The San Francisco Call. Newspaper, August 16, 1896, Page 4

THE SAN FRANCISCO CALL, SUNDAY, AUGUST 16, 1896, LONDON OSSP ON LIVE TOPECS Speculators Deeply Disap- pointed Cver Bryan's Speech. THE KAISER'S ANXIETY, His Empire Is Being Gradually Isolated by the Other Powers. LIONIZING LI HUNG CHANG. England Takes the American View of the Cuban Question—Com- ments on Nansen’s Work, [Copyright 1896 by the New York Times.] LONDON, Exe., Aug. 15.—It is reported here that Bryan’s failure to capture the imagination of New York has gravely dis- concerted those about him. It certainly caused deep disappointment to specula: tive citizens in Lonaon, When Monday's | sudden flurry sent down American prices | here in many cases below the level | touched in last winter’s Veneznelan panic thousands of buyers were restrained from investing by a rumor that everything was going to be still cheaper on Thursday. It was said that Bryan's reception and | speech on Wednesday would “stand Wall street on its head,” so that American se- curities could be picked up in the streets | next day when New Yeork quotations reached London, and this obtained general credence. When Thursday passed without a convulsion word went around that it | was to take place on Friday. Now, with prices rising and a lot of confidence re- flected from America which hasnot been heard before for a month, people abandon with a sigh the idea that American prop- erties are going to be had for nothing this | year and blame the evil luck which kept | them from rushing in on Monday. Personal letters from Germany empha- size the impression given by the German press that grave and increasing uneasiness rules in the fatheriand. The Emperor’s sudden retirement to a country chateau in Cassel, where he takes long solitary walks | in the forest and is seen to wear a somber and distraught face, has given riseto a wildly careering flock of rumors about the state of his health. These reports neea not to be closely examined, but there is more substance in the view that Germany | finds herself wading in deep and danger- | ous waters, and that the Emperor’s mood | only mirrors the perplexed and apprehen- | sive feeling of the Empire at large, which | is the result of two years of juggling with | diplomatic dishonestiesand of sacrificing ‘K half a million Armenians to the Turkish | beast. Germany now discovers herself to be rather worse off than before. Her aim was at all hazards to isolate England. She offered Russia and France an abso- | lutely free hand in destroying British | prestige in the far east, and even joined to | help them on the Pacific if only they would givc England the cold shouider in | the Levant. This was Bismarck’s concep- | tion of the way to keep peace in Europe, | which, to his mind, hangs on the question of maintaining the Turkish Empire intact, | This policy Involved some of the most | atrocious crimes against civilization that are recorded in history, but Bismarck in- | sisted that it was only thus that Germany | could escape being crushed between Rus- | sia and France and the Emperor, against | his own better feelings, took Bismarck’s | advice. He has incurred all the odium of upholding the Sultan and of holding the rest of Europe back, when every humane | impulse tugged to draw the sword of; Ctristendom against the Turk, and he has worse than nothing to show for it. Russia and France have left Germany | absolutely in the lurch, and at the present | moment it is understood here that they | are ready to agree with England, under | certain conditions, to tell the Turk that | he has been in Crete too long and must | get out. I have extremely good authority | for the vrediction that these three powers | will arrange a scheme of Cretan autonomy | similar 1o that of Bulearia in 1878 which | will remove the Turkish officials and troops from the island and reduce the Sul- | tan’s sovereignty to the receipt of an an- nuity tribute. The Cretans have already 40,000 breech- loaders and more are being landed regu- larly from Greece. In all, Crete can raise 70,000 fighting men, not counting Greek volunteers. Turkey has 35,000 troops in the island, but if independence were de- clared she would need 100,000 more to cope with the islanders. Moreover, if actual warfare began and the Turks started in to fight as they understand fighting, it would be absolutely impossible to hold Greece neutral, and almost as hard to keep England from intervening. Hence, my informant thinks the Sultan will ulti- mately choose the wiser course—make as good a bargain as he can and let Crete go. Two possible obstacles are foreseen. During the delays which the Turk always demands in which to consider things, events may happen which will set the east afire and force immediate armed ac- tion upon the gnrt of those concerned. Again, the pro-German palace clique in Russia may find a means of reasserting itself and putting the power once more into Lobanoff's hands; but, as regards this latter chance, fate fights against Ger- many. The Czar is to first visit Vienna for a couple of days, but will return aguin at once into Russian territory. Then he is to come westward into Germany but a lit- tle way, seeing the Emperor only at Bres- lau and Gorlitz, where immense army maneuvers will enable him to appear as a i strictly military guest. Instead of proceed- | ing to Berlin or through Germany he will then turn again and go to Denmark by water, and thence to Scotland. Both at Copenhagen and Balmoral the Czar's visits will be of a friendly nature and all those about him will be ultra-Greek and Cretan in sympathy. From England he will sail to Cherbourg and travel on to Paris, where his reception will be some- thing to remember for the rest of one’s days. n all this programme the enemies of Germany play a huge part and the effect of this is bound to culminate at the French capital, where already there is observable an extraordinary and quite unexpected recrudescence of anti-German bitterness. All the forced politeness that has been shown in the reations between Berlin and Paris during these past few years has been totally torgotten now, and the mere hint that the Kaiser was trying to arrange a meeting with M. Faure and get a presi- dential invitation to visit the Paris exhi- bition of 1900 has drawn a roar of enraged protests from the French press. So the lightnings will continue to play around a very dark and unpleasant inter- national sitnation for a couple of months 10 come. The Parliamentary session now closed was one of the shortest on record, lasting only 124 days, but 1 have rarely seen a prorogation that was greeted with more tokens of relief by the members. They are as ostentatiousty jubilant about getting a rest as if they had been at work for ‘years. It was, indeed, a specially wearing session, for the very reason that it did no work to speak of, or at least accomplished next to nothing in the way of results. A month or two ago Mr. Balfour was way down in the trough of the sea as a leader, but he tinishes perched gaily on the crest of a wave of new popularity. He and his brother Gerald toiled arduously over the Irish land bill, and thus won the respect of the House as capable managers. But they achieved something more than this— they opened the way to a whole new Irish policy for the Tory party, the prospect of which rather pleases that party than otherwise. - It has always been pointed out that, other things being equal, there was more in common between the Tories and the Irish than between the Irish and the Liberals, Practically all the militant anti-Catholic feeling in England is inside the Liberal party, and this from the dawn of the home-rule alliance has_been a weak point . the partnership. It now looks as if that pgrtnership were in a 1air way to be dissolved. The Balfours have carried their point in the Cabinet, both as to “sitting on”’ the Irish landlords in the House. of Lords and as to releasing the group of imprisoned dynamiters. They are confident of their ability to lead the Government a good deal furtherin the work of pacification and reform if the Irish themselves will back up the prac- tical men among their representatives and umls render mutual understanding pos- sible. Not since the first visit here of the late Shah of Persia has London been so de- lighted in any guest as it has in Li Hune Chang. Columns and columns are given daily by the papers to his sayings and doings, and no one wearies of reading them. He seems to have gauged the English character very shrewdly and to have seen that they are most easily and surely amused by having strangers score genial, but more or less cheeky, points off themselves. The Viceroy now regularly. uizzes everybody who is presented to him and asks them all sorts of extraordi- nary persenal questions, which, being publicly put and answered through an in- terpreter, provide the bystander with a broadly humorous entertainment. Li’s visit to Gladstone to-day was quite in keeping with the high sagacity which he has shown all along, and particularly in the matter of decorating General Gor- dan’s statue. The really important part of Li Hung Chang’s British tour has now begun, for the things which he is to see in the industrial north cannot help produc- ing a powerful and determining influence on his mind. Lord Armstrong, who ishis chief host, has at present more Japanese orders on hand than even his vast works can accommodate, and so he has had to place a lot of them outside with other northern firms. A partner in one of these firms tells me a particular story, which, I imagine was not known before, namely, that Armstrong has taken the job of build- ing and entirely eauipping a bignaval yard and dock in Japan, where ships can benot | only built, but armored, engined and com- pletely fitted by the Japanese themselves. Some of his men are already out there making _preliminary plans and esti- mates. It is the notion that when Li grasps this fact he will say that China must also have one. . A good deal is said in the papers just now about an impending general strike of labor in the shipping trade. The plan of this strike as propounded is _certainly am- bitious enough, for it threatens a refusal to unload any ship the crew of which con- tains non-unionists, and this is to apply | not only to British ports, but to continen- tal and American ports as well. The fact, however, that Lock Wilson 1s managing the whole thing rather robs it of its ter- rors, for even the densest workingman’s mind must by this time know what kind of a man Wilson is. Shipowners are not neglecting precautions to meet a possible emergency, but they think that son is really intent on whipping up members for his union at 70 cents each and that the matter will end there. The personal firmness of the United States Minister at Madrid in reading the riot act to the Spvanish Governmentard preventing it from sending a circular note to the European powers in regard to Cuba is much praised here. It was the British Embassador at Madrid, I hear, who warned Mr. Taylor of what was going on and who also warned the Spanish Foreign Office that it was making a mistake. It is inevitable that the Spanish Minis- try should be @ good deal influenced by the fact that the European powers are on the verge of a big yuarrel among them- selves, and if the truth were known we should probably find a division among the diplomats stationed at Madrid follow- ing closely the lines of that at Constan- tinople; in other words, it would be dis- covered that Germany was egging Spain on to rash ccurses, that England was joining the United States in advising against them, and that the other powers | were drifting about watching 10 see how the cat will jump. After seven years of examination, dur- ing which three of the original members died, probably of old age, the Royal Com- mission on Vaccination is at last ready to report. It accepts the vaccination prin- ciple as right, as of course was inevitable, but will advise that vaccination no longer | be compulsory where parents object to it, and will suggest that a statutory declara- tion of objeciion by such parents be ac- cepted as a reason for immunity. This report, 1t is to be feared, will be hailed with fervid enthusiasm by a large class of people, who confound vaccination itself with the vaccination law and who hold it responsible for the effects produced by the vaccination of infants who do not receive proper care, either from those who perform the operatior or from their par- ents after it has been performed. There is hardly any other law which causes such a vehement and bitter feeling among the poor as does that one which enforces the vaccination of their children before they are three months old. With many of these children the chances whether they will live or die are pretty even at that period and vaccination among people de- pendent on the often careless dispensary of- ficials sometimes tips the balance toward death. In such cases the funeral of the little unfortunates become public demon- strations in which whole slum districts participate. Banners are carried and speeches are made cursing the Govern- ment as & murderer of innocents. In many large towns this sentiment is 80 strong that the class of ignorant peo- ple who hold 1tisso numerous that the local officials have allowed the law to be- come adead letter, a thing which in Eng- land is almost unheard of. The lerrib%e effect ot this was recently seen at Glouces- ter in the shape of an epidemic of small- pox that carried off hundreds of victims. The entire hopelessness of Sir John Mil- lais’ case had been known so long that his death created no sensation. He will be buried in St. Paul’s, probably at Lord Leignhton’s feet, but the funeral will be no such solemn state affair as was that of the other. Speculation as to Millais’ successor is already very keen. W. B. Richmond, Luke Fielaes and Marcus Stone all have supporters, but to me Val Prinseps’ chance seems best. The theory of hereditary in- stitutions gets a quaint illustration from the fac tthat Millais’ eldest son bas no in- terest whatever in anything but dogs, and his sole distinction in life is’ that he is the greatest living authority on Basseét hounds. It is true that he only inherits the bar- onetcy, but it might as ‘easity have been a peerage, which would have made this ex- pert in sporting dogs a hereditary law- maker because his father was a great artist. After numerous vague hints it is at last announced as a definite fact that women’s waists are to be released from the tyranny of the wasp ideal. -Inquiry in Paris dur- ing the week shows that not much change has been made there in dresses yet, al- though a recognized tendency in that di- rection exists, In London, however, the change is already very marked. In the beginning it was confined to cycling hab- its, but it is now spreading rapidly to walking costumes and even to evening dress. This new mode is called “‘the Gre- cian waist,” which givesa pleasant label to comfortable reahty, and ladies’ tailors here profess to believe that by another S SENATOR JOHN SHERMAN of Ohio, Who Ope the Repub- fican Campaign at Columbus Last Night With an Eloquent Plea for the Preservation of the National Credit and Honot, season tight lacing will be quite out of date. The new farce at the Comedy Theater, called “*“The Mummy,”’ does not get unan- imous praise from the critics, but since these gentlemen failed to see that “Char- ley’s Aunt” was funny, their influence on the fortunes of the comic drama has reatly diminished. ‘“The Mummy,” at east, makes an andience laugh loudlly_ and almost continuously, and it seems likely t0 do so for a long time to come. The press is flooded to-day with masses of details about Nansen’s doings in the Arctic Sea. The net result of it all is to strengthen the conviction that the ex- plorers are on the right track at last, and that the trick will be done in a year or two, if it has not already been done by | Andgree. Sir George Newness’ attempt to found a penny morhing paper on new lines made up like a weekly and devoid of politics is understood to have been one of the cost- liest on record. Itcame to an end to-day when the Daily Courier failed to appear. HAroLD FREDERIC. MOND SILVCRITES ARE RSSAILED, [ Continued from First Page.] earliest practical moment in coin. In order to carry out these pledges it became necessary to | revise the various coinage laws of the United | States. This was promptly and very carefully aone by & bill framed in the Treasury Depart- ment while Mr. Boutwell was Secretary. This bill omitted from the coins of the United States the silver dollar, pree¢isely as was done | in 1853, but provided for the coinage of the | tractional parts of the dollar, in accordance | with the act of that year. This bill was pend- ing in Congress for three years—was carefully considered in both houses, and special atten- tion was called to the omission of the 41214 grains silver dollar which was never in the bill at any stage, and the reasons for this omission given. The bill passed both houses and be- came a law February 12, 1873, by practically a | unanimous vote of both parties, and was espe- cially supported by the Senatorsand members from the silver States. This has been callea | “the crime of 1873,” and as the bill was un- der my charge in the Senate, I was held to be | the chief criminal. It was, in fact, a wise | measure of public policy, carefully discussed | and considered during three years. Tt is strange that the very men who sup- ported the coinage of 1873 and demanded the exclusive use of gold are the very men who de- meand the free coinage of silver and denounce as “goldites” and “robbers” all those who be- lieve in the coinage of both gold and silver. Senator Sherman quoted from speeches delivered in 1874 by Senators Jones and Stewart of Nevada, favoring a gold stand- ard, and continued : Senators Jones and Stewart and all the Rep- resentatives and Senators of all the silver States were honest and urgent in saying that gold was the best and only standard of value, but they changed their minds when the largely increased and increasing production of silver in Nevada and other States reduced the market value of silver below that of gold at the established ratio of 16 to 1. When the coinage law of 1873 was enacted neither gold nor silver was used in domestic transactions, | but we collected our customs duties in gold coin and conducted our foreign commerce in gold, the money of the worid. It was not until January, 1873, that the first step was taken to | Tesume specie payments, nor did we resume until January, 1879. During this period silver rapidly fell in market yalue below gold at the ratio of 16 to 1. Prior and subsequent to 1873 many changes were made in coinage by the leading countries of the world, and gold became the standard of values in those countries, but in all silver was coined and largely used asa subsidiary coin, precisely as in the United Stages. The Bland | bill,if it had become a law as it passed the | House, would have demonetized gold. When the bill came to the Senafe an amendment was made on motion of Senator Allison which changed the scope of the bill, and authorized and directed the Secretary of the Treasury to purchase from time to time silver bullion at the market price not less than $2,000,000 nor more than $4,000,000 worth per month, and | cause the same to be coined into silver dollars as fast as purchased. This blM, so amendeq, passed both houses. It was known as the Bland-Allison act. It greatly added to the dii- ficuities of resumption, and for that reason was vetoed by President Hayes, but became a law over his veto. Under its provisions the United States purchased over 291,000,000 ounces of silver at the cost of $308,279,260. It ‘was hoped that this enormous purchase would arrest the decline of silver, but in spite of it silver steadily declined in market value, and at the present price the loss to the Govern- ment on the purchase of silver under this act amounts to over $100,000.000. Senator Sherman then reviewed the pas- sage of the actof July 18, 1890, providing for the purchese of silyer at the market price, issning in payment therefor treasury notes, and its repeal in November, 1893, He continues: We cannot by law fix the value of either metal or coin or of any of the articles that enter into the wants of life. The great law of demand and supply affects the value as it does iron, copper or zinc, All have fallen in market value by means of new discoveries and improved methods of production. We had July 1,1ast, in actual circilation among the people of the United States, $1,509,725,200. We had also at that date $684,519,981 in the treasury, mostly gold and silver, held for the redemption of United States notes and silver certificates, All these forms of money have been maintained by the Government at par with gold and they travel the circle of the world without diminution of their purchasing power. Though silver bullion has fallen to nearly. one-half its former value, yet we have used it and maintained silver coin made from itat a parity with gold at the ratio of 16 to1l. But now we are brought face to face with a propo- sition which, if agreed to, will make silver the sole standard of value for all debts and credits, for the wages of labor and the puichase and sale of property. The Democratic party at its recent convention at Chicago adopted & reso- lution in favor of the free coinage of silver at the ratio of 16 to 1. With the free coinage of silver gold will be demonetized. Nothing can be more certain than that the cheaper money only will circu- late, The United States has thus far main- tained its siiver coins at parity with gold coins only by its exclusive monopoly of coinage and by limiting the amount, but with free coinage of silyer there could be no limitation, Silver bullion in every form will be pressed upon the mints and, with the mandatory duty of free coinage, silver dollars will soon fill the chan- nels of circulation and the gold dollar will be hoarded or will be quoted and sold as & com- modity. Silver will stand as the par of value and gold will be quoted st its commercial value. Lgt us contemplate,for awhile the in- evitable result of the free coinage of mlver, even if I repeat what I say. It would violate every contract for the pay- ment of money made since January 1, 1879. The resumption act, which Went into opera- tion on that day, provided for the payment in coin on demand of all United States bonds presented for redemption. All forms of money, whether of silver or gold or paper, were then maintained at par with each other and have been so.maintained ever since. During all this period gold and silver coins at par with each other have been the standard of value of all loans, contracts or purchases, and the faith of the United States was pledged for their maintenance at parity with each other. Al though silver bullion declined in market value the coins made from it have been kept at par with gold coins at the legal ratio of 16 to 1. But if the free coinage of eilver is authorized then the market value of silver bullion be- comes the standard for the paymentof all con- -tracts made in the past, the present or the fu- ture, and 412}4 grains of standard silver bul- lion, worth now 53 cents, can with free coin- age be coined into a dollar upon the demand of any holder of such builion. It is the doc- trine of the Populist and the anarchist, but is in direct opposition to the traditional policy of Thomas Jefferson, Andrew Jackson and the Democratic party. It is impossible to estimate the injustice that will be done to creditors by the scaling of nearly one-half of the debts due them. The very threat to do it will lead to the prompt and harsh collection of debts before free coin- age can become law. It is certain that before a free-coinage bill can become a law the wide. distrust ceused by the pending of such a measure will lead to the rapid collection of debts, the sacrifice of property, and deepén the existing financial difficulties growing out of insufficient revenues for the National as weil as for many State governments. The great body of the creditors of our country are among the thrifty, industrious and intelligent men and womep of every commuunity. One great body of creditors here is the 970,000 Union soldiers, their widows and orphans, who are creditors of the United States to the amount of over $14 0,000,000 a year for ser- vices and sacrifices in the Union army. It would be an act of perfidy and meanness beyond expression for this great country to pay them with money of less purchasing power than gold coin, merely because the overproduetion of silver in the United States has reduced the market value of silver bullion contained in a silver dollar. There is another class of creditors that the free coinage of silver will greatly injare. Itis the depositors in savings institutions and kindred organizations, who, according to offi- cial statistics, number nearly 5,000,000 people and whose deposits amount to more than. $1,800,000,000. Free coinage will also wipe out nearly one-half the value of life insurance, which provident people of the United States have paid. to secure in case of their death, some support and protection to wife and children. It will affect injuriously the multi- tude of clerks and employes who depend upon ‘monthly pay, and will reduce the purchasing power of all salaries of officers and employes in the public service of the United States and ot every State, county, city or township in this broed iand. But by far the greatest Injury resulting from the free coinage of silver will fall on workingmen. Their wages asre now based upon money of the highest value, upon gold coin of standard value. Under free coinage of silver the value of the silver dollar will fall to 53 cents in gold, or the 100 cents of the gold dollar will be worth 194 cents of the silver dollar. Of all the evils which a government can in- flict none can be greater than cheap money, whether of coin or paper. That dollar is the best dollar that buys the largést quentity of food and clothing. That dollar is the gold dol- lar, for it buys more food and clothing than any other dollar, and will also buy a silver dollar for 53 cents if the coinage of silver is made free at the ratio of 16 to 1 of gold. Experience has shown that the United States can make the silver dollar buy as much as the gold dollar, but it can only be done by the Government buying silver bullion as needed and coining it into dollars on Government ac- count. This has been tried. The only object and effect of free coinage will be to degrade the doilar, to lessen its purchasing power nearly one-half, to enable aebiors to pay their debts at 53 cents for a dollar, and to cheat the public ereditors who hold our bonds. If this policy should be adopted the United States will take its place among the nations of the earth as a bankrupt, closing its business at 53 cents on the dollar. P There is another element of meanness in this free coinage of silver. The United States has always paid its bons ingold coin or its equivalent. In the darkest hour of the Civil War we stipulated to pay our bonds, principal and interest in gold or its equivalent. All of the war debt has been paid in this way. A por- tion of it was paid by tne sale of bonds bearing alowerrate of interest, but we exacted of the purchasers of these bonds gold coin or its equivalent even while our notes,were below par in coin. About $347.000,000 of these se- curities are now outstanding, of which $262,- 000,000 was sold by this sdministration and paid for in gold coin. It isoneof the objects ©of those who advocate the free coinage of sil- ver to force the Government to pay these bonds in silver coin reduced in vaiue. I can- not regard this in any other light, but as both fraud and a robbery and all the worse if com- mitted by a great, rich and free people. The matter of the free cornage of siiver and the degradation of the standard of value in- volves not only questious of money but of honor and geod faith, JVhen their honor is involved the people mever fail to respond. They have complied with every promise and paid every debt contracted since the organiza- tion of the Government as it became due. They have paid four-fifths of the debts con- tracted during the Civil War and the prospect was hopeful that all of it would be paid before the close of this century, but this reversing our standard of value has, like the firebell at night, startled and alarmed our people. Let us settle it by following the action of Wash- ington, Hamilton, Jefferson, Benton, Hunter, Lincoln and Grant. Let us meintain silver and gold at par with each other at the legal ratio of 16 to 1 until a conference among na- tons can prescribe common standards of value. In the meantime let no actbe done, no policy be adopted, no expedient resorted to that will tarnish the honor of this great re- public. When Senator S8herman finished Gov- ernor Bushnell introduced Senator-elect J. B. Forsker. The cheering which greeted him lasted two or three minutes. When he mentioned McKinley’s name in his opening remarks the scene which followed was for a short time iike the memorable one in the Bt. Louis convention when he named McKinley in his nominating speech. Mr. Foraker said: Mr. Chairman and Fellow Citizens: For three years in succession Rerublican major- ities, in this State and throughou¢_ the coun- try, have been overwhelming; 1893, 1894 and 1895 show an increasing strength for Re- publicanism and corresponding losses for Democracy. These election verdicis have been the people’s condemnation of Democratic m: administration in National affairs, What has happened since the elections of last year (o change the verdict of the people as then recorded? In administration, nothing. In legislation, nothing. Nobody pretends that Mr. Cleveland or anybody else has done any- thing to redeem Democracy from the fauits for which it was condemned last year. Why then should there be a _contest for supremacy this year? Why should it be necessary to hold this meeting, or any other meeting, for the urpose of debating whether we shall vote the Egpubflcnn or Democratic ticket? Why should there be any effort to secure the election of a Republican President? Why does aot the verdict of last vear stand good for this? The answer i», there is a new issue. The money question has been brought to the front and we are to determine whetner or not we shall have free silver. Why has this new issue been made? What is the nature of it? What is the right of it? It has been born of Democratic desperation on the tariff question, which hes been the issue for years. They were overwhelmingly aefeated "before the fight commenced. Their victory in 1892 proved to them a great misfortuune. It gave them an opportunity to present an object- lesson t0 the American people. Cominginto power on the ples of opposition to protection, 1t was necessary for them to legislate accord- ingly. They did so and that has worked their ruin. Before 1892 the tariff was a debatable question. Everybody understands the tariff question now and almost everybody has be- come & protectionist. 1t was beczuse of our political experience in these regards that the Republican party has been trlumphing by such tremendous majori- ties and it is because the end is not yet, be- cause hard times continue, because men are still idle, because farmers are still distressed, wage-earners still_seeking employment, busi- ness paralyzed and the Government revenues insufficient to meet the Government expenses, that it was seen months ago that in November, 1896, upon thé old issues the Democratic rty would be overwhelmingly defeated, and or that reason it was determined thatsome- thing must be done to give the Democracy a new cbance. In other words, if the Demo- cratic party had not seen its defeatahead on its ol issues it would not have made this new issue. But what is this silver question? Ts it true that the Democratic party, which has been constantly and persistently on the wrong side of every great National question for fifty years, isat last and for once right? No, itis not. On the contrary, it is more wrong now than ever before, since the Union was saved and slavery abolished. Democrats themseives so ssert. Their most distinguished and trusted leaders unsparingly condemn thelr platform and re- {use to support their candidate. Half of the Party is now in open revolt. Almost all the eading Democratic newspapers of the North, from the Atlantic to the silligpl. have de- nounced and refused to support this platform or m& candidaies of the party who stand upon n view of this it is hardly necessary to re- sort 1o argument, and yet when a great party puts forih a decision upon an important sub- Jject it is our duty to examine it and dispose of it upon its merits. But before we can judee of any question we must know exactly what that question is. This is particularly true in the present case, for much effort is being made to causeé it to appear that the Republican part has changed iis position. That is not true. lyt stands exactly where it hés been standing heretofore. Its St.Louis platform is but a repetition of all its previous declarations on the currency question. It is not so explicit, but in substance and effect it is precisely iden- tical. Briefly and simply n-teg our position is that we propose to maintain what we have until we can get something better. What we have is the single gold standard, with the use of the largest quantity of both silver and paper that can be maintained on a par with gold. What we want is the double, or bimetallie, standard, under which we can have, not only the free coinage of both metals, but the actual use of both metals as we now have, with the additional use of silver for redemption pur- poses. We propose to secure this gy interna- tonal agreement—the only possible way, in our judgment, that has yét been po nted out. Our position is not, therefore, in hostility to silver, as has been claimed, but one that de- mands such & use and treatment of silver as will maintain it in honorable parity with gold. We have mow in use not only gold and silver, but six different kinds of paper money. The grand ogsgregue amounts 10 more than 1,500,000. . Speaking in round figures, 900,000,000 of this is in silver and paper and gn‘ly SBOOd it ’m'oo?ulln w‘l:, s?d yot o main: aine T W old, sim; T2 readamatie n ol Sy bevie w1l not16 to 1, but almost 32 to 1. It is seli- evideut that a silver dollar worth only 53 cents could not be maintained at par with goid dinal principle in the doctrine of free coinage is that neither gold nor silver shall be redeem- able the one in ihe other, but each shall stand upon its own merits as a money of ultimate redemption. It is one thing to declare that you will redeem in gold and another that you will make and keep yourself able to so redeem. As it is with an individual so, too, is it with the Government. For this reasonghe Republi- can party has pursued the policy of limiting the obligations of the Government to amounts conceded to be within the ability of the Gov- ernment to pay. NEW TO-DAY. NOTICE! Physicians can now obtain DR. BROWN - SEQUARD’S VITAL- 1ZING TABLETS. A new con- signment received. Back orders filled. Private individuals sup- plied at physicians’ rates for the present. Full directions inclosed. Highly esteemed by the medical faculty for lack of emergy, pre- mature weakness from all ex- cesses, lost powers and nervous debility, etc. By mail prepaid, $1.50 size boxes at $1; 3 for $250. Root’s Pharmacy, Sixth and Howard streets, San Fran- cisco, Cal, The commercial value of gold and silver is | unless made redeemable in gold, but a car- | arty declares for the free, unlimited and in- Bopendent coinage of silver at the ratio of 16 to 1. What does this declaration mean? They tell us it means bimetallism, and they define this to mean tnat silver is not only to be freely coined, but that it is to be no longer redeem- able in gold, but is to be itself a money of re- demption. If their pohey prevails and you have a paper dollar and want it redeemed in coin you will be compelled to accept silyer, it silver is offered. We deny that bimeraliism, in the sense that both gold and silver shall circulate tegether as moneys of ultimate re- demption, can be brought about by any such methods. We, on the cnntmry, assert that what the Democrats propose will give us not | bimetallism, but silver monometallism. The very moment that we, acting alone, without the co-operation of other nations, enter upon a policy of free coinage of silver at the ratio of 16 to 1, as the Democrats propose, the United States will pass to a silver basis. 1f we would undertake to maintain itat par with gold by redeeming it in gold 1t would be impossible “for us to do it. There would be too much of it. But as already stated it is not proposed under free coinage 0 redeem silver in gold, but on the contrary that is_inconsistent with the whole idea of free coinage. The theory of free coinage is silver shall ge in itself & money of redemption, and if a money of redemption there would be no more propriety in redeeming silver in gold than tgere would be 1n redeeming gold in sii- ver. y Silver, therefore, must under free coinage stand alone-upon its own merit, and its valoe | must be measured by its intrinsic value, that | is at the ratio named only about one-nalf the intrinsic value of gold. We would consequent- 1y have two metel coins ot unealnl value, but moneys of redemption. Gold would go in- stantly to a premium, and the momeat it would go to a premium it would go out of eir- culation. ‘When & man has a dollar to pay he will pay it with the cheapest dollar at his command. Witn gold out of circulation we would have only paper and silver money, and inasmuch as all the paper and all the bonds andall the other obligations of the Government are re- deexfilhle in coin they would be redeemed only 1n siiver. ‘We would at once step down and out from the class in which we stand with ]:‘,nglu-m1 France, Germany and other great commercial nations of the earth into the class with Japan, China and Mexico. To that step the Republican party will not contribute. So !on% as we control this Govern- ernment the American people will rank with the first-class nations of the earth. Our flag shall be everywhere respected and our money everywhere bonored. It you want & practical illustration of what we ‘would avoid look at the Mexican doilar. It contains moreZ pure. silver than our silyer dollar, and yet one of ourdollars is practically worth two Mexican dollars. This is so because our dollar is redeemable in gold, while the Mexican dollar is not. The; have free silver in Mexico. They are on & sil ver basis. In that country silveris a money of redemption—just what the Democratic party proposes to make it here. Payment in silver is the end of a business transaction. As a currency, the silver dollar is worth just what the bullion it contains makes it worth, that is worth whatever siver may be worth in the market for commercial purposes. The same is true in substance and effect in every other silver country and as it is elsewhere, S0 will it be here. It is for this reason that we deny that free coinage means bimetallism and assert thatit means only silyer monometallism, and weareopposed toif. Until wecan 1ave bi- metallism, we prefer the gold standard‘to the silver standard. We want to continus the use of the best money of the world. We want to meintain it jn the future as we have in the past, the highest monetary standard known among civilized nations. We want to pre- serve the use of gold, together with silyer and_paper, ana sre opposed 10 a policy that would drive £600,000,000 of gold out of circu- laiion and thereby correspondinely contract our currency, derange our business and leave | us with no other metal except silver. We are opposed to free coinage because its avowed | purpose is to have a cheaper money with | which to pay debts. We are not repudiators. ‘We believe inan honest discharge of an honest obligation. Itis not the demonetization of silver that has hurt the farmer, but the demonetization of his markets. The repeal of the McKinley | law cerried with it the repeal of our recipro- city ireaties. In consequence the export of | our agricultural productsfeil off ior the year 95, as compared with the vear 1394, 180 e of mora than $250,000,000- % 10 the Now 1 want to call your attention to another plank in the Demoeratic platform, one that is in my judgment, more serious in its character, if that be possib e, than the silver plank. 1} is that which assails and threatens 1o desiroy the Supreme Court of the United Stat denounces the Federal courts generally, cause of what it is ylensed 0 term “Gov fment by injunction”” The assauit upon Supreme Court is on account of itsdec that an income tax is unconstitutiona; Do matter what the excuse, the fact remains that the nighest tribubal in America has been openly and deliberately assailed by a political party in 1ts political platform, and the dec; Yion and pledge have been given iha arty shail succeed at the coming elec upreme Court shall be so reorga make it subservient to the whims of body. All this because the Supreme discharged its constitutional duty. & But they do not stop with this assault upon the Supreme Court. They g0 farther. They arraign all the Judges of our I‘L’den?\ cou The entire Federal judsciary are included ir their attack upon what they.are pleased to term “Government by injunction.” Who can forget how in the summer of 1894 this coun- try seemed to be on the verge of anarchy? Who can forget how at that time, angered and maddened by their wrongs, real and imagin. ary, the striking rioters in the city of Chicago undertook by violence to supplant the civi authorities, interiere with intersiate com. merce and prevent the carrying of the maiis of the United States? This declaration of this platform has reference to this ineident. Read in the light of this fact, it is the purpose of the Democratic party, as declared by this pia form, to give us not only iree trade and free silver, but to give also free license to eve: man who sees fit to take the scepter into h own hands, and defying the constituted a thorities, substitute riot and anarchy, blood- shed and violence for law ana order, peace snd prosperity. 1f any Judge abuses his powers the law pro- vides Temedy whereby he can be impeached, displaced &nd punished. Solong as he admin- isters the law in accordance with his oath of office no man_or party has any right to com- plain, This declaration of the Democratic 8 Dol Cou; | platform is an attack upon the very founda- tions of our Government. It is revolutionary in its character. It is anarchical. It is uu- American. It 18 enough in and of itself, 1f it stood alone, to condemn the party that would adopt it and defeat the man who would ap- prove and stand upon it before the people, Let us try no more experiments with De- mocracy. Let all who believe in law and order, the maintenance of our insiitutions, a sound currency and the prosnerity of America rally, as did the patriots of 1861, to the sapport of William McKinley. He has been nominated by the Republican party. He isa Republi- can. His administration will be along Repub- lican lines, but he is also a patriot. e repre- sents in name, in record, in purpose, all that is be it and grandest in his day and generation, With him at the helm no harm can come to the American people. He will give us a broad, comprehensive, aggressive American adminis- tration. The meeting closea to-night with an ad- dress in the great tent by General Stewart L. Woodford of New York. The audience was even larger than that which listened 10 the speeches of Senator Sherman and Senator-elect Frazer this afternoon, con- sisting mainly of workingmen. A glee club of 100 male voices, accompanied by a great organ on the stage, sang patriotic and campaign songs. Mr. Woodford stated briefly the position of the taree principal parties as set forth in their platforms. He said he believed and would try to prove that the Demo- cratic declaration if carried into effecs would reduce us to silver monometallism, where Mexico, China and India are. He gave three illustrations of Populist finance from history, the first being the issuance of paper money by John Law, Minister of Finance in France, in 1720; the second the issue of paper assignats and mandats in 1790 and 1796, and the third the issue of continental bills by our own Con- tinental Congress between 1775 and 1780. All of these experiments were disastrous and that of the Continental Congress ended 1n complete repudiation. 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