The Algona Republican from Algona, Iowa on October 31, 1894 · Page 5
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The Algona Republican from Algona, Iowa · Page 5

Algona, Iowa
Issue Date:
Wednesday, October 31, 1894
Page 5
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Page 5 article text (OCR)

*• 1 '**•*'< >* -'/'' y " _ . !( ;f; SHERMAN ON FREE COINAGE. A Di^paasioriaie. Treatment'..of :i .th^ Silver Question by the-Greatest' Financier in 'Ariieirican'Public Life—Some' Faete Principles Ciaarty Set Forth, A*.*.*4Yi* ,/.A*J|.. i Son. John SiieMMiv the great Ohio itftUJsmen, spokfc hi £kfofi, Ohio, Friday «te;nttnt fie discussed IBs Wilsott bill, the' Gorinafi Mee tariff ahd diaclbsed ittAfiy eecfets pertaining to .the-legislation of the last ebfigress. He then gate afull and able discuesioti of the silver question ai follows i Abbther gteat question iavblved In this election is the coinage of Silver, the lucent democratic convention of Ohio adopted this resolution: "We dissent from the president's vietfs, construction and treatment of the silver question, and, therefore, believe that silver should be restored to the position it occupied a* motiejr prior to its demonetization by the republican party, and to that end we favor the utilimited free coinage of silver at the legal ratio of 16 to 1, and with equal legal tender power," This resolution is in direct opposition to <he national democratic platform of 1892, atid the known views of President Cleveland. The attempt to carry this .resolution into effect would rive the ddnv ocratic party from turret to foundation stone. The policy it proposes would re- duce the purchasing power of the dollar more than one half. The wages of labor would be practically reduced, for the depreciated dollar would buy only what •fifty cents will nbw.; The 'only remedy of the laborer 'would be higher wages, tout evefy laboring man knows how" difficult it is to secure an advance. I have sometimes thought that this declaration JB but the demagogism of the hour—the natural result of the meeting of Senator Brice and Tom Johnson in the same convention. But the consequences of frae coinage under present conditions are so grave, so -wide-reaching upon all business, labor and production, that I think it best for me to state carefully and accurately my views of the free coinage of silver. What is meant by free coinage? It is by law to confer upon any holder of silver bullion the right to deposit it in the treasury or mints of the United States and to demand and icceive for it f 1, for 371^ grains of- pure silver, or 412J4 grains of standard silver jrine tenths fine, - or, in case-the silver is not coined, the - holder may demand a note of the United 'States for f 1, and both the coin and the paper are money and a legal tender for all debts, public and private. Bemem- ber that 871 J£ grains of silver are worth in the markets of the world about 49c. Silver may vary in price from day to day but the tendency is for it to decline. Assuming it to be worth fifty cents in our . lawful money; the hglder of the bullion may demand and get'$l for 871^ grains, and that f 1 is legal tender. ' As'the result of this, either one'of two things will happen. Either all the silver in sight will advance in value to gold at the ratio of 26 to 1, or the purchasing power of the dollar will be reduced to ^SOc of our money;"and tho gold dollar ' will be^woith two silver dollars. Which - of ),hese is'likely to'happen?"' . ; The experience'tof-every nation in the •world proves tbu tbe cheaper money •will fi]J|the cfiannels of circulation, and "the money of .higher value willjje bp.ard «!d or exported, This a rule as -uniVersal' "as tbe movement of,the earth'around the . sun or the flow of tbe tides of the ocean, 3Ho one will pay gold when silver worth, one-half i» commercial value can be paid instead,, Th,eaisPwn£ of silver in sight in the world is, stated to he 3,000^ , 000,00.0 OMBQ'es, eao£ ou^nce containing 480 grains, Th,e, annual prQduo$on v of silver in the world' is "about wi^W.C^ townees, the r commercial v,a,lue, of 7 which' - - ' $185,000,000,' -but ""' -'--••'*-Rt the present ratio is, now just to their workmen the cOst of mining will be increased. 1 do not tee how in the end the silver miner will be benefited, tf the object of this change is to in* crease the Volume 6f money* Why should not the governtoefit buy the silver bullion at its market price and issue its money, coin or paper, to the amount of the cost of the silver? This would give us more money and we Would have in. the treasury enough silver at gold prices to redeem our money, .; This Would be honest and right. We tried this experiment in 1890. We pass ed a law requiring the secretaiy of the treasury to buy the enormous amount of 4,600,000 ounces of silver a month at market price, and to issue in exchange for it Uni ted States treasury netes. I voted for this law and it was called the "Sherman law." I voted for .it with much doubt, upon the confident assertion that thU large purchase ( of silver bullion would prevent its declining in value. But, in spite of our purchases, the price of silver Went down, down, down, from 105c to 65c, and the loss fell upon the government. The experiment baring failed, Congress repealed the act of 1890, and I voted for that repeal. RESULT OF TRBB COINAGE. What would be the inevitable result of free coinage of silver now, when the sil ver in a dollar is worth only 50c? Does ttbl ItricleU ffoifi the OHMgffr'f et it' wla pf AfctiCAlty (teftonetteed find Ittfiferleded. 1ft 18% .whett the C5inag« 4ctS wefe te vised, after full cdnsidflrttfoH dating loiif sesliottS tfwigattb &* silver dol- iat was omitted ffbm th6 cdlni provided for. It was thett Worth ffidrfi thhft a dot- lafdfgdld, f he bill was debated and considered M fully as any measure Could % Snail was passed iB both houses tlthO'Ut divisiOfi. in 1878, after the decline of silver had commenced* congress authorised the purchase of bOl to ex ceed $4,000,000 and not less than $2,000,000 wotth of silver a fnohth, afid under this act more silver dollars were issued every year thereafter than the entire aggregate of silver dollars during the whole period from the beginning oflthe government id that time. If it was demonetized ift 1878 it was Certainly remonetized* in 1878, As silver was declining in value and Was worth less in gold tbatt the ratio fixed by law, the amount of silver to be purchased was properly limited. OVaUfBOOtTOTlOU OF BtJttilON. It is sometimes said that th£ demone- tisation of silver caused the decline of silver bullion. This is not true? Silver bullion declined because the production of silver enormously increased, not only in this but itt other countries. 1 have a table before me which Shows that prior to 1846 there was no silver produced in the United States. From 1845 to 1860 the amount Was about $50,000 a year. In 1861 the amount produced was $2,000,000, This increased - year by year until the amount of silver produced in the United States reached in 1893 the sum of $82,101,000. It is this enormous, production that has caused the fall in the market 'Value of silver, precisely the same' causes that have reduced the value of iron, copper and nickle. It is this large increase in the quantity of silver produced and this fall in the value of silver that lias led to the suspension of silver coinage among all the nations of Europe. Any attempt by the United States alone to maintain its The Republican and State Register,. The Republican and Inter Ocean,_ The Republican and N. Y. Tribune,. FREE SAMPLE COPIES.- any man need to be told that it will be worth only what it cost? By carfully limiting the amount of silver coins and coining only on government account we ' can maintain silver coins at par with gold coins, just as we keep jmper moneyjjy a promise to receive it as money and redeem it in gold if demanded. That is what we did with nearly $400,000,000 of paper money in 1879. We accumulated a fund of gold; we promised to pay the notes in coin. The notes had been depreciated during and after the war. We lifted them up by resumption in January, 1879, and from that day t» this they have been of equal value with gold coin in any market of the world. In this way we have thus * far main- ( tained our silver coins at par with gold. We receive them as money, we hold them in vast sums in the treasury, and, forHhe convenience of our people, we issue certificates for them. But how is this dome? By carefully limiting the amounts of notes issued, and holding large reserves in both gold and silver,, and redeeming our notes when presented. We have pledged the faith of the United States that all forms of money shall be kept equal to each other. Thus far we have been able to maintain that pledge. Is it not a matter of pride of every American that our courage was demonstrated in war, that our generosity and'moderation were displayed in peace, that our financial honor is untarnished and our credit is equal'to that of any nation in. the world? ; f The free coinage of silver will break down all this. The gov- ernnient will lose ( aU control over, the 'amount of 'money >to be .issued, , This will depend upon the greed of bankers and bullion dealers; There- will be no' limit up'on-it except tbe vast quantity of silver in the world, All this will seek our market as long'as our'silver dollar is worth more than the bullion in it. The result is inevitable) as certain as the law of gravitation. The purchasing power of the silver dollar dollar with "coinage free will be the market value of the' sil- Vep bullion, No gold will betaken to the mint or, be p^id into the treasury^ ' All we have will be withdrawn and th> " States will s,|jnnd,wJth China.• Ja- vast production folly and mad- strife. They demand your serious thought, I believe the republican party is better able to deal with them wisely than the democratic party. That party is hopelessly divided. Its free silver plank in Ohio is but an indication of willingness to sacrifice the business interests of the country for a transcient party cry. The republican party that conducted our country through the war of the rebellion, that has maintained the honor and credit of our country for more than thirty years, can safely be trusted to solve ihese financial problems. The past is the best security for the future. In this sterling republican district, in this thriving city of Akron, I seel justified in discussing financial questions and in appealing to your citizens, without distinctions of party or creed, to stand firmly for American industries and good money and plenty of it. '; •'•"•• ;;';;''" We are Offering a Job Lot of Book Cases AND' pan, India,'Mexico and, Spmh America as jiilver. states a»d be' detached from' the nations; pi' -Europe value in view of this would bo the height of ness. . t I am a thorough believer in oimetal- lism. I.believe that both gold and silver are necessary metals for coinage into money to measure the value of, all other productions of human industry. But there must be some fixed ratio of value between the two metals. They must be standards of value not only, for other productions but for each other. Every nation that uses gold as its standard also uses silver for minor coins and regulates the value and number of these coins. Great Britain was the first -nation jto adopt the gold standard, but it also fixed the contents, form and value oMts silver coins and received and redeemed them the same as gold, but for a limited, amount in one payment. The La'tin nations, headed by France, agreed upon a system of coinage of both gold and silver for circulation, but when the market value of silver, in consequence of increased production, fell below the Latin ratio of 15^ to one, all these nations BUS- •pended the coinage of silver and the purchase of silver bullion. They had enough, but they maintain their silver coin at par with gold, precisely as ' the United States and Great Britian do,' Germany, Russia, Austria Hungary, and I may say all of the nations of Europe, have adopted the same policy. They.use both geld and silver as we do. None of them propose or would consent to ;the fre'e coinage of silver. None of them would consent to the exclusion of gold, the" sure and inevitable result of the 'free coinage of silver, , I ;What, r then/ you may ask, would I ,do about it? I answer that I would continue to d.o what we have done in the past. I would maintain the purchasing powe'r of all our silver coins at par with gold, I would keep all the .silver bullion in*,the treasury, purchased with treasury notes as a, fund for their redemption and 'supplement that fund if need be, with 'tbe gold reserve; every, dollar of our money whether goW or silver, whether green? backs, silver certificates or treasury npte's,, 4t par with each otbev, If the new tar,i$ and tax law will, as our democratic 'friend^ claipi, fujpisb, revenue to support the, government, .th^ere.wilj be no diftcul- ty in presewngjh^ parity of out money, We ftr£ ' GEO. W. HUNTER, lery, Good Big for Commercial and Business men . f urjiished .on short notice. Standard Bred Trote and' Pacers FOR SALE OR TRADE. Tliorineton street, South of Hotel Tennant. W.L. DOUGLAS IS THE BEST. $5. CORDOVAN, FRENCH&ENAMELLEDCALF: $ 3.5_o POLICE.3 SOLES. $&%£ fJli?W '4*7%fVjfe$feA(' % gilver-jfglil»||Q.B;5?iJl itf^wAQW t$,lW $ t SEND FOR CATALOGUE '•f DOUGLAS, BROCKTON, MASS. You can save money by purchasine W. X>. Douglas Shoes, ... . Because, we are the largest manufacturers ot advertised shoes in the world, and guarantee the value by stamping the name and price on the bottom, whicfi protects you against high prices and the middleman's profits. Our shoes equal custom work in style, easy fitting and wearing qualities. We have them sold everywhere ft lower prices for the value given than any othermake. Take no substitute. If your dealer cannot supply you, we can. Sold by BROWNELL & ALLRED, Algona, Desks We are also prepared to give bargains in SIDE BOARDS, CHAMBER SUITS and PARLOR GOODS. Call and loodk our Stock over when in need of FURNITURE. V^l A. D. McGregor! Ambrose A. Call, President. D. H. Hatching,Vice-Pres. Wm. K. Ferguson, Cashier. C. D. SraWi 1 "' Ass't. Oa NOTICB TO BUILDERS, Notice is hereby given that sealed bids will be received bj' the undersigned until 11 o'clock a. m,. Saturday, Nov. 10,1804, for the erection of two school houses,' one in sub- district No. 4 and one in sub-district No, 2, in Union township. Specifications can be seen at tbe Auditor's office in Algona, The Board reserves the rightto i^eeta*gjbld. 4-5 Seo'y School Board. to 4p this than W9$<Jt T,o recede the tbis At ,. , 0f,\rQ.ftp- i9i|*»a8aYer^e^;rscoki^;49'Jh f i; ^*A*Mi»*»*a« +*f vmkvtnTT ot ttiaJniwalafiira'Tnai*^* Hi MICE TO VOTBRS. At the regular- Sept. 1894 session of the Board of Supervisors it was decided to submit the fpUo\ying questions to a vote of the people at the next general election to be held on the 6th day of Nov. 18Q1. . "Shall the number of members of the board of Supervisors be increased to .seven (7)y i "Shall tho county be divided Into Supervisor districts?" ^ - , n „ J 8uaU the sum of seven thousand dollars (7.0UO) fee raised by a special tax to build a jail |p and fovsafd county?" That a tax of one and one half m^Js o» the dollar shall be - • - on the taxable property of said """" for said coiinty. for 1895 for said purpose, AH Jegal yoters of gala county who shall THE FIRST NATIONAL BANK. ALGONA, IOWA. CAPITAL., $5O,pbo|^ money 011 hand to loan at reasonable rates to parties who furnish flrst-class seeufitj Directors—D.H. Hutching, S.A.Ferguson, Philip Dorweller, W. .F. ~ ' " Ambrose A. Call, 11. H. Spencer, Win. K. Ferguson. CASH CAPITAL—$50.000.00. OFFICERS AND DIRECTORS, A. D. Olafjke, Pres., 0.0, Chubb, Vice Pres., Thos. H, Lantry. .Cashier,• Ueo L G^lbmiil), W, 0. Tyrrell, Myron Sclienck, Thos. P. Oooke. Algona, Iowa. GENERAL BANKII ' '''' ' a Private Safety Deposit "Vaults ( V Interest Paid for Time Deposits. W, H. lugham, J. B. Jones* Lewis JI, Smltlp President. Vice President. f • ^asl Kossuth County State Ban, Inoorpomtea unaer genarat laws ot Towa. Deposit? reuetve4, money loaned', aoraestio exchange bougUt and sold. ,OQlle(jtio»s made prompt y and a general pa Sess transacted. Passage tickets to or from the old countries sold at lpw«rt rates.- Directors-W. H, Ipgham, John <J» ^nittp, J, B, Jones,T. OljrispUUJe&, W, ABSTRACTS OF TIT1 uperyisors 1 il t t»x.' stripts," ^*n.d*silTiegal'voters who shall po o; wyftpejft or printed tneroon -'" perybore." strlsts," the ur landi'ltyHU pay you to h - tra,ct d,epend8 Wtfoly. TOTO bllity of tfe firm cerfUying to the same, as they are held, responsible tor tventy=*ve years of ejfpenenoe in tbi| kind of Inwlness and,g^mBtee .. ' ' If you need an straetor dp " Title to your l pf ft(i>&s have a

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