Emerson on Sound Money: A Speech, 1896 — John Shaqi
Emerson on Sound Money: A Speech, 1896Emerson, Willis George
History
Emerson on Sound Money: A Speech, 1896
Emerson, Willis George
Currency question -- United States; Silver question
IF THERE WAS A CRIME COMMITTED, SENATORS JONES AND STEWART OF NEVADA, THE
PRESENT HIGH PRIESTS IN THE SILVER MOVEMENT WERE THE CHIEF CONSPIRATORS,
FOR THEN, AS NOW, THEY WERE AMONG THE LARGEST SILVER MINE OWNERS IN THE
UNITED STATES, AND THEY VOTED FOR THE BILL.
Prior to 1873 we had coined in this country, all told, about 8,000000 of
silver dollars, since 1873 we have coined up to January 1st, 1896, $547
914,340 of silver, about $426,000,000 of which are standard dollars.
Since January 1st, 1896, we have coined over $13,000,000 of standard
dollars. During last August we coined 2,650,000 of silver dollars,
and the profit to the government--the people--was between $800,000 and
$900,000.
WEBSTER SAYS: "DEMONETIZATION IS TO DEPRIVE OF VALUE, OR TO WITHDRAW
FROM USE AS CURRENCY."
Does it look very much as though we had withdrawn silver from use as
currency? In what way have we deprived silver of value? It is a full
legal tender for all debts, public and private, and without limit as
to amount, and has been for the last eighteen years. These, fellow
citizens, are facts which you will not find within the covers of "Coin"
Harvey's books, it looks as though we had added value to it, since
the silver dollar circulates side by side with the gold dollar,
notwithstanding its bullion value is 48 cents less than its nominal or
face value.
CONSISTENT FRIEND OF SILVER.
THE REPUBLICAN PARTY HAS EVER BEEN THE CONSISTENT FRIEND OF SILVER
AND TO-DAY IS IRREVOCABLY COMMITTED TO THE DOCTRINE OF INTERNATIONAL
BIMETALLISM, BUT IS UNALTERABLY OPPOSED TO SILVER MONOMETALLISM.
For one, I am not willing to see all the gold in this country driven out
of circulation and the purchasing power of silver reduced to its bullion
value. In other words, I am not ready to see the per capita of money in
this country reduced fully one-half and our nation doing business on a
Mexicanized silver basis. Wages are the last schedule to advance, and
as fully 95 per cent, of the male adults in the United States are wage,
salary or fee earners, there would be almost universal want, misery
and suffering bequeathed to these people, because of such a reckless,
unpatriotic and unbusiness-like experiment. What party then is the real
friend of silver? The party that is trying to maintain the parity of
the two metals, or the party that is protesting friendship in unstinted
terms and yet committed to the folly of reducing silver to its bullion
value? Fellow citizens the proposition in a nutshell is this:
Public-domain text, read in full here on John Shaqi.
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