My friends, I believe, and believe most earnestly, with every throb of my heart, that in the present campaign the Republican party is the only true friend silver has. We seek to elevate the silver dollar, our opponents seek to debase it. The Republican party has provided a redeemer for every silver dollar. Our opponents seek to destroy and alienate this redeemer. If the silver dollar was not exchangeable with gold, it would not be worth any more than a Mexican dollar, or not as much, for there is less silver in it. Coin's Financial School and free silver advocates generally, have much to say about the money of the constitution. Let me say to you, the money of the constitution was based upon the relative market value of the two metals. The history of the last 404 years, from 1492 to 1896, is replete with evidence proving beyond the question of a doubt that the relative or market value of these metals is continually changing. When Columbus discovered America in 1492, ten ounces of silver would purchase one ounce of gold; when the Pilgrim Fathers landed on the rocky and barren coast of New England in 1620, thirteen ounces of silver would purchase one ounce of gold; in 1792 fifteen ounces of silver would purchase one ounce of gold. In 1873 one ounce of gold would not purchase sixteen ounces of silver. To-day one ounce of gold will purchase almost thirty-two ounces of silver. THIS FLUCTUATION OF VALUES OF THE TWO METALS IS CONTROLLED, NOT BY LAWS WE SPREAD UPON OUR STATUTE BOOKS, BUT BY THE LAW OF SUPPLY AND DEMAND, GOVERNED BY THE COST OF PRODUCTION. JACKSON AND JEFFERSON. The patriotism and statesmanship of Andrew Jackson and Thomas Jefferson were untainted in 1792 by the dangerous influence of a coterie of silver barons. They simply ascertained as nearly as they could the relative or market value of the two metals, and determined the legal from the commercial ratio, placed them side by side and started our mints going with the unlimited coinage of gold and silver at the ratio of 15 to 1. As a matter of fact they had overvalued silver; that is to say, the gold dollar was worth 100 cents, but the silver dollar was only worth 98 cents. Now the rank and file of our forefathers cared very little about the discrepancy of the 2 cents on the dollars, but the money changers were abroad in the land in 1792, the same as they are in 1896, and whenever a gold coin came into their possession it was quietly retired from circulation. In other words, the cheaper money drove out of circulation the higher priced money, and as a result, we had silver as the only hard money currency circulating in this country from 1792 to 1834. Let me quote Thomas Jefferson's own words. In speaking of the ratio of the two metals, he says: "THE PROPORTION BETWEEN THE VALUES OF GOLD AND SILVER IS A MERCANTILE PROBLEM ALTOGETHER."