C0
WOULD NOT BENEFIT
Producers and Laborers Not
Helped by Free Coinage.
THE FUNCTIONS OF MONEY
Extract From a Speech by Senator J V.
Dolph Before the Mount Tabor
Republican Club.
A stock argument of the advocates of
unlimited coinage of silver Is that the
American producer would. If the country
were on a: silver basis, receive more for his
products; that the farmer would receive
more for his wheat and Cotton. But a
moment's reflection will convince any one
that this is not so. The wheat and cotton
markets of. the world would, ' with free
coinage of silver,- continue to be abroad.
The price of wheat and cotton would be
, fixed in gold In Europe by the supply and
demand. It could make no difference to
the producer whether the purchaser of
his products drew exchange on Liverpool
in gold and paid him in gold, or whether
he drew the gold and bought silver and
paid him the equivalent of gold In silver.
If it Is supposed that payment in
cheaper dollars would be a benefit to the
American producer he can secure the
same benefit now by demanding payment
for his product in half dollars or by meas
uriner his wheat in a half-bushel measure
Instead of a bishel measure.
As money is a measure of value, the real
price of commodities is not affected by
the kind of money they are measured in
any more than by the denominations of the
same kind of money in which pay
ment Is made. When the benefit to he de
rived from cheap money is examined. It
will be found to consist only of the sup
posed ability of debtors to pay certain
debts in a depreciated currency. The
amount of debts which could be so paid
would be insignificant, for as I have said
the great bulk of indebtedness is by the
terms of the contract payable in gold.
The payment of antecedent debts with
depreciated silver would be of ques
tionable honesty, as even if gold has ap
preciated in value more, the 95 per cent of
all indebtedness of today which would be
payable In silver is of very recent origin.
and was contracted on the gold basis since
the great fall in the price of silver. And
It is quite probable that the supposed ad
vantage to the class of creditors who
could pay their debts in silver is more
fanciful than real, considering the prob
able stringency, in the money market, the
increased interest and the sacrifices it
would require to take advantage of the op
portunity of paying their debts in a depre
ciated currency.
The Function of Money.
' In discussing the question of unlimited
coinage of silver it is well to keep clearly
in mind the true character and office of
money.
Money is a tool of exchange, a measure
of values.
' Writers on political economy regard the
uses of money as three In number, viz:
To furnish :
First The common medium by which ex
changes are rendered possible.
Second The common measure by which
the comparative values of exchanges can
be measured.
Third The standard by which future ob
ligations are to be determined.
The necessity for a tool of exchange
grew out of the advancing civilization of
the race, the division of labor, and the
consequent necessity for exchanges of
the products of labor. Barter, that is, the
exchange of one labor product for another,
was an Inconvenient and costly method of
conducting commercial transactions, and
it became necessary to provide some com
mon measure of values for which one pro
ducer of labor products could exchange
his products, and which he could In turn
exchange for such labor products as he
reeded.
This tool of exchange adopted, whatever
It might be, was money. The value of mon
ey in one sense is the rate of interest It
will bring: in another sense, it is the
amount of labor products it will purchase.
The choice of metals for money and of
gold and silver among the metals has
been a matter of growth, keeping pace
. with the advancement of the race in civil
ization. Gold and silver today constitute the prin
cipal currency of civilized nations by rea
son of their adaptation for use as money.
The natural requirements of money or
of a tool of exchange will be obvious
.1 ,.1 ........ .i
The requirements of good money are:
First It must be valuable.
Second It must be of great value In
proportion to its weight and bulk.
Third It must be of uniform value.
Fourth It must be divisible without loss.
Fifth It must be durable.
Sixth It must be easily distinguishable.
Gold and silver possess these qualities,
and so have survived in civilized countries
the use of other metals as money.
Gold possesses some of these qualities
10 a greaier . degree tnau silver, ana su
there has been a tendency among com
mercial nations to adopt gold as their
standard.
Gold and silver If used in the form of
dust or bars would be inconvenient, as
when they were passed from hand to
hand they must be weighed and assayed
or examined In some manner to ascertain
their weight and fineness, to determine
their value. Hence the necessity for
coinage.
Coinage, I believe, was first adopted by
Greece, and then spread to Italy, and is
now practiced by all civilized countries.
At first only the quality or fineness of
the metal was stamped upon it.
Afterward Its weight or value' was indi
cated. .
When coinage became a government
function the charge for coinage was called
seigniorage. When the government as
sumed the duty of coinage came the temp
tation to deDreciate the value of coins, to
put more alloy with the gold and silver,
or to diminish the weight of the coins fot
the purpose of providing public revenue.
But from the time when the first money
was coined and' put in circulation every
attempt by law to create value, to make
a light-weight coin equal to a full-weight
coin or to put in circulation a paper cur
rency not redeemable in coin of full value
on demand, has been a failure and disas
trous. These requisites of good money are
so self-evident that I shall discuss only
Money Must Be Valuable.
AH good money must be of intrinsic
value or it must be of value because It
can be converted into money possessing
intrinsic value. This proposition MUST
be true if money is a measure of value.
The value of & product of human labor
being fixed by the law of supply-and de
mand, can only be measured by some
thing possessing value fixed by the same
law. Creditors might be forced to receive
a depreciated currency for debts which
are not by the contract payable In other
money, but the owners of property can
not be forced to part with their property
except for its value.
Value cannot be created by legislation. .
There Is but one way of creating wealth,
and that Is by labor. Every scheme to
evade the decree of the Almighty when he
turned Adam out of the garden of Eden ,
baa been a failure. Every - legislative
scheme to create something- out of noth
ing has proved disastrous. -, ' ' C ' "'
The Money of the L'nited State. '
The money of the United States con
sists of gold coin and gold certificates,
silver coin -and silver certificates, legSl
tender notes payable on demand at. the
treasury of the United States in gold,
i treasury notes issued under the act known
as the Sherman law redeemable In coin,
gold or silver coin (but up to this time re
deemed when presented for redemption
in gold -coin), and in national bank notes.
. The gold coin is- money possessing in
trinsic value to its face value as money.
Melt It, and in bars it would be worth as
much as the coin. '
The gold certificates are worth their
face not on account of their Intrinsic value,
which Is nothing at all, but because they
can be exchanged at pleasure for gold
coin deposited in the treasury for their re
demption. The legal-tender notes possess no intrin
sic value, but . they are at par with
gold because they may be, on demand at
the treasury of the United States, convert
ed Into gold, and a reserve of 4100,000,000
of gold has been provided by law for their
redemption, and the secretary of the treas
ury has been authorized. If necessary, to
sell bonds of the United States to provide
gold for their redemption.
The national bank notes are secured by
deposits of United States bonds, and when
a national bank falls or its' notes are to
be withdrawn from circulation the pro
ceeds of the bonds are applied by the
United States to the payment of the notes
in gold or its equivalent.
The treasury notes. Issued for the pur
chase of silver bullion under the Sherman
law, while by their terms payable in coin,
were issued under an act of con
gress which contains a declaration
substantially to the effect that it
is the policy of the United States
to maintain the parity between gold
and silver coins, and to do this the secre
tary of the treasury redeems the notes
presented for redemption In gold.
The measure of values in the United
States is gold the gold coins of the
United' States. The several kinds of money
just mentioned except gold coin are the
equivalents of gold coin of the United
States, because they are convertible into
gold coin. -The silver coins of the United
States are intrinsically worth only the
value of the silver bullion they contain.
something over 50 per cent of their face.
The silver certificates are intrinsically
worth nothing, but are valuable because
they can be converted Into silver coin
which possesses intrinsic value. Both sil
ver coin and silver certificates possess a
purchasing and exchangeable value in ex
cess of the value of the silver thev con
tain or represent by reason of tbe limited
provision made by the government for
their redemption in gold and the faith of
the public that the government will main
tain their circulation as the equivalent of
gold and will redeem them at their face in
gold. .
The free-coinage advocates deny that
any provision of law exists for the re
demption In gold of silver coin and sil
ver certificates, and would have us be
lieve that silver coin and silver certificates
circulate at par with gold because they
have been given some of the functions of
money. I admit that the redemption of
silver coin and silver certificates in gold
upon presentation to the United States
treasury has' not been provided for as in
the case of gold certificates and legal-ten
der currency, but it is true nevertheless
that provision for a practically limited re
demption of them has been made.
The silver dollar of the United States
has been Issued and put in circulation by
the government substantially with this dec
laration and promise: "This coin con
tains 412 grains of standard silver, is in
trinsically worth whatever the bullion it
contains Is worth in the markets of the
world, but It is Issued upon the . under
taking of the United States that it will
to the extent of the revenue collected by
the government (some $500,000,000 annually)
redeem it in gold by its receipt for public
dues as the equivalent of a gold dollar."
This provision and the faith of the public
that the government will pursue a financial
policy which will maintain the silver
dollar in circulation as the equivalent of
the gold dollar has been sufficient hereto
fore to maintain the parity between our
gold and silver coin, but there have been
times when public confidence appeared to
be shaken and they threatened to part
company. How long this limited redemp
tion of silver currency will be sufficient
to keep silver dollars and silver certifi
cates at par with gold coin is a question
upon which there is a wide difference of
opinion. The discontinuance by the United
States of the purchase of silver bullion has
postponed and let us hope avoided the
catastrophe which was sure to have fol
lowed from a continuation of the policy
of increasing our silver and legal-tender
currency without a corresponding increase
of gold available for Its redemption. But
if duties should be made payable In gold
only, as has been suggested, the silver
dollar would at once depreciate to its bul
lion value. ,
TfaeCoinagre Lava of the United State
To show that with the free coinage of
silver at the ratio of 16 to 1 by the United
States alone parity between our gold and
silver currency could not be maintained, it
Is only necessary to refer to our own
coinage laws, although the histories of oth
er nations might be cited and would show
that their experiences have been similar to
our own.
From 1792 to 1834 our coinage laws pro
vided for the unlimited coinage of both
gold and silver at the ratio ot 15 to 1, and
gold was not coined In this country, or,
if coined, left the country.
Secretary of the Treasury Hamilton, in
recommending the ratio between gold and
silver for coinage, endeavored to adopt
the world's ratio between gold and silver
bullion. But there was at that time great
difficulty in determining the commercial ra
tio between the two metals. The commerce
of the world was comparatively in its in
fancy. Communication between the United
States and the European countries required
time. At Amsterdam, a record appears to
have been kept of the commercial ratio be
tween gold 'and silver, but I am not in
formed that such a record was kept else
where. -
However, at the time our mint was estab
lished, the legal ratio adopted appears to
have been very nearly the world's commer
cial ratio between gold and silver. But very
shortly after our legal ratio was fixed at
15 to 1 the commercial ratio between the
two metals became more nearly 15 to 1,
the coinage ratio of France, which was
enacted in 1303, but which was probably
the same as under previous laws. .
On account of this slight overvaluation
of silver by our legal ratio, gold could not
be kept in this country, as it was profit
able to export it to countries where it was
worth more in silver than in the United
States. None was Imported, and what
ever was produced in this country was
speedily sent abroad. Congress at last
determined to change the coinage ratio
between gold and sliver for the purpose of
securing the circulation in the United
States of gold as money.
The proposition to change the legal ratio
was thoroughly discussed in both
branches of congress. The speeches made
there clearly indicate the purpose
of the change. The fact was stated and
reiterated during . the congressional de
bates that on account of the undervalua
tion of gold it could not be kept In the
country, and had ceased to circulate in the
United States. Congress was warned
that with a ratio of 16 to 1 gold would
be overvalued and sliver could not be
maintained in circulation, but a majority
were determined to make certain of secur
ing a gold currency, and were indifferent
as to whether silver remained In- circulation
or not. By the reports of the commit
tees and in the speeches of members It
was freely admitted that a country could
not secure the concurrent circulation of
both gold and silver as money with unlim
ited coinage of both, unless the legal ratio
for coinage was the same as the commer
cial ratio of the bullion values of the two
metals, and it appears to have been
thought impracticable to maintain such a
legal ratio. The - ratio of 16 to 1 was
adopted by the act of 1834, and as a con
sequence gold circulated in - the United
States and silver rapidly went out of cir
culation and was exported. -
As our fractional coin, our half dollars
and quarter dollars, contained proportion
ately the same amount of silver as our
silver dollars, they could not be kept
in the country, but were exported to be
consigned to the melting pot, and In 1853
congress was compelled In order to keep
silver fractional coins In circulation to
reduce the amount of silver in half dol
lars and quarter dollars so that it would
be no longer profitable to export them.
The amount of standard silver In the
fractional silver coins of the face value
of a dollar, under the act of 1S34, was
fixed at 3S5 grains. Gold was made the
standard, or measure, of value; the legal
tender quality of the fractional coins, in
order that no injustice should be done to
creditors whose claims were payable in
full-weight money, was limited to sums
of $5, and in order that inidviduals should
not make a profit out of free coinage of
depreciated silver fractional coins, and
that the coinage of silver might be limited
and controlled by the government, the
right of coinage of fractional coins for In
dividuals was taken away, and the gov
ernment reserved to itself "the right to
coin fractional coin from bullion purchased
by it at market rates. Although under
the -administration of some subsequent
secretary of the treasury, fractional coins
appear to have been coined for individuals,
It was done without authority of law.
Gold and silver never circulated concur
rently in this country while we had
free coinage of both, and will never -circulate
concurrently in any country with
free coinage of both, when either is under
valued by the coinage ratio.
The intention of Secretary Hamilton and
of congress -In fixing 371 grains of pure
silver as the amount of silver the silver
dollar should contain under the act of 1792
was to make the silver dollar of the
United States the equivalent in value of
the Spanish milled dollars In circulation
in the United States at the time, and the
actual weight and value of the Spanish
silver dollars In the United States were
ascertained by collecting and weighing a
large number of them. But the Spanish
milled silver dollars then in circulation In
the United States were abraded by use to
the extent of 214 per cent. .
Our principal foreign trade was then
with the West India islands, and those
engaged in this trade soon found that our
new silver dollars could be exchanged In
the West ladies for the new Spanish
milled dollars, which contained more sil
ver than they, did, and that the new
Spanish milled dollars could be melted and
recolned In the United States at a profit,
and the consequence was that as fast as
our mint coined silver dollars they were
taken to the West Indies and exchanged
for new Spanish milled silver dollars, to
go through the same process of being
coined Into silver dollars of the United
States and exported. To prevent this
President Jefferson, without any law au
thorizing it. In 1805, by an order to the
director of the mint, suspended the coin
age of silver dolars, and none were again
coined until 1840, except $1000 In 1836 and
$300 In 1839.
There was a great clamor raised against
Secretary Carlisle and President Cleve
land, because it was alleged that for the
last month or two prior to the taking effect
of the repeal of the purchasing clause of
the Sherman law the full amount of silver
required to be purchased by the sec
retary of the treasury by that law month
ly had not been purchased. The discon
tinuance of the coinage of silver dollars
by the act of congress in 1873 has
been assailed, misrepresented,. and called a
crime. But what shall be said con
cerning the great apostle of democracy,
President Jefferson, and his democratic
successors in office, who discontinued the
coinage of the silver dollar for a third of
a century without authority of law?
The Money of the Constitution.
We hear a great deal about the money of
the constitution, but just what is meant
by the expression is not apparent. The
truth Is there Is no money of the constitu
tion. The constitutional provisions con
cerning money are as follows:
Congress has power "to coin money and
regulate the value thereof," and "no state
shall make anything but gold and silver
coin a legal tender in payment of debts.
The grant of power to congress is to coin
money, but it Is not provided what metal
shall be coined. The government does coin
nickel and copper, and there is no consti
tutlonal prohibition against coining other
metals. If congress could coin only gold
and silver there is no provision that it shall
coin them for individuals or fix the legal
ratio for coining purposes. It might coin
either one and not coin the other. Con
gress has several times changed the legal
ratio between gold and silver for coinage
purposes. '
This whole talk about the money of- the
constitution is the merest clap-trap, intend
ed to catch the ear and deceive those who
have cot the time or opportunity to inves
tigate for themselves.
There la No Natural Ratio Between
Gold and Silver.
There is much absurd talk by men of
ability and even of national reputation
about the Creator having made gold and
silver money, having made them twin
metals. The purpose Is to create an im
pression that nature has fixed the relative
value of the two metals. Such, a propo
sition is too absurd to require refutation.
The values of all the products of human
labor and of all the earth produces are
fixed by the law of supply and demand.
Their value depends upon the cost of their
production and their adaptation to supply
the wants of mankind.
Iron, copper, nickel and other metals.
skins, animals, beads and shells and many
other articles have been used for money.
Did the Creator by his flat make them all
money? '
The commercial ratio between gold and
silver, which Is fixed by the universal law
of supply and demand, has varied from
age to age, from year to year, and from
month to month, and fronTday to day of
the same month. It has also varied In
different countries.
In Rome, 207 years B. G, it was 14.50; 189
B.,C, 10; 50 B. C, 7.50; 50 A. D., 12.50 : 330
A. D., 10.50. In England it varied from
9.30 In 1257 to 15.20 In 1717. In 1792 the
world's ratio was 15.17; in 1793 it was 15;
1796, 15.65; 1812, 16.11; 1813, 16.25; the next
year, 1814, it was 15.04. For most years from
1814 to 1874 the ratio exceeded 15 to 1.
but was not again 16 to 1 until 1874. These
figures show the fluctuations in the com
mercial ratio between gold and silver and
the difficulty of maintaining gold and silver
coins in concurrent circulation in a country
at a fixed ratio.
Some people believe that silver cannot
be given a stable value measured in
gold, and that a fixed .legal ratio can
not be maintained even by International
bimetalism. It has never been tried.
An agreement between the principal
commercial nations of the world upon
a ratio for coinage purposes between gold
and ' silver and the opening of their
mints to the coinage of silver coins of a
uniform value would have a powerful in
fluence In giving a fixed and stable value
to silver, and I would be glad to see the
experiment tried. I think it would succeed,
but If it did not the United States would
not stand alone, as she would If she adopt
ed unlimited coinage of silver without the
co-operation of other nations. Our ex
perience would be in common with that of
the other nations. We would be no worse
off than they, and all would be compelled
to adopt similar measures to correct any
evils which might flow from the experi
ment. At all events, the republican party
is pledged to international bimetalism. .
THEY CAN'T GO BRYAN
Three Leading Democrats
, of Oregon Bolt. . -
fHEY STATE THEIR POSITIONS
Ex-Governor Thayer, Judge BroKHh
and Benton Kiltin . Denounce s
the Chicago Platform.
Three leading democrats of Portland have
furnished The Oregonian with interviews
containing their reasons for refusing to
support Bryan and the Chicago platform,
They are ex-Governor" W. W. Thayer,
Judge E.. C. Bronaugh and Mr. B. Kill
In, all of whom are known from one end
of the state to the other, and whose opin
ions and actions will, without doubt, have
much weight with the rank and file of
democracy. The interviews follow:
EX-GO VERXOR W. AV. THAYER.
The Chicago Platform an Expression
of Anarchy,
Ex-Governor Thayer had the following
to say:
"I cannot support the candidates for
president and vice-president nominated at
the late democratic convention, held at Chi
cago, Mr. Bryan .and Mr. Sewall. They
may be worthy men for the respective po
sitions for which they are candidates, so
far as personal integrity of character Is
concerned. Very probably they are; but I
am satisfied that their election under the
circumstances and conditions of the coun
try at this time, would be highly disastrous
to its peace and welfare. I have long been
convinced that the most serious danger
which threatens the stability of our institu
tions and the perpetuity of . our gov
ernment is not from any encroachment
liable to be made by the government upon
the rights of the people; that the latter
would be perfectly secure without a Magna
Charta even, but that It Is from a revolu
tionary and anarchistic spirit which ap
pears to pervade the community . to an
alarming extent. And it seems to me that
the course of conduct pursued by the ma
jority of members of the Chicago conven
tion was designed and intended to encour
age that spirit. They indicated a purpose
ana determination to enforce a civil and
financial policy of government to suit
their own whims, without care or consid
eration for the opinions of our wisest
statesmen and a large body of our most
nigniy-respecteo and conservative citizens.
Their attitude towards every one opposed
to their vagaries exhibits a vicious tem
per, and the scheme they propose to carry
out Is one fraught with mischief.
'The president of the United States
whom, four years ago, they ardently sup
ported. Is now, according to their' view, too
contemptible to be treated with respect, and
the head and front of his offending seems
to nave been that he has attempted to en
force the law and maintain public credit.
The supreme court of the United States.
composed oi members whose learning, abil
lty and high character for Integrity, the
American people ought to be proud of, they
propose to reorganize in such a manner that
it will carry out their wild theories and
caprices. And- their whole aim evidently is
to incite antagonism between the different
sections of the country and classes of its
Inhabitants.
"In the name of heaven, have we not
already suffered enough from sectional ani
mosities? It seems to me that the Ameri
can citizen who cannot see that the course
of the majority of the members of that con
vention, and which they and their adherents
are now pursuing, does not point to an
archy, is certainly blind. Its whole ten
dency Is In that direction. And who is to
be benefited by Its consequences? Ttyj one
Dut the reckless adventurer, who has
everything to gain and nothing to lose. It
certainly will not be the man who by thrift
has accumulated a little property to sup
port himself and family in his declining
years, and is called upon to divide it up
witn mie ana unthrirty persons.
"But, say some, we have hard times noon
us and must have relief, and the only
reiiei to De Obtained is the adoption of the
free coinage of sliver. A resort to the
free coinage of silver might be necessary
under some conditions or circumstances. It
probably would be If the volume of gold
together with the silver now In use as
money and being maintained at parity
with gold, were Inadequate to transact the
commercial affairs of the world; but to
adopt the free coinage of silver at this
time, instead of proving a relief, would
postpone the return of good times for
years.
"There is no such scarcity of gold. The
volume has not only been kept up, but
has increased, ana is now being added to
by an output of over $200,000,000 annually.
It is not in circulation as freely as we
might desire, perhaps, and will- not be un
til its possessors are assured that they can
Invest It with reasonable prospects of get
ting it back again, or its equivalent. No
prudent man will Invest his accumulations
in times of civil dissension or threatened
changes of the existing system in mone
tary affairs. He will sooner wait and see
what the new system brings forth. And
if the free coinage of silver at the ratio
of 16 to 1 were adopted today, and an
amount Issued sufficient to transact busi
ness, who would be benefited thereby? -It
certainly would not be those who are in
debt, as their obligations as a general rule
are payable in gold, and they would be
compelled to purchase gold with which to
discharge them. Who would that benefit
but the 'gold-bugs'? They would be in a
condition to exact such amount of ex
change as their consciences would permit,
and the unfortunate debtor who is strug
gling along to get out of debt would be
further burdened . by this new feature
which would arise. ...
"The free-coinage silver policy cannot.
however, possibly be carried out for years
to come if Mr. Bryan were to be elected.
A law would have to be enacted authoriz
ing it, and it would require a long time to
coin a sufflcieat amount to answer business
requirements. In the meantime, gold would
be hoarded more securely than now, and
the community be destitute of money en
tirely. The adoption of free coinage of sil
ver at this time would, as I view the
matter, be suicidal. At least, I think it
better 'to endure the ills we have than fly
to others we know not of.'
Nor do I believe it prudent to resort to
any legislative scheme to Improve the
times. Financial matters, if left alone,
will adjust themselves much better than
can be accomplished by legislative tinker
ing. Good times are -only secured by the
active circulation of money, and legislative
enactment cannot accomplish that. The
depression in the money market for the
last two months is due largely to the dis
trust occasioned by the action and conduct
of the Chicago convention and fts support
ers since. Hundreds of thousands of dol
lars now idle would have been invested
and in circulation in our community were
it not for the pernicious influence which
that performance incited. And should the
machinations there set on foot succeed.
the prosperity and progress of the United
States would' go backward for at least a
decade. It is not pleasant or agreeable
to refuse to support candidates selected by
one's party convention, but we have no
right to sink our patriotism and loyalty to
our government In our partisanship."
judge: e. c bronaugh. -'
He "Will Vote for McKlnley Because
' He I a Patriot.-
Judge Bronaugh said: "I am nearly 66
years of age, and since I attained my ma-
jority have always voted the democratic
ticket. Being a Southerner by birth and
residence, I went with the South 'in the
war. between the states, and then thought
I was in the right, but since the war ended
I have continually thanked God that the
attempt at secession was unsuccessful,
and that the slaves were freed as the re
suit of the war. And more than all
thank him that the stars and stripes now
float over our fully reunited country. My
sincere desire, therefore, is to do all that
lies within my power to uphold its consti
tution and laws.
"The -platform on which Mr. Bryan was
nominated Is not in accord with the doc
trlnes of the democratic party, "and the
principles which he advocates I consider
to be most dangerous to our governmental
Institutions and the welfare of our peo
pie. I shall, therefore, vote against him
and, in order to do so effectively, shall vote
for Mciimley. A vote lor Mr. i-aimer,
who cannot possibly be elected, would sim
ply be thrown away. The perils of the
hour, as I estimate them, appear to de
mand that all patriotic men should con
centrate their votes, regardless of former
party prejudices and predilections, upon
McKlnley and Hobart as the only avail
able representatives of -law and order and
the material welfare of our country."
MR. BETON K1LIJ.
Bryan's Canijraiarn Carried on by the
Discontented.
Mr. Bentor Klllln said: "The Bryan
campaign Is not, as pretended, a campaign
against occupations. The ranks of his sup
porters are honeycombed with unsuccess
ful bankers, lawyers, politicians and man
ufacturers.- It is a campaign against -the
intelligent and successful members of oc
cupations. .
"When the intelligence and character of
the country are beaten and in subjection,
and Mr. Bryan placed in power, he and
his platform clearly say to his followers
.'You can loot, you can burn, you can rape,
you can murder, and there will be no
troops called out to interfere.' With these
facts and conditions undisputed and openly
put forward for the purpose of securing
the votes of the idle, criminal and disloy
al. It . is plainly the duty of every well-
wisher of our country, to stand actively
and firmly together against Bryan and the
forces behind him."
TO PROTECT HOMES.
Portland Ladies Have Organized and
Are Enthusiastic for McKlnley.
The Multnomah Women's McKlnley and
Hobart Auxiliary League held an interest
ing meeting in the main hall of the Cham
ber of Commerce building, yesterday aft
ernoon. Mrs. Mary Ward, the president,
was In the chair. Interest In the worn
an's league daily Increases, and those who
have become associated with Its workings
are enthusiastic over the plan of campaign
that has been mapped out for them.
The following address was . read and
unanimously adopted: -
AN ADDRESS ISSUED.
"To the Women of the West: The Mult
nomah Woman's Republican Association
sends greeting and bids you pause for re
flection upon the condition of our homes,
which, combined, constitute our nation.
"The electors of our country are about
to place the management of governmental
affairs in the hands of certain men, repre
senting certain beliefs, and dominated by
certain elements, which will result in the
prosperity or destruction oi your homes.
"The national republican convention
placed the following words In their plat
form:
" 'Temperance. We sympathize with all
wise and legitimate efforts to lessen and
prevent the evils of intemperance and pro
mote morality.
" "Rights of Women. The republican
party is mindful of the rights and inter
ests of women. Protection of American
Industries includes equal opportunities,
equal pay for equal work, and protection
to the home. We favor the admission of
women to wider spheres of usefulness, and
welcome their co-operation In rescuing the
country from democratic and populistic
management and misrule.'
"Awake, then, to the emergency of the
hour. Put on the whole armor of domestic
activity and consider well the lessons of
the past that you may give wise counsel.
'Four years ago the paramount issue
was the tariff question. The country was
then in a prosperous condition. The re
publican party favored protection to home
industry. The democratic party promisea
free trade. - The democratic presidential
and a majority of the congressional candi
dates were elected. Long years of finan
cial ruin, of domestic privation and suf
fering have followed the election of 1892.
The party represented by W. J. Bryan
Is the party of free trade, and. In addi
tion to free trade, he stands for the free
and unlimited coinage of silver.
'William McKlnley represents the con
servative method of bringing about the free
coinage of silver International agreement.
-Suppose the master of your home were
to tell you that he was about 'to remove
the fence around your house and garden;
suppose cattle were walking through the
streets and lanes. Would you see the
fence removed without a protest? Would
you not ask that the fence be permitted
to remain until there was an mter-neign-
borhood agreement as to stock law, so
that your lawn, your flowers, your vege
tables, might be preserved from the rav
ages of your neighbor's cattle?
"Think of the danarer broueht unon the
country by the democratic policy in the
past Reflect upon the comparative pros
perity attendant upon the dominance of
republican principles In the past.
"Ask that a ballot be cast upon the side
of reasonable caution; that the dignity of
your home be preserved; that the prosper
ity of the nation be restored; that the ad
ministration of republican principles be
resumed. For,
A vote for W. J. Bryan means the gov
ernment may engage in experimental
legislation dangerous to the safety and
permanency of American Institutions.
"A vote for William McKlnley means a
careful, judicious, honorable and safe con
duct of public affairs.
Yours for republicanism, which is pa
triotism."
MILLS OR MINES. -
Comparison of the Output of the Fac
tory Workers and the Miners.
San Francisco Argonaut.
The director of the mint estimates the
output of all gold and silver mines in the
United States for 1889 at $97,735,730 say
$100,000,000; of this amount $88,000,000, or 8-10,
was mined In Colorado, California, Mon
tana. Utah and Nevada five states; while
over $68,000,000 of it was mined in three
states California, Colorado and Montana.
Is It a local and' extremely sectional inter
est? -.
The combined population of the five states
In 1S90 was 2.006,153, or about 9000 less than
the single state of Michigan for the same
year; yet it is this small minority which
proposes 'to dictate the issue to their fel
low citizens; they were the representatives
of this minority who said to the last con
gress: "You shall not have protection; you
shall not have revenue ror tne govern
ment until you raise the market price of
our product."
The - eleventh census (1890) startles one
with the statement that the gross value of
the products of manufactures In the United
States in 1890 was more than $9,000,000,000;
net value over cost of raw material, $4,000,-
000,000. Was It local? Every one knows
that the streams that flowed from It ir
rigated every part of our national life;
no township of New England, no Imperial
county of tha West that did not share In
Us beneficence. Shall we protect It, or shall
we let it wither while we sit idle, watch-
ing the mlneowner dig his silver?
More than $2,000,000,000 were paid In wages
to labor by our factories In 1890; when the
factory closes, the pay-roll closes. Do. the
people care for this, or is It gratification
enough for them to see the silver-producer
prosper?
The miners dug $100,000,000 out ot our
mines, but the laborers dug more than
$2,000,000,000 out of our factories. '
California ranks as the greatest of gold
mining states, and one of the three high
est in production of both gold and silver;
as a manufacturing state she ranks twelfth
In the Union, and yet her manufacture I
product was over $213,090,000 In 1S90, more
than TWICE THE VALUE OF ALL THK
GOLD AND SILVER PRODUCED BY
THE WHOLE IN ANY YEAR.
California mines the least silver of (be
five states named. Why should sha pre
fer to open mints to free silver, rather than
open mills to free labor? Her factories
producd $200,000,000 more of wealth in 1800
than did all her mines; San Francisco alone
turned out $35,000,000 more from her fac
tories than the whole United States did
from her mines. Where, then, Is her chief
Interest?
Colorado, although regarded as essential
ly a mining state, produced $42,500,000 of
manufactures, as against $SO.00fl.O0O from
her mines. With free trade this would
undoubtedly be reversed in Colorado, but
would that benefit the manufacturers, her
farmers and her worklngmen?
The states in which the mining output ex
ceeded the value of manufactures were
four Idaho, Montana, Nevada and Utah '
and the combined population of all of
them was 470,210, considerably less than '
that of our two little sisters, Rhode Island
and Delaware. With protected industries,
the manufactures in these four states-would
soon outstrip mining and the farmers and
herders would people their countless valleys.
Let us waive the discussion of the ef
facts of the free, unlimited and lndepend-'
ent coinage of silver at 16 to 1. and for
the moment admit that it .would be gen-'
erally advantageous. What would be. the
situation?
The next administration will surely be
'dominated either- by the populists, pledged
to free silver and the most radical free
trade, or by the republicans, pledged to a
sound currency and protection to manu
factures and labor. We cannot, therefore,
ohtain hnth nrorectlon and free coinage.
even if both are good. A choice must be
made. Which shall it be? With the elec
tion of Bryan, protection would be a dead
letter, and free coinage would place the
United States in the rear rank with In
dia, China and Mexico, i
With the republican party In power, and
a statesman at the helm, our great indus-
-1 .... .1 a .llmnlii.- n.tlnnQl
v. ivo u .1 1 . . a. s.t...u,u, . . .........
credit would be secure: labor would have
opportunities which should always be open
to it, and a new era of progress would set
In as a fit closing for the nineteenth cen
tury. Shall It be open mints with repudiation,
stagnation and confusion, or open mills
with prosperity and honor?
WOMAN'S CAMPAIGN WORK..
Never was there before n presidential
campaign in which the women of the
country have taken such an active part
as in the. preseut struggle.
In three states of the Union, Wyo
ming, Colorado and Utah, women have
the same voting privileges as men; but
feminine interests in the campaign are
by no means limited to those state.
Intelligent women all over the country
seem to feel that the contest has an im
portant bearing upon the welfare of their
households. They think that the cause
of protection and sound money is bound
up with the prosperity of the family,
and they feel a great interest in the Re
publican presidential candidate because
of the nobility of his character and his
devotion to his home life.
The Womnn's bureau Is under the' di
rection of Mrs. J. Ellen Foster, the well
known orator and political writer of Del
Moines. Ia., for several years president
of the Woman's National Republican as
sociation. The bureau is established in
commodious quarters in the Auditorium
Annex, Chicago, quite away from tha
noise and activities of the national com
mittee, where Mrs. Foster is provided
with every convenience, and assisted by
capable aids.
The Woman's Republican association
Is composed of thinking, active women
women intensely aliv to the bent inter
ests of their country- and homes. The
Woman's association is not a suffrage
association. Many of its members do
not believe in suffrage at all. It is not
a moral reform association, although
many of its members are engaged in the
philanthropies and reforms which illu
mine this decade of our national history.
They do not seek to utilize the Repub
lican association to advance any of these
reforms. Its members are simply, and
all the time. Republicans, laboring for
the support of the principles of thnt
party and for the election of, its candi
dates. Mrs. Foster's immediate associates
and assistants in the work are women
of caDabllities in various lines. Mrs.
Thomas W. Chace, the general secre
tary, resides in East Greenwich, 11. 1.,
and from there exercises a watchful
care for the work in the New England
states. Mrs. Chace has an extensive ac
quaintance and is identified with many
great charities, philanthropies and soci
eties, aside from her political duties.
The national treasurer. Miss Helen Var
wick Bos well of New York city, has su
pervision over the headquarters of her ,
state, located at 1473 Broadway. Miss
Rnawell has inaugurated the plan of per
sonal visits among the women in the
tenement districts of New York, for the
purpose of showing the wmen the mean
ing of the free coinage of silver and how
it will affect. the purchasing power of
their dollars. She finds these women
with well-defined views on the currency
questiou and ready to defend them, as
they do In insisting that the voters in
their families shall maintain mem at
the polls. Miss Boswell has enlisted a
large number of young busiuess women
to help spread the doctrines of sound
money and protection and to help secure
votes for the Republican candidates. .
Tn t rrhlraeo headquarters Mrs. Foa-
tr'a chief assistant and secretary is Mrs.
A lie. Roueter Willard. who has wide
experience in general business and news
paper work in this country and in Eng
land. Next to her comes Miss Anna
Brophy of Dubuque, Ia. Miss Brophy
is not only valuable for her education
and wide general knowledge, but because
every piece of work which passes
through her hands receives her critical
attention as to its correctness, its ac
curacy. Miss Brophy is chief stenog
rapher. Almrvot tha first thins done by Mrs.
Foster aft?r opening her headquarters,
was to issue an appeal to the patriotic
women of the country, urging them to
organize committees or clubs for study
of the issues of the campaign, and to
hln nromote the cause of national unity
and protection. The responses have been
most grauxynj. mc u&s
frnm Oreron to New Jersey. These
women are directed In their work of or
ganiziur and advised bow to make tbelr
efforts effective. - The weapons of the
women t re personal appeal and litera
ture. These are used to convince tha
Women turn lueir unn ircrrMiuiw nruair,
including the interests of children and oi
the home, are on the aide of the Repub
lican party. - This conviction assured
little doubt remains as to how the voU
Influenced, by these women will bt cask ( -