urn
rrnrrmn
TT
THE ALLIANCE -INDEPENDENT.
AUGUST 24, 1893
I
h
r
BRYANTS SILVER SPEECH
(Continued from First Pag,
e1on, end U bait depend upon tbe annual
increase of that maul to keep pace with
the tint for money.
Tbe director of the mint gives about
fl30,000.av aa tbt world's production for
last year, bonetnlnr: like one-third la
rod u cad in connection with sllrer, aod
must be lost if silver mining la rendered
unproductive. It Is estimated that nearly
two-thirds of the annual prodnet Is used In
the aru, and the amount so used Is inerest
tar. Where, then, is the supply to meet
las Increasing demands of an increasing
- aopulatlon? la there some new California
or some undiscovered Australia yet to be
explored?
la it not probable that the supply availa
ble for colnaa-e will dtmlulsn rather than
increase? Jacobs, in bis work on the
preetous metals, has calculated the aopre
tiatlon of tbe monetary unit. He has shown
that the almost Imperceptible increase of 2
per cent ner year will amount to a total
appreciation of 600 per eent in a century.
Or, to Illustrate, that cotton at 10 cents tc
lay and wheat at 60 cents would mean
totton at Scents and wbsat at 12 cents In
one hundred years. A national, state or
municipal debt renewed from time to time
would at the end of that period be all
Hires as great as when contracted, although
several times the amount would have been
paid iu interest.
When ene realizes the full significance
t a constantly appreciating standard be
ean easily agree with Alison that the Dark
Agee resulted from a failure of the money
supply, liow can anyone view wltb un
ion rem the attempt to turn back the tide
f civilization by the complete debase
ment of one-hall of the world's money.
When I point to the distress which, not
suddenly, hut gradually, is entering the
habitations of our people: when 1 refer
yon to the census as conclusive evidence
if the unequal distribution of wealth and
ef Increasing tenancy among our people,
of whom, in our cities, less than one-fourth
aowown their homes; when 1 suggest the
possibility of this condition continuing
until, passed from a land of Independent
owners, we become a nation of landlords
aud tenants, you must tremble for civil
liberty Itself.
FIIEC OOVIBXUEHT III DAKOEB.
Free government cannot long survive
when the thousands enjoy the wealth of
the country and the millions share Its pov
rty in common. Even now yon near
among the rich an occasionally ex
pressed contempt for popular gov
ernment, and among tne poor a
protest against legislation wbloa makes
(hem "toll that others may reap."
1 appeal to you to restore Justloe and brUig
back prosperity while ret a peaoeable solu
tion can be secured. We mourn the lot of
unnappy Ireland, whose alien owners
drain It of its borne-created wealth ; but we
may reach a condition, if present tendencies
continue, when her position at this time
will be an object of envy, and some poet
may write of our cities as Goldsmith aid of
the "Deserted Vlilsge."
While scourged by famine from a smiling land
t"be mournful peasant leads ble bumble ba nd
And, while he sinks without one hand to save
The country blooms a garden and a grave.
jlut. lest 1 may be accused of reasonless
nomplalolng, let me call unimpeachable
witnesses who will testify to tbt truth of
my premises and to the correctness of my
conclusions.
VKIMPKi-CIlABLK WITH ESICS.
Jevoai iayi:
If all the nations of the globe were sud
only and simultaneously to demonetize sil
ver and require sold money, a revolution In
the value of gold would be inevitable.
Uiffln, who la probably the moat fanatl
' eal adberent to (be told standard, aaya, in
his hook entitled "The Case Against bi
metallism: The primary offender In the matter,
perhaps, waa Germany, which made a mis
take, aa I believe, fa substituting gold
for silver as the standard money of the
country. To some extent also Italy
has been an offen der la tble matter, tbe re
sumption of specie payments ta tbat country
on a gold basic being entirely a work of
superfluity i the resumption on a sliver nesla
would have been preferable. Mo
doubt the 'pressure on gold would have
been more severe than It baa been if the
United Btatea bad aotpasssd the lliand coin
age law.
Ike gentleman from Maryland (Mr.
Rayusr) said la the opening speeoh of this
debate:
In my opinion there Is not a sufficient
amount of yuld in existence to supply the de
mands of commerce and ths necessities of tbe
world's circulation.
Mr. Balfour, member of parliament, in a
speech recently made, said :
LetGermany. India and the United States
try a sold currency and a tremor swims every
one of our commercial magnatos. They look
forward, in tbe immediate future, to catas
trophe, and feel that the ultimate result may
be a slow appreciation of tbe standard of
value, which is perhaps the most deadening
and benumbing luiiuoace that can touch the
enterprise of a nation.
Mr.,Ooschea, delegate from Great Brit
ain, said at the Interaailunal monetary con
ference In 1878:
If, however, other states were to carry on a
propaganda lu favor of a void standard and
the demonetization of silver, the Indian gov
ernment would be obllKod to reconsider its
p-wlUon and might be forced by events to
take measures similar to those taken else
where. In that case tbe scramble to get rid
of sliver might provoke one of tbe gravest
crises over undergone by commerce. One or
two states might demonetize silver without
serious results, but if all domonetUe there
would be no buyers, and silver would fall lu
alarmlug proportions. If all states
should resolve on the adoption of a gold
standard, the question arose, would there ba
eulHi'lenl gold for the purpose without a tro
mcmlous crisis!' There would be a fear on the
one baud of a depreciation of silver, aad on
tbe other of a rise in the value of gold, and a
correpoudlug tall la the 'prices Of all com.
tnoditiet
Italy, Ituseta and Austria, whenever they
resume specie payments, would require
metal, and if all ollmr states went in the utrec
tion of a gold standard, these countries, too,
would be forced to tiike gold. Resumption on
their part would ba tecilltauid by the mainte
nance ot silver as a part of the lugal kuder of
the world. Tne American proposal for a uni
versal double standard mih1 imM.iUU of
realization, a veriiabie L'loplat but the theory
of a universal gold standard was I'toptaa,
nd. Indeed Involved a laUe Utopia, It was
better for the world at large tiiat tbe two
vustaUshouui coutinua lu circulation than
thstnae should be uaivsrsally substituted for
the other,
i AttlsUC AVTItontTY.
Thui does an eminent English monomst
alllitdenouoee tbe Idea ef a universal gaid
standard and foretell Ha eoasequesees.
Hut we are not dependent for autoorut
npaa foreign, advocates of a siagte sland
er a. . need uie woraa oi uira wno rer many
year was the guiding gsnius ot the repub
lican party, Hen. James ti. Hiatal, aad say
whether aawai a leealio beeause he de
scribed . In emi aatlo wutdi the
dsagets attendant upon universal
iuaeeteUUisia, . tie laid Span the
rlnor , of the house, en I turnery,
O the mart vwtedesd l.e-io,td qua
ti' II I litn.tliki or BiuiatU
eieadanL er ewa visas ara luineiaeiiy In
Ak'atvl ua tit Muita 1 have uiatla, I r
Imv tUs siuse auw g-iag was tr tiie
uairy a4 ia tnaee uuaiiwa re a aleele
fjuea ewaadant ui4,U eutveesUl, yiit
viAupretd d i.tr is a4 lareugUatit lbs
.tiiuk 11 WtftiJ.
ft. tru f alive as a4ar aad
eaiablianiM aa the aula unit ul a
Mt bate a ; t eU Uai ef
Irvj-ts etoeps sZwea tavaavs whK-a
mU a A riM ia swm. thmm VwuM
avwuwfualy eaaarl la ! aa4 wuitid
i s il!SeHMttlws aa4 tiarai a
iu4M a etl trfN a( pwt a,
If, as ta aval r!all uinkk aiataa,
a eeeris fl.a,.e wa aU.a
ia the SM4H1. ky4 sees eaia.iJ tuihiwi se
ewa a.44 aa St, ts t .Mala to
aittSe ativ ni e4 akeaa a ajaa wltlf
etwie stkik daMaa'g la
et'i.HMie aal utMtiy daaeuwua e tea ef
se ta
Aiainheaadl
1 belt a4 aaa ailvat cttw t be the
T-oasf wf tea settsutHiWat Vfcs
mnovy or aaa Amerlraa people, eetartor te
she eoastltuUoa, which tbe giaS erg sale law
reeogatsedaa quite Independent of Ite wa
ailafane. Na newer was eoofarred oa coa-
grees to declare either metal should not be
money, uongreee lias uerrrora, mj ;""e
mnsL. aa power to demonetise all vat any more
tbaa to demonetize gold.
Senator Sherman laid ia 1863:
The contractlon'of the enrreaey Is a far more
dlatrwiarul onaratioa than senators suepuaa.
Our own and other nations have gone through
that operation before. It Is not possible to
lake that voyare without tbe sorest distrees.
loeverv oerson eicwft a capitalist ou of
debt, or a salaried oUlcer or annitant, It ia a
period of lose, danger lassttuds ot trade, faU
of wagee, auspenslon of enterprise, bank
ruptcy and disaster. It means rulo of all
dealers w boas debu are twice tbelr business
capital though onn-tblrd less than tbelr actual
property, it means tne rail oi an agricultu
ral production without any great reductioa of
taaea. What prudent man would Oare w
build a bouse, a railroad, a factory, or a barn
wilb tills certain fact before him?
Let me auote from an aoostle of tbe dem
ocratic faith, whose distinguished services
In behalf of bis party ana nis country nave
won for blm the esteem of ail. Mr. lanisie,
then a member of the house of representa
tives, said, February 21. 1878:
I know that the world's stock of precious
metals is none too Urge, and 1 see no reason
to apprehend that It will ever be aa Mankind
will be fortunate Indeed if tbe annual produc
tion of gold and silver coin shall keep pace
with the annual Increase of population, com
merce, and Industrv. According to my views
of the subject tbe conspiracy which seams to
have been formed here and In Europe to
rtVnroy by legislation and otherwise front
three-sevenths to one-half the metallic money
of the world Is the most gigantic crime of this
or any other age. The consummation of such
a scheme would ultimately entail more tale
rtrj upon tbe human race than all tbe wars,
ptxtllencea. and favints tbst ever occurred
in the history of ttis world.
Tbe absolute and toatsntaaeous ds struct loa
of half the entire movable property of the
worle. Including houses, snips, ranroaus, anu
other appliances for carrying on coram wee,
while it would ba felt more sensibly at the
moment, would not pro. luce anything Ilka
tbe prolonged distress and disorganization of
society that must inevitably result from the
permanent anomiiauon oi oae-oaii tue uie Hu
lls money of ths world.
The lunior senator from Texas (Mr.
Mills) never did the party greater service
than when, on February 8, IHiO, on this
floor ho denounced, iu language force and
earaestnees of which csnnot bs surpassed,
the attempted crime against silver. Let
his words be an iosplratiou now :
Dut In ail the wild, recklesa and remorse
less brutalities that have markod the foot-,
prints of resistless power there is some ax-i
tvnuatlna- circumtance that mitigates the
severity of the punishment due the crime.
Home nave Deen tne prouuet or tne uteres
Basnlons of war. some have Come from tbe
antipathy tbat separates allon races, eotn'
from tbe superstitions of opposing religions.
Ilut theenme tnat it now souk m to o per-'
petrated on more than Cfty millions of peopi
comet neither from the camp of a conquerar,
the band of a foreigner, nor tbe altar of an!
idolater. Hut It comes from those In whossv
veins runs the blood or the common ancestry ,
who were born under the same skies, speak.
tbe same langnsge, reared ia tbe same In
stitutions, and nurtured In the principles of
ths same religious faith, it comes from the,
cold, phlegmatic, marble heart of evarlcu .
avarice tnat seess to pursirze lauor, increase
tho burden of debt, aud fill the land with;
destitution and suffering to gratify tbe luatl
for gold avarice surrounded by every eom-
fort tbat wealth can command, and rich,
enough to satisfy svery want save that which,
refuses to be satisfied without the suffocation
and strangilat,oa of all tbe labor of tbe land..
With a forehead tbat rsfuaes to be ashamed 111
demands of congress an act tbat will paralyze
all the forces of production, shut out labor
from all employment, increase the harden of
debts and taxation, and send desolation aad
suffsi lag to all the homes of the poor. ,
LANGUAGE COULD WOT BE STEONOElt.
Can Isagusge be stronger or conclusion
more conclusive? What expression can be
more forcible than the "most gigantic crime
of this or any other age?" What picture
more vivid than that painted in the words,
"The consummation oi susn a seneme
would ultimately entail more misery upon
the human race than all tbe wars, pestl
isnces, and famines tbat evsr occurrsd In
the history of tbe world?" What more
scathing rebuke could be admlniitered to
avarice than that contained in toe words of
Mr. Mills?
It Is from tbe awful horrors described by
these distinguished men, differing In poli
tics, but united in sentiment, that i beg
you, sin, to lave your fellow men.
On tbe base of the monument erected by
a grateful people to the memory ot the late
Senator Hill of Ooergla are Inscribed these
words.
Who saves his country saves himself, and all
things saved do bless him. Wbo leu his coun
try uie, lets an tningsuie, uies nimseu ignooiy,
and all things dying, curse him.
If. sirs, in saving rour country you save
yourislves and earn the benedictions of all
things savsd, how much greater will be
your reward If your efforts save not your
country only but all mankind! If be who
lets bis country dls, brings upon himself
the curses of all things dying; in what lan
guage will an indignant people express
thslr execration, if your actions lead to the
enslavement ef the groat majority of tbe
people by tbe universal adoption oi au ap
preciating standard I
IiIMF.TALI.I8M.
Let me call your attention briefly to tbe
advantages t of bimetallism. It Is not
claimed that by the use of two metals at a
fixed ratio absolute stability can be aecured.
We only contend that thus the monetary
unit will become more stable ta relation to
otner property than under a single stand
ard. If a single standard ware really more
desirable than a double staudard, we are
not free to ehoose gold and would be com
pelled to select silver. Gold and silvsr
must remain component parts ot the me
tallic money of the world tbat must bs
accepted as an Indisputable fact. Our
abandonment of sliver would In all proba
bility drive It out of use as primary money,
and silver as a promise to pay gold Is little,
If any, better than a paper promise to pay.
If bimetallism is Impossible, then we must
wake up our winds to a sliver standard or
to the abandonment of both gold and
silver.
Let as suppose tbe worst that has been
prophesied by our opponents, namely, that
we would be upon a silver standard if we
attempted the free eoiuage ot both gold
and silver at u.ny ratio. Lot us auppose
that all our gold goes to Europe and we
bave only silver, tetiver would nut be In
convenient to use, because a silver settlfl
eateUjustas convenient to handle as a
gold certlocate, and the stiver itself need
not be baadled except where It Is necessary
torehauge. Geld is not handled among
the people. No ene desires to accept any
latge amount of gold. The fast tbat the
treasury has always on hand a large
amount ot gold eolu deposited In exchange
tor gold est tittsatea ahows thai the paper
representative is more desirable than tne
metal Itaelt. If, fuitowiag out the suppo
sition, our gold goes abroad, Kurepe will
have more measy with waled to buy our
experte-eottea end wheal, cattle aad
hour.
It, en tne ether hand, wi adopt goil, we
must draw It from r.urope, aad thus lessen
their money aad reduce the prl-e ef our
eiporic in tore ta mar seta, inis, saw.
would decrease lue total vaiue of eurex-
ports aad laureate tke amount ef products
wba It would be aeaary to send ebiwtd
to pay the iachal aud Interest waieh we
ewe te bondholders and stoel holders te
sidlag ta t-urut. Heme hsve sufgesteJ
tne e mssuiiitf i utaiuf auhi tmad in
order la malataio a ae'd stead aid. Let
Ihsa renumber that iliueo beads saUt la
this eouttUy will dnw weaey from sitae
Istien aat tnerease the sinagensr, aad
sold aoroed will alfaet turuwtlv
pr k. ef ear pruduets abroad, Ihui making
a doable tat tn tits tuiiets et the I nited
flutes, whe raast ultimately pay la sot.
iM them tenteeVier. toe, that gold ee4t
held abfwed mutt some) be paid la g4,
aad the espoitaite at that gold iwaa.'d
prebabit raise a sieavx tot aa ettsasHsj
el bate la order te sate ta.iewea'.ri tf a
aaetaei iitieieatr. A silver eteadsrd. toex
witd make us the trading seutet et at
tie ailvcr-Mlsf eouatHes et the wetld,
gad Mee tettiee eatia (at were taa
ae bail ef the worid ealstia. ttlal
allure us weald be ! to f wetteia
aad southern seaports, each aa 5aa Fraa
elsee, Galveston, flew Oriesas, Mobil.
Savannah aad Charleston. Then, again,
wo produce our ellvsr, aad produce it in
quae titles which would to some extaat
satisfy oar monetary needs.
OCR GOLD PRODUCT SMALL,
Oar aanaeJ product ef gold la less than
60 cents per capita. Deduct from this
sum tbe lose wbiea would be occasioned to
tbe gold supply by tbe clostng of our silver
mlnee, which produce gold ia conjunction
with silver; deduct, also, tbe amount con
auraed iu tbe arts, and the amount left for
coinage ia rsaliy inconsiderable. Thus,
with a gold standard, we would be left de
pendent upon foreign powers for our an
nual mosey supplv. Tbey esy we mast
adopt a gold standard in order to trade
with Eoupe. Why not reverse tbe propo
sition and aay that Europe mast resume
the use of silver in order to trade wltb us?
But why adopt either gold or silver alone?
Why not adopt both and trade wltb both
gold-using and silver-using countries? The
principle of bimetallism Is established upon
a aclentlBc basis.
Tbe government does not try to fix tbe
the purchasing power of the dollar, either
gold or silver. It simply says, In tbe lan
guage of Thomas Jefferson, "Tbe money
unit shsil stand upon tbe two metals," and
then allows tbe exchaugeable value of that
unit to rise or fall according aa the total
product of both metals decreases or in
creases In proportion to tbe demand for
money. In attemptlag to maintain the
parity between the two metals at a fixed
ratio, the government doea not undertake
tbe impossible, franco for several years
did maintain tbe parity approximately at
IZH to 1 by offering unlimited coinage to
both metals at (bat ratio. It la very com
mon for some people to urge, "You cannot
put value Into anything by law," and 1 am
sorrr to see some proclaim tbla who know
by rich experience bow easy It is for tbe
government to legislate prices up or
down.
VALUE CREATED BT IAW.
We were callod together to relieve finan
cial distress by legislation. Some propose
to relieve tbe present stringency in tbaV
money market by removing tbe tat on
natioaat bank circulation aud allowing
banks to Issue 100 per cent on their bonds
instead of V0 per eent This legislation
would put values Into bank stocks by law,
because It would add to the profits of the
bank, and sash a law would probably
raise tbe market price of bonds by Increas
ing tbe demsnd for tbem. I will not
discuss the merits of this proposition now.
Let tlioss who favor it prepare to Justify
themselves before tbelr constituents. Tbe
New York World of Angust 3 contained an
article encouraging the banks to Issue
more money uuder tho preseul law. It
ibowed the profit as follows:
These bmfls are selling now as 109 to 110. At
this latter period liuu.ouu bond transaction
would stand as follows:
1100.010 U. B. 4's at 110, lets H per cent
accrued Interest. IllW.WM net would '
cost , HOMM
Leu circulation Issued on this amount Vu.UUO
Making tbe actual cash.. Investment
only , W.8M
On which ths bank would receive au Income
of over 11 pnrcent, as follows:
tnterestonlloiUMM'spsrunnum , 11,000
Less tax 1 per cent on circulation tSwO
Less sinking fund to retire premi
um to bs Improved at 6 per cent 444
Less expenses.... KW
eswawaw Xgjf
Wet Income
Already a good portion of these bonds held
(n reserve are coming into tne maraet anu
toon Had their way Into the iuods of national
bank a
If the proposed law Is adopted 1900 will
je taken from the expense column by tho
repeal of the tax on circulation aad 110,000
will be taken from the east of investment,
so that tbe profits would amount to 3,434
on an investment of 9JM&, or more than'
per cent. If. however, the Increased de
mand for bonis rslsed tne premium to 15
per cent, we could only calculate a nine
less than 13.430 on an Investment of lis,
BOO, or nearly 23 per eent. This tney would
probably call a fair divide. Tho bond
holder would receive an advantage in the
increased premium of. say, 125.000,000, and
theoatloual bank would be able to make
about double on iu investment what it
does now. If tbe premium should increase
more than 6 per cent the bondholder would
mage more and tne uanx less, it tne pre
mium should not Increase that much the
bondholder would make lets and the bank
more.
Let those, I repeat, who favor this plan
be prepared to defend it before a oon
stltnsncy composed of people wbo are not
making 5 per cent on an average on the
money Invested in farms or enterprises,
and let those wbo will profit bv the law
cease to deny the ability of government to
Increass the price of property by law.
One Is almost moved to tears by tbe sight
of New England manufacturers protesting
wltb Indignation against tne wisaom or
possibility of giving fictitious value to a
product, when for the last thirty yoars.
they have drained the rest of the country
and secured artificial prices by protective
tariff laws. Hums of our eastern friends
accuse the advocate ot free coinage of,
favoring repudiation.
Kepudlatlon has not been praoticedi
much In recent years by the dubtor, but inl
lsij'J the credit strengthening act enabled
the bondholder to repudiate a contract!
made with the government and to demand
coin in payment of a bond for which he
had given paper, and which was payable;
In lawful money. That act increasing the
market value ot the bonds gave a profit to
many who now join the beneficiaries of the
act In assuming the district debt In vocif-i
erous proclamation that "tbe government,
caunot create value." Does not the loca
tion of a public building add to the value
ot adjacent real estate? Do not townsi
contest the location of a county sealbe
oause of the advantage It brings? Does
not the use of gold end sliver as money
Increase the tsiup of each ounce of ec
metal?
PKECIOUS METALS LIMITED.
Thess are called precious metals becsuie
the production is limited and cannot be In
creased Indefinitely at will. If this gov
ernment or a cumber of governments can
offer a market unlimited as compared with
the supply, it can maintain the bullion
vatuo of gold and silver at the legal ratio.
The momeut one metal tends to cheapen,
the use falls on It and iuereatss its price,
while the decressed demand for the dearer
metal retards ita rise, and thus the bullion
values are kept near to the legal ratio, ao
uoar that the variation can cause far less
Inoonvenlenre and Injustice than the vari
ation In the exchaugeable value of the unit
would iotltet under a single standard. The
option Is always given to the debtor in a
double standard.
lit fact, ths system could not stint If the
option remained with tne eredttor, for he
would demand the dearer metal and thus
Increase any fluctuation la bullion values,
while ths option in tke hands or tea
debtor redueee tbe fluctuation to tbe mini
mum, last the unit under a doubis
standard it more stable to iu rwietioae tc
other things te adiu.ned by Jevous an
proved by aeveral Illustration. Mr,
liiffsa tried to aveid tbe toroe ot the ad
.issioa or say log that the difference ia
favor of the double standard Is only la ths
i repot tiaa ef to I, aa l therefore net tutli
eientki liailfv lie adoption, it would
seem that where subil.tr Is so inipomnt-
and never was m tinporuat as toils, when
sa mauf loai time euutievta are esseuled -
eve a siteht didereace la fsvwr of the
double itaudaid twgbl to wake It accept
able.
We established a blstetallte iiselata In
ITvJ, bat sitve. being overvalued by !
tati of 11 to I, stated Ud us iu4 guld
west abiuad, where wiat lane were wet
lavuraete.
tua iMi.Lsn a va n Apcita,
I have here a stiver sole (eihiutting lit
whiea feMc fim tne saat in i:x U has
anoa tbe edge these siatoal ward
'lUadied tsate-oee lr'es er I'ait" it
wbi eesst, tnertfvMre, that tee weight et
the 14 del .it waa reguiatel ay e tuvsi
dui.ef. eed tee itid Pteee pievldet fat
mt-te tt.uit!ptse( Ik Is tttt tad 14? tls
aZUy wu Sasga4 aal lis gs:I dollar re
duced ia size ta order so correspond to the
newly established ratio ot M to L Tns
amount ef pure sliver la the standard dollar
has nsver aeea eaaaged sloes ite adoption
la ITi.
The ratio of 16 to 1 overvalued gold and
our sUver weal abroad. Tbe silver dollar
waa worth about eente more tbaa tbe gold
dollar because tt ooald be coined in frane
at the ratio of 15X to L Thus, during ai'
tbe period prior to 1S73 thia country oa
Joyed bimetallism, and, although at om
time we uM one etal and at anethej
time another, no statesmen arose to de
mand a single standard. We now have
three kinds of bimetallists those wbo
favor a double standard only by interna
tional agreement, those- wbo favor inde
pendent action at a changed ratio ana those
who favor indepeadent action at the pres
ent ratio. Those favoring an international
agreement might ba again divided Into
those who favrr an agreement by a few
nations, those wbo favor aa agreement by
many nations, and those wbo favor it only
oa coudition tbat all nations would join.
IKTEBSATIO.VAL BIMETALLISM.
I suppose it woold hardly be proper to
further divide them into those wbo really
ilesire an international agreement and
ttiose who utilize the possibility of an In
ternational agreement to prevent Indepen
dent action. 1 am afraid the agreement
wilt not be brought about by those who,
l.ke tbe gentlemen from Ohio Mr. liar
terl. are willing to tiy It, but bave no faith
in its permanency ; nor will It receive
much aid. 1 fear, from the gentleman from
New York Mr. llendrixj, wbo said on last
Saturday:
1 predict to you tbat inside of three months
before this congress meets again If you re
peal this bhermaa law and adjourn, tovland
will make proponals to thia country to come
Into a munutary conference and see what can
be done for tbe sake of ber ward, India.
Less than five minutes before he had
pierced the veil of the future with prophetic
ken and declared:
The moving finger of time; down from tbe
days when gold started In the race for first
place to this moment, baa pointed to a single
unit ot value. It is our destiny. It will
triumph In this hall perhaps not in this eon
grtss, nor In your dayi but It it going to be
come the financial pulley of this country Just
as sure as tomorrow morning's sua will rise.
Any hope of bimetallism there?
What is the prospect for the establish
ment of international bimetallism? 1
would be glad to see tbe unlimited coinage
of gold aod silver at a fixed ratio among
the nations, but how Is such an agreement
to be secured? Tbe gentleman from Mary
land (Mr. Kayner) says the unconditional
repeal of the Bhermau law will bring Eng
land to terms. Is It impossible to extract a
:ion's teeth without putting your bead in
his mouth? Jsit not a dangerous experi
ment to Join England In a single standard
in order to induce her to Join usln a double
standard? International agreement Is an
old delusion and has done Inrportaut duty
on many previous oecsslons.
WE AUK STILL WAITISO.
The opponents of the Ulund law in 1878
were waiting for International bimetallism.
Mr. Cleveland mentioned toe prospect of It
In bis message to 115, and again this year,
tt was a valuable wearou in IH'JO, when tbe
Sherman bill was passed and the lirussels
conference was callod in time to carry us
over the last presidential election. Are we
any nearer to an International agreement
than we were fifteen years ago? Tbe
Europsan nations wait on England, and
she refused within a year to even consider
the adoption of tho double standard. Can
we conquer her by waiting? We bave tried
tbe Fabian policy.
BOND OB FBEE?
Suppose we try bringing her to terroi by
autloh. Let me appeal to your patriotism.
Shall we make our laws dependent upon
England's action and thus allow ber to leg
islate for us upon the most important of
all questions? Shall we confess our In
ability to enact monetary laws? Are we
an English colony or an independent
people? If the use of gold alone is to
m ike us slaves, let us use both metals and
be free. If there be some living along tbe
eastern coast better acquainted with the
beauties of the Alns than with tbe grandeur
of the Kockles, more accustomed to the
sunny sklss of Italy than to the invigor
ating breezes ot tne Mississippi vaney
wbo are not willing to truat their fortunes
aad their destinies to American citizens,
let them learn that the people living be
tween tbe Alleghanias and the Golden
Gate are not afraid to cast their all upon
tbe republle and rise or fall with it.
One hundred and seventeen years ago
the Liberty bell gave notice to a waiting
and expectant people that independence
Iiau UOOU ueuiaiou. iuoiv uin; uuuur-
in i. trembling ones among us now. but.
sirs. 1 do not overestimate it when 1 say
tbat out of 12,000,000 voters, more than
10.000.000 are waltlng.anxtousiy waiting, tor
the signal which shall announce the finan
cial Independence ot the United States.
This congress cannot more surety win tne
approval of a grateful people than by de
claring that this nation, the grandest
which the world has ever seen, has the
right and the ability to legislate for its own
people on every subject regardless of the
wishes, tne entreaties, or me tureata ot
foreign powers.
WHAT SHALL THE RATIO BK?
FerbaDS the most Important Question for
us to consider Is the question of ratio.
Comparatively few people in this country
are in favor of a gold atandard, and no
national party has ever advocated it Com
paratively few, also, will be deceived by
the promise ot international bimetallism
annually held out to us. Among those In
favor ot bimetallism, and in tavor or ioae
pendent action on the part ot the
United States, however, there is an
honest difference of opinion as to
the particular ratio at which the
unlimited coinage of gold and silver
should be undertaken. Tbe principal ot
bimetallism does not siina r.&on any cer
tain ratio, and ma exist at 1 to SO as well
as at 1 to lrt. t
In fixing tbe ratio we should select that
one which will secure the greatest ad
vantage to tbe public and cause tne least
Injustice. The pressnt ratio, in my Judg
ment, should be adopted. A change in
tbe ratio could be made (as In !So4) by re
ducing the size of the gold dollar or by In creasing
the size of tbe silver dollar, or by
making a ehaug in the weight of. both
dollars. A larger silver dollar would help
tha creditor. A smaller gold dollar would
heln tha debtor. It la not Just to do either,
but If a change must be made the benefit
should be given to the aeowr rainer ansa
In tha creditor.
Let no one accuse me of defending tho
lustness of any change; but 1 repeat it. If
we are glvea a ehou e between a enange
wbleh will aid the debtor by reducing Ike
sue ef his debt and a shange which will
aid the creditor by Increasing tha atnoeat
which he Is te receive, either by increasing
ths number et his dollars or their site, the
advantage must be given to the debtor.
aad ao aisa during this debate, whatever
mat be hie arlvate wish or Interest, will
a'lveeatelbe glvtag ot tbe advantage to
the creditor,
, .. Htm itsniitl'lltL
To illustrate the effect of changing tke
ratio let ws taaa, r ,iihi'
i tt ft.. I - - ,t.,AiA4 ka atiahd. ffl
could stske this cheese by reducing the
weight ef the geld dollar owe third, this
wouia give to sue nim
- - - I..W..1 K.tft Ik,
vantage i smiww iu,,inii.'
iu Kliiian aHara
la the actual value m their debts. A det
eotitraf lea berora won hi su vm
beeeeeetn new gold deiier weutd pur-
r n in as) awwrw hi " -
- ..a t,,i aha laaat
gate tva made siase test tls weald
ei!er, aad tae meat fjwwh toaas woaid
skew the greatest lee. The value of silver
PWtlUMif HUM w
Li. .a 1 k. a,.Sdk aalast ABaem atf Ml atUnaataft ial
! wsrwiwej "www w - -
eitvst baa varied leas si so than aaa
las aeieneaieg power ei e rt a,
wtiea weald led Wbta that goi t had risen,
if, o the other hand, the istte te
taeuise by lasteMing the sue et the stw
HAWTHORNE
WESTERNNORMALCOLLEGE
265 Foot Front.
Second Lard Normal College in America.
IIH 8CH001, Is now In full operation in all Its departments between 700 snd 806 etndente In
actual attendsnre. There has been at Irakt IK60 0U0 spent in buildings in IHDi, and we need
an equal amount in 1803. We need now 60 to 76
selling lots from frjO OOto WOO on easy terms
Within the next lzmomas, uuy a lot, ouno a
the
THE WESTERN NORMAL,
Is situated on burn rolllne around overlooking
connected with tbe city by clectrie oars. Hawthorne property Is ti e (Inert property sround tbe
city of Lincoln and Is the place to educate your children. You bave city sdvsntsnes with country
tax. If you are thinking of rending your children to scbeol bny a lot, build a bouse and rent a part
of It it will pay all expenses, and will pa; for Itself in a short Ikne. We also bave some
small tracts of land near tbe colleire from one to thirty seres lust tbe thing for Hardening, ana
near tbe Western Normal will sell cheap and on easy tetma. For any lnfoiniatlon in regard to
lots and lands at or near Wettern Normal call on or write,
ROOM 10-1041-0 St f
ver dollar, it would bo necessary to reciw
our silver dollars iuto dollars a half larger,
or we would have in circulation two legal
tender silver dollars of different lizes. Of
the two plans It would be better, In my
judgment, to keep both dollar! In circula
tion together, though unequal in weight,
rather than to reooin the lighter dollars.
Tbe recotnage of more than 600,000,000 of
sliver dollars, or the bullion representing
thorn, would cause a shrinkage of about
1170,000,000, or one-third of our silver
money; tt would cause a shrinkage ot
nearly one-sixth of our metallio money
and of more than one-tenth of our total
circulation. This contrsction would In
crease our debts more than 91,000,000,000
and decrease tbe nominal value of our
property more than fi.000,000,000.
A change In the ratio made by Increasing
the size of the silver dollsr as above sug
gested would also decrease by one-third tbe
number of dollars which could be coined
from tbe annual product of silver. If, as
Mr. Carlisle has said, ths supply of m etal,
both gold and silver, is none to large to
keep pace with population, the increase in
the weight of each dollar would make the
lupply to that extent deficient. A ehahge
in ratio, whether scoured by decreasing the
gold dollar or by Increasing the silver dol
lar, would probably make an international
agreement more difficult, because nearly
all of tbe sliver coin now in existence
circulates at a ratio less than ours.
It the change should be made in this
country by Increasing ths size of the sliver
dollar and an international agreement se
cured iiDon the new ratio, to be effected by
otber nations in the same way, the amount
of money in the world, that Is, metallic
money, would suffer a contraction or more
than 11.000.000,000. to the enormous injury
of tbe debtor class, and to the enormous
advantage of the creditor class, ir e ue
lieve that the value of gold has risen be
cause its supply has not Increased as fast
as the demand causea oy ravoraoio lenism
tlon, then It would be unfair to continue
thia annreciatlon bv other legislation fav
orable to gold. It would be a special In
justice to the mine owner and to the
tanner, wnose products nave iniien who
silver, to make perpetual the injunction
against their prosperity.
WHO 19 t'XBEI.FISI)?
We often hear our opponents complain
ot tbe "cupidity of the mine owner." Let
ussdinit that the mine owner is selfish and
that be will profit by tbe increased price of
silver bullion. Let us, for Uie snke ot ar
gument, gn further and accuse him ot fa
voring the free coinage of silver solely tor
the purpose of increasing the price of bis
product. Does that make blm worse than
other men? Is not the fsrnier set tit n
enough to desire a bigber price for wheat?
Is not the cotton grower selfish enough to
desire a higher price for his cotton! Is
not the laboring tnao selfish enough to de
tire higher wages? and, if 1 may be par
Coned for the boldness, are not banks.s
aud busiuess men selfish enough to ask for
legislation at our bands wblch will give
them prosperity Was not this extraordi
nary session called In order to bring back
prosperity to our business men
is It any more important that you should
keep a mercantile bouse from tailing tnao
that you should keep a mine from suspend
ing? Are those who desire free coinage of
sliver in order tbst the barren wastes
should be made to blossom like the ruse
any worse than those who want the Sher
man law repealed In order to borrow for
sign gold and retire clearing house eertitl.
eates? There Is a class at people whose
latereet in (nsaclat legUatloa la too eftea
overlooked. The money loaner has Just as
much latereet ia the rite ia the value of
kia prw4uct-nioney-aa farmers aod minsis
have In tke Ueieased prise ef then
ar'xlueu.
The waa whe has taoon In trtrnsy be
semes worth fju,i la reality when prices
fall one-half. .Shall we assume last the
money leaders at this and other countries
igeere the edvauUfe whisk aa appre
ciated eur.eney gives to theut and dstire It
simply far the benent ot the poor snaa aad
the laborer? hat refining inilussos te
there ta their huaiaeae whiek purges awst
the drnu4 ot selBshaeta aid mates pure aad
patriotic ealy their motives; Use lews
new dtspeasatlea reverted the parable tad
iell Laiarus la tarmeal whiie Uives W
Wera alert la Abrass s tmomt
To be ewntiaued lest week
Ultvaai Tahulee alt it Ideation;
swelled a aour stoma. a; Jur,lWer
tfonble a.
Ta'sdTrtg At-Luxr. 1 IxrtrKMpKNY.
ON - THE HILL.
bouses to aocommedate tbe students. We are
and It is a first class ( bsnce to double year money
nuure, it win yj ivi navu nnuiu un jim.
seat of-
ths Cspltol cltv-a city of 66.000 people-and la
BARBER & : FOWLER,
Lincoln, Neb.
NEW YORK POPULISTS.
Resolutions Adopted in Favor of Frew
Coinage and Government Work.
Stlvas Beach, N. Y., Aug. 2L
The state convention of tho People's
party got down to business at 8:30
o'clock this morning. The report of
the committee on credentials showed
that 133 delegatei were present
The secretary stated that the report
of the committee on platform was not
unanimous as the committee could not
agree on all portions of it. He read
the platform. There was a hot tight
over nearly every proposition and a
number of amendments were offered
to be cardinal principals of the Peo
ple's party until it was explained that
they were taken verbatim from the
platform adopted by the national con
vention at Omaha- The platform
adopted was as follows:
I Tbe People's party of New York state, in
convention aseualited at a time of almost un
precedented national disaster, reiterates Us al
legiance to the three basis planks ot the
Omaha platform, as safe and sound, flexible
nntionul money which shall bfl full leul ten
der with free and unlimited coinage of silver
and gold at it to 1; increase in tbe amount ot
circulation to fifty per cent por capita; the es
tablishment of postal BuvlriKM banks: govern
ment ownership of railways, telegraphs and ,
telephone s
We declare that the business depression of
187.1 was caused by demonetization of silver
and the contraction of the currency and that
the Immediate cause of the present financial
distress is the Ions of confidence induced by
the wail of the capltallms over the, exporta
tion of void and tbe urpent demandsjof the
bankers for the issuance of more government
bonds
We demand the construction of public works
for the unemployed, ineludlnir a rapid transit
road for Nt;w York city, an eiifht-hour law
rigidly enforced, state and municipal owner
ship of railways and gas and electric lighting
plants and the Incorporation in the new con
stitution of the principle of the initiative and
referendum.
After the adoption, of tho platform
tho eonvention adjourned to an adjoin
ing tent to hear Mrs. Lease Bpeak. .
WARRANTS FOR BANKERS.
Officers ef the Kansas City Savings
Bank to l.e Arrested.
Kansas Cur, Mo., Aug. 21. -War-rans
for the arrest of J. C Durragh,
president of the suspended Kansas
City Safe Deposit and Savings bank,
and Elmer C. Sattley, its cashier, were
issued at noon to-day by Justice f tho
Peace Latshaw, on complaint of
Marcy K. llrown, prosecuting attor
ney. They are each charged with the
crime of grand larceny, which ia a
felony, and the epoclfla accusation ia
the receiving of a dcpohlt of $1,0.10
from I'.t'njiimln M. Sophcr on Julv 7.
lat, four dava Imp fore the bank's fail
ure, "well knowing that the bank waa
then in a failing con.tiiton "
Use Northwestern lint to Chicago
Low raU's. Fast trains. Office 1103
O St.
Tho St. Charles hotel at the foot of
O Street is the moat pwpular farmer's
house in Lincoln. Only II 00 a day,
Tha World's l air,
It I not necessary to be an athlete
in crder a m tho world's fair to ad
vintage. AU theso thlnra an elevated eleclrio
railroad, a moving stdewalk, several
hundred wheel chairs, a score sf fun
do! as and halt a hundred electrid
UuMhe hav Nn rot lde4 ft r the
(turpi a of aahlif v id tors to get
around, tho grounds without unduly
xerliif themivdvea. And then arw
hundreds of danl lae oa tha
(rounds whet you ' real just as
ong as you !ease. Ta irat fair U
!.f all sort of iHHipb: tie aeeloi
both the weak and the itriog hava hea.
t-arefullv considered.
Ate- lloaaeU, at II M. drot; or
Zlruior, cornet U and Tvath street.
'1
ap
lu
vfr.
V
tt
V
L v
IP