his 41. The en-. men! ae f en s frea
e vee I.e. it s II tiki I A"nri-n
4r.sr. I. br .hit ane hor nsi If
h.i. Mr ,l,.iiar e 4awUte a..e nrv-aa
.! e.i-( roe nil phi ui
'f "t'T.'Vt " 7 . .'
..e Wi.r na w r.te new.
THE TRUTH ILLUMINATED,
A FLOOD OF LIGHT DISPELS DARK
NESS. Extract From Senator Sherman's Famous
Soeech at Columbus Ohio on the Financial
speecn at comtnDus, unto, on tne financial
tllstory ol the Country.
'
"This Issue Is thrust upon us by the
DrncUr
guVer coined are recognized by all the
commercial nations ot the world as the
best; 'f.
ta bought or sold. These two metals not
only measure all things but they measure
eah other. Their relative value constantly
ofaa"j fj wereohmorehaoneunoe
of gold.
Now SI ounces of silver can be
bought by one
tuation of valu
ounce of gold. This fluc-
alue cannot be Drevented bv
i T, la Wnnrt tho rh nr iiaiinn
it is caused by the changing demands
for and the increasing supply of these
m at a la rfntrt tn a m nca Hnl n a fa ninoia
mn Dti,. , D1,,t ,u
wants of life, and gold to measure the
larger transactions of business, and espe-
"ftSE parUv o? the two
metals at a fixed ratio has been, Is, and
more than
100 years of national growth.
m 1792 suver and KOid were made the com.
mon standards of value ln the United States
ftt the ratl0 0 t0 lf DUt thls wag be-
cause that then the actual market value
of la ounces of silver was equal to the
actual market value of one ounce of gold.
Tv?le Bre,at"t cre was taken to ascertain
SSS
then secretary of the treasury. The two
distinguished statesman, who disagreed
upon nearly all questions, did agree upon
anVthlUoU,
at that ratio.
"At the time neither gold nor silver was
found in any considerable quantities In the
"uViorSry11 war"? Veen dued wmi
paper money, which became worthless and
the coins of Spain, England and other coun-
tries had been made a legal tender, and
continued so for many years after the
adoption of the constitution,
. ' the ,new American coins were
wor'fhlessofnsfoth
channels of circulation and the new and
bright dollars of the United States wers
exported. This led to the discontinuance
ln 18u6 bv President Jefferson of the coinage
of the "ver dollars, and after that date
none were coined for more than 30 years.
This order of Jefferson, I suppose, would
be called by our populistlc friends 'ths
the meantime Franc
ntrles adopted the ratio of
iver as the equivalent of
golj. To avoid thesa tmburrasalng
changes, England, In lbl6, adopted gold as
th single standard In that country and
silver as subsidiary coin. In 1834, during
the administration of President Jackson,
and under the leadership of Daniel Web
ster and Thomas H. Benton, uongresa
adopted the ratio of 16 ounces of silver to
one of gold, by reduolng the number of
(trains In the gold coin. As sliver was thus
slightly undervalued, It was not largely
coined.
"Gold became th only American coin In
circulation, and the avowed purpose of the
passage of th law of 1834 was to make
"old tn standard. This was declared by
til COflimlltPM nf th hrilta nt FHiirn.ntu.
' " .L L j : """""
m "elr report- " who said
.Tnt committee think that the deilder-
. . 1 . , . . .
aium in in moneiftrr yfliem li ft tamiard
r uniform valu. Thy cannoi aacruin
,ht bolh nielais have been circulated slm-
uitanrously, concurrently and Indiscrlnii.
naieiy in any country where iher sre
banks or money dealers, and they enter
tain th convlon that th nearest ap
proach la an invariable standard Is lis
ratabllshnient In on metal, which metal
shall compos exclualvtly th currency for
larg payments.'
"This lsw. heartily approved by Andrew
Jaokaon, would b called th 'crlm of 1W.'
In 1HU. upon th rnn of Bcnator lluntrr,
whn i'lerr was president, and all branch
a of government vara under democratic
control, congress reduced (), quantity of
silver In th fractional coins (half dim,
dime, quarter and half dollar) nior
than ( per cent, directed th purvha of
the silver for their fre coma and mad
them a legal lender for f& only, leaving
gold still practically th only full leal
lender United Stale coin. At I hi Urn
th allv.r dollar had disappeared from th
current coin of the I'lifed Hlate. and
a practically purpuaely demonetised. In
pun-oe of this act I thus stated by th
rh,"7n"" of commute having th
bill In charg la th house of represent-
. 1. . -
" 'W propose, so far ss these coins are
concerned, lo make sliver subservient to
the guld ooln of the oountry. We Intn4
lo do what the beat writer on political
w-T ,tw ajvruveu; "Ml priDf.
wh.r. in.esi-rtmeM ha been tried, ha
d"tnonstr strd to be
the beat, and the com-
1, , i "uT,?.?
all other subservient to it We mean
lo 'n" id lb s aniard eoln.'
This. I suppose, woo id be railed th
mo"e"i.ed 'tf thi.".7tr a" j itVeTi?
"It 1 reru n thai from un. .ben Wr
Jefferson beram preai lent, to th chaw of
- ssjitean loiiilieil lis' ft f II it! v I w lag
o. rails parly was a gold psr y, optHMed 11
iver end ell form ot paner money. A
I have already ata l. Mr. Jefferson n
Ifcsi eusjndr. Ihe roinaee of .ier dol
lar n f II remained su.i-en 1e- fur more
than Vt years lh act of roiaree of lit
eetabllahed gold ee prectlreily the only
roin la circulation. (told rulne were
Henton 'mint drnpe.' All deoMtcrats Were
men goia ius-
"When Ihe repubheaa pmrtf am lata
power la ISM, by the eierttoa ot Mr. Use.
eoio, II had la fare fermidsbie rUei
lion, tkild d etiver al he were bea.shed
from eirt-uslioa and Irredeemable) paper
money of all denamia.tton freoi t rent
le l ima .aUeittuted ta pieee of eoio.
When the wsr wee ever
party sought I raaiote i-ie
.
nana' M u
nana. ISO), it
oa a prsetteeUe. la M
pi)(4 me rails er the in bey
meat la eoie er it eulvsiaef ef ail boa t,
ef the failed list snd e redeem tt
t n led )'.!" ate si lh eeilleel yiVU
reM mwaeal la ex-a
"la seder I terry eut la aiaJee It be
rsme weeeeaary le resiee t he tru est a
at laws ef Ihe t'sn4 giatee Ths was
nr.ifiy ..4 very earsf j; y eUne by a
li. framed la Ihe Ireeiory 4eersni
hue Mr tauiei eatatere It tie
INsMuik: e.eee4 by the e.eaeta ef
that 4nrtaeal. and Wee artntad ea4 ws.
in ii 14 to S i yeraan la the t'nitad sjietae
who were .ufa a4 le be featl. r wntj the
ewnss laws T hi-L eaata nieg 7 ee
'Htm t oom S 4 fwnn4ims.ni o 'SHHt
rnetw that ).4 a , s. et (e
nsseeee ne IV tx y isiary htaat
crime of. 18IW.' In
and ooui
lrfn of al
one JjT
watl e4 Me ne,
m4a4 by kuav
i saaeee WS etraae.y eaaa
lha) em tied trees I
colns of. ths United States the silver dol
lar, precisely as was done In 1868, but pro
vided for the coinage ot the fractional
parts of the dollar In accordance with the
act of that year.
"This bill was pending In congress for
three years, was carefully considered in
both bouses and special attention was
called to the omission of the 412ft-grain
silver dollar, which was never In the bill
at any stage, and the reasons for this
omission given. It was finally determined,
at the urgent request of members from
the Pacific ooast, to Insert among the sil
ver coins a traae aouar containing uv
grains of standard silver, but this dollar
a made Hke the mlnor com3( a legal
tender for to only.
There wae but one
yea and nay vote on the bill, and that
was on tne proposition tu repeat me
charge made by the mint for the coinage
of gold. I voted against Its repeal. The
bill passed both houses and became a law
February 12, 1873, by practically a unani
mous vote of both parties and was espe
cially supported and voted for by the sen
ators and members from the silver states.
"This has been called the 'crime of 1873,'
and as the bill was under my charge ln the
senate, I was held to be the chief crimi
nal. It was, ln fact, a wise measure of
public policy, carefully discussed and con
sidered during three years.
'When we test the outcry against this
act with the sober facts shown by official
records, It appears simply ludicrous. The
total number ot silver dollars coined from
1792 to 1873 was 8,031,238, while the number
of trade dollars Issued under the coinage
act of 1873, containing 7 grains more sil
ver than the old dollar, was 35,965,929, and
the number of standard stiver dollars
coined under the Bland-Allison ,(ft of 1878
was 430,790,041, or 54 times the number is
sued before 1873.
"It Is strange that the very men who
supported and urged this coinage law of
1873 and demanded the exclusive coinage
of gold, are the very men who now de
mand the free coinage of sliver and de
nounce as 'goldltes' and 'robbers' all those
who believe In the coinage of both gold
and silver.
"It has been said that the dropping of
the silver dollar in the coinage act of 1873
was surreptitiously done. This charge Is
shown to be false bv the debate ln con
gress and especially by the declarations
nf ,hfi mpn who make the charire
B1X-
teen months after the passage of that act
SnSS.
'I am ODDOsed to any proposition, In
whatever way It may come, that attempts
to override what Ood himself has made
for money. I believe the sooner we come
down to a purely gold standard the better
It will be for the country.'
"April 1, 1874, he said:
" 'Does this congress mean now to leave
entirely out of view and discard forever a
standard of value? And what but gold can
be that standard? What other thing on
earth possesses the requisite qualities?
Gold la the articulation of com
merce. It Is the most potent agent of
civilisation. It Is gold that has lif;eJ the
nations from barbarism. It Is the com
mon denominator of values. It makes pos
sible the classification of labor and the
Interchange of commodities. Gold has
Intervened ln bargains made between men
slnoe the dawn of civilization and It has
never failed to faithfully fulfill its part
as the universal agent and servant of
mankind. The valu ot gold is
not affected by the stamp of the govern
ment.' "Senator Stewart, of Nevada, on the
same subject, on the 12th of June, 1874,
said:
" 'Sir, the laboring man and the producer
I entitled to have his product and his
labor measured by th same standard of
the world that measures your national
debt. Ulve him such a standard;
glv him money as you require from him.
You require it from the producer. You
require It from the laboring man; gold
to pay the Interest on your national dt-bt,
which I right, which cannot be avoided If
you mean to save ths national honor,
but then glv him ths itmi money with
which to pay that debt Ths question
will never b settled until you detemln
th simple question whether th
laboring man Is entitled to have
a gold dollar If h earns It, or
whether you are going to cheat him with
something else. Thst la th upxhot Of the
whole thing. Everybody has to ay that
ths laboring man Is entitled to a good
dollar '
h
W..iir'l1
nHtllVn I
mat wsa fought over. They w II
over again ami th asm party
Ther liav bean a araat many
fought against guld, but sold has
won every time. Mold never list com
promised. Gold has made Hie
world reaped It all th tltn. The Knell-h
people thouahl they could Ret alone with
out gold for a whllt, but they had 10
com back to It.'
"tin June 1, 1874, Senators Jone ami
Stewart and all th repreaentatlve ami
senator of th silver states w.r urgent
and honect In saying that gold wsa th
bet and only standard of valu. but they
changed thalr mind when th largely In.
rreaeed and Increasing production of sil
ver In Nevada and other stales reduced
the market valu of silver betow that of
gold at th established ratio of 1 to I.
They then wanted a market for their
silver. They wanted 10 pay eilatlne debt
and obligation cntrsrtf i upon lb gold
basis In silver, hut took car in their con.
tracts to stipulate for th payment ol
goia on mem, anu tnia ha been and
now th general practice In the s.lver
"When tne enlnsi law of lTJ wa n
acted, all of th states, ascent thine un
th I'acifio eoaat. conducted their husinm
"on lh t" u' a-reenhark or tniie.i
? ;nunt being about 11
' . r,n '. Neither llvr nor gold wt
1 1 1 in 1 . . h. .. 1 1 j. 1 . - . . 1 . . .
iieej In domestic transactions, but we col-
lecieq our customs duties In gold coin,
erxt conducted our foreign commerce n
gold the money of th world. It wa hot
until January. 175, thai the first ai.u
a taken to resum sneo.e liirm.nl.
. Am ......- i-- '
V.." :Z7r'''lr""T- :Z ...
, Lli... i L 1,1 '' 't ieu
market value below
,t t e 1 t . . . . -.
B"ii ei ine raftt
w. , i riar inn sunsenuent tn 7
many rh.n,., rolnM, ,;
the leading countries of the world tier-
many, In I?1. rhan4 It stan.lard from
sllvee ia
1 fold. Franc. . I'Sly. SaltS'r and Th dmocrlkj party at lis ravettl oonvea
alum h4 In ). eitre.1 mi . lion at fhu . .a -
V" ln. " "'
trsty relied the Uttn union. 10 whtrh
omer necame larties and by wairh ihe
eeivH an I paid by ad of tr.m Th a tm-
porrant arraneemeni wa first mo,nnd
and finally al-sndmed. an) gold twosme
the standard of value of lh.e (xiuntrtea
but In all iler wa mined end tersely
"In antir patiun of the r.iin.ti.n of
pei-e i-arm-nls the ruir,lln s-l of
,,r,i,.,M snee e ftS off .1 1 r..
mm mm n peeaM the hove, weeld have
monetised g)4 gUeh ( not tae nurpaee
of eongreas. Whan the hill ram. t is,
senate sa amandment .. mate, ea Ihe
meuea ot wanaior All.eon. whe-h ehesed
lha aeao at the bill 4 eathertead ai4
dlreeted th aereatary nf the Iraaaur-e ia
snjrrhse t'om time 14 time .near kutl'ea
mr I 4 mm vat t li pt mofit h
i,"". " ---4 IMeetlew
4o4!ar ee faet e puehaea4 A later art
,a.i any no ne r tne ro n ex.
Ihof'ted by that ae mght .' t v.,
name With the treasurer af the t'.l e4
.te le easts eat taae th.a i 4 re.
evtee rets eael', -( tnear. ef Oat lea.
than f e'h. an the! the eeita 4ewOe4
akati 4 be retiH ta ioe Ireacfy tm Ihe
neeaneeil ef the reetttVeiee aw eawead
Tim bitl. ae sweated aaaae4 hmh
harsaa l Iwe. se the Hn4 :.
a-a a. If geaetiy sMed le Ike 4 V.
lias af ea.a.lin end tm thel reeeaa
ee taa4 y IT-. .t Hr , s.
eoene a lew eea t n4a H. r.
etasane I He t S'a4 eweiee ywstial eeee
17.1 mnT: tV.t'Tvren.V
osaae tnsesaaa Wat. .4 S'taal the Oeetiae f
oeetine Of
.te ef It m. e4 y a
m '. 4 al lh
the getefeaa.el ea
purchase of sliver under this act amounts
to over 1100,000,00a
"When congress met ln December, 1889,
there was a strong desire ln both houses
to utilize silver as legal tender money un
der conditions that would not demonetize
gold. As the result of long discussions ln
both houses, and after a conference be
tween them, a bill was passed July 14, 1890,
by which the secretary of the treasury was
directed to purchase from time to time
silver bullion to the aggregate of 4,500,000
ounces a month at the market price, and to
Issue ln payment of such purchases treas
ury notes of the United States, which were
made a legal tender In p
deWa publl0. and prlvate
payment of all
and were re.
deemable by the secretary of the treasury
in gold or silver coin at his discretion.
"This measure. It was thought, would
arrest the decline ln the market value of
silver and enable the secretary to main
tain the twometals on a parity with each
other at the ratio of 16 to 1. But the mar
ket value ot silver continued to decline.
The government purchased under the act
of July 14, 1890, 168,000,000 ounces at a cost
of 156,000,000. This proved to be an ex
pensive experiment and the act was ac
companied by the following u -'aratlon,
made a part of the repealing act:
" 'And It Is hereby declared to be the pol
icy of the United States to continue the use
01 ootn goia ana suver as sianuara money
and to coin both fold and sliver Into money
of equal Intrinsic and exchangeable value,
such equality to be secured through Inter
national agreement or by such safeguards
and legislation as will Insure the main
tenance of the parity In value of the coins
of the two metals and the equal power of
every dollar at all times ln the markets
and in the payment of debts. And It is
further declared that the efforts of the
government should be steadily directed to
the establishment ot such a Bystem of
blmetallsm as will maintain at all times the
equal power of every dollar coined or Is
sued by the United States ln the markets
and In the payment of debts.'
"This declaration, made by congress and
approved by the president at a time when
the public mind was centered upon the sil
ver question, Is a wise statement of public
policy that ought to be acted upon without
regard to party divisions. This bill passed
a house of representatives fresh from the
people by the vote of 239 ayes and 118
noes and the senate by the vote of 43 ayes
ait ii''-' 32 noes. This act was not a party
voi-. ' 't is, I believe, the expression of
opinion majority of the two great
parties ot ... "ntry.
"And here, ow-citlzens, we ought to
stand. I appeal to democrats and repub
licans alike. We are all Interested ln hav
ing a sound and stable currency founded
upon gold and sliver. We cannot by law
fix the value ot either metal or coin, or of
any of the articles that enter Into the
wants of life.
"The great law of supply and demand af
fects the value as It does Iron, copper or
zinc. All have fallen In market value by
means of new discoveries and Improved
methods of production. I have her a
statement of the director of the mint dated
July 21. 1895, showing ths amount and cost
of silver bullion purchased under th acts
of 1878 and 1890 and Its valu at the present
market price, showing a shrinkage of over
I14S.000.000.
" 'Hjn. John Sherman, Mansfield, O. Sir:
I have the honor to state In reply to your
letter of th 15th Inst, that the aggregate
amount and coat of silver bullion pur
chased under th act of February 28 1878
and July 14, 1890. was as follows:
Fin ounces. Cost.
Act Feb. 28, '78.. 1291.272.018 M $308,219.260 71
Act July 14, '90.. 18,74,82 S3 168,931,002 IS
Total 4&9.4,701 09 1464,210.262 94
" "Worth at today's market prlc for sil
ver, namely, lu.eani per fins ounce, 1318,
348.410 75. Loss In purchase, 1145,871.91 21
" 'Respctfully yours. It. E. Preston, di
rector of the mint.'
"W had July 1 last In sctual circulation
among the people of th United State
flii-628 10- td by the report of ths
treasury department, which I will resd!
Amount of circulation July 1, ihh
Oold coin 1 ;4,,28.4sl
mniiiiuru nver dollars
Subsidiary silver
Hold certinoate
Silver certificates
T.r"urr notes, act July 14. iswi
I lilted State notes....
Currency certificates, act June I
1892 '
National bank notes..,.!'.!!!!"!!
52.lHa.Kt8
59.Ktl.SflG
42..1M.759
Kl.r.H.hiB
95.117,161
Iii.Ml,3tl
ll.fc40.0iio
215,331.927
li'."1 ii.&sua.jHO
had auw at that data 9SS4.5I9.KSI In
Ihe treasury, mostly gold and silver, held
for th redemplloa of United States notes
and silver certificates as follows:
Oold coin mi is tu.
Standard sliver dollars
m M.ou
. n rw r.s
S7.4W
, ll.tte.M
M.4.919
ui.ts.su
i5o.m
10.M.C0
Hube.d ary silver
Oold certificate !!!
Silver certificates !!'.!!!!!!
Treasury notes, act July 14. isw'
I'nlle.l Bl.i..
is CurTn:l' certlricatee. "e!ot' June (7
lv
National bank notes".!!.!
J01"1 t6M.it9.Mt
"All these forma of monev have
,."'nulprl bJ ,h fommnt on a par
" gold, snd Ihey travel the rirct. r is.
. . . . . ... . . - -
world Without dlmlnuilnn nf isie ...k...
Ihg power. Thoum ailver bullion ha fallen
lo nearly one-half It former value, yet
nav ued It sad maintained silver coin
made tram li at parity with gold at lh
ratio of It to I.
"Hut we are now brought fane lo fa.-e
with a proposition which if ..r4 1 mm
make ilu. . i . . - . "
J, lhL? "'" ' wlue for
, ni dl'. lor lh wge of la-
?r ""d purch sad sale ot teotriv
Chkago adopted a reeolulloo la fa-
vor of the rr. IT! ,J""A" 5?:
.n t . -a- i
" " ,h,,1 t nd ntat-a snd la sil
worn m eurwve or more
ot s.lver o.n be purrhseed by one eun.
.f11 . ,r foihsge of silver.
goM will be dewtoaettswl.
"Nothing ran be nvir. certa'a thaa iel
r,onr only will etrfulat. The
h Ihu far maintained It
tler mine al pertly with gold ln only
A CONTRAST.
. . . . .
t
fh'HUff ilf Notfttti f t.ttli.
'
ami it it tmfcnubU to ju.tify
,ilherr'.J.IiriH.
I txlievt it U grttt dcil
Uutr to rn tht Milli of tht
United State to tht Ubof of
America, then to open tho mint.
of lh Uftl4 Sf1 to the ..lv.f
f a. a
- vl
wilham Mckinley.
)