FELLOW CITIZENS, THE PAPER ISSUE IN THIS CAMPAIGN IS ONE OF FINANCE,
BUT THE REAL ISSUE IS ONE OF BREAD AND BUTTER. FREE TRADE DURING THE
LAST THREE YEARS HAS PAUPERIZED ITS TENS OF THOUSANDS, BUT THIS FREE
SILVER CRAZE, IF PLACED UPON OUR STATUTE BOOKS, WILL PAUPERIZE ITS
HUNDREDS OF THOUSANDS.
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.