The San Francisco Call. Newspaper, August 13, 1896, Page 2

2 THE SAN FRANCISCO CALL, THURSDAY, AUGUST 13, 1896 and did me the honor to request me to repre- sent him on this occasion. While I greatly ap- preciate the compliment conferred by this designation, I cannot but deplore the enforced absence of the distinguished orator from Cali- fornia, and I am directed by him to express his sincere regret at his inability to be present and participate in the interesting ceremonies of this hour. Of all questions in the current political Hairs of this day and generation the financial uestion rises to such supreme importar that all other subjecis are practically excluckd from present consideration. The Chicago co vention declared in so many words that until this great paramount issue was definitely | settled, and settled right, the consideration of | all other important questions upon which the | people are seriously divided should be post- oned, or at least not pressed upon public or | egislative attention. Around this one su- preme issue the great battle of 1896 is to ve Tought. ‘For the Arst time it has been fairly presented without evasion or disguise. Both Pparties have taken position boldly. Both are confidgent aud defiant, Between them the American people are arbiters and as such they are to pass judgment upon the most imporiant question presented to them since the storm of civil war wrecked happy homes and left its bloody trail upon the land. They are to pass judgment upon a question which, 1 profoundly believe, affects as no other ques. tion can, not oniy the present happiness and prosperity of the peopie, but the felicity of their children, the perpetuity of American ine stitutions, tne well-being of mankind. The Chicago plaiform has been denounced as un-Democratic and the delegates composing the convention have been stigmatized asan- archists und socialists. We have heard much of this from s certain class of papers and indi- viduals. On Saturdey last in my 6wn State an | ex-Democratic Supreme Court Judge characs | terized the Chicago platiorm asa “bundle of Populistic notions, saturated brimful with socialism and anarchy,” and at the same time an ex-Democratic corporation attorney of some distinction declared that American citie zenship mesant government, “not by unthin ing, unheeding_ masses. but by the elements which are guided by judgment and reason. nthinking, unheeding masses” is good; ents which are guided by judgment | is extra good. It is at least a ation of Vanderbilt’s arrogant anathem emn the peopie,” and for the small co on we ought to be duly grateful. Who composed the Chicago copvention? From the State in which reside the gentiemen | m whom I have quoted the delegation se that convention was composed of farmer. . doctors, editors, merchants, man ral Of the MOSL conspicu. uccessful business men in the Missi and reaso slight modi sippi Vailey—among them also were the emi. nent judges of high courts, senators of tne United States, representatives in Congress and the Treasurer and Governor of the Swte. That | delegation was chosen by one of the greatest uri was equally true of men counid not speak , who could? If these Democracy, who are the Demogratic part n do not understani exponents? the man who holds up to opprobium | men 8s constituted the Chicago conven- | 2 and denounces them ascranks, anarchists | or socialists, 0r who in any respect impugns | their intelligence or patriotism, does himself | most tank injustice, 1f he be not & knave, & s erer or a fool. That convention did in- | deed represent the *masses” of the people— | the great industrial and producing masses of | It represented the men who plow | who fatten herds; who toil in | i s and delve in mines. Bi hese 10 be regarded with contumely and addressed in words of contempt? Why, sir, these are the men who feed and clothé the Nation; whose products make up the sum | s; who produce the wealth of tne who bear the heaviest burdens in | time of peace; who are ready al 1o give | their lite blood for their countr: flag; in | short e are the men whose sturdy arms and faithful hands uphold the siupendous fabric of our civilization. | For a ieader they chose one of their own—a plain man of the people. His whole life ana tiework identifies him, in sympathy and in- | terest, with those who Teprescnt the great in- dustrial forces of the country. Among them | he was born and reared and has Jived apd | wrought all the days of his life. To their cause | he has devoted all the splendid powers with whic Gnd endowed him, He has been their constant and fearless compenion. They know him and they trust him. Suave, yet firm; gen- et dauntiess; warm-hearted, vet deliber- ate; coufident and seli-poised, but Without leerned in books and statecrait, but without pedantry or pretense; a superb orator, | yet 8 man of the greatest caution and methad} &quipped with experience with public affair: true to his convictions, true to himselr and | ialse jo no man, William J. Bryan is a model Amerlcan gentleman. This man is our leader. Under his bauner and guided by his wisdom | we will go forth to conquer. Let us rally everywhere—on hilitops and in_the valieys— | and ‘strike for home and loved onesand our | native land, | 1 huve no doubt of victory. It is as sureto | come as the rising of the sun and it will come | e a sunburst, scattering the mists, and the XNation, exuitant and happy, will leap’ forward | like a giant refreshed to that high destiny it | was des;gned to accomplish. This man will be President. His administration will be & | shining epoch in our aistors, for he will leave | behind him & name made illustrious by great | achievements, by deeds that wiil embaim bim | forever in the hearts and memory of his coun- | trymen. | Mr. Bryan, I esteem it a great honor, asit is most certainly a pleasure, to be mnde the iu- strument of izforming you, as [ now_do, that you were nominated ior the office of President of the United St the Demogratic Na- tional Convention ibled in Chicago July last. I hand you this formal notice of | your nomination, accompanied by a copy of the plattorm adopted by that conveniion, and that platform I have the honor (o réquest | acceptance of the nomination tendered. You are the candidaie of the Democratic y, but you are more than thal—you are he candidate of all the people, without re. | gard to party, who believe in ihe purposes gour election i3 intended to accomplish, This attle must be foughtupon groand high above | the level of partisanship. | hope 1o see you | unfurl the fiagin the neme of America and | American mauhood. Insaying this I but re- | pest the expressed wish of the convention which nominated you. Do this,and tnough | you will not have millious of money at your | command, you will have millions of sturdy | Americans at your back. Lead ou and we wiil | follow. Who wili not follow here is unworthy | | | 10 iead in any cause, Lead on with unialter- ing step, and may God's blessing attend you &nd his omnipotent hand crown you with suc- cess. When Governor Stone concluded a man | began to wave a biz American flag over Mr. Bryan's head. The crovd went wild | with enthusiasm, and rose as a unit when | Chairman Danforih stepped forward and | inrroduced Mr. Brvan. Then came a! demonstration that far exceeded thoze that had foliowed the previous mention of Bryan’s name during the evening. The | scene presented was strongly reminiscent | of the tumult that raged 1 the Coiliseum at Chicago when Bryan finished the effort | preceding his nomination, Men snd women rose to their feet and cheered. On the platform, in the boxes, in the galleries people were shouting like mad. Men waved their coats and their hats: women fluttered fans and handker- | chiefs. The band struck up a lively air | and added to the din. Mr. Bryan held up his hand for silence. It was like an in. centive to yell londer. The crowd would not be thwarted. Fipally, Mr. Bryan sat down wearily, but in a second jumped up 2gain, with hand upraised for silence. The shouters were getting weary by this time, but the restraining hand made them take a last lease on their efforts. Senator Jones shouted: “I appeal tothis crowd to be in order.”” But he was not listened to ana the crowd did not cease until it felt like it. Mr. Bryan rose and steppea to the front snd center of the speaker's platform. In his hand he had a manuseript copy of his speech. His face was pale, but he was cool and calm. After several attempts, inter- rupted by spasms of enthusiasm on the part of the audience, Mr. Bryan began in earnest, His voice was firm, but showed signs of hoarseness. He read from manuy- seript, but occasionally dropved the sneets of paper and spoke earnestly and vebe- mently witbout lovking at them. During the speecn he was frequently in- terrupted vy cheers and applause. His reference to the income tax was loudly cheered, as aiso was his reference to the sale of bonds. The mudience also mani- fested its approval at various stages of the free silver argument. When some of the more telling points in this discussion were reached the audience yelled with all its might and the speaker was compelled to stop until order was restored. When, in conclusion, Mr. Bryan said he expected the co-operation of all present, a voice cried, “You have it.”” And the audience again roared in unison, Mr. Chairman, Gentlemen of the Committes and Fellow-citizens: I shall, at a future day and in & formal letter, accept the nomination which is now tendered by the not:fication committee, and I shall at that time touch upou the issues presented by the platform. It 1s fiiting, however, that at” this time, in the presence of those here assembleq, I speak at some length in regard to the campaign upon which we are now entering. We do not under. estimate the forces arrayed against us, nor are we unmindful of the importance of the struggle in which we are engaged; but, relying for success upon the righieousness of our cause | citizens. we shall defend with all possible vigor the positions taken by our party. We are not surprised that some of our op- ponents, in_the bsence of better argument, resort to ahusive epithets, butthey may rest assured that no language, however violent, no invective, however vehement., will lead us 0 depart a single hair's breadth from the course marked out by the National Conven- tion. The citizen, either public or private, who assails the character and questions the atriotism of the delegates assembled in the “hicago convention assails the character and questions the patriotism of the millions who have arrayed themselves under the banner tbere raised, It has been charged by men standing high in business and political circles that our platiorm isa menace to private and public security, and that those whom I have the honor for the time being to represent not only meditate an atiack upon the rights of preperty, but are the foes both of social order and National honor. Those who stand upon the Chicago platform are prepared to make known and defend every motive which influences them, every purpose which animates them and every hope whbich inspires them. They understand the genius of our institutions; they are stanch support- ers of the form of government under which we live, and they build their faith upon foun- dations laid by their fathers. Andrew Jackson has stated, with admrable clearness and with an emphasis which cannot be surpassed, both the duaty and tke sphere of govern- ment. He said: “Distinctions in sosiety will always exist under every just govern- ment. Equality of talents, of education or of wealth cannotbe produced by human insti- tutions. In the full enjoyment of the gifts of heaven and the fruits of superior industry, economy and virtue, every man is equaily en- titled to protection by law.” We yield to none in our devotion to the doctrine just enunciated. Our cempaign has not for its object the reconstruction of society. We cannot insure to the vicions the fruits of a virtuous life; we would not invade the home of the provident in order to supply the wants of the spendthr} e do not propose to trans- fer the rewards industry to the lap of indo- lence. Property is and will remain the stimu- lus to endeavor and the compensation for t01l. We believe, as asserted in the Declara- tion of Independence, that all men are crested 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 shail stand equal before the law, and that Govern- ment oflicials shail not, in making. consiruing or enforcing the law, diseriminate between ] assert thut’ property rights, as well as the rights of persons, are safe in the hands of the common people. ' Abraham Lincoln, in his message sent to Congress in Decem ber, 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 aught which they have not honestly earnea.” I repeat his language with unqualified ap- proval and join with him in the warning which be added, namelv: “Let them beware of surrendering a political power which they already pc &nd which power, if surren- dered, will surely be used to close the doors of advancement against such as they and to fix new disabilities and burdens upon them till sl of licerty shall be lost.” Those who daily follow the injunetion, “In the sweat of thy face shalt thou eat bread,” are now, as they ever have been, the bulwark of law aud order, the source of our Nation’s reatness in time’ of peace, and its surest de- fenders in time of war. But I have only read a part of Jackson's tterance. Let me give you his conclusiol “But when the laws undertake to add to those natural and just advantages artificial distine- tions, to grant titles, gratuities and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society—the iarmers, mechanics and the day iaborers—who have Deitber the time nor the means of securing like favors for themselves, bave a right to complain of the injustice ot their Governme Those who support the Chicago platform in- dorse all of the quotation from Jackson—the latter as well us the former part. We are not surprised 1o find arrayed against us those who are the beneficiaries of Govern- ment {a have read our platform. Nor are we surprised 1o learn that we must in this campaign face the hostility of those who find & pecuniary advantage in advocating the doetrine of nou-intereresce when great aggre- gations of wealth are trespassing upon the rights of individuals. We welcome such op- position—it is the highest indorsement which couid be bestowed upon us. We are content to have tne eo-operation of those who desire to have the Government administered without fear or iavor. not the wish of the general pubdlie that trusts should spring into existence and over- ride the weaker members of society; it is not the wish of the general public that these trusts should destroy competition and then collect such tex as they will irom these who are at tneir merey; nor is it the fault of the general public that the instrumentalities of govern- Tent have been so often prostituted to pur- poses of private gain. Those who stand upon the Chicago_platiorm believe that the Government should no: only avoid wrongdoing, but that it should also prevent wrongdoing; and they believe that the law should be enforce alife against ail enemies of the publfc weal. They do not ex- cuse petty larceny, but tney declare that grand larceny isequally a crime; they do not defend the occupation of the highwayman who robs the unsuspecting traveler, but they include emong the transeressors 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 command- ment “Thou shalt not steal,” thundered from Sinai and reiterated in the legislation of all natlons, is no respecter of persons. It must be applied to the great as well as the smatl, to the strong as well as the weak, to the corporate person created by law as well as to the person of flesh and blood created by the Almighty. No Government is worthy of the name which is ot able to protect from every arm uplifted for his injury the humblest citizen who lives beneath its It 101l0Ws as & necessary con- clusion that vicious legisiation must be rem- edied by the people who suffer from the effects of such legislation and not by those who en- joy its benefits. The Chieago platform has been condemned by some because it dissents from an opinion rendered by the Surreme Court declaring the income tax unconstitutional. Our critics even €050 iaras toapply the name of anarchists 10 those who siand upon that plank of the platiorm. it must be remembered that we expressly recognize the binding force of that decision so long as it stands as (he part of the law of theland. There isin the menrm no suggestion of an atiempt to dispute the anthority of the Supreme Counrt. The party is simply pledged to use “‘all the constitutional power which remains aiter that decision, or which mlg‘ come from its reversal by the court as it may hereafter be constituted.”” Is there disloyaity in that pledge? or a hundred years tne Supreme Court of the United States has sustained the principle which underlies the income tax. Some twenty years ago this same court sustained without s 1 with the one recently overthrown. Has pot a future court as much right to return to the judicial precedents of s centuryas the present court bad to depart from them? When courts allow rehearings they admit tnat error is possible; the e decision against the in. come tax_was rendered by a majority of one, after & rehearing. While the money question overshadows all other questions in importance, Idesire it distinetly understood I snall offer no_apology for the income tax plank of the Chicago piatform. 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, collected through in- ternal revenue es and import duties, are especially burdensome upon the poorer classes of society. A law which collects from some citizens more than their share of the taxes and collects from other citizens less than their share is stmply an indirect meansof trans- ferring one 's property o another man's ocket, and while the process may be quite atisfactory to the men who escape just taxa- tion, it can never be satisfactory to those who are overburdened. The last income law, with 1ts exempiion provisions, when considered in conuection with other methods of taxation in force, was not unjust to the passessors of large incomes, beczuse they were not compelled to P):v & total Federal tax greater than their share. The income tax is nmot new nor is it based upon hostility to the rich. The system is employed in several of the most important uvations of Europe, and every income tax law TOW upon tone siatute-books 1n any land, so far as I have been abie to ascertain, coniains an exemption clause. While the collection of an income tax in other countries does not make it necessary for tnis Nation to adopt the system, yet it ought to moderate the language of those ‘'who denounce the income tax asan assault upon the well-io-do. Not only shall [ refuse 1o applogize for the advocacy of an income tax law by the National Conventlon, but I shall also refuse to apoiogize for the exercise by it of the right todissent from a decision of the Supreme Court. In a govern- ment like ours every public offictal is & pubtic servant whether he holds office by election or by sppointment, whether he serves for 8 term of years or during good behavior, and the people nave & right to criticize his offict Confidence is everywhere the par despotism; free government exists in y and notin confidence. These are the words of Thomas Jefferson, and I submit that they present a truer conception of populer govern- ment than that entertained by those who would proh!bit an unfavorable comment upon & court decision. Truth will vindieate itself; only error tears iree speech. No publicofficial who conscientiously discharges his duty as sees it will desire to deny to those whom he serves the right to discuss bis official conduet, Now let me usk you to consider the para~ mount question of this campaign—the money uestion. It is scarcely necessary to defend the principle of bimetailism. No National Eurtv during the entire history of the United tates hss ever declared against it and no party in this campaign has had the temerity to oppose it Thiee parties—the Democratic, Populist and Siiver parties—not only deciared for bimetai- lism, but have outlined the specifi¢ legislation necessery to restore silver toits ancient posi- the side of gold. The Republican plat- form expressly declares that bimetallism is desirable when it pledges the Republican party to aid in securing it s £0on as the assist- ance of certain foreign ons can be ol tained. 1hose who represented the minorit; sentiment in the Chicago convention oppose 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 international bi- metallism, to which the efforts of the Govern- ment should be steadily directed.” When they asserted that the efforts of the Government should be steadily directed towsrd the estab- lishment of international bimetallism they condemned monumetallism, The gold standard has been weighed in the balance and found wanting. Take from it the weriul support of the money-owning and he money-changing classes and it cannot stand for one day in any nation in the world. It was fastened upon the United States with- out discussion before the peo})lo, and its friends have never yet been willing to risk a verdict before the voters on that issne. There can be no sympathy or co-operation betweer the adyocates of & unive: gold standard and the advocates of bimetallism. Between bimetallism—whether independent or internstional—and the gold standard there is an impassable gulf. Is this quadrennial agitation in favor of international bimetal- lism conducted in good 1aith, or do our op- ponents really desire to maintain the goid standard permanently? Are lhsg 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 civilized nations? If they are in fact desirous of securing bimetallism, we may expect them to Fohlt out the evils of a gold standard and defend bimetallism as asystem. If, on the other hand, they are bending their energies toward the permanent establishment of a gold standard, under cover of a declaration in favor of international bimetallism, I am justi- fied in suggesting that honest money cannot be expecied 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 purchasing power of the dollar, An absolutely honestdoliar would not vary in its general purchasing powe: it would be absolutely stable when measured average prices. A dollar which increases in urchasing power is just as dishonest as & dol- ar which decreases in purchasing power. Professor Laughlin, now of the University of Chicago and one of the highest gold standard authorities, in his work on bimetallism not only admits that gold does not remain abso- lutely stable in value, but expressly a serts “that there is no such thing as a standard of value for future pay- ments either in gold or silver which remains absolutely invariable.” He even sug- gests that & multiple standurd, wherein the “unit is based upon the selling prices of & number of articles of general consumption’ would be a more just standard thau either gold or silver or both, because ‘‘s long-time contract would thereby be paid at its maturity by the same nurchasing power &8 was given il the beginning.” It cannot be suceessiully claimed that mono- metallism or bimetallism or any other system gives an absolutely just standard of value. Under both monometallism and bimerallism the Government fixes the weight and fineness of the dollar, invests it with legal-tender qual- ities and tnen opens the mints to its unre- stricted coinage, leaving the purchasing power of the dollar to be determined by the number of dollars, Bimetailism is betier than mono- metallism, not because it gives us u perfect dollar—that is, a dollar absolutely unvarying in its general purchasing power—but because it makes a_nearer approach to stability, to hlonc 10 justice, than a gold standard possi- bly tan. Frior to 1873, when there wers enough open minis to permit all the gold and silver avail- able for coinsge to find entrance into the world’s volume of standard money, the United States might have muintained & gold siand- ard with less injury to the people af this country, but now. when each step toward a universal gold standard enhances the pur- chasing power of goid, depresses prices and teansiers 1o the pockets of the creditor classan unearned increment, the influence of this Na- tion must be thrown upon the side of gold, un. less we are prepared to accepl the natural and legitimate conscquencesof such an aet. An legislation which .essens the world’s stock of standard money incre the exchangeable value of the dollar; therefore, the crusade against silver must inevitably raise the pur- cliasing power of money and lower the money value of all other forms of proverty. Our opponents sometimes admit that it wasa mistake to demonetize silver, butinsistthat we should submit to existing conditions rather than return to the bimetallic system. They err in supposing 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 worid is 16 suffer from te &ttempt to make gold the only standard money. The same influences which are now operat- ing to des roy silver in the United States will, if successful here, be turned against other silver using ccuntries, and each new convert to the gold standard will add to the general distress. tinues prices must tail, and & general fall in prices is but another definition of hard times, Our opponents, while claiming entire disin- terestedness for themselves, have appealed to the seliishuess of nearly every dlass of society, recognizing the disposition of the individuai voter to cousider the effect of any proposed legislation upon himself. We present to the American people the financial policy outlined in the Chicago platform, believing that it will result in tbe greatest good to the greatest number, The iarmers are opposed to the gold standard because (hey have feit its effects. Since they sell at wholesale and buy at retail tney have lost more than they have gainea by ialing prices and, besides this, they have found that certain fixed cbarges have not fallen at all. Taxes have not been perceptibly decreased,al- though it requires more of farm products now than formeriy to secure money with whbich to pay taxes. Debts bave not fallen. The farmer who owed $1000 is still compelled to pay £1000, although it may be twice as difficult as formerly to obtain the dollars with which to pay the debt. Railroed rates have not been reduced to keep pace with the falling prices, and besides these items there are many more. The tarmer has thus found it more and more difficult to live. Has he nota just complaint against the gold standard. The wage-earners have been injured by a gold standard and have expressed tnemselves upon the subject with great emphasis. In Fébruary, 1893, a petition asking for the im- mediate restoration of the free and unlimited coinage of gold end silverat 16 to 1 was signed by the representatives of all or nearly ail the leading lubor organigations and presented to Congress. Wage-earners know that while a gold standard raises the purchasing power of the dollar it_makes it more difficult 10 obtain possession of the dollar. They know thet em- ployment 1s less permanent, loss of wark more probable and re-employment less ceriain, A goid staudard encourl(:! the hosrding of money, because money is rising. It also dis- courages enterprise and paralyzes industry. On the other hend, the restoration of bimetal- lism will aiscourage hoarding, because when prices are steady or rising money cannot afford to lie idle in the bank vaulis. 3 The iarmers and wage-earners constitute a considerable ority of the people of the country. Why should their interests be ig- nored in considering financial legisiation? A monetary system which 1s pecuniarily advan- tageous to a few syndicates has far less to commend it than a system which would give hope and encouragement to those who create Iha Nation's 'l’h. # i & ur gpponentia have made a speeial appe to those who hold fire and life insurance poli- cies, but those holders know thatsiuce the total premiums’ received exceed the total losses paia, a rising standard must be of more benefit to the companies taan to the policy- bolders. Much solicitude has been expressea by our opponents for the depositors in savings banks. Taey constantly parade before these deposi- tors the advantages of 8 gold standard, but peals will be in yaiu, because savings epositors know that under 3 gold sian- dara there is increasing danger that they will lose their deposits, because of the inability of the banks to collect their assets, and they still further know thet if the gold standard is to continue indefinitely they may be compelled 1o withdraw their deposits in order to pay liv- inf expenses. t is only necessary to note the increasing number of failures in order to know thata gold standard is_ruinous to merchants and manufacturers. These men do not make their profits trom the people from whom they bor- row money, but from the people to whom they sell their goods. If the people cannot buy re- tajlers cannot sell, and it retailers cannot sell wholesale merchants and manufacturers must go into baukruptcy. Those who hold as & permanent invesiment the stock of railroads and of other enterprises—I do not include those who eulate in stocks or use stock- hoidings as & means of obtaining an inside ad- yaniage in construction of gontracis—are in- jured by a gola standard. The rising dollar destroys the earning power of tlese enter- prises without reducing toeir liabilities, and as dividends cennot be paid until salaries and fixed charges have been satisfied the stock- holders must the burden of herd time: Salaries in business occupations depend upon business conditions and the gold standard & botb lessens l‘h- -nnl:r(l and lhrnullu "lno rmanency o salaries. salaries, :;ooyl tne 'u.l ies of those who hold office for life, must in the long run be adjusted to the conditions of those who pay the taxes, and if the present financial policy continues we must expect the contest bétween the taxpayer and taxeater to lncu:l- mt;m-.“ SRl The professional ¢! e main ve their -':zppon from the Pmdwln classes, ana can only enjoy prosperity when there is pros- perity among those who create wealth, Ihave not atterpted to describe the effect of B0 long as the seramble for gold con- | the gold sgandard upon sll clusses, in fact, I have only had umcpz: mention & few, but each person wiil be able to apply the principles stated to hisown occupatioi. Itmustalso be remembered that it is the desire of people xeneraily to convert their earniugs into real or persoual property. This being true, in con- sidering any temporary advantage which may come from & system under which the dollar Tises in its purchasing power 1t must not be forgotten that the smllr eannot buy more than formerly unless property sells for less then formerly, Hence it will seen thal 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 opponents that & bank belongs to the debtor class, but this is not true of any solventbank. Every statement published by a solvent bank shows that the assets exceed liabilities. That isto say, while the bank owes a large sum of money to its depositors it not only hasenough on hand in money and notes to pay its deposit- ors, but in addition thereto has enough to cover its capital and surplus. When the dol- lar is rising in value siowly a bank may by making short-time loans and taking good se- curity avoid & loss, but when prices are 1.111,.1 rapidly the bank is apt to lose more because of bad debts than it can gain by the Increase in purchasing power of its capital and surplus, It must be admitted, however, that some bank« ers combine the business of a bondbroker with the ordinary banking business, and these may make enough in the negotiation of loans to offset the losses arising in legitimate banking business. As long as human nature remains as it is there will always be daunger thut, unless re- strained by public opinion or legal enactment, those who see a pecuniary profit for them- selves in a certain condition may yield to the temptation to bring sbout that’condition, Jefferson has stated thet ome of the main dutles of government is to prevent men from injuring one another, and never was that duty more important than it is to-day. It is not strange that those who haye made & profit by furnishing gold to the Government in the hour of its extremity favor a financial policy which will keep the Government dependent upon them. I believe, however, that I speak the sentiment of the vast majority of the people of the United States when I say that a wise financial policy administered in behalf of all the people would make our Government independent of any combination of financiers, foreign or domestic. Let me say a word now in regard to certain persons who are pecuniarly benefiied by a goid sianderd and who favor it, not from a de- sire to trespuss upon the rights of others, but because the ciroumstances which surround them blind them to the effect of the gold siandard upon others. Ishall ask you to con- sider the language of iwo gentlemen whose long public service and hign standing in the yurly 10 which they belong will protect them rom adverse criticism by ouropponents. In 1869 Senator Sherman said; “The con- tracdon of the currency is a far more distres- sing operation thun Senators suppose. Our own and other nations have gone through tnat operation before. It is not possible to take that voyage without the sorest distress. To every person, except & capitalist out of debt, or a salaried officer or annuitant, it is a period of loss, dauger, lassitude of trade, iall of wages, suspension of enterpriss, bankruptey and disaster, “It means ruin to all dealers whose debit twice their business capital, though one- less than their actual property. 1t means the fall of all agricultural production without any great reduction of taxes. What prudent man ‘would dare build a house, a railroad, a factory or a barn with this certain fact before him.” As I nave said beiore, the salaried officer re- ferred to must be the man whose saiary is fixed for life, end not the man whose ¥ depends on’ business conditions. When Mr. Sherman describes contraction of the enr. rency as disastrous to all the people except the capitalist out of debt, and those who stand in a position similar to his, he is stating a truth which must be rpparent to every person who will give the matter careful consideration, Mr. Sherman was speaking then of the contrac- tlon of volume of paper curreney, but the principle which he set forth applies, if there is & contraction of volume of the staudard money of the world. Mr. Blaine discussed the same principle in connection with the demonetization of silver. Speaking in the House of Representatives on February 7, 1875, he said: ‘“‘I' beiieve the struggle now going on in this country and other countries for a single gold standard would if successiul produce widespread dis- aster in and throughout the commercial world. The_destruction of silver s money and the establishing of gold as the sole unitof value must have & ruinous effect on all forms of property except those invested which yield a fixed return in money. These would be enor- mously enhanced in value and would gaina disproportionate and unfair advantage over every other species of property. Is ‘it strange that the “holders of invest- ments which yield a fixed return in money” can regard the destruction of silver with com- placency? May we noi expect the hoiders of other forms of property lo proiest sgainst giving to money & “disproportionete and un- fair advantage oyer every other species of property ?” If therelatively few, whose wealth consists largely in fixed investments, have a Tight to use the ballot to enhance the value of their investments, have not the rest of the peopie the right to use the ballot to protect the: selves from the disastrous consequences of a rising standard? The people who must pur- chase money with the products of toil, stand in a position entirely different from the posi- tion ‘of those who own mouey or receive a fixed income. The well-being of the Nation— aye of civilization itself—depends upon the prosperity of the musses. What shall it profit us to have a dollar which grows more valuable every day if such & dollar lowers the standard of civilization and brings distress to the peo- ple? What shall 1t profit us if, in trying to Taise our credit by increasing the purchasing power oi cur dollar, we destroy our ability to pay the debts siready contracted by lowerin, The purchasing powsr of the produets with which those debts must be paid? 1i it is asserted—as it constanty is asserted— that the gold standard will enabie us to bor- row more money from abroad, 1 reply that the restoration of bimetallism will restore the par- ity beiween money and nropeng. and thus permit an era ot prosperity which wiil enable the American people to become loaners of money instead of perpetual borrowers Even if we desire 1o borrow, how long can we con- tinue borrowing under a system which, by lowering the value of the 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 legisiation which gives them this advantage over those whose incomes depend upon the value of property and produets. If the holders of fixed investments will not listen to argu- ments based upon justice and fquity, I appeal to them to consider the interests of posterity. ‘We do not live for ourseives alone; our labor our seli-denial and our anxious care, all these are for those who are to come after us as much as for ourselves; but we cannot protect our chiidren beyond the period of our lives. Let those who are now re?lng advaniage from & vicious financial system remember that in years to come their ‘own children and their cbildren may, through the OPM‘I- tion of this same l)'s!em{we maae to pay tribute to the descendauts of those who are wronged to-d: As against the maintenance of a gold stand- ard, either permanently or until other nations can be united for its overthrow, the Chiea platiorm presents a ciear and emphatic de- mand for the immediate restoration of 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 upen & return to a financial policy approved by the exgerience of history and supported by all the prominent statesmen of our Nation {rom the days of the first President down to 1873. When we ask that our mints be op-ned to the free and un- limited coinage of silver into full legal-tender money we are simply asking that the same mint privileges be accorded to silyer that are now accorded to gold, When we ask that this coinage be at the ratio of 16 10 1 we simply ask that our gold coins and the standard sil- yer dollar, which, be it remembered, contains the same amount of pure silver as the first silver dollar coined at our mints, retain their present weight and fineness. The theoretical advantage of the bimetallic system is best stated by a European writer on political economy, who suggesis the following iilustration: A river fed from two sources 13 more uniform in volume 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 but one feeder must rise or fall with that feeder. So with bimetal- lism the volume of metallic money receives contributions from both the gold mines and the silver mines and therefore varies less, and the dollar resting upon two metals is less changeable in its purchasing power than the dollar which rests on one metal only. 1f there are two kinds of money the option must rest either with the debtor or with the creditor. Assuming that (heir rights are equal we mustlook at the interests of sosciety in meral in order to determine to which side he option should be givan; Under_the bi- metailic system gold and silyer are linked to- gether by law at & fixed ratio and any person or persons owning a'y quantity of either metal can have the same converted into fuli- fledged iegal fender mouey, Ii the creditor has the right to choose the metal in which vayment shall be made it is reasonable to suppose that he will require the debtor to pay in the dearer metal if thereis any perceptible difference between the bullion values of the metals. This new demand created for the denter metal will make (¥t }n:lll dearer still, whiie the 0] demand metal will make that metal - e the o “on r.‘h‘e.omarhsg;i,:geubwr ption 1t is reasonable to suppose that he will pay in the cheaper metal ir one metal is mp!fllly cheaper than the other, but the d thus created for the cheaper metal will raise its price, while the lessened demana for the dearer metal will lower its he cheaper 0e! 1L price. In other words, when the creditor has the option the met are drawn apart; whereas, when the debtor has the option the metals are held ther approximately at the ratio fixed by law; provided, the demand ore- ated is sufficient to absorb all of both metals rreumed at the mint. Society {s, therefore, nterested in having the option exercised by the debor, of the option by the debtor The exer compels the creditor classes, whether domes- tic or foreign, to exert themselves to main. tain the parity between gold ana silver at the legal ml’.{ wiereu they might find a profit in driving one of the metals to & premium if they could then demand the dearer metal The right of the debtor to choose the coin in which payment shall be made extends to obligations due from the Government, s well as o contracts between individuals. A Government obligation is simply a debt dliu from all the people to one of the people, and ii is impossible mi\my a policy which makes the interests of the one person who holds the obligation superior to the rights of the many, Wwho must be taxed to pay it. When, prior to 1873, silver was at a pre- mipm, it was never contended that national honor required the payment of Government obligations in silyer, and thie Matihews resolu. t on, adopted by Congress in 1878, éxpressly asserted the right of the United States to re- deem coin obligations in standard silver dol. lars as well as in gold coin. Upon this subject the Chicago platform reads: “We are opposed to the policy and practice of surrendering to the holders of the obligations of ihe United States the option re. served by law to the Government of redeems ing such obligations in either silver coin or gold coin.” It is constantly assumed by some that the United States notes common'y called green- backs, and the treasury notes issued under the act of 1890, are respousible for the recent drain upon the gold reserve, but this assump- tion is entirely without ioundation. Secretary Carlisle appeared before the House Committee on Appropriations on January 21, 1899, and I quote irom the printed report of Lis testimony betore the committee: “Mr. Sibley—I would like toask you (perhaps not entirely connected with the matter uuder discussion) what objections there could be to having the option of redeeming either in sil. ver or gold lie with the treasury instead of the notekboider. “Secretary Carlisle —If that policy had Dbeen adopted at the beginning of resumption, and Iam not saying this for the purpose of critielzing the action of any of my cassors or anybody else, but'if the policy re. serving to the Goyernment at the beginning of resumption the option of redeewing in gold or silver all its paper presented had been adopted I believe it would have worked benes figially and there would have been no trouble growing out of 1t, but the Secretaries of Treas ury from the beginning of resumption have pursued a poliey of redeeming in gold or silver at the option of the holder of the paper, and if any Secretary had afterward atiempte 1o change that policy and forced siiver upon & man who wantad gold or gold upon a man who wanted silver, and especiaily if he had | made that aitempt stich a critical period as we have had in the last two years, my judg- ment is it would have been very disastrous.” 1 do not agree with the Beereiary that it was wise to follow a bad precedent, but from bis answer it will be seen that the fault does not lie with the greenbacks and treasury notes, but rather with the executive officers who have seen fit te surrender a right which should have been exercised for the protection of the interests of the people. This executive action has aiready been made the excuse for the issue of more than $250,000,000 in bonds, and 1t is impossible to estimate the amount of bonds which may hereafter be issued if this policy is continued. We are told that any attempt upon the part of the Government at this time to redeem iis obligation€ in silver would put a premium on gold, but why should it? The Bank of France exercises the right to redeem all bank paper in either gold or silver, and yet France main- tains lhllpurlly between gold and silver ata ratio of 15}4 (0 1, and rewins in circulation more silver per capita than we do in the United States. It may be turther answered that our oppo- nents have suggested no feasible plan for averting the dangers which they fear. The re- tirement of greenbacks and treasury notes would not protect the treasury, because the same policy which now leads the Secretary ot | the Treasury to redeem sll Government paper in gold when gold is demanded will require the redemption of all silver dollars and silver | certificates in gold if the greenbacksand treas- ury notes were withdrawn irom circulation. More than this, if the Government should re- tire its paper and throw upon the banks the | necessity of furnishing coin redemption tue | banks would exercise the right to furnish either gold or silver. In other words, they would exercise the option just u8 the Govern- ment ougit to exercise it jow. The Gover ment must either exercise the right to redeem its obligations in siiver when silver is more couvenient, or it must retire all the silver and silver certificates from circulation and leave nothing but gold as legal-tender money. Are our opponents willing to outline a_ financial system which will carry out their policy to its legitimate conciusion, or wi.l they continue 10 cloak their designs in ambiguous phrases? There is an actual necessity for bimetailism, as well as theoreiical deiense of it. During the iast twenty-three years legisiation has been creating an additional demend for gold, and this law-created demand has resu:ted in increasing the purchasing power of each ounce of gold. The restoration o: bimetaiiism in the United States will take away irom gold just so much purchasing power as was added 0 it by the demonetization of silver by the United States. The si.ver doliar is now held up tothe gold dollar by the legal-tender laws, and not by redemption in goid. because the standard silver dollars are not now redeemsble in goid, either in law or by administrative policy. We contend that free and unlimited coinage by tne United Staies alone will raise the oullion value of silver to its coinage vealue and thus Taake siiver bullion worth $1.29 per ounce in goid throughout the world. 7his proposition 1s in keeping with naturallaws, not in defiance of them. The best-known law 0f 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 thats reduction in the yalug of money will raise the purchasing power of the dollar; we also apply the law ot supply and demand to silver when we say that a new demand for silver created by law wiil raise the price of silver bullion. Gold and siiver are different from otlier com- modities in that they are limited in quantity. Corn, wheat, manufactured products, ete., can be produced almost without limit, pro- vided they can be sold at & price sufficient to stimulste production, but gold and siiver are called precious metals because they are found, not produced. These melals have been the ob- jects of anxious search as far back as history Tuns, yet, aceording to sr. Harvey's calcula- tion, all'the gold coin of the world can be melted into a twenty-1wo-ioot cube and all the silver coinin the world into a sixyy-six-foot cube. Because gold and silyer are limited, boih {u the quantity now in hand and in an- nual production, it follows that legislation can fix the ratio between them. Any purchaser who stands ready to take the entire supply of any given artic.e, at a certain rice, cen preyent that article frem falling be- ow that price. S0 the Government can fix & price ier gold and silver by creating a demand greater than tne supply. International bimetallists believe that sever- al nations by eniering into an agreement to coin at & fixed ratio ali the gold and silver pre. sented can maintain the builion value of the metais at the mint raiio. When a mint price is tnus esiablished it regulates tne bullion rice, because any person desiring coin may ave the bullion converted into coin at that price and eny person aesiring bullion ean secure it by melting the coin. The only ques- tion upon which international bimetallisis and independent bimetgllists differ is: Can the Unitea S.ates by the iree and unlimited coin- age of silver at the present legal ratio create a aémand for silver whiob, taken in conneetion with the demand .me in_existence, will be sufficient to utilize all the silyer that will be presented gt the mints? They agroe in_their efense of the bimetallic prineiple and they agree in unalterable opposition to the gold standard. International bimetallists cannot complain that iree coinage gives a benefit to the mine owner because international bimetallism gives to the owner of silver all the aavant offered l?y independent bimetallism n‘&ne same ratio. nternational bimetallists cannot accuse the advocates of free silver of being “builion. owners who desire the raise the vaiue of their builion,” or “‘debaters who desire to pay their debts in cheap dollars,” or “demagogues who desire to curry faver with the people.” The; must rest their opposition upon one lr«mni only, namely, that the supply of silver avail. #bla for coinage is too large to be utilized by the United States. In discussing this question we must consider the capacity o: our people to use silyer and the quantity of silver which can come to0 our mints. It must be remembered that we live in & country ouly partially loped, and that our people far surpass any equal number of peopfe in the world in their power to consume and produce. Our exten- sive raiiroad development and enormous in- ternal commerce must also be taken into con- sideration. how, how much silver can come here? Not the coined silver of (he world, because almost all of it is more valuable at this time in other nds than it will be at our mints under free coinage. If our mints are opened to free and unlimited coinage at the present ratio me: chendise silver cannot come here bzcause the labor applied to it has made it worth more {g the form of merchandise than it will be wor! atour mints. We cannot even expectail of the annual product of silver, because India, Ching, Japan, Mexico all tne other silver- using countries must satisfy their annual needs from the annual product; the arts will require a large amount, and the gold-standard countries will need & considerable quaniity for subsidiary eoinage. ‘We wili be Tequired to coin only that which is not needed eisewhere, but, it we stand read; to take and utilize all of ii, other nations 'tfi b compelled to buy at the price which we fix. Many fear that the opening of our mines will rede- be followed by the enormous increase in the annual production of silver. This is con- jecture. Silver has been used as money for thousands of years, and during all of that time the world has never suffered from an Over- production. If, for any reason, the supply of gold or silver in the future ever exceeds the Tequirements of the arts ana the needs of com- merce, we confidently Lope that the intelli- genee of the neople will be sufficient to devise and enact any legislation necessary for the protection of the public; it is folly to refuse to e ,g::gg‘:yfl;;.mflaer which they now need y hereaite; {eraeed=" . r have more than am firmly convinced that by o mints to free And unlimited Goihas o the Ppresent ratio we can create a demand for silver which will keep the price of silver buliion at $129 per ounce, measured by gold. Some of our opponents attribute the fallin th- value of siiver, when mea-ured by gold, to the fact that duriug the last quarter of a century the world's supply of silver has increased imore rapidly than the world’s supply of gold. This argument is entirely answeréd by the fact that during the last five years the annual pro- duction of gold has increased more rapldly than the annual production of silver. Since the fold rice of silver has fallen more during the last five vears than it ever fell in any pre. vious five years in the history of the world, it is evideni that the fall is not due to jn. creased production. Prices can be lowered as effectually by de- creasing the demand for an article as by {n- creasing the supply of it, and it seems certain that the fall in the gold price of silver is due to hostile legislation and not to natural laws. Our opponents ¢anuot ignore the fact that gola is now going abroad in spite of all legisla- tion intended to prevent it and nosilver is being coined to take its place. Not only is gold going abroad now, but it must continue 10 go abroad as long as the present financial potiey is adhered to, unless we continue to rrow from across the ocean, and even then we simply postpone the evil, because the amount borrowed, together with'interest upon it, must be repaid in appreciating dollars. The American people now owe a large sum to European creditors, and falling prices have lefta larger and larger margin between our net National income and our annual interest charge. There is aul‘y one way to stop the in- creasing flow of gold from our shores, and that i8 1o stop falling prices. The restoration of bimetalism will not only stop ialling prices, but will, to some extent, restore prices by reducing the world’s demand for gold. 1f it 'is areued thata rise in prices lessens the value of the doilars which we pay to our creditors I reply that in the balancing of equities the American reople haye as much right to favor a financial system which will maintain or restore prices es foreign creditors have 1o insist upon a finaucial system that will reduce prices. The 1nterests to society are far superior to the interests of either debtors or creditors, and the interests of society demand a financisl system which will ada 1o the volume of the standard money of the world, and thus restore the stability to prices. Perhaps the most per- sistent misrepresentation that we have to meet 1s the charee thut we are advoecating the pay- ment of debts in 50-cent dollars, At tpe present time and under present laws & silver dollar when meited loses nearly haif its value, but that will not be true when we agsin establish & mint prica for silver and leave no surplus silver upon the market to drag down the price of bullion. Under bi- metallism silver bullion will be worth as much as silver coin, justas gold bullion is now worth s much as gold coin, and we believe that a silver dollar will be worth as much as a gold doliar. The charge of “repudiation’ comes with poor grace from those who are seeking to add to the weight of existing debts by lexislation whigh makes money dearer, aud who conceal their designs against the genersl weliare under tue euphonious pretense that they are uphelding public eredit and National honor. In answer to the charge that gold will go abroad it must be remembered that no gold can leave this country until the owner of the old receives something in return for it whieh £ Wonid rather have. Ir other words, when gold leaves the coun- try those who formeriy owned it will be bene- fited, There is no process by whiech we ean be compelled to part with our gold against onr will, nor is there any process by which silver can be.forced upon us withcut our consent. Exchanges are matters of agreement, and if silver comes to this country under {ree coinage it will be at the invitation of some one in this eountry who wiil give something in ex- change for it. Those who deny the ability of the United States to maintain the parity between go d and silver ai the present legal ratic without foreign aid paint 10 Mexico and assert that the ovening of our mines will reduce us to a si ver basis and raise zold to a premium. It isno reflection upon our sister republic to remind our people that the United Stsies is much greater than Mexico in ares, in population and in commercial strength. It is absuid to assert that the United States is not able to do anything whieh Mexico has failed to accomplish. Tne one thing necessary in order to meintain the parity is to furnish a demuand great enough to utilize all the silver which will come to the miuts. That Mexico has failed to do this is not proef thai the United States would also fail. It is also srgued that since a number of the nations have demonetized silver nothing can be done until all of these natious restore bimetalism. This is uiso illogical. It is im- material how many or how few nations have open mints, provided there are sufficient open mnts to furnish & monetary demand tor all the gold and silver available for coinage. In reply to the argument that improved ma- chinery has lessened the eost of producing silver, 1t issufficient to say tnat the same is true of the production of gold, and yet, not- withstanding that, gold has risen in value. As a matter of fact, the cost of production does not determine the vaive of the preeious mei als, except as it may affect the iupflplyn 11, for instance, the cost of producing gold shou!d be reduced 90 per cent without any in- crease in the output, the purchasing power of an ounce of gold wouid not fall. So long as there is a monetary demand sufficieut to take, ata fixed mint price, ali the gold and silver roduced, the cost of production need not be comsidered. It is often objected that the prices of gold and silver cannot be fixed in relation to each other, because of the variation in the relative production of the metals. This srgu- ment also overlooks the fact that if the de- mand for both metals at a fixed prioe is greater than the supply of both; relatiye production becomes immaterial, In the early part of the present century the annual production of silver was worth, at the coinage ratio, about ihree times es much as the annual &roducnnn olofiuld; Whereas, soon atter 1849, the annual production of gold be- came worth about three times as much, at the coinage ratio, as the annual production of sil- ver; and yet, nw‘"(f to the maintenance of the bimétallic standard, these enormous changes in relative production had but a l"finl effect ugon the relative values of the metal, t it is asserted by our opponents that the {ree coinage of silver is inténded ouly for the benefii of the mine-owners it must be remem- bered that free coinage cannot restore to the mine-owners any more than demonetization took away; and it must also be remembered that the loss which the demonetization of silver has brought te the mine-ownersis in- significant compared to the less which this policy has brought, ia the re of the people. he Testoration of silver wiil bring to the people generally many times as much advan- {age as the mine-owners can obtain from it, While it is not the purpose of free coinage to sp-cinily aid any particular class, yet those who believe that the restoration of silver is needed by the whole people should not be de- terred because an ineidental benefit will come to the mine-owners. The erection of iorts, the deepening of harbors, the improvement o rivers, the erection of public buidings—all these confer incidental benefits but do not de- ter us from making appropriftions fer these purposes whenever such appropriations are necessary for the public ico 5 The argument tnat a silver dollar is heavier than a gold dollar and that therefore the silver is less convenient to carry in large gdantities is completeiy auswered by the silyer certifi- cate, which is as easily carried as the goid cer- tificate or any other kind of paper money. There are some who, while admitting the benefits of bimetaliism, objeet to coinage at the present ratio. If any are deceived by this objection they ought 1o Temember that there are no bimetallists who are earnestly endeay- oring to secure it at any other ratio than 16 101, We are opposed to any change in the ratio for two reasons: t, beeause & chan, would produee great injustice, and second, cause & change in the ratio is not n-eelur{. A change would produce injustice, because, 1 effected in the manner usually suggesied, it would result in an enormous contraction in the volume of standard meney, 1f, for instaice, it was decided by interna- tional agreement to raise the ratios through- out the world to 82 to 1, the change lll(!}l_ be effected in any one ol three ways. 'he silver dollar could be doubled in size, so that the new silver dollar woula weigh thirty-two times as much as the present gold dollar; or the present gold dollar could be reduced half in weight, so that the present silver dollar would weigh thirty-two times as much as the new gold dollar; or the change couid be made increasing the size of the silver dollarand decreasiug the size of the gold dollar until the new siiver dollar would weigh thirty-two times 8s much as the new gold dollar, Those who have advised a change in the Tatio have nsually sugges ed that the silver dollar be doubled.” If this change were made, it would necessitate the eoinage of four bil- lions of silver into two billions of doilars. Taere would be an immediate loss of two bil- lions of dollars either to lndivldlllll.l or to the ‘G:’vemment. but this would be the least of the jury. A shrinkage of one-half in the silver money of the world would mean a shrinkage of one- fourth in the total volume of metallic money, This contraction, by increasing the value o the dollar, would virtually increase the debts of the world billions of dollars and decrease suill more the vaige of property of the world 2s measured by dollars. sides this imme- diate result such & change in the ratio would permanenily decrease the annual addition to 2 money because the e O et whon coined. into dok annual silver product, w! fars twice a¢ large, would make only hulf as many dollars, 7The pgople of the United States would be injured by & change in the ratio, not because they produce silver, but be- cause they own property and owe debts and they cannot afford to thus decrease the value of their property or incresse the burden of their debs. In 1878 Mr. Carlisle said: “Mankind will be fortunate indeed if the annyal production of goid and silver coin shail keep pace with the sunual increase of population and industry. 1 repeat his sssertion. All of the gold and silver annually available for coinage, when converted into cofn at the present rtfo, will not, in my judgment, more thau Supply our monetary needs. In supl’)orling the act of 1890, known as the Sherm t, Senator Sherman, on June 5 of that year, : “Under the iaw of February, 1878, the purchuse of $2,5600,000 worth of silver bullion a month has by coinage proauced an- nually an average of nearly $3,000,000 per month for & period of twelve years, but this amount, in view of the retirement o the bank notes, will not increase our curreacy in pro- Pportian to our increasing population, “If our present currency is estimated at$1,- 00,000,000 and our population is increasin atihe ratio of 3 per cent per annum, it woul require. $42,000 increased eirculation each year to keep pace Wwith the increase of [opulution; but, ag the Increase of population s accompanied by a still greater ratio of in- crease of vealth and business, it was thought that an immediate increase of circulation might be obtained by larger purchases of sil- ver bullion to an amount suflicient to make 800d the retirement of bank notes and keep Pacewith the growth of popu:ation. Assuming that $54,000,000 a year of additional currency is needed upon this basis, that amount is pro- vided for in this bill by the issue of treasury ;?il:es,lln exchange for bullion at the market LI the United States then meeded more than $42,000,000 annually to keep pace with popu- Ixtion and business it now qu & larger popu- lation needs a still greater annual addition, and the United States is oniy oneamong many. ur opponents make no adequate provision for the increasing monctary needs of the world. In the second place, n change in the ratio is not necessary. Hostile legislation has de- creased the demand for silyer and lowered its price when measured by gold, while this same hostile legislation by Increasing the demand for gold has raised the value of gold when measured by other forms of property. We are toid that the restoration of bimetallism would be a hardship upon those who have entered into contracts payable in gold coin, but this isa mistake, It will be easier to obtain the gold with which o meeta gold contract when most of the people can use silver than it is now, when every one is trying to secure gold, The Chicago platform expressly declares in favor of such legislation as may be necessary to prevent, for the future, the demonetization of any kind of legal tender money by private contract. Such contracis are objected to on the graund that hey are against publie policy. No one questions the right of legislatures to fix the rale of interest which can be collected by law; there is far more reason ior prevent- ing private individuals from setting aside legal tender. The mongy which is by law made & legal tender must in the course of ordinary business be accepted by 99 out of every 100 persons. Why should the one hun- dredth man be permitied to exempt himself from the general rule? Special contraets have atendency lo incresse the demand ior & pa; ticular kind of money and thus force it to & premium. Have not the people a rigut to say that a comperatively few individuals shall not be permitted to derange the financial system of the Nation in order 1o colleet a premium in case they succeed in forcing one kind of money to that premium? There is another argument to which I ask your avteniion. Some of the more zealous op- ponents of free coinage point to the fact that thirteen months must elapse between the eleo- tion and the first regular session of Congress, and they assert that during that time, in case the peaple declare themseives in favor of iree coinage, all loans will be withdrawn and all mortgaxes foreclosed. If these are merely prophecies indulged in by those who have for- gotlen the provisionsof the constitution 1t witl be sufficient to remind them that the Presi- dent is empowered to convene Congress in extraordinary session wnenever the public g00d requires such ection. Ifin November thp eople by their ballots declare themselves in avor of the immediate restoration of bimetal- lism the sllst.em can be inaugurated within a few months. If, nowever, the assertion that loans will be withdrawn and mortgages fore- closed is made to prevent such political action as the people may believe to be necessary for the preservation of their rights, then a new and vital issue 1s raised. Whenever it is necessary for the people as a whole to obtain consent from the owners of money and the changers of money before they can legislate upon financial questions we shall have passed from & demoeracy to # pl tocracy. But thac time has not yet arrived. Threats and intimidalion will be of no avail. The people who in 1776 rejected the doctrine that kings rule by right divine will not in this gouerstion sucscribe 0 & dostring that money s omipotent, In conclusion, permit me to say a word in regard to iniernational bimetallism, We arp not opposed to an international agreement lookiug ta the restoration of bimetaliism throughout the world, The advacates of frue coinage have on all occasions shown their willingness te go-operate with other nations in the reinstatement of silver, but they a not willing to await the pleasure of other eraments when immediate relief is needed by the people of the United States, and they fu. ther believe that indepeudent action offers better assurance of internationsl himetallism thau servile dependence upon foreign aid. For more than twenty years we have invited the assistance of Europeaa nations, but all ?ragrpu in that direction has been blocked by ne opposition of those who derive pecuniary benefit from the appreciation af gold. How NEW TO-DAY. Al SNAPS 12% CTS PER SET QB CTS PER SET B5(Q CTS PER SET 75 CTS PER SET PRETTY LUNCH SETS DECORATED Profits Divided with Customers who COME DIRECT TO OUR MONEY SAVING STORES, FRUIT) 45¢ per Doz. Pints BIG PRESENTS FREE {ireat American [mporting Tea (. S85c per Doz. Quarts JARS MONEY SAVING STORES: ket st. of 3 Pleces. of 6 Pleces. of 12 Pleces, of 18 Pleces. 1344 M 146 Ninth st. 2510 Mission st. 218 Third st. i Reamy'ae 365 Marker v 1419 % ;.f.a Sixteenth st. s21 Montgomery ave. 104 Second st. 333 Hayes st. 3285 Mission st. 52 Market st. (Headquarters), S. F. 1053 Washington st. 616 E. Twelfth st. uf‘n Plblg‘:ve, 917 Broadway, 1355 Park st., Alameda. The Political Pot Is agitated by no greater element than protection to home industries. Caiifornia people think of their pet industry, “STANDARD” Shirts, when home pro- tection is mentioned. All dealers sell them. NEUSTADTER BROS., Mirs., S. F,, Cal. AR S P LA R