Grand Rapids Herald-Review Newspaper, August 22, 1896, Page 6

a) Srnec Che Herald. BY E. C. KILEY. GRAND RAPIDS. - MINNESOTA ——E eee The ezar is almost wild with fear of nihilists. Uneasy lies the form that wears bLoiler-iron underclothes. The empress of Germany is now what is called solid with the Hessian regiments. She treated them to beer last week. Canadians can’t see why 7,000,000 people should pay a governor-general as much as 70,000,000 across the line pay a president, and they are trying to reduce the G. G.’s salary to $25,000. The new regulation adopted in the Transvaal, permitting instruction in other languages than Dutch in the pub- Hc schools, removes one of the real grievances of the Uitlanders. A Kansas dog chewed off a piece of a cow’s tail the other day, and the cow’s owner recovered $50 damages. At that rate we advise that farmer to let the dog eat the rest of the cow. ‘Three hundred distilleries in Ken- tucky have been closed down on ac- count of over-production. Do the colo- nels admit that there may be too much of a good thing? The latest inventory of Eugene Field’s estate figures up less than $10,- 900, which is another reminder of the fact that humor and poetry go too cheap. Although a bicycle rider has been struck by lightning, the bloomer girl can ride out, rain or shine, without the slightest fear of attracting even the lightnirg. The latest invertion is the asbestos towel. When soiled it is thrown into a hot fire and may be drawn out perfect- ly clean and whole. This is what the busy housewife has long been looking for. { The arrival at Havre of two men who rowed across the Atlantic puts the record of foolhardiness so far above the limit of reasonable endeay- or that insane men only will try to eclipse it. The action of the house of commons in regard to the select committee to in- vestigate the Jameson raid ought to convince President Krueger and the Boers of the South African Republic that England means to do what is ight. The crank who called on United States Treasurer Morgan and de- manded $40,000 as payment of an imaginary claim against the govern- ment, might just as well have made it half a million. Since the water cycle tested recently on the Potomac made the satisfactory speed of ten miles an hour the 61d ad- vice of “paddle younr own canoe” will have to be changed to “pedal your own canoe.” The citizens of an Ohio town were intent on killing a lion that caused the death of a little boy, but when the showman who owned the vicious beast said he was training him for Corbett, the pugilist, they were pacified. The returns are not in yet. from the deadly ice cream, so it is impossible to say how many victims it has scored during the season. The poisonous lob- ster, however, is reported as getting in his work on the sea coast with his usu- al regularity and efficiency. It is reported in London that W. ‘Astor is quite sweet on Princess Vi toria, youngest daughter of the prince of Wales, and that their intimacy is encouraged by H. R. H. It is likely that the prince is after a few of this renegade American’s dollars. Touching the question of whether England's attitude on the Cretan trou- bles has changed or not, it is necessary only to say that England’s attitude on that or any other foreign question will change just as soon as it pays to change it. There can be no doubt that the in- crease in the bicycle business is one of the influences which brought about the recent failure of the Columbus (Ohio) Buggy company. An officer of the company said a year ago the demand for buggies and carriages had de creased materially with the multiplica- tion of the “safety.” The Kneipp cure has gained such a foot-hold in New York as to call out a letter from the Kneipp-verein to the park board asking that the disciples of the cure be permitted to walk bare- footed on park grass in the early dawn or in the evening. And a New York paper contains a picture of a huge pro- jon, embracing all classes of peo “i ple. p: ‘theiv bare feet. Pa gh Central Park iv MR. BRYAN ACCEPTS DEMOCRATIC NOMINEES FORMALLY NOTIFIED AT NEW YORK. The Ceremonies Occur in Madison . Square Garden in the Presence of an Immense Audience—Gov. Stone Delivers the Notification Address and in Reply Mr., Bryan Sounds the Keynote of the Camp- aign—Mr. Sewell Delivers a Brief Speech in Advocacy of Free Silver. Following is Mr. Br. s address in full: Mr. Chairman ana emen of the com- id fellow citize I shall, at a and in a formal letter, accept jon which is now tendered by tion committee, and I shall at that time touch nyo the Issues presented by the platform. is fitting, however, that at this time, in the presence of those here assembled, I speak at some length in regard to the campaign upon which we are now entering. We do not under-estimate the forces ar- rayed against us, neither are we unmind- ful of the importance cf the struggle in which we are engaged; jut relying for suc- cess upon the righteousness of our cause, we shall defend with all possible vigor the positions taken by our party. We are not surprised that some of our opponents, in the absence of better argu- ment, resort to abusive epithets, but they legislation, and not by these who enjoy its benefits. The Chicago platform has been condemned by some because it dissents from an opinion rendered by the supreme court declaring the income tax law wncon- stitutional. Our critics even go so far as to apply the name Anarchist to — those who stand upon that plank of the platform. It must be remembered that we expressly recognize the binding force of that decision so long as it stands as a part of the law of the land. There is in the platform no suggestion of an attempt to dispute the authority of the supreme court. The party is simply pledged to use “all the constitutional power which remains after that decision, or which may come from its reversal by the court as it may hereafter be constituted.” Is there any disloyalty in that pledge? For a hundred years the supreme court of the United States has sustained the principle which underlies the income tax. Some twenty years ago this same court sustal. ed without a dissenting voice an income tax law, aimost identical with the one recently overthrown; has not a future court as much right to return to the judicial precedents of a century as the present court had to de- part from them? When courts allow re- hearings they admit that error is possible; the late decision against the income tax was rendered by a majority of one after a rehearing. While the money question over- shadows all other questions in importance I desire it distinctly understood that I shall offer no apology for the income tax plank of the Chicago platform. The last income tax law sought to apportion the burdens of government more equitably among those who enjoy the protection of the government. At present the expenses of the federal government, coilected through internal revenue taxes and import duties, are es- pecially burdensome upon the poor classes of society. A law which collects from some citizens more than their share of the taxes and collects from other citizens less than may rest assured that no language, how- ever violent, no invectives, however yehe- ment, will lead us to depart a single hair's breadth from the course marked out by the national convention. The citizen, either public or private, who assails the character and questions the patriotism of the dele- gates a bled in the Chicago convention, assails the character and questions the patriotism of millions who have arrayed themselves under the banner there raised. It Has been charged by men standing high in business and political circles that our platform is a menace to private security and public safety; and it has been asserted that those whom I have the honor, for the time being, to represent, not only meditate an attack upon the rights of property, but are the foes of social order and national honor, those who stand upon the Chicago platform are prepared to make known and to defend every motion which influences them, every purpose which animates them, and every hope which inspires them. They understand the genuius of our institutions, they are staunch supporters of the form of government under which we live, and they build their faith upon foundations laid by the fathers. Andrew Jackson has stated, with admir- able clearness and with an emphasis which cannot be surpassed, both the duty and the sphere of government. He said: “Dis- tinctions in society will always exist under every just government. Equality of talents, of education or of wealth cannot be pro- duced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, ecunomy and virtue, every man is equally entitled to protection by law.” We yield to non our devotion to the doctrine just enunciated. Our campaign has not for its object the reconstruction of society. We cannot insure to the vicious the fruits of a virtuous life; we would not invade the home of the provident in order to supply the wants of the spendthrizt; we do not propose to transfer the rewards of indusiry to the lap of indoience. Prop- erty is and will remain the stimulus to endeavor and the compensation for toil. We believe, as asserted in the declara- tion of independence, that all men are created equal; but that does not mean that all men are or can be equal in possessions, in ability, or in merit; it simply means that all shall stand equal before the law and that government officials shall not, in making, constructing or enforcing the law, discriminate between citizens. I assert that property rights, as well as the rights of persops, are safe in the hands of the com- mon pcople. _Abrabam Lincoin, in his message sent to in December, 1861, said: “‘No men living are more worthy to be trusted than those who toil up from poverty, none less inclined to take or touch ought which they have not honestly earned.” I repeat his lafiguage with unqualified ap- proval and join with him in the warning which he added, namely: ‘Let them be- ware of surrendering a political power which they already possess ard which pow- er, if surrendered, will surely be used to close the doors of advancement against such as they, and to fix new disabilities and bur- dens upon them, till all of liberty shall be lost.”” Those who daily follow the injunction, “in the sweat of thy face shalt thou eat bread,” are now, as they ever have been, the bulwark of law and order, the source of our nation’s greatness in time of peace and its surest defenders in time of war. But I have only read a part of Jackson's utterance. Let me give you his conclusion: “But when the laws undertake to add to those natural and just advantages artificial distinctions—to grant titles, gratuities and exclusive privileges—to n ake the rich richer and the potent more powerful—the humble members of society, the farmers, mechan- fes and the day laborers, who have neither the time nor the means of securing lik favors for themselves, have a right to com- plain of the injustice of their government.” hose who support the Chicago platform endorse all the quotations Jackson, the latter part as well as the former part. We are not surprised to find arrayed against us those who are the beneficiaries of goverrment favoritism—they have read our platform. Nor are we surprised to learn that we must in this campaign face the hostility of those who find a pecuniary advantage ‘n advocating the doctrine of non-interference when great.aggregations of wealth are trespassing upon the rights of individuals. We welcome such opposition. It is the highest endorsement which could be bestowed upon us. We are content to have the co-operation of those who desire to have the govern- ment administered without fear or favor. It is not’ the wish of the general public that trusts shoal spring into existence and override the w er members of society; it is not the wish of tue general public that these trusts should destroy competition and then collect such tax as they will from those who are at their mercy; nor is it the fault of the general public that the instru- mentalities of government have been so often prostituted to purposes or private gain. Those who stand upon the Chicago platform believe that the government should not only avoid wrong doing, but that it should also prevent wrong doing; and they believe that the Jaw should be en- forced alike against all enemies of public weal. They do not excuse petit larceny, but they declare that grand larceny is equally a crime; they do not defend the oc- cupation of the highwayman who robs the unsuspecting traveler, but they include among the transgressors those who, through the more polite and less hazardous means of legislation, appropriate to their own use the proceeds of the toil of others. The commandment, “Thou shalt not steal,’* thundered from Sinai and reiterated in the legislation of all nations, is no re- spector of persons. It must be applied to the great as well as to the small; to the strong as well as the weak; to the corpo- rate person created by law a swell as to the person of flesh and blood created by the Almighty. No government is worthy of the name which is not able to protect from every arm uplifted for his injury the hum- blest citizen who lives beneath the flag. It follows as a necessary conclusion that vicious legislation must be remedied by the people who suffer from the effects of such i their share, is simply an indirect means of transferring one man’s property to another man’s pocket, and while the process may be quite satisfactory to the men who escape Just taxation it can never be satisfactory to those who are overburdened. The last income tax law, with its exemp- tion provisions, when considered in connec- tion with other methods of taxation in force, was not unjust to the possessors of lar incomes, because they were not compelled to pay a total federal tax greater than their share. The income tax is not new, nor Is it based upon hostility to the rich. The system is employed in several of the most important nations of Europe, and every income tax law now upon the statute books in any land, so far as I have been able to ascer- tain, contains an exemption clause. While the collection of an income tax in other countries does not make it necessary for this nation to adopt the system yet it ought to moderate the language of those who de- nounce the income tax as an assault upon the well-to-do. Not only shall I refuse to apologize for the advocacy of an income tax law by the national convention, but I shall also refuse to apologize for the exercise by it of the right to dissent from a decision of the gu- preme court. In a government like ours every public official is a public servant, whether he holds office by election or by appointment, whether he seryes for a term of years or during good behavior, and the people have a right to criticise his official acts. ‘Confidence is everywhere the parent of despotism; free government exists in jealousy and not in confidence.” ‘These are the words of Thomas Jefferson, and I sub- mit that they present a truer conception of popular government than that enter- tained by those who would prohibit an un- favorable comment upon a court decision. Truth will vindicate itself; only error fears free speech. No public official who con- scientiously discharges his duty as he sees it will desire to deny to those whom he serves the right 'to discuss his official con- duct. Now let me ask you to consider the para- mount cuestion ‘of this campaign—the jcn. It is searcely necessary to the principle of bimetallism. No ug the entire history of ‘ates has ever declared against rty in this campaign has had to oppose it. Three parties— atic, Populist and silver parties ot only declared for bimetallism, but have outlined the specific legislation er pee to restore silver to its ancient position by the side of gold. The Republican platform expressly de- elares that bimetallism is desirable when it pledges the Republican party to aid in se- curing it as soon as the assistance of cer- train foreign nations can be obtained. Those who represented the minority sen- timent in the Chicago convention opposed the free coinage of silver by the United States by independent action, on the ground that, in their judgment, it “would retard or entirely prevent the establishment of in- ternational bimetaliism, to which the ef- forts of the government should be steadily @irected.” When they asserted that the ef- forts of the government should be steadily directed toward the establishment of inter- national bimetallism they condemned mono- metallism. The gold standard has been weighed in the balance and found wanting. Take from it the powerful support of the money- owning and money-changing classes and: it cannot stand for one day in any nation in the world. It was fastened upon the United States without discussion before the peo- ple, and its friends have never yet been willing to risk a verdict by the voters upon that issue. There can be no sympathy or co-operation between the advocates of a universal gold standard and the advo- cates of bimetallism. Between bimetallism —whether independent or international— and the gold standard there is an impassa- ble gulf. Is this quadrennial agitation in favor of international bimetallism conducted in good faith, or do our opponents really desire to maintain the gold standard permanently? Are they willing to confess the superiority of a double standard, when joined in by the leading nations of the world, or do they still insist that gold is the only metal suitable for standard money among civil- ized nations? If they are in fact desirous of securing bimetallism, we may expect them to point out the evils of a gold stand- ard and defend bimetallism as a system. If, on the other hand, they are bending their energies toward the permanent es- tablishment of a gold standard under cover of a declaration in favor of international Dimetallism, I am justified in suggesting that honest money cannot be expected at the hands of those who deal dishonestly with the American people. What is the test of honesty in money? It must certainly be found in the purchas- ing power of the dollar. An absolutely honest dollar would not vary in its general purchasing power; it would be absolutely stable when measured by average prices. A dollar which increases in purchasing power is just as dishonest as a dollar which decreases in purchasing power. Prof. Laughlin, now of the University of Chicago, and one of the bighest gold stand- ard authovities, in his work on bimetallism, not only admits that gold does not remain absolutely stable in value, but expressly asserts “that there is no such thing as a standard of value for future payments, either in gold or silver which remains ab- so'utely invariable.” He even suggests that a multiple stand- ard, wherein the unit is “based upon the selling prices of a number of articles of general consumption,” would be a more just standard than either gold or silver, or both, because ‘a long time contract would there- by be paid its maturity by the same purchasing power as was given in the be- ginning.” It cannot be successfully claimed that nonometallism, or bimetallism, or any other system gives an absolutely just standard of value. Under both monometallism and bimetallism the government fixes the weight and fineness of the dollar, Invests it with legal tender qualities and then opens the mints to its unrestricted coinage, leay- ing the purchasing power of the dollar to | be determined by the number of dollars. lism, not because it gives us a perfect dollar—that is, a dollar absolutely unvary- ing in its general purchasing power—but because it makes a nearer approach to stability, to honesty, to justice than a gold standard possibly can. Prior to 1873, when there were enough open mints to permit all the gold and silver available for coinage to find entrance into the world’s volume of standard money, the ‘United States might have maintained a gold standard with less injury to the people of this country; but now, when each step toward a universal gold standard enhances the purchasing power of gold, depresses prices and transfers to the pockets of the creditor class an unearned increment, the influence of this great nation must be thrown upon the side of silver, unless we are prepared to accept the natural and le- gitimate consequences of such an act. Any legislation which lessens the world’s stock of standard money increases the ex- changeable value of the dollar; therefore, the crusade against silver must inevitably raise the purchasing power of money and lower the money value of all other forms of property. Our opponents sometimes admit that it was a mistake to demonetize silver, but in- sist that we should submit to present con- ditions rather than return to the bimetallic system. They err in supposing that we have reached the end of the evil results of a gold standard; we have not reached the end. The injury is a continuing one, and no person can say how long the world is to suffer from an attempt to make gold the only standard money. The same influences which are now op- erating to destroy silver in the United States will, if successful here, be turned against other silver using countries, and each new convert to the gold standard will add to the general distress. So long as the scramble for gold continues prices must fall, and a general fall in prices is but an- other definition of hard times. Our opponents, while claiming disinterest- edness for themselves, have appealed to the selfishness of nearly every class of so- clet, Re izing the disposition of the individual voter der the of any proposed legis upon bh we present to the an people the financial | policy outlined in the Chicago platfor believing that it wil 1 the grexiest good to the great . The farmers are to the gold standard because they have felt its effects. Since they sell at wholesale and buy at retail they have lost more than they have gained by falling prices, and besides this they have found that certain fixed charges have not fallen at all. axes have not been perceptibly decreased, although it re- quires more of farm products now than formerly to secure the money with which to pay taxes. Debts have not fallen. The farmer who owed $1,000 is still compelled to pay $1,000, although it may be twice as difficult as formerly to obtain the dollars with which to pay the debt. Railroad rates have not been reduced to keep pace with falling prices, and besides these items there are many more. The farmer has thus found complaint against the gold stand- ard. The wage earners have been injured by a gold standard and have expressed them- selves upon the subject with great empha- sis. In February, 1895, a petition asking for the immediate restoration of the free and Lnlimited coinage of gold and silver at 16 to 1 was signed by the representatives of all, or nearly all, the leading labor organiza- tions and presented to congress. Wage earners know that while a gold standard raises the purchasing power of the dollar, it also makes it more difficult to obtain pos- session of the dollar; they know that em- ployment is less permanent, loss of work more probable, and re-employment less cer- tain. A gold standard encourages the hoarding of n:oney because money is ris- ing. It also discourages enterprises and par- alyzes industry. On the other hand, the restoration of bimetallism will discourage hoarding, becanse, when prices are steady or rising money not afford to lie idle in the bank vaults. The farmers and wage earners together constitute a considerable majority of the people of the country. Why should their interests be ignored in consid- ering financial legislation? A monctary sys- tem which is pecuniarily advantageous to a few syndicates has far less to commend it system which would g.ve hope and encouragement to those who create the na- th. Our opponents have made a special appeal to those who hold fire and life insurance policies, but these policy holders know that since the total premiums received exceed the total losses paid, a rising. standard must be of more benefit to the companies than to the policy holders. Much solicitude has been expressed by our opponents for the depositors in savings banks. They constantly parade before these depositors the advantages of a gold stand- ard, but these appeals will be In vain, be- cause savings bank depositors know that under a gold standard thee is increasing danger that they will lose their deposits because of the inability of the banks to col- lect their assets; and they still further know that, if the gold standard is to con- tinue indefinitely, they may be compelied to withdraw their deposits in order to pay living expenses. It is only necessary to note the increasing namber of failures in order to know that a gold standard is ruinous to merchants and manufacturers. These business men do not make their profits from the people from whom they borrow money, but from the people to whom they sell their goods. If the people cannot buy, retailers cannot sell, and if retailers cannot sell, wholesale mer- chants and manufacturers must go into bankruptcy. Those who hold, as a perma- nent investment, the stock of railroads and other enterprises—I do not include those who speculate in stocks or use stock hold- ings as a means of obtaining an inside ad- vantage in construction contracts—are in- jured by a gold standard. The rising dol- lar destroys the earning power of these en- terprises Without reducing their Mabilities, and, as dividends cannot be paid until sal- uries and fixed charges have been satisfied, the stockholders must bear the burden of hard times. Salaries in business occupations depend upon business conditions, and the gold standard both lessens the amount and threatens the permanency of such salaries, Official salaries, except the salaries of those who hold office for life, must in the long run be adjusted to the conditions of these who pay the taxes, and if the present finan- cial policy continues, we must expect the contest between the taxpayer and the tax- eater to increase in bitterness. The profes- sional classes—in the main—receive their support from the producing classes and can only enjoy prosperity when there is pros- perity among those who create wealth, I have not attempted to describe the effect of the geld standard upon all classes. In fact, I have only had time to mention a few, but each person will be able to apply the principles stated to his own occupation. It must also be remembered that it is the desire of people generally to convert their earnings into real or personal pfoperty. This being true, in considering any tempo- rary advantage which may come from a system under which the dollar rises in its purchasing power, it must not be forgotten that the dollar cannot buy more than for- merly unless property sells for less than formerly. Hence, it will be seen that a large portion of ‘those who may find some pecuniary advantage in a gold standard will discover that their losses exceed their gains. It is sometimes asserted by our oppo- newts that a bank belongs to the debtor class, but this is not true of any solvent bank. Every statement published by a solvent bank shows that the assets exceed the liabilities. That is to say, while the bank owes a large amount of money to its depositors it not only has enough on hand in money and notes to pay its depositors, but in addition thereto has enough to cover its capital and surplus. When the dollar is rising in value slowly a bank may, by making short time loans and taking good security, avoid loss; but when prices are falling rapidly the bank is apt to lose moze DEFE VE PAGE Bimetallism ts better than monometal- | because of bad debts than it can gain by the Increase in the purchasing power of its capital and surplus. It must be admitted, however, that some bankers combine the business of a bond broker with the 'y banking business, and these may make enough in the nego- tiation of loans to offset the losses arising in legitimate banking business. As long as human nature remains as it is, there will always be danger that, unless restrained by the public opinion or legal enactment, those who see a pecuniary profit for them- selves in a certain vondition may yield to the temptation to bring about that condi- tion. Jefferson has stated that one of the main duties of government is to prevent men from injuring one another, aud never was that duty more important than it is to- . It is not strange that those who have made a profit by furnishing gold to the government in the hour of its extremity favor a financial policy which wiil keep the government dependent upon them. I believe, however, that I speak the senti- ment of the vast majority of the people of the United States when I say that a wise financial policy, administered in behalf of the people, would make our government in- dependent of any combination of financiers, foreign or domestic. Let me say a word, now, in regard to certain persons who are pecuniarily bene- fited by a gold standard, and who favor it, not from a desire to trespass upon the rights of others, but because the circum- stances which surround them blind them to the effect of the gold standard upon others. I shall ask you to consider the language of two gentlemen whose long public sery- ice and high standing in the party to which they belong will protect them from ad- verse criticism by our opponents. In 1869 Senator Sherman said: “The couatractiin of the currency is a far more distressing operation than senators suppose. Our own” and other nations have gone through that operation before. It is not possible to take that voyage without the sorest distress. To every person except a capitalist out of debt or a salaried officer or annuitant it is a period of loss, danger, lassitude of trade, fall of wag suspension of enter- disaster. It means ose debts are twice ve-third less It means the any great dent man would railroad, a facto: tain fact before him As I have said before, the salaried officer referred to must be the man whose salary is fixed for life and not the man whose salary depends upon business conditions. When Mr. Sherman describes contraction of the currency as disastrous to all the people except the capitalist out of debt and those who stand in 2 position similar to his he is stating a truth which must be ap- parent to every person who will give the matter careful consideration. Mr. Sherman was at that time speaking of the contrac- tion of the volume of paper curency, but the principle which he set forth applies if there is a contraction of the value of standard money of the world. Mr. Blaine discussed the same principle In connection with the demonetization of silver. Speaking in the house of represent- atives on the 7th of February, 1878, he said: “I believe the struggle now going on in this country and other countries for a single gold standard would. if successful, produce widespread disaster in and through- out the commercial world. The destruction of silver as money and the establishing of gold as the sole unit of value must have a ruinous effect on all forms of property ex- cept those invested which yield a fixed re- turn in money. These would be enormous- ly enhanced in value and would gain a dis- proportionate and unfair adyanta every other species of property strange that the “holders of investments h yield a fixed return in money” can rd the destruction of silver with com- taxes. What pru- are to build a house, a a barn with this cer- placency? We may not expect the holders of other forms of property to protest against giving to money a “disproportionate and unfair advantage species of property?” If the relatively few whose we sists largely in fixed inv, right to use the ballot to enha of their investments, have not the the people the right to use the protect themselves from the dis over every other th con- ents have a ple who must purchase money with the product of toil stand in a position entirely different from the position of those who own money or receive a fixed income. The well being of the nation—aye, of civiliza- tion itself—depends upon the prosperity of the masses. What shail it profit us to have a dollar which grows more valu every day if such a dollar lowers the standard of civili- zation and brings distress to the people? What shall it profit us if, in trying to raise our credit by iner the purchasing power of our dollar, we cestroy our ability to pay the debts already contracted by low- ering the purchasing power of the products with which those debts mu is asserted, as it cons’ 1 asserted, that the gold standard will enable us to borrow more money from abroad, I reply that the restoration of bimetallism will re- store the parity between money and prop- erty and thus permit an era of prosperity which will enable the American people to become loaners of money instead of per- petual borrowers. Even if we desire to borrow, how long can we continue borrow- ing under a system which, by lowering the value of property, weakens the foundation upon which credit rests? Even the holders of fixed investments, though they gain an advantage from the appreciation of the dollar, certainly see the injustice of the legislation which gives them this advantage over those whose in- come depends upon the value of property and products. If the holders of fixed in- vestments will not listen to arguments based upon justice and equity, I al to them to consider the interests of poster- ity. We do not live for ourselves alene; our labor, our self-denial and our anxious care—all these are for those who are to come after us, as much as ourseives, but we cannot protect our children beyond the period of our lives. Let those who are now reaping advantage from a vicious financial system remember that in the years to come their own children and their children’s chil- dren may, through the operation of this same system, be made to pay tribute to the descendants of those who are wronged to-day. As against the maintenance of a gold standard, either permanently or until oth- er nations can be united for its overthrow, the Chicago platform presents a clear and emphatic demand for the immediate restor- ation of the free and unlimited coinage of silver and gold at the present legal ratio of 16 to 1, without waiting for the aid or consent of any other nation. We are not asking that a new experiment be tried; we are insisting upon a return to a financial policy approved by the experience of his- tory and supported by all the prominent statesmen of our nation from the days of the first president down to 1873. When we ask that our mints be opened to the free and unlimited coinage of silver into full legal tender money, we are simply ask- ing that the same mint privileges be ac- corded to silver that are now accorded to gold. When we ask that this coinage be at the ratio of 16 to 1, we simply ask that our gold coins and the standard silver dollar— which, be it remembered, contains the same amount of pure silver as the first silver dollar coined at our mints—retain their present welght and fineness. The theoretical advantage of the bimetal- lie system is best stated by a European writer on political economy, who suggests the following illustration: A river fed from two sources is more uniform in vol- ume than a river fed from one source, the reason being that when one of the feeders is swollen the other may be low; whereas, a river which has but one feeder must rise or fall with that feeder. So in the case of bimetallism; the volupe of metallic money receives contribution from both the gold mines and the silver mines, and there and the dollar upon two metals is less changeable in its purchasing power than the dollar which rests on one metal only. If there are two kinds of money, the op- tion must rest either with the debtor or fore varies less; resting” with the creditor. Assuming that their rights are equal, we must look at the in- terests of society in general in order to- determine to which side the option should be given. as Under the bimetallic system gold ana ‘al- ver are linked together by law at a fixed ratio, and any person or persons owning any quantity of either metal can have the same converted into full legal tender money. If the creditor has the right to choose the metal in which payment shall be made, it is reasonable to suppose that he will re~ quire the debtor to pay in the dearer metal if there is any perceptible difference be- tween the bullion values of the metals. This new demand created for the dearer metal will make that metal dearer still, while the decreased demand for the cheaper metal will make that metal cheaper still. If, on the other hand, the debtor exer- cises the opinion, it is reasonable to sup- pose that he will pay in the cheaper metal if one metal is perceptibly cheaper than the other; but the demand thus created for the cheaper metal will raise its price, while the lessened demazud for the dearer metal will lower its price. In other words, when the creditor has the option, the metals are drawn apart; whe’ when the debtor has the option, the metals are held together approximately at the ratio fixed by law; provided the demand created is sufficient to absorb all of both metals presented at the mint. Society is, therefoze, interested in having the option exercised by the debtor. Indeed, there can be no such thing as real bimetallism unless the ception is exercised by the debtor. The erezcise of the option by the debtor compels the creditor classes, whether domestic or fo , to exert them- selves to maintain tne psrity between gold and silver at the legal 0, whereas they could then demand the dearer metal. right of the debtor to choose the ¢ whieh pay- ment shall be made extends to obligations due from the government as well as to con- tracts between individu: A government obligation is simply a debt due from all the people to one of the people, and it is impossible to justify y which makes the interests of th m who holds the obligation superior to the rights of the many who must be to pay it. When, prior to 1873, silver at premium, it was never contended national honor required the payment of government obli- gations in silver @ Matthe resolu- tion, adopted by congress tu 1878, expressly asserted the right of the United States to redeem coin obligations in standard sil- ver dollars as well as in go}@ coin. Upon this subject the Chicago ‘form read: “We are opposed to the policy and prac- tice of surrendering to the holders of the obligations of the United States the option reserved by law to the government of re- deeming such obligations in either silver coin or gold coin.” It is constantly assumed by some that the United States notes, commonly called greenbacks, and the treasury notes issued under the act of 1890, are responsible for the recent drain upon the g reserve, but this assumption is entirely without founda- tion. Secretary Carlisle appeared before the rouse committee on appropriations Jan. 21, 1895, and I quote from the printed report of his testimony before the commi “Mr. Sibley—I would like to a (perhaps not entirely connected w matter under discussion) what o there could be to having the opti redeeming either in siiver or gold lie with the treasury instead of the note holder? “Secretary Carlisle—If that policy had been adopted at the beginning of resumption —and I am not saying this for the purpose of criticising the action of any of my pre- decessors or anybody eise—but if the policy of reserving to the government at the be- ginning of resumption the option of re- deeming in gold or silver all its paper pre- sented, I believe it would have worked bene- ficially and there would have been no trouble growing out of it, but the secre- taries of the treasury from the beginning of resumption have pursued a policy of redeeming in gold or silver at the option of the holder of the paper, and if any sec- retary had afterwards attempted to change that policy and force sii upon a man who wanted gold, or gold upon a man who wanted silver, and especially if he had made that attempt at such a critical period as we have had in the last two years, my judgment is it would have been very disas- trous.”” I do not agree with the secretary that it was wise to follow a bad precedent, but from his answer it will be seen that the fault does not lie with the greenvacks and treasury notes, but rather with execu- tive officers who have seen fit to surrender a right which should have be! exercised for the protection of the interests of the people. This executive action has already been made the excuse for the issue of more than $250,000,000 bonds, and it is impos- sible to estimate the amount of bonds which may hereafter be issued if this policy is continued. We are to!d that any attempt upon the part of the government to redeem its obligations in silver would put a pre- mium upon gold, but why should it? The Bank of France exercises the right to re- decent all bank paper in either gold or silver, and yet France maintains the parity_be- tween gold and silver at the ratio of 151-2 to 1 and retains in circuiation more silver per capita than we do in the United States. It may be further answered that our op- ponents have suggested no feasible plan for avoiding the dangers which they fear. The retirement of the greenbacks: and treasury notes would not protect the treasury, because the same policy which now leads the secretary of the treasury to redeem all government paper in gold, when gold is demanded, will require the redemption of all silver dollars and silver certificates in gold, if the greenbacks and treasury notes are withdrawn from circulation. More than this, ifthe government should retire its paper and throw upon the banks the neces- sity of furnishing coin redemption, the banks would exercise the right to furnish either gold or silver. In other words, they would exercise the option, just as the gov- ernment ought to exercise it now. The government must either exercise the right to redeem its obligations in silver when silver is more convenient, or it must retire all the silver and silver certificates from circulation and leave nothing but gold as legal tender money. Are our opponents wil- ling to outline a financial system which will carry out their policy to its legitimate conclusion or will they continue to cloak their designs in ambiguous phrases? There is an actual necessity for bimetal- lism as well as a theoretical cefense of it. During the last twenty-three years legisla- tion has been creating an additional de- mand for gold, and this law-created de- mand here resulted in increasing the pur- chasing power of each ounce of sold. The restoration of bimetallism in the United Stdtes will take away from gold just so much of its purchasing power as was add to it by the demonetization of silver by United States. The silver dollar is now held up to the gold dollar by legal tender laws and not by redemption in gold, be- cause the standard silver dollars are not now redeemable in gold, either in law or by administrative policy. ‘We contend that free and unlimited coin- age by the United States alone will raise the bullion value of silver to its coinage value and thus make silver bullion worth $1.29 per ounce in gold throughout the world. This proposition is in keeping with natural laws, not in defiance of them. The best known law of commerce is the law of supply and demand. We recognize this law and build our argument upon it. We apply this law to money when we say that a re- duction in the volume of money will raise the purchasing power of the dollar; we also apply the law of supply and demand to ilver when we say that a new demand for silver created by law will raise the price of ; i 7 |