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VOL. 1, NO. 43.
SILVER CITY, N. M., WEDNESDAY, JUNE 12, 1895. PRICE 5 CENTS SHERMAN AND HILL. They Hold Opposite Views on the Silver Question. Tim Two Senators KttprrKcnt tlio View of Tlmlr ItKNiiprtlvti l'nrtlc on Thin Oiicntlon. Senator Sherman, in his Fjicccli at Zancsvillc spoke as follows on the silver question: "We are in favor of a pound national currency always redeemable in coin. All forma of money should 1 of equal purchasing power. For 14 years after the resumption of specie payments.while the rcpu hi ican party was in power, we had such a currency. We had gold, sil ver ami piqier money, all liearing the stamp and sanction of the United States, of u nqiiestioned credit and of equal value, passing current not only in the United Slates.hut in all parts of the commercial world. Both gold and silver are indispen sable for use in the varied wants of man kind. Gold is now.and has been for ages, thechief measure of value in internal ional commerce and the larger transactions of domestic exchanges. Silver, from its bulk and weight, is not available for large paymcnts.either at home or abroad, but it is ii:disieiisable in the minor wants of mankind. Gold, from its greatly su perior value, cannot lie utilized for such puroscs. Therefore it is that kith met áis have I wen coined into money at a lixed ratio. The enormous increase in the production of silver ín the United Wales, Mexico and Australia has dis turlied ibis ratio and has lowered the marketable value of silver precisely as a like increase of production has lowered the price of oilier commodities. It. is a universal law that price or value is meas ured by quantity. Under lliese condi tions the ralional and proper coursi would be change oí ratios, but this can only be ellective to these two metals bv a concert of action among commercial nations. Until Ibis can be accomplish' the only logical way is for each nation to coin IkiI) meláis and maintain the coin age of the cheaper metal at par by linii taliou of amount, and redemption whet in excess of the demand for it. Such i now ihe policy of the United States and of every great commercial nation, in eluding every country of Enroñe. Olhe uaiions adopt Ihe silver standard alone not from choice, but from lioyerlv. I believe that the policy of the United States, adopted in 1853, in coining frac tional silver coins in limited quantities from silver bullion purchased at market price and making them legal tender for small Bums, is the only way to preserve the parity of gold and silver coins at a lixed ratio. This is properly called hi metallic money. I hope and Iwlieve the common interest of commercial nations will lead them, through an international commission, to either adopt a new ratio based on market value of the metals or to coin them and maintain them, as we do, at their present ratio. "The policy now urged by the producers of silver and by men who wish to pay their debts in cheaper money than they promised tó pay, is the free coinage of silver. It is the degradation of our dol lar to 50 cents. If applied to our na tional lionds it is a repudiation of one- half of the public debt. It is the repu diation of one-half of all debts. It con fers no favors on productions of any kind whether of the farm, the work-shop or the mine, for if they get nominally more lollars for their productions, their addi tional dollars would have only one-half the purchasing power of the gold dollars. "The great hardships of this policy would fall upon the workiugincu, skilled and unskilled, whose daily wage, meas ured by the present standard, is higher I ban that of any country in the world. Their wages will purchase more of the necessaries of life than the wages paid for similar labor anywhere outside of the United States. "The republican party in its national platform of 1892 demanded goal money of equal purchasing power, whether coined of gold or silver, or composed of United States notes and national notes, based upon (he credit, of Ihe United Slates, maintained at par with coin. This is the bimeiallic jwilicy. There we stand today. I hope and trust we will stand there forever. We will seek Ihe co-operation of all nations to maintain the parity of gold and silver coined. If thev will not eo-opefále with us in this policy, the republican party can, and, I hope, will, do it alone. Good money and plenty of it is as important to all our people as equality of rights and privi leges. "Let us, then, with a (inn relience upon ihe principles, policy and wisdom of the great party to which we belong, nomi nate our candidates and declare our platform, and then make our appeal to the intelligence of the people of Ohio. In all the great issues made in the last 40 years the republican party of Ohio has had the courage to propose and do what is right. Let us follow in the same pathway, and we will not only elect a republican Governor and state officers, but also another republican senator, and, as I hope, a president, of the United States from the state of Ohio." Senator Hill was asked whether lie had read Senator. Sherman's speech on the monetary question. "Yes," said the senator. "I have carefully perused Senator Sherman's Zanesville speech on silver, which the New York Evening Post commends as 'a sound deliverance.' If an Ohio dem ocrat had made the speech, there would have been coindemnation all along the republican ranks. The implication startled me that there are, in a prosper ous state like Ohio, republican voters who wish to degrade our dollar standard, repudiate one-half our public debt, and pay 'their debts in cheaper money than they promised to pay.' I have not met such voters in New York. It is dillicult for me to believe that a majority in any American state, or in any American congress, will vote to create a new dol lar merely in order that thereby debtors may evade the payment of one-half, one quarter, or any percentage of what they owe and have promised. That would be worse and more indefensible than the creation in 18(32 by Senator Sherman's, party, of the full legal tender greenback dollar. Then the country was in the agony of civil war, but now there is pro found peace. "Until I read the latest legal tender decision in 188:1 by a republican supreme court in Jailbird's case, I did not think that our highest judicial tribunal could tolerate such repudiation of private con tracts by a degradation of our legal ten der dollar. It had not been attempted in our history till 1802. Whether our standard dollar was silver or gold, or both, it was from 1702 to 18f2 an Innest standard, an undegraded standard. During these seventy years nobody loan ing dollars felt it necessary in note or 'bond, as now, to describe the dollars of payment as 'gold dollars of present weight and linenesss.' Not till 18(12 did congress begin to force the circulation of degraded dollars by imparting to them J" -l