Historical Newspapers of South Carolina

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the Sober Second Thought of the People hHE QUESTION OFCURRENCY, Masterly Presentation of the Issue of tbc Hour. \FE MONEY OUR SALVATION, tin Sure to Follow In the Wake 01 Free Coinage. t r.rmar •nil Labor*' W.ulit B* tha Fl'*l •« < l Ward SufTervra From • DdtM*d Carr*>*7. Ooniiigton, Ky. t May ai.—Tli* Hod, ihn (J. C«rli«l*, n*cret«ry ol the tree* ty, .poke at Central GarOen here lukt ght to no audience of more than three one ml people who were packed liter jl.v like nardlnea Into a apace much toe hall to acronunodata that number. |uiua«nda who nought to bear the dla igulehed aponktr were turned from the >ori.— The ovation given Mr. Cnrllelo wa« iparalleled In the history of this state, ven ne It la to euthueinsm fur Its great on. IIlu appearance at the garden wae ■eeted with a mounding roar and din hlch swelled and grew as it lengthened t» minutes. At Intervals In his ad- reae, the cheering waa renewed and at a close It was vociferous, tumultuous, rerwhelming. Ur. Carllvle’a speech wns'an follows! by wav or ixtbodcctiok. "ft may not add to tha force of my ar nmeuta or the weight of my advice to ■sureyou that I am not, and do not [pact to become a candidate for any tfice la the gift of the people or the!’ preeentatlvea, and that I do not ap ;ar In the state In tha Interest of any indldate. My Interest In the solution [ the questions now pending Is precisely is same as that of any other‘American tisrn who drslm to see bis country rosperous and happy, and while my lews as to the policy which will most Ttainly produce three reaulta may be itlrely erroneous, they are honestly et.- irtalncd and will be (irankly stated. It , in make no difference to me, personally • r politically, whether they are popular r unpopular, here or elsewhere, al- tiough it le always more agreeable to •e in accord with the prevailing public enlimrnt than to he In opposition to My reapert, however, for the lutelll- enre and patriotism of the American cople rouslralna me to believe that, no latter what their preconceived opinions my be upon any question, they will not efure to give It a full and fair Inveatluu- lon or fall 10 reach a Juat conclusion phen both sides have been heard. Thore- ure, 1 shall speak to you this evening vlth full conlirience that whatever may e your present opinions on the subjeci o be dlseussrd, you rre wl.llng to rc- xamlue the grounds upon which they iuv# been formed and change them If hey are found to he erroneous. TO MUCH PASSION AND PltBot'DICH. "There hits nerer heen a time since the ose of the clTil war and the s< t lenient if the questions growing out of It when aeslon and prejudice exerted such s nwerlul influi nee In rontrolling the ac- h>n of the people upon political and onomlc questions as they have during he last two years. A gn at wave of de- ireasion has swept over the whole In- ustrlnl, comnierrl.il and financial world, tore injurious In Its effects In some ibices than In others, hut entailing great iss and distress nearly everywhere, ft Id not begin tw enty years ago, ns some if our friends ore In the hah t ol assert- ig, but leas than five years ago. Its rat serious effects were felt In Argru- Inu, where the people and the govern- i tent, notwithstanding the warnings of xperlence In all ages, det-rmlned to try gain the exfierltnent of a cheap and In in led currency. It fulled, of com se, ns It ■ways has and always will wherever ried. and Its failure, by reason of the extensive ronimrrelsl and tlnunclal con nections between that country and Eng lish capitalists, produced a crisis which seriously ^Involved many of the great financial Institutions In Europe and had a depressing Influence In all ihe i|noney markets of other countries, for, a Dies* days of rapid communication nd dose commercial relations, an lu rry to credit in any part of the globe ts mui«dfately felt all around the world. Foreign holders uf our seem (ties. In or der to procure means to meet their obli gations at home and In Argentina, sent llieui h"re In large amounts for redemp tion or sale, and, c> nsequemly, the feel ing of apprehension .and nncertnlnty w hich slrecdy <xlsted to a considerable extent wus intensified In all the great centera of trails and fln.mcr. But, If ■jour ow n domestic affairs bai; been wise ly and economically conducted, our peo ple would have soon recover, d from the pfleets "I this foreign disturbance. We possessed all the essential elements of (prosperity, except • sound aud reliable ftnaurlul system, and that we might have sreur al within a reasonable time, or st least we might have greatly Im proved our condition In thin respect If poHtlesI or party considerations had hot Influenced our legislation. It is true .thst«ur revenue laws were not In a Isatlsfactory condition, but they had been |ln fo'ce a locg.time and the people had d>aen rom|*-lied to adjust their husliiess ( to them, nnd. after the election of Presl- jdje,it Hnrrlit, ■ti, did not expert any liene- Jhc «| change until another adinlulstra- jtlou should come in. WHAT MB. OLKVKI.AND LEFT. "Mhcn Mr. tTereland’iflrstadminlstra- tlon went out of offle* on the 4tb day of March, IHN#, the government had an ample revenue for all purposes; the free gold In the tressnr.v amounted to $lbft,H89 014; agriculture, m nufae- ter, a un I coinmerce were In a reason ably healthy and proaperona condition, and the prospect tor the continuance ot « fairly active business ers ws* appa rently as good as It h«d been for many years. During the four yesrs of Mr. Cleve land’s ndmluisf ration iheaumot •»4I.- *48.449 wax paid on the public debt, and at Ita close there wss left In tbc treasury a balance of •830,348.918, In cluding tha gold reserve. This vsat sum i In I In ■Hafl becti Scctimulatcd bjf tatatloH hpbfl the people, «n<l they had a right to eg. pact that It would be faithfully applied to the extinguishment of the public debt and to the payment of the necessary expenses of the Rov*rnmrnt without waste or extravagame. but It requires a very brief statement of h* results ol President Harrison’s adrdnlstratlon to show how these Jus* expectations were disappointed. When hla admtnls- on tl e 4th of March. J8-I8. and a democratic administration came In again the cash balance In the treasury had dwindl* d down to $169,- 450,577, Including tbs gold resetye, or •02.450,577, exclusive of the reserve iiotwlthstandiug the payments upon the public debt during his term amount, ed to •105,000,000 leac than the pay ments made during the preceding four year*. In addition to the actual receipt* ortho government, which were very latge, congress,by a law passed In 1890, turned Into the treasury, as a part ul the general assets to be used for public J'urposee, a trust fund amounting to more than •54,000,000, which belong ed to the national hanks and had ah ways been held for the redemption ol Ihelr notes, and this fund, or what was left of It, helped to swell the balance at the close ol the administration. THE public money w antkd. “There came with President Harrison a tepubiican congress, and for the first two years of this administration that party bad absolute control hi both hrnnrhee of the legislative department as well as Is the executive, and was, therefore, wholly reeponslblelor the gov ernment ol th* country. Thst congress will be distinguished In history lor three things only: First, the enactment ol the law of July 14, 1800, providing lor ibe purchase of 4,500.000 ounces ol silver bullion each month ano the Issue «r legal tender treasury notes to pay for It; sec ondly, the passage ul the so-called Me- Klnley tariff net, which largely Increased taxation upon the people and at the same time diminished the revennee of the government; and, thirdly, the Inaugura tion of the moat wasteful and extrava gant system of pubHc expenditures that ever existed In this country In time of peace, the evil elTectt of which must con tinue to be felt for years to come. The result of this legislation and of tbs gen eral policy ol the republican adminis tration wae that, when the democratic party secured possession ot the executive power for the second time. It found the llnanclal affaire of the government In a most unsatisfactory and precarious con- dltlon.and rapidly growing worse. The revenues had bctngreally diminished and the current expenditures hnd I wen enor mously Increased by the passage of laws making permanent and other appropri ations which the treasury was bound to pay; the compulsory purchase of sliver bullion and the Issue of legal tender rrenetiry notes wae still going on, and allver wne being piled up In the treasnry at the rate of mure than 154 tone per month; distrust of our ability under the circumstances to meet the obligations of the government and maintain the parity ol the two mctala prevailed and was In creasing In all the great financial centers at home and abroad, In consequence ol which gold to the amount ol mure than •3(1,500,000 had been withdrawn from the treasury and shipped to other coun tries during the three months Just preced ing the laaugnratlon uf the new admln- istretlnn, and not a dollar had been brought In; In short, unwise legislation hnd already produced Its Inevitable re sults, and whatever criticism the impa tient spirit of a disappointed, restless people may have prompted them to make npon the present administration, I am sure Impartial history will place the res ponsibility lor what has occurred where It propwly belong*,and I am wilting to wait until ft ts written. It must not bs understood from this that I nm not ready n«;nll times to vindicate the legal ity,the Justice and the good policy of the course pursued hy the present adminis tration In Ita (fforts to maintain the credit end honor of the government, In spire confldeuc* among the holders of He obligations and preserve the stability and rains ol the various kinds of cur rency In the hands of the people; bnt the present and future are far more Impor tant than th* past, and my time can ha more^rolltably beemployed on this occa sion Tu discussing the questions uow pending than In reviewing transactions already closed. v THE MOST IMPORTANT ISSUi. “Whether wo shall continue to preserve our existing monetary system, under which all the dollars In use.wbethvr they lie gold, silver or paper, possess equal purchasing power In the markets.or pro vide by law lor the free nod unlimited • olnnge of silver dollars containing 413 1-3 grains of standard silver and make them the units and measures ol value In the exchange of commodities and In the payment of debts Is by fa - the most Important question that her heen presented for the roneliteration ot the Amertvan people during this genera tion.and that question now confronts ue. “The free coinage ol silver and the sub stitution ol u new unit and measure of value for the existing one In Ibe hueineee transactions of the ronntry la not an or dinary experiment which can be safely tried today and abandonetl tomorrow. If found Injurious, because the Immediate consequences of such a step would lie so far-reaching and so enduring that they would continue to be felt for yeete after the policy bad been reversed. It Is lie enmhent, therefore, upon those who Insist upon Ihe adoption ol this revolutionary policy to show plainly and conclusively In advance not only that It would result in no Injury, but that It would lie posl tirely benelltlaj, f*>r II not poslilvelj ben- i-flclal the change would at least be wholly uselres. This cannot be done hy appeals to Ihe excited passions and pre- Judlies ol the people, by attempts to array one class ol oar eltlxens or one sec tion of our country against another, or by loose and extravagan* statements unsupported by facte and reasons. The questions Involved are too serious, tin interests to be effected are too large, and ibe common sense of the people Is too strong to Justify or even excuse this course of treatment. was no chime or 1873. “The allegation, eves II It wars tree, that a great crisis was igrrsrllllossiy co«ssltl*4 Is 1878, or at sir "tbsr Hi**, doss sot provs or eves cosCues to provs, l*st tos frrs colDsgs of sllvsr st tha ratio of 18 t# 1 Wool,! be brBcflrlal to tl*o country uudsr tbs eouitltloss DOW existing. Bol. gcutlenieu, Its not trus that tho • » ol Fsbrosry 13, 1N78,which n<site tbs f<-!d dollar tbs unit of valor and dropp'd ts* standard sllrsr dol lar from tbs rolasgs, * a* psaaad by ateallb. or that !»• p«»n"*o« or •»•€! to th* proplo «•! ,,f *■* calB tBt " |B or tbrs la exlatrar* la this cosetry. “That bill was pandlag I* sasgraaalor nearly three year* and was onder eoasldara- tlna during Bee sessions of thst body :lt was dtstlnrtlv reeam in mded is two reporte of the Srr ret ary of the treasury and the dlreeto* or the mint, asd It waa oMrlallr printed sad laid on It* dssheof memr-araaf the boose asd ol thaaesata thlrtees dllfereat time* brlote tha Anal vote wo* takes ox II. It waa read st lentlh Is tha open senate aereral limes and In the bouse at least «*re, as show* »y the record fit wss reported tram tbs romuril* lees sec es limes and the dt-rasaloS uposlt I* Ihe house fills elxiy-alx eolsmna ot Th# eah- greesionhl Uloha, anal* tb#**»al#*a»*a«J’- etabt eolamsa. “As fitat raponad la th* aeusla sod ps"*** by ibat body to Jesuary, 1*71, th# bill did ttdit uru rldofnt tb* rwlnoow of •Urer iifi thhaihVtf, but hxpraaaly limited taa tblo* Jigs bf that matsl ia subsidiary pj**ae—hsll dollars, quarUiu asd •limes. Is this form, withust asy provision for «hs coinage ot aay kind ol sllvor dollar, the bill wss passed os tbs 10th dsy ol January. LS.l.unaa tho call of th* yes. .jd n.ys.aad the Harord shows thst rhs two senator* troai Kantnrhy.Hoa.Usrrett Davis and Hon. Thoiasa C.Hct.rs*ry, tha dlstinsulehed dam- oeralle arsatnr from Ohio, Huh. Allen 0. Thnrmsn; tha preasat senator tiom Narada, Hon. William VI. xtawart. togeiner with all th# athar seaatora from th* FaclBc slop*, voted Is the affirmative, whli. Asnaiar Suer maa. besator Morrill asd Iwelva othara rot*<1 la th* ntiatlrr. PACIFIC COAST SENATORS DID IT. “Tb* rraaon glv*a by Mr. Khrrman for ▼uilai ajralnat tb* bill waa (bat th* aaaat* bad, la ob*Ui<>Br* to tha daaianaa of tb» **n- stora from th* Pa< Iflc coaat, •© araendfd tb* bill, aft*r It wa* r-port»d from tha rnanatt* t**, aa to abollah tb* eharR* oft*n*-h:rh uf wn* par **at. fur rotnlnz Bold, tbna mnkloz tb* folBMfr of that m«tal *ntlraly fr**. Th* liill w*at to tb* boa** of r*pr***Bta* tlv*a, but It waa not dlapoaad of during that coogrraa, aad at tb* flrat «*«aioa of tb* ■•it foDzrrsa Mr. Krl>j, of Pannaylranla, tDtr'Mlur*t] It In th* boa** and It waar*f*rr*d to a root mitt**. So far aa tb* colnaz* of th* ■ll**r dollar waa aff*ct*d. tha hill latit>- du**d by him waa pr**la*ly tb* aara* aa tb* on* that bad |>a*a*<f th* ••nat*»that la. It tnad* nu prorlttfi.a for aurb a roln. How* *r*r, w ben.th* bill waa Anally r*port*d back from tba eoBimltt** to th* honma It waa ao amcadtid aa to prorld* for tbacolnoR* of a • ubalrilary pl*c*. to ha rDll*.| a dollar, and (o roBtalR HtU gralna ofataadard *lir*r, tb# aim!* a* tba Kiaarb 5-fiaac plac*. and it wa« to b* a l*gal t*nd«r to tba aitvot of f5, and bo inor*. “Ia tbla fora It paaa«d tbr hoaa* by ■ rarr larg* inajti’lty—In fact, tu* oppodtlon to It waaaow'rak that th* y*«a and nara war* not *t*h calla«I. Tbr a*oat* atruck out tb* 5-fraa* eubaki Ary dollar and auhNiltatcd for It MBothar aaiisldltry coin, rallad tb* trad* dollar. eantaliilnK 4,0 zralaa of aland* ard allvar and prorldad that It abould b* a Irgal trndar to cb* amount of A3, aud no mo'’*. A rooiinllt** of coubrant * waa ap« polntail, tb* **nat« am*adnt*Dt waa azravd to, and th* bill bream* a law by tb* ap* proral of rr*ald*nr Ur ant ob tb* Ifftb day of FabroNry, 1K78. “Tbla hrlrf hlatoHrnl atat*mt nt of tb* prn- r*«dluzM. which i4 fufly *u«tMlai*fa by tb* ofll- cl«l racord, abowa that It waa wall under stood In congress that th* old Mtandard all* r*r dollar of 41 il 1.2 Rrnlri* waa uot to b* Ihereaftor coined at our mlrt* and that th* only difference of opliitoa that arer *x- |Mt*«l t *T*a temporarily, batwean the aeant* • ml honit* waa what her fk*y Would *uba»i- intaln Ira plac* a •an*|.ltary ertfa containing HH4 gralna or a nnloildlary <ol i rontMlnlo^ t20 grnlaa of * lv# r. No pr poc.tioB waa made lu either 1 o ly to continue th* coin* az* of th* old do lar, or to ntstke any allrcr • oln the Balt of raiu* or a full legal leader In tho pn.tinrnt of debts. THE PLAIN TRUTH AHOT7T 187.3. “The i lain troth l« that th'a act of 1S78, wbPh has been the subject of *o mneb n»l»- •'pnrahcnalon and denunclatlnn. was simply n iezal rrcogrltion of a monetary condition which bad *xl»t*d la fact In this roirntry for about thlrty-flr* yeara, or *t*r alnce a abort time after tb* paaaaea of th* rofnag* act of 1884. From aboat tha year 1888 until after the pneaiig* of tb* Bland-Alliaonact In 1878, no •flyer doMata wer« in circulation la tbla country, and our W ml# currency consisted of gold rolna and haak not**, except from 1862 to 1878, when our artlre <Irculatlon. out eld* of California hnd Ita mdshhorlng ter ritory. was all paper. There waa during th* latter period about $25,000,000 In^Rold.lO cir culation on the Pacific coaa?, and th* United State# wee collecting customs due# In gold and using It lu the payment of Intereet on the public debt, but there wa# no ellrer In iIrrulation anywhere In thm ronntry, not eran the light-weight rubaldlnry coins. “Tb* ralu* of th* United States not* or greenback wae always measured by gold wad not by aileer. and romiaodltlaa bad a gold pries and a paper price, but nerer a •llrer price—beeauae allvcr, except the half lollare, q> artera and dime# coined under the art of 1858, had been out of it## her* for more than twenty year# before the com mencement of th* war, and eren these »nh#|- •Itity coin# had not been la u»e for etevcu rear* prior to 187H. THK INKVITA BLK NATURAL LAW. “Our own monetary history had already furnlehed two moat striking illustrations «1 the operation of the natural low unuer which tbe rnlaa which are oter-ral ed by •tatat* alwaya drl#* out of circulation Ihe olna which are under-ralued. Our own ex perience had again demonai rated, what the history «»fthew.*tfd already ehoweo, that whenever the colnag* 1 wa of any countn permit th* free cojnage of both metal# w ith ull legal tender quail.lee at n ratio of value which do**a not conf;irm Aiibatantldly to tbdr intr!n#le or commercial ratio In the market# of the world, • oth kind# of coin aanot be kept In circulation at tbeaam# if**. Tb* reason latbet. both being full legal tender, thv lea»t valuable coin will al ways be u#ed In maklag poymeata, and will become the sole meaatire of value, and the nnst valuable will be boarded or sent out ot rb* country Into t c mat kata where Ita real value can be obtained. OCR CURRENCY HISTORY IN BRIEF. “Onr first coinage law waa pa##*d In 17W2, and It provided for full legal tender sold and silver coin* at the ratio of 15 to I : that la to aay fifteen pound* of ellver were to be coaaldrred aa equal In value to onr pound o' gold, and tba weight# of the rota* vrr* adjnated to that ml*. In darl ing upon that ra*lc, neither Mr. Hamilton, whf recommended It, nor tb# eongreaa which dopted It, gappoaed they were arbitrarily -atnbHahlag the itlatlv* valtiea of the two metals, for ao leglelattvr authority roulddo :hal, bat H wna supposed that ther wet* Imply adopting and ttllltlng la the statute aw tb* esUtlag latilaak orrotnmerclairatio Imtwren them. A brief exit* tlei.ee, however bowed that a mistake bad been made, • ad fh* Inevitable r»snl. followed. It aocn warn* e#|.rc«t that Plteeii | on nda of silver wcv* not la fact equal In valae to on* •i iwnd of gt.l t, and that no matter what word# we-* printed In tba statute hook the ropl. I# th* trnn-artion of their bu#lne«s Wholly disregarded the legal ratio and treat- rd th* mstal# according to their relative commercial valne. and that they would not exchange one pound of gold for fifteen pounds of allver, tltber In roln or bullion, nor uae gold coins as money, when the amount of bullion In tb# coin waa worth in the market more than the cola Itself. In abort, silver had been over-valued and gold bad been under-valued In tb* law. and tb* ‘Onwequeace waa that by the year 181*2 gold bad disappeared from tbeeountry, and from that time on until after the passage of th* act of 1884 tba Ualted States bad practically ailver monometallism. JgFFER(UIN SUSPENDED SILVER COINAGE. “Ja May, 1805, President Jefferson stopped tba erlang* of th# silver dollar, and during a period of thirty-one years thereafter not a single standard allver dollar waa coined at thamlata oftb#Cnlt*d Stated; b«t, under the act of 1792. th# subsidiary coins were of full weight aa compared with th* dollar and were legal tender, and tbea* coins, wits Spanish dollars, Fieneh erown# or 5-franc plecea, and bans not#* constituted oar circu lated medium. Gold having disappeared from circulation, rangie«s determined, In 1834, tv bring It barb by changing th# ratb*. The act of 1884. sappteinented by the act of 1687. provided that the legal ratio should la 16 to 1; that Is. that sixteen pounds of silver la the coins should be equal to one pound of gold In the rolna. ond tb* effect of ttl« waa to drive silver out of circulation and snhatltnte gold In Ita place, because sil ver waa ander-valu*d)and gold wge over-rol led In thearatote. On* pound of gold, coined or ancolned. waa not. In fact, worth Intrinsically or commercially sixteen pound* of •liver, cotneo or nncolaed, and therefore th* coin* of Ihe two metaia could not riven- late together with that ratio. The authors aad snpportera of this law well knew what tb* rfferi ot aucb a legal ratio would he la ease It did not conform to the commercial ratio, bat their purpose wan to bring gold bark Into tha circulation, and all other considerstlnno wort anhordtnated to that. DOUBLE gTAKDARD COULDK’T tTAND. “.Ooabtleaa maay m them atlU believe that the so-eaUsd doable gtaadard copld he matn- tataod, and that thoeolae of tho two metal# coald he kept la circulation together at the pew ratio: bat they were mistake*. fMlv*T w*at out aad gold cam* in. The gold hist* oral satabliahed la 18X4, by tb# pbacttral Operation of the ratjo, Just a# completely , and effectually na If it had bees expressly j declared la ibe atntnte. Here, tb*n. were , twit vxrvrimeuta In ih* free n lnsge of the , two atetala m this country, covering a pe riod of Hebty-one yeaia. at IchoI ratios very • neatly corresponding to tb* real Matlre , values la the tommerclal wo’‘ld. and they both f*l ed—In one c tae because silver was ovee-valnsd. aad In the other case because gold waa over-valued. A very small perrea- tagsof dlfferearc between the legal ratio and the *nmmerclai »atln baa always been foand snffirirint la irodetn times to dt|ve the undervalued metal entirely out and substi tute the other, or paper baaed upon the oilier, ii Ha place, and no congress or parlia ment ecn repeal or alter the aatnral law of ttade by which this movement of the metals Is govern* d. “In 185ft congress. In order to maintain tb* rlrrulailon of aub»latary eotna—half- j dollars, quarter* and dime*—reduced tb* weight of the metal contained In thsm and made them legal tender only In the payment of sums not exceeding $B la amount. Under this act the value of the bullion contained In j two half-dollars, four quarters or tea dimes, | wa* not equal to the value of tbs bullion j contained la either n gold or silver dollar. t and (Onsequently thee- small limited legal ! tender coin* went into elrulntlon and ! remained la u*e until expelled by the cheaper j paper currency Issued during tha war; not being full legal tender, they could not drive out the gold coins “Thla wa# the condition of our monetary ay»t*m at the time the act of 1878 was passed. Our legal position was bimetallic, bnt our actual measure of value wns gold and our actual circulating medium waa paper with a purchasing power measured by tba gold standard. U'r had no silver and It bad no Influence whatever on oar prlcea, or on our ability to pay debts. WHAT THE ACT OF ’73 DID. “The act of 1878. therefore, did not and could not tase away frrtm tb# peo; 1* of the ratted States any advantage they then po«- ■essed, but It did prevent the coinage of foil legal tender sliver dollar# thereaftar, aad the act of 1874 destroyed the ri#.Uf-paylug power of the obi standard dotTar coined before 1878, except In sums hot exceeding $3. If there bad been any such dollar* Inclrcnlatlon or In existence* bare th'n latter act would have abridged the ability of debtor* to 4!a- rbnrgf their obligation*, but ns there were none. It had i:o practical effect at that time. “Thus we r#mklned until 1878 We had tried to keep the h gn! tender coins of the two metals In circulation nt the same lime nnd?»r n system of five coinage, but bad ut terly 1*1 ed. In 1878 n new policy was adop. tei and It was determined to rsatore «h« standard silver dollar to the coinage .tnd to imitation u it h full bgn! tender qnnlltbs. not by opening the mint# to Its Dve and an- llirlted coinage on Individual a count, as Is BOW proposed,but by provHIn^ for the pur chase nnd collage of not more thni- $4,000,000 worth nor leas than $2,000,000 worth of aald bullion encii month by tlu government lta*lf. Under tils act and the so called Shennau act and the acf providing for the recolnage of the trade dollars, ther. have heen coined at the mints of tbeUnftec States and pnt Into circulation during seven teen year# $:i97.652,878 In full #««» tend* standard sliver, aa agaiust $8,0X0.000 coined during tfte whole previous existence of the government—a period of eignty-ntne years. USE OF aiLYER VAPTLY INCRKANKD. In other words there nave been coined and pat Into circulation among the people. In coin itself or In certinratca !*»u*d upon It. nearly fifty tiroes as ntaay full legal tender •liver dollars aa were produced at the mint, of the Unit*d Stntea from 1792 to It*78 and yet *otne gentlemen at* writing hook* and making epeeehea to convince tfcel* fr|- low «it|Zfii« that silver lad* nnoet’xedln tb« conwtry Tin r* wna never 1* . ur a ho’e his tory on--*Mr ! «■ tun h 1 gal tender silver |i u^eln tl.e United Sliites at onetimeas tbei* b now. and It 1* used w Ithont depth leg un o all our gold, wfcl-li w as nevri don* before. “Silver Is not demonet zed In this rcpntrjr. but Ita coinage hn* been so Imited and r#g nltttcd hr taw. au ! the finunclHl affairs «• the government hare b#en so ror.dncted tha’ •jp to th»» pce*ent time Ita purchaslux powe has been preaerved and Its circulation to r 'arga amount ha« been maintained concur rently with other forma of money, uot with stand ug It has been Coined at a ratio whirl does nor conform to the real value of th« metal contained In It. I reprat that silw. la aot demonetized, nnd the question pre* sen ted to u* by th* agitation now going ot not whether It ahalt be remonetised In th* utnre. hot whether the mint# of the Unite* states aball ♦»* thrown open to all the sllve In the world that any individual or corpora tion may desite to have mined, free ol charge, into legal tender dodar*—that Is le* xal tender la the Uit tied St atea only —at tlu ratio of 16 to 1. WHAT FREE OOINAOE klKANft. “In order to delcnsa thla subjeet Intelli gently we must understand distinctly what la proposed by onr opponents, and fortu nately there la do difficulty upon thla point. “Free and unlimited coinage offulllegai tender silver dollars at the ratio of 16 to 1 means that onr law shall be so changed that any owner of stiver bullion may send It to the mint# and have ft coined, at th* puh- l<* ex*•*»•*, Into dollar* each fontalnlog 412 ’•2 trains of standard silver, the dollar* Whea coined to be d*l|vrred to the owner o tu* bu lton and all the people of the Unite* State* to be rnmpelled by law to receir# tham as dollars In the payment of debts, al though not Intrinsically worth more than 5C cents ra<-h. The 25 ft-10 gralna of standard gold rontalued la a gold dollar la worth 106 rents, or the equivalent of 100 eeata, all over the world, la sliver standard roantrle* aa well aa In gold standard eanntrlca, aad >» Is worth Jaat a • much before It la cola*!* afterwards; but the 412 1-2 grains of ataad ard ellver contained In • stiver dollar la not worth aty where In the wot Id more than about 60 centa. Or, to pat tbs statement In a different form, 16 pounds of silver caanot be exchanged for on* pound of gold any where fa the world, bat It reqalra* aboat thirty-two pounds of silver to procure one pound of gold everywhere. “But some one may aay that thla la not a fair statement# because It measure# the val ue of silver by gold. The aoawer to thla ob jection la that lb# statement does not at tempt to meaanre Hie value of alther of the metals, but simply to compare them, one with th* other, and that for the purpose ol making the coreparfsou the value of gold Is determined by Its purchasing power In the markets of the world, and the valus of allver la drtermiotd In the same way. Sixteen pounds of silver bu'IJnn will purchase orh abont onc-half the quantity of roromodltle* anywhere that one pound of gold bullion will purchase, aad this purchasing power !• the true teat of their actual and relative values. HOW WK'VB UPHELD THE PARITY. “Ia the United States slxtaen pounds nt sil ver, coined Into dollars, will now purchase aa much as on* pound nf gold coin*, bnt thla woold not be the case under a system of free aad unlimited coinage on Individual account. The coiaage of allver dollars her* has been limited by law for thaparpoaaof preventing an excessive Issue, and they have heen coined by the government on Its own account and paid out for public purposes as dollars of full value, and consequently the government Is bound by every consideration of good faith, to eay nothing of the positive declaration* contained In th* statutes, to keep them aa good as gold, or, In other word*, to maintain the parltyoftbe two metals; and this It haa dona and will foa- tlnue to do aa long as tbs present system ex ists. But If the present system 1s to be abol ished. ao that private Individuals and cor- poratlonacan have their own bullion coined at the pahilc expanse and have the eotna de livered to them for tb*-lr private use, th' government would he under no obligation whatever, legal or equitable, to keep them as good as gold, and, in fart, It would be Impoielble for It do *o, beran*# The coinage woo d be uallo.lted and the volume of •llvet la circulation would heroine *o great In proportloa to the gold tba government ronld procure that the attempt would ne cessarily fat'. | “The moat ex t rem* ad vora tee of free coinage have not yet^ rfaturrd tnsuggeet that the government would be under any obligation to guarantee or maintain the value ot silver dol lar* coined without rbafgt for private par ties, and wlthoat autb guarantee ft 1* clear th* dollar would be worth no more then the commercial value of the buijiea cub tataed ia ft, jn.t as taa MehiNib onnar t« nbw. I admit that If the Edited Rtitescoald coin without charge to tha owners all ths aliv»r In the world available for coinage pur poses. 4)2 1#2 grains of standard allver, la buitioa, would be worth as much In this country as a »livsr dollar; bat tb* real qua*, t ton la, what would tba silver dollar it sail be wort 1 .? THE DOLLAR WOULD BR DEPRCCIATBD.- ** “That It win not be equal to our present unit and standard of value Is not only admit ted but opealv urged as one of tha chlsf ar gument* In favor of Its free coinage. Every, where the people are being told (feat under fr r * coinage It will require twp-e aa many dollar* to procare any given quantity of cnmmm'.IHes as are required now, and this meani.nf conra* that the money will beonly onr-bnif a« valuable a* it la now. “Those of us who oppoa* the free colsag* ofeilvci at the ratio of 16 to 1 are propos ing no rhacce In t bs nu asure or standard of vain* no* existing,nor are w# proposing to dlaront'nue the use of silver money. I have never been, and am not sow. unfriend ly to allver ia the sense of desiring to see It exrlsdsd from the monetary system of th* United states,or of nuy other country, but I know that it cannot ba kept In circulation along with gold by means of any ratio the law of any one country way attempt to ea- tabilsh between the two matals.aadthat tb* onlr way to serurs tk* us* of both at tbs same time ia to make one of them tha stand ard of value and so limit tha coinage of tba other that the government which iaanea them and receives them for pabllc dues may be able at all times to maintain their ex changeability, either directly or Indirectly through tb* operation of Ita fiscal system. favorh the existing standard. “I am, ther.fore, In favor of the preserva tion of th# rxiatlag standard of valus with sack us* of full legal tender silver coins, and paper convertible Into coin on demaad, as can be uiNlntalned wlthoat impairing or endangering tha credit of tbs governroeat or diminishing tha parchasiag or debt-paying power of the money in the hands of the peo ple. 1 hU Is what I mean by tbeterms'eound money,’ and, In my opinion. It is what la meant bj an overwhelming majority of th* opponents of free coinage at the ratio of 16 to 1. “This la neither gold monometallism nor silver monometallism but It mean* that one atandard or measure of value shall he maintained, and that nil ortns of standard c.lua in use snail b* kept **qnal to that standard In the purchase of coin mod It ies and In the payment of debts. Any policy which would discontinue the ns* of sliver a* money, by olrect legal enar!- unut or by under-valulng It relatively to ,;old it the coinage laws would certain') result In practical gold nionom*talil*ni. aud. on the other hand. It le equally clear that any policy which would d|»rontlnue the us* of gold na money, by legal enactment or by undervaluing that metal relatively to stlrer In the coinage laws, would result In prartl- cnl sliver monometallism. Free and unlim ited coinage at tb* rath) of 16 to 1 would at once establish allver monometallism, purs and simple, for. as already shown, the coins of tha ovsr-valned metal will ulti mately drive the coins of the other out of cirnilatlon and out of tha country even when the legal ratio varlra nut a small fraction from the commercial ratio, but the expulsion of tb# under-valued coin from dr- rutatlon would be Inst ants neons when its value Is really double the value of the other. OUR GOLD WOULD GO. “How long do you suppose the 9625,000,- 000 of gold In this country would remain nere and be used as money under such s policy? The banking and other great finan cial institutions,which own and hold la their rsserve# much tb* greater part of tbl* gold, would at once sell it at a large premium for silver—about two dollars for one—or they would exchai ge It for sliver bullion in the market nt the ratio of about thirty-two pounds of slivar lor each on# pound of gold, have the thirty-two pounds of silver coined into dollur* at the expense of the people,and a lib this cheap money pay the de mands of their depositors nnd other credi tors. Them ai>*>s of the people cannot do tills, for they have no gold nor bavs they any silver bullion to be ct lned at the ex pense of the government. “But it la said that although the maasea of the people have uo bullion, many of them are in debt, and thnt the free coinage of sli ver would Increase pHces and give them more money, thus enabling them to dis charge their obligation* mor- easily. The merit of thl* argument will be Judged by tacb Individual according to the view which he may take of th# nature of hla obligations to the people who have loaaeu money or sold property to him. THK ARGUMENT OF M6HOKESTY. “ita man who has borrowed a thousand Jollars In gold, or Its equivalent, aad haa promised to pay It, or baa purchased a thou sand dullara* worth of another man’s proper ty and promised to pay for It In th* stand ard money recognised by law at the datsol hla contract, belleTes that It would b* Just and honest to discharge his obligations In a new atandard worth only half aa much aa the money be borrowed or the property he purchased, bs would appreciate and Indorse this argument and It would be saeless to dis cuss th* question with him. But If, aa I have already endeavored to show, tbs Immediate effect of the adoption of a free coinage policy at th* ratio of 16 to 1 would be to contract the currency to the extent of •bout 9625,000,000 by the withdrawal of that amount of gold from circulation and from ua# as the basis of sots* and Other forms of credit, prices would aot srsn nominally ad vance. WOULD REDUCE PRICER. “On tbs contrary, for the time being nt leaet, tble contraction would greatly redoes prices, because It woold alarm the country, destroy credit sad undoubtedly produce the moat serious flasuelal disturbance this country has svsr witnessed. Kvery depos itor Is the savings and other banka, fearing that he would ultimately he paid la depreciated silver, would Immediately demand the return of his money, and this would compel ihe basks to eaU at one# for the payment of all the notes and other secu rities they had discounted for thsir custo mers. sad the contraction of the currency would raua* an increaaeo demand for curren cy at the very lime when it could not be ob tained, end thus the difficulty of the situa tion would be Increaned by both causes. The banka would be compelled to either suspend payments them salves or drive their custo mers who are generally business men—the men who give employment to labor la every community—into bankruptcy at once. “Vho would profit by tbla condition of affairs? Nobody except the holders of gold and the own*ra of silver mlnst, the holders of silver bullion and the brokers and specula tors In the stork of silver mining companies. TBR DEBTOR* WOULD fUFFER. “The peple who owe debts and are usable to pay them woold he the ones to sifter most, while the people who owe no debts and have money on baud would he the ones to profit moat, Kvery man Is debt woold be called upon to pay It promptly when duet there would be so more extensions of old debts, nor auy new erudite gives, bees sea so man could foretell what th* mousy woold be worth at aay time lu the furore. “In this crash the laborer would be throws out of employment by the failure or suspension of hie employer, the farmer woold receive lees rea! money for hla pro duct, the property would b* told at low rates under Jndfcla! proceedings all over the country, credit would be destroyed and all Industrial and coiruerdsl enterprises would stand atlll. awaiting the result of the new experiment with the monetary system. Of course,# great country Ilk# tbl#.rich In natural resource*, would ultimately recover la some racassr* irotn even each a disaster, hut how long a time would ho required to do so uo man can predict. “AU the mints of the United Slates, If de voted entirely to the coluag# ot allver dol lars, could produce only ahoet forty million dollars per annum, and, therefore, with tree coinage It would requite more than fifteen years to pul sliver dollars tu the plaee et the gold we now have aud give hack to tie country the earns amosat ot mstall!* mosey bow existing. But, Iv tho meaetlme. we would have a depreciated standard of valas with nominally blgser pries*—after tho first collapse waa over—on aceoaat of the reduced purchasing power of the dpnar, aad at the tame time we woald have for a long time fewer dollard to pay with. RFFBCT ON DOMESTIC TRADE. I "KbI HfivUuc )• ma<i#,tk<! u«t the bbtthiaB hffalra fifth# country have b**fi finally adjusted to tin new ctandard. what will »•* the effect on onr dura**He trail*? The prices of all things will b# nominally In- rrerae.l-ft at le toesy.lt w|U require a great er number of dollars to purchase a given amonet of any eomruo«1lty than it required before. “The*# appeera »o h# a slnaular rtf Jueton In the ot aotn* upon tli* *i b- J#e». Many good people appear to think ihat.ln some inyattilou* manner, which ao one ha* yet attempted inexplaln.the govern ment, by legislating or otherwise, ran Increase the pilcea of thing* tkey have to **11 wlthoat increasing the prices of tb* thing* they have to boy. If there le asy financial necromancy by which thl* one>«lded increase of prlcea can b# accomplished, our free coinage fried* noght to eeplslo It to th* people. “Th* plain, everyday, common *enae view of tl 14subject la tbsoaly • orrect one. If prlcea • re tn'-reaoed solely os account of as Is- rr#a»e in the volume of H-dilAtlon, or on sc* cooat of a depreciation of the csrrvnc.v.with out any < hnngM is the relation between the Mupply and deursnd of tb* conimodltlea to be exchanged, the Incres** in prices will necee- Marily affect all things alike. HOW ’TWOULD AFFECT TBE FARMER. “if. theicfure, the fanner or planter re ceives a greater number of dollars fot bl« flop of cotton or wheat, be will be com pelled to pay s rorrespondir g|y greater ni.rahet of dollars for hi* agricultural imple ments, for h!a grocetiea, for hi* riot king, asd, In short, for every thing he purrhaio-#. Consequently, hla point, If ne bs- any, will besy shout the same rslatlon to hi* ex penditure* that It bear# now—that la to ■sy, 11 he now makes s profit of 10 per cent, ho will insks s profit of uo mors than 10 par cent. then. Now, It I* out of the clesi profit# sf hi# business thst h# must pay hla debts, sod it therefore remains to be seen bow much benefit be would ultimately de rive from s aotniual lurreas* In the prices of roiumodltlce. He cannot control the pilcea of the com modi ties produced by him to the earoe extent thst other producers css con trol the prices of theirs, and it may be that tbe prices of the things he Is compelled to boy will be Increased la much greater pro portion than th* pilcea of th* thing' he has to sell, and If so, he will be a loser Instead of a gainer by ths change. “It U rnatesMed, however, (hat prlcea of romniodl:!** bavs fallen elnce 1878, and that thl* reduction of pricf« has niadolt more difficult to pay debts now than It wss then. It Is true that the pile*# of eome things hate fallen, but It Is equally true that the prices of some thing* have In- • ivaaed. It la not true, however, that our Mt ople owe any debts contracted as far back n 1878. It may be that some nt our «ieut corporations which Insued Honda be fore that date etlll owe them, but they have all been refunded at a low rate of interest, ao that onr free coinage frlende need not be disturbed on their account. A BASIC FREE COINAGE ERROR. “The fundamental proposition of the ad vocate* of free coinage le thst ail values ar# measured and all prices sr* fixed and reg ulated by tbs amount of redemption money Ia the country, and that ths amount of paper currency, or credit money, as It Is sometimes called, such a* bank rote#, got- eminent note*, and other circulating media, exert no Inflnenee on tb* valuta or prices of commodities. “Hiving dogmstlcallr assarted tbla prin ciple, thsy proceed without further argu ment to tb* conclu*lon that the legal demon etisation of ailver In 1878 and tb# legal **- tabllahment of the gold standard of valus at that tin.# ars the rauaee of the alleged de- rllae Is th* prices of commodities In thla country, and then, upon the theory that high prices for the nereseorlea of Ills would be a bleeelng to the people, they appeal to th* consumers of agrlcnltoral and manufac tured products to uult* with them In the effort tu accare the free and unlimited coin- ags of the *ilver that the owners of bullion may **• proper to present nt th* mlntM. Even if we should admit the truth of their firet proposition, their conclusion that the demonetisation of allver reduced price# !r founded upon th* assumption of c fact which cannot be eatabfished. They have whollv failed to allege, much !•** to prove, tbai •il*4r actuelly constituted any part of the redemption money In u*e or In existence Ip this country before or at the time of that legislation. If it did not, then It la clear that Its legal demonetisation did not and could not la fact rsducs the amount of aoch money in this country, and therefor* can not have reduced prices. NO SILVER CIRCULATION IN ’TS. *lt la wall known personally to every gen tleman In this audience who was old enough to keow what waa transpiring Is 1S78 that there waa not • dollar of silver in rlrcutatloo st that date. Th* assumption upon which the argument Is based Is diametrically op posed to the historical and official fact. The only metallic or redemption money In use here at that tlm* wa* gold, which amounted to only fl 8ft,000,000, lueludlng what the government wna nelng, whereas we now have about $625,000,OOO^n gold and 9897. 652,878 In fall legal tender silver, heeldc* shout 977,000,000 in enbaldlary ellrer roln. If, therefore, prices baV* fallen elace 1878, the decline haa taken place In spite of the fact that onr full legal tender metallic mooey ha* heen Increased until It now amount* to more than seven times as much silt did at that date, aud consequently *4hs alleged de cline In prlcea must be attributed to some other raua* than the demonetisation ol silver. These facts prove not only that the demonetisation of silver did not redoce the amount of redemption rnohey In this coun try, but they prove also that the fanda- mental proposition of tho advocates of free coinage I# erroneous and that prices are not fixed or regolated by th* amount ot redemp- tloe mosey alone, for. If so, prices should bavs Increased alnce 1878. ON A FLIMSY FOUNDATION. “Substantially ths whols argument for free coinage, SO far au It Is addressed to the honest people of the country,Is based on this flimsy foundation, upon an erroneous princi ple and npon a false asvumptlor of facte. That the amount of money In circulation or available for circulation has more or less Influence upon the prl.-e* of commodities Is not disputed by anybody, but It le not the amount of metallic or redemption money alone that exert# tble influence. If all other conolttona remain th* same. If the letatlon between supply and demand are unchanged. If the cost of production, tran«port«t1on and financial exchanges ur* stable sn increase or decrease of thd currency in circulation, or aval able for circulation, will.io a certain ex tent, Increase or decrease prices, #s the caae may b*:but br tbs term* ’money and curren cy’ In this connection, I mean every element thst enters Into and la utilised In tb* com plicated prove**** of buying and sailing In the market* for products and In the mer cantile exchange*, whether It be gold, silver, bnnk notes. United States notes, bills or other forma of credit, written or unwritten. Credit or confidence Is an element of far greater Importance infixing nr upholding prices than the mere amount of actual money tn ■•#, or available for na*; and. In fart, about 96 per cent of the entire burineee of the country I* transacted wit boot the act ual use of metalHc money, or Its paper repre sentatives; and. ■■ to metallic money Itself, whether In gold or ellver, It la not need to the extent of more than 1 per cent In onr bna nesb transactlona. WHAT EE ALLY FIXE* PRICE*. “Is view of tbesefarts, which sr* au well es tablished ae any other facts relating to our commerriaf and financial operations, how absurd It la to contend that prices ar* fixed by th* amount of that particular kind of cur rency which does not constitute more than one-handredth port of the whole, lathe broadest and moot comprehensive sense, the business rapacity and personal Integrity of each fr.dividual enottltats a part of the effective currency of the community In which he lives, because then* eharaeterlMtice enable him lo become a purchaser of the commodi ties ft has to sell, although at the time be may hav# neither money nor property. Credit 1* a purcbaelHg l ower, and the man who poa«*e#«e# It compete" In the market with the men who poesese actual money,and contributes us much ns they to the mainten ance of prices. Tn assert That prices are fixed by the amount of redemption money alone le equivalent to the assertion that If ull the silver dollars, subsidiary silver roln. •liver certificates. Unhed Stales note#, treas ure notes, national bank notes end every other form of credit were destroyed, leaving nothing bat the gold, price# would remain the name aa the? bow are—a prontwIttoB to . iMWDdJhtM*.,,«.,4,. mmmAB 6h If# Me# lust 1 pfseumc tid msfi with fid/ h-g.ii J for h c reputation mould ventQre to make It except In a dla- gul«ed form. * WOULD HURT LABOR MOST. “The grea* irrjorily of our people render aervtc** for wnue» In one form or another and they sre cotu| *l!ed to purena** In the market* everything they ear, drink or wear, and lu most cnseM they nrecotupclied to pay rent for ths u>" of u home for tbcmselies snd their fatulle*. Like the firtncrs, they have no silver bullion to entry to the mlute to be coined nt the pnM c expense; they have Nothing t« UlepoMf of but th' it labor nnd their ekdl, and s* n general rule all, or auh- • tanflslly nil, the wng.-* they receive mu*c be used In necnrlng roiiiinodhi'** for the per- moiinI u#** of I hem-rives and tho-e dependent upon them. They mnuor c»»t, drink or tvesr tbc money paid to tnem f'»r Jbcir tabor, and • t Im viilusld# to them only htenuffw they rnn ext lisnge It for the n/ceesltles and comfort# of life; aud t*»#r« never ws* n Jime in the hi-- tnry of the world, when the working nisn’s dollar would buy nh much of the necessaries nnd comforts of life ns It wl l buy now, and there never wa# a time lu the I I tor? of the world when the working msn received more good dollars for the fame amount of labor than b- receives now lu till* country. Any policy which reduces the value ..f this dollar on the day It Im i-Mrncd tu on The day It Is ex* oended, by tlltnlul ihltig Its purclissiug power n the nimkets, bn* pieclftel.v the Mane effect «pon the holder ns if the ntnoiiut paid for bis 'abor were reduced. II, tlieiefore, trie fsvorlte argument of the ndvorattu* of free colu* age—thnt the free o.l:iHge of silver st the ra tio of 16 to 1 would double the ptlcta ofsll prod nets—Is correct, the wsges of the Inbor- ng man would pur<base under that system »nly oik - half what they now purchase. WAGES WOULD NOT DOUBLE. “Thl* would undoubtedly be the cuae un less wages should s so be doubled, which, ac cording to the uniform experience of tb* pant, Is a most Imj robnid# thing. For more than a quarter of s century the working peo ple of the Uulted Stste* have struggled earn estly snd persistently, tbiougli the tabor or ganisations snd oth-rwlse, to Increase their wages to a point which would cnsbls them to live decently snd comfort My by expend ing tnelr earnings for commodities at their piesent prices, and how long do you think they would have to stiuggle In the future to raise tbclr wages to a point which would -uable them to pnrrbnM* the same articles when their price# have been doubled? No man in thl# audience w ill live to see such a result atcotnplhdied, aud rhe laboring man who support* the free colutige of depreciated silver dollsra must be content to live and support his fan Hy upon what depreciated silver dollars wM buy. My position upon thl# nubject Is thnt when the laborer receives a dollar on account cf nlM wage* he has n ’Ight to b* naeuied thnt it will purchase ns much tn the market a* any other man’s dol- ar, or If he deslrie to lay It up for use In a time o' need he hat n tight to bo assured that It will be worth ss much when he want* to Npend it as it was worth on the day he enriied It. NO MORE ACTUAL MONEY. “But, gentlemen, tha free and unlimited coinage of sliver w ould not secure for the use of the people ut any time any addition to their *tock of actual money, but would llmplv give them less valuable money than they have now. To call a 10-cent pieces foliar and declare It to be the ntandard ol ralu# would add nothing whatever to Its purrhsolng powrs; It would still require ten •f them to purchase what a rest dollar would purchase now, aud prlcea of enrnmo- Jitlee expressed lu dollar# would appear to Save been Increased ten-fold, when, In fact, nothing would hare happened except the de- bseement of the dollar. An actual IncreaM In price* resulting from an Increase In tbs volume of sound money In circulation la quits a different thing from a nominal increase ol price* resulting from the u*e of a depreciated currency, and no argument upon the subject of prices can he sound that does not recog nise the distinction between them. Ths proposition of our free coinage friends Is t« double prices nominally, but at tbs earns time to have them paid In money Intrinel* cully worth only one-half as much as It was Itefors the prices were doubled, and I confess my Inability to see how this wonld help any- oody. HIS OWN RECORD ON SILVER. “You have heen detained too long al ready, but In view of tb* determination ex hibited In some quarters to criticise my per- Monal record upon ibis question rather than answer my argument*. 1 think my old friends her* st my own home hav* a right to expset at least a brief reference to that subject. It la proper, tn the first place, to •ay that my opposition to free coinage Hi not dictated by any prejudice against the use of sliver aa tbs standard of valus merely because It Is silver, nor by any preference for the u«s of gold as th* standard money merely because It U gold, for. If theeondftloM now existing were rererod. if sllvsr was onr standard of value and gold waa depre dated In value aa silver now le.l would be at much opposed too change from silver to gold as I am now to a change from gold to silver. “The preservation of the existing moa» tary unit and measure of value upon which the contracts of the people and th* wages of labor have been adjnated Is tb* vital thing involved In this controversy, for If the standard Is preserved everybody Is willing to use and will usetverc available form of currency thnt can be kept equal to It tu value. As long as there appeared to be reaaonablo ground for the bop* that silver could bs rained to a parity of value with gqjd at ths ratio of 16 to 1 by the separate action of the United fltaten, I was wll ing to mahe th* experlipent, but 1 waa never willing to make It by leglslutlon providing for the free and unlimited coinage of silver at that or any other ratio. “The only speech I ever made In eoagesoe on this subject was delivered la tha bouse Of representallves more than seventeen yeara ago, st a time when the valae of the bullloa contained In a silver dollar was only about 7 cent# lees than the value of the bnlllou eon- mined In a gold dollar, and I, together with many other opponents of free coinage, be- levlng that a lestorstlon of silver to oar mints would bring It to a parity with gold, supported a measure providing for the lim ited coinage of silver dollars nn government account, not on account of privat" Individ ual* and corporations, a# la now proposed. COULDN’T HOLD UP SILVER. “FI fteen years' experience, however, de monstrated thnt those of ns who believed la 1678 that a larger u*s of silver by the 0ul* ted State# would enhance Its price or VSlUU were mistaken. Instead of Inereaalng tha prlee of silver, It contlaoed to fall with rrerter rapidity than before, notwithstand ing mI' the effort# mad* by our goverament to uphold It, until now the bullion contained in a silver dollur !• worth only about half aa much ns the bullion contained Is a gold dot- (sr. The rondlf Ions have entirely ebunged since 1878, snd Ido not understand that ev-n onr free coinage friends In Kentucky or rlMcwhere now contend that any leglalatlon iiy thl# country nions conld place silver on n parity with gold at ths ratio of Id to I. On the contrary, ther Insist that the fr#* sad unlimited coinage of silver at that ratla woald give the people cheap money, aud 1 agree with them thnt It would have that ♦•fleet, but It wonld not ha cheap mossy If It weie equal In valne to gold. “Tb* speech msd# by me oa lb# oeeastaa refeired to bait t»u*n garbled and twisted and perverted I o and out of congress daring tba past two year' with a trallclons Ingenuity which haa »enre#ly ever bceo equaled Is ths discussion of a public question, and yet uo one has aver ventured to make ths direct as sertion that It contulned n slagla word to fsvor of the free coinage of sllvsr. It Wai, la fact, mads in opposition to Ires coin ags aud In •upport of l he s#»at# aabstltuts for a free colisge bill, ss can be seen by say oa# who will take the trouble to read ft Certs tn sen- tence* In which 1 denounced to straBg lan guage the attempt to 'destroy* sfhsr a* a money metal, have been separated from their context awl quoted again nad sgafa Hi con gress, on the stump, and la newspapers hy msn who never read the speech and who Appear wholly tacspsbh* of sudsrstwading the difference between tha fotai disuses! that metal *• momy «*d Ita and i It*«! rolaage at the publi- *xp«M far t •fit of privat* Indlridna B • d « “I have a copy of the sp. acb hers, hat %r sot detain you by reading extracts from to show wbnt my position was, • ay gen Hem a* who desires fa do ao eea fl U to lull to tbs appendix to tho Coagi _ «—*•»«« MW sfonal Record tor the second 1