'Lysines -points.1
The Fallacies of the Gold Stand
ard Clearly Exploded.
I(iic.'b delivered at Bal.ra Sen, ii, by Bun.
( Hylvaater Pennoyer.)
rn t nur.CiTizENSor Mario County
If - - .
j appear before you to-day for the pnr
pttM of addressing yon briefly on the
great overshadowing question of fiuuui e.
( i -bull not attempt to f arniib complete
.t.tUlice or formulate definite arga-
meets on behalf of tbe restoration of il-
1 riras standard money, which 1 favor
tnd which the pent mass of tbe Amer
ican people favor. Tney are not parti
cularly needed. The eventa in thiacoun
tr for the last Quarter of a centnrv. and
mure especially for the last three years,
have been replete with convincing stu-
! tistics and persuasive arguuientaaguiust
the single gold standard, puttiug to
fbauie the eloquence or arguments of
tbe most learn 'd statesmen or the moat
profound scholar. Two years ago 1 sai l
in a reply declining au invitation to
ipesk in Montana, that " if the prevail
ing hard times would not persuade tho
people of this country to abandon th.;
exUting gold standard, then no c.-
I qnence of mine could persuade them,
neither wouia tney be persuuUea though
one rose from the dead."
When such an orator as the bard
times now rrought upon this country iy
the adoption of the single gold siamlnrJ
policy is abroad in the land, carryiug
conviction to every hamlet and every
fireside with snch force and Dower as to
completely shatter old party ties and the
v political associations of a lifetime, and
, to solidify in one political organiiation
tlio almost unified masses of tbe coun
ts try, then individual argument has lost
its force and personal eloquence is ba
! reft of its power. The careful student
' is well conversant with tbe fact that
' there have been repeated occasions in
'J the world's history when great niove
; uieuta of tbe people have occurred,
. which, in their depth, extent and power
completely refuted the claim of Individ-
nil leadership, and even passed the lim-
its of human guidance. In 1814, Nspo
V Icon said, " one year ago all Europe was
marching with ua; now all Europe is
3 marching agninst us." There was then
I a great and almost unaccountable
j change of publio impulse and sentiment,
and such a wonderful change is occur-
rinj in this country to-d-y.
I THE KEVENCE QUESTION.
I Tbe advocates of the single gold stau
I daid are still endeavoring to divert tiio
attention of the people to the tariff
qneation. They claim that the prevent
: tariff is the cause of the present trouble,
j It is a protective measure, affording an
average of 40 per cent protection, nearly
; as high as the war tariff of 1801, and yet
: because a few articles which before were
; protected were left by it unprotected,
they endeavor to fasten the wide-spread
disaster which has overtaken the coun
try upon tbe slight change. The main
industry left unprotected by the pres
ent tariff is wool-growing, and they use
wool to pull over the eyes cf the peoplo.
The present paralysis of business is
caused by financial and not by tariff
legislation.
In May, 1890, while making my can-
ville, Asa. and auUUregon Uity, at ail ol
which places are large I rick woolen
manufactories. We then had bad tw n-ty-uiue
years of wool protection, the
McKinley bill was then pending in con
gress and sure to become a law, whio
afforded greater protection, and yet
those three large manufactories were
idle and had been so for about six
months. What was the matter? With
sheep on its thousands of hills, with
large woolen manufactories and with its
people needing its products for nearly
every night on this canvas I slept under
cotton comforters why was not Oregon
manufacturing woolen goods? It cer
tainly was not because of tariff. It was
entirely owing to the fact that the
Volume of money in the country had
not kept pace with the increase of busi
ness and population, and so the price of
products and profits of bnsiness, as well
as the wages of labor, bad fallen so low
that the people were unable to make
anything and so were denied the nec
essaries as well as the luxuries of life,
j It is indeed a most sad commentary
on the condition of our country, rich in
soils, and fertile in its resources, when a
large proportion of its domestic immi
grants are bora into the world, aud
shiver on their advent, because their
parents cannot afford the soft woolen
covering needed. The idea of McKinley
that he can raise our people out of tbe
slough of poverty in which they are
now p'aced, by taxing them still more
when they cannot get money t pay
their present taxes, is indeed so brilliant
' as to make him nmqne as a statesman,
an 1 so novel as to entitle him to secure
on it letters patent wi'hont question.
1 THE INCOME TAX.
f Three years ago in its law providing for
,.ie venue, Congress instituted an income
: tin. If it had been collected as it onght to
. have been there would have occurred no
Idellciency of revenue, but at the instance
. ' . I 41 1-1. . M ai . l : l i
"i iud weuiiu oi me uouuirjr, wmcu uu,
sWta a brier except! .n, enjoyea an
J immunity from federal taxation, the
' Muireme Court overturned tbe law and
jt u re with two of its own previous decis
li ms. The l'resident thereupon refused
i to enforce the law of Congress anil so,
? ... 1. I I . 1 i - 1 .
"hub mo law Btauu.i on me statute
bxiks unrepealed, it has never been en
iorced and so remains a dead letter. An
income tax is the most just tax that
could be levied. A tariff tax is a tax
upon the industries of the country, while
an Income tax is a tax UKn tbe wealth
or tbe country. A tariff tax is notes
"urily an unjust tax, as under it a poor
man pays as much as the rich man if be
lives as well, while he puys more if he
has a larger family. An income tax is
one under which every man pays accord
lug to his ability to pay. The most
ivilized government levy an income
tu. it is n reality tbe back bone of
the LritUb reveune system, it is abou',
jo be introduced in a graduated form in
il'i n:tv..; and o: uerinuiiy it . m tin
xtr-m-st d ;;ie. It ia the law in the
I HlUdrta m. I,ut it is not now enforced
owiun to a li: .if dyspepsia ou th part of
oue of the j.i ig. f the S ipreiu Ujiii t.
and a ti. of Weakness ou the pail of t he
fedora! nei-utive. Uuder the next ad
ministration it ought to be enforce 1.
The nnt executive will lake an oath
that " he shall take cure that the laws
be faithfnlly ex-cuted," and he un
doubtedly will see that the income tax
law will be enforced. In ord.r. how
ever, to avoid nuy possible frution be
tween auy of the departments of govern
ment, Congress should at its earliest
convenience pass a law inhibiting any ol
the federal courts, through writs ol
injunctiou or otherwise, from interfer
ing with the collection of the national
reveune. They have no such constitu
tional right now, but they imagine tiny
have, aud therefore Chiiv-s should at
once settle the matter. The federal
inferior courts are the creatures of C m
gess aud Cjngress can prccribe thui
jurisdiction. Of this there is no nor
tion, aud such an iuhibitim would lie
binding upon them and would leave
Congress uutraiumeled in the exercise
of Its exclusive constitutieunl proroga
tion to levy aim collect taxes. '
SO-CALLED SOUND MONEY.
A very great dcul is now being sniu
about sound money, but wheu the sys
tem of the sound money aJvocate is
thoroughly diagnosed it will be found to
be the very direct opposite of a sound
money syttem. .Misleading and delusive
adjectives have wrought a vast deal of
misery in this woi Id. J he serpent per
suaded Eve that the fruit of the forbid.
den tree was "good" fruit, and as a
consequence our first parents were
driven out of paradise. 1 he single L-old
basis advocates have pcrsu.n'.ed C mgres
that theirs was a " sound money
scheme and as a result our country
is plunged into the pit of industrial de
pression aud financial disaster. l.at
is the sound money doctrine It is to
have gold alone tbe money of redemp.
tlon, to stop the coinage of silver, to
convert greenbacks aud treasury notes
into bonds, aud to allow the banks to
issue bank paper based upo ; these bonds,
or, as some demand, upn tho.r capital
derived from other Sources, ilio bank
paper would not lie a legal tender and
so the great bulk of the t urn-Ley would
be a non-debt paying currency. Now
sound money is money with which debts
can be paid, and any currency with
which debts cannot be paid is not sound
money.
It will thus be seen that the so-called
sor.nd uiouev scheme is one that wouid
foist upon the people a vast vrluuie of
bank rag money, which would have to
be presented to the bank bluing the
same before it could be redeemed, and
which paper when issued by the bauks,
r is the custom now, would be sent by
them to distant pat of the country so
that it would bo difficult fur the bidder
to preseut the same for redemption. It
is a delusive, dangerous schemu of the
banking fraternity, which has fattened
and grown arngiut by governmental
favors to not only control the gov
ernment but also to em-lave the pciple.
Ihe ouly thing sound about the scheme
is its appellation, and that must be used
only in a l'ickwi. k an teuse.
It is alleged that the prince of dark
ness when occasion requires in order to
further his nelarious purpo es can ap
pear as an angel of light, an I in initia
tion of tins illustrious example, if not
animated by u like purpose, the advo
cates of an unsound bank rag-currency,
bereft of a debt-paytr.g power which
they propose to be the main aud only
currency of circulation, nro now atti
tudinizing with all the grace of public
benefactors, before the people of this
country as the only advocates of sound
money. The plain isttue U between the
silver dollar nr.d the bank note; between
"bard" legal tender money and "rag"
non-legal Under currency, and tbe so
called sound money advocates are thn
stout oppoters of the sound " bard "
money plan.
REAL SOl'ND MONEY.
The money system proposed by the
three allied armies of reform iu the
present presidential contest is the only
real Bound money system. It is to do
away with bank paper entirely, to coiu
both gold aud silver iuto standard
money ai contemplated by the consti
tution, and to have the paper currency
required by the demands of trade and
commerce issued direct by the govern
ment, and all the unney so coined or
issued to be real sound money, a full
legal tender in payment of all debts,
public and private, allowing no Imli
vidual to discriminate against any of
the money of the realm. With such
money in the possession of the people,
prosperity would immediately follow.
The money in band can be used to pay
the debt at baud. There would be no
scurrying around the country to get
bills on the nearest bauK, and no necess
ity of paying commission to the bank's
broker, or obeisance to bank officers
before you can pay your debts. Ibis
system of finance would relieve the
people of this country from the existing
bank tnralliloiuand woniu nueraie mem
from the care of lbs British money lords
who are now caring for the American
ueonle as the wolf cares for the lamb.
If this svttetu had been adopted aud
followed by the gnve-nineut from its
foundation as propoced by tne luimoital
Jefferson, who said, "Dank paper must
besuppiet.-ed, and the circulating me
dium restored :o the nation, to whom it
Leloi Hi." au I ns proposed by Jackson,
whj vwi. cqmU.y opposed t . bank paper
and who favi.red a government bunk
'founded nu.iuthe credit of the gov
eminent an t us revenue," how differeut,
indeed, and Nov much more prosperous
might have ti c:i the condition of the
country iu the j 'i-t and at the present
tia.e. The p.-r;oli of depression and
pauio wliii::. have carri d sorrow and
ruin to countles-i homes, acd which
have always nulted in the loss of the
many lor the enrichment of the few
might have I en avoid rd, for so long as
tbe government is. a s all the money of
the country, cl thi g it all with full
legal teNiler iUum1Iw4 Ut mu UiriWI !
lielow jr while that governm. tit is!
solvent and i in the possession of plen
ary taxing power. There never was an I
instance in the world's history to con-
trovert Him proposition, bin-h being j
tbe case, the citizens of a government
pos..MMii( gach , nllHm.lHi system, I
would be subjected to no periods of
panic or depression, ruinous to somej
and harmful to all. All gold and silver
should te coined and the amount of.
Taper money should be rei?nlated bv the !
demands of trade and commerce.
NEED OF HII.VEB AS KEM'.MITIOX MONEY.
It is estimated, in round nnmliers.
that there is in use iu the world as
money alout four billion dollars of gold,
silver aud paper each. With both gold
and silver as money of ultimate redemp
tions there would be no difficulty what
everiu carryiug at par the present or
even a greater amonut of pajer money.
Eight hilliou of metal money is a broad
base on which to rest four bilious of p:i
p r money. There is pleuty of coin with
which to redeem the paper, aud so there
will be pleuty of confidence that it can
be redeemed. There has a great deal
been said about our present financ ill
difficulties being the result of a lack of
confidence. That is ind ed very true.
But the lack of coulid.-nco results from
alack of coin. With plenty of full re
demption coin money there will be plenty
of confidence. With a sea city of such
redemption money there will necessarily
be a lack of confidence. Coiu is the
basis of confidence. The American
money system that woul I uialie both
gold and silver the broad base fo: tho
support of the required paper money
has, however, been supplanted by the
British system, that nukes gold alone
full redeiupt ion money and the ban) of
support for bothsilver and paper as cur
rency. And so the world now hua a
four billion base and an e ght billion su
perstructure. The wise men of the
bauks and the wiso men of the public
press assure the people that this plan is
the very proper thing, and those who
differ with them are unschooled iu
finance The American financial policy
demands that the pyramid should stand
on its base; the British policy demands
that it should stand on its apex, and the
Republican party and the Cleveland ad
ministration have adopted the British
policy, and make gold alone the money
of redemption
On July 1st, M'O, treasury reports
show in circulation in the country at
that time: Kilver certificates, three hun
dred and thirty-one million; treasury
note's, ninety five million; greenbacks,
two hundred aud twenty-live million;
national lank notes, two hundred aud
fifteen million; total of t ight hundred
and sixty six million. This amount, ac
cording to treasury practice, was re
deemable In oId, and at that rate the
treasury held one hundred and eleven
millions of gold with which to redeem.
Our so-called wise men of finance call
this it souud money system. It is sound
in the same sense they iipi wise. After
having borrowed f-.'iiS.OOO.OOO of gold in
the last three yeirs, we now have in the
treasury about one hundred million of
gold with which to redeem nliont nine
hundred million ot paper. The pyramid
is standing on its apex, and sooner or
later will topplo over. Can any one
expec' a restoration of continence umler
such a condition ? If silver as well as
gold was money of redemption, the base
would at once be broadened, and confi
dence would be restored.
a niiNois policy.
From 1805 up to 18CH, 94,0O0,O0O of
greenbacks had been turned into bonds,
when in that year the friends of the
greenbacks cried halt and caved :140,
000,000 from destruction. That was
twenty-eight years ago. Oue dollar at
interest at four per cent, compounded
semi-uuuually trebles itself in twenty-
eight years. But for such opposition,
the bondholders would have received on
that amount of bonds $GI)2,000,000 and
tbe government would still have to pay,
as it does have to now, f:t 10,000,000.
Is it any wonder that the money lender
favors the issuance of government
bonds? Is it any wonder that the
people oppose bucIi a policy ? During
the three years of the Cleveland ad
ministration that has closely followed
the policy of John Sherman and the
Republican party t.'O'.'.Ooo.oOO of bouds
have been issued in order to sustain tbe
single gold standard, soino of which
run thirty years. In twenty-eight years
the bondhold r will have realized ij.'i.'l
000,' 0 on these bonds, and the govern
ment will still owethef.'ii'.VO'VOJ. If
the pre.ieut administration hated Bilver
so much that it would not permit of its
coinage iuto standard money, it could,
instead of issuing interest bearing bonds,
havjsecured from Congress tho privilege
of issuing non-interest U-nring treasury
notes, aud if those notes hud been made
a full le,-al tender in payment of all
debts, both public aud private, over ten
million of dollars interest money could
have been saved annually and probably
they uover would have been presented
for redemption, as they would perform
all the functions of money. If this had
been done how different would have
been the condition of the country today.
The treasury notes would gUdly have
beeu taken by the people, they would
have ente-ed into geueral circulation,
they would have supplied to just that
extent the money so much needed to
reitore business and revive industry
It is indeed the misfortune of the pres
ent administration that its record will
go iuto the piii'es of history, linked
with fetters of shame to bond issues
and hard tunes, when it might just as
well have been associated with the
restoration of silver, the issue of treas
ury notes and the return of prosperity.
Jefferson favored the issuance of treas
ury not ej nii'l 1 .OjO.Ouj were issued
by the Van Buren mluimistration, while
the Democrats of every period have
favored "hard money," which means
both gold aud silver in preference to
bank cnrreiicy. The pns -ut adminis
tration has njec'.ed, in tho finance
question, the traditions of the Demo
cratic I aity
lUi. Cvl'r-E OF PANICS.
yh ia Ik- i. armful to business,
uothing boa caused so much misery,
snffering aud despair as the freqneut
periods of depression and panics which
have visited the country. The cause of
these panics in every instanoo has lvn
tbe same money contraction. The
great panic of lt?37 was caused by the
demand of the Federal Government for
specie In payment for the public lands,
aud although all g''d and silver was
then coiued at the mints, the volume of
metal money was entirely inadequate to
the requirements of busiiuss. IVuiaud
on the bauks was made for the required
specie, to which the batiks could not re
spond, aud the whole fabric of bank
currency, based on the money distrili
uted by the Federal Government among
the several states, became nearly worth
less. The busiuess of the country, re
stricted to the insufficient volume of
metal money, became crippled, aud dis
aster and ruin followed. ,
The pauio of ISoT was primarily '
caused by the act of Cotigns, Febru
ary, 1W7, demonetizing foreign coins, ;
which up to that date had beeu Icil
tender money. In 1S03 Congress had
demonetized all silver halves, quarters
aud dimes iu sums over and now, !
Congress, having demonetized foreign j
coins, the banks could no longer hold
such demonetized silver as reserv.s, and
they were sent out of the couutry never '
to return.
The panic of 1873 was caused by the '
contraction of currency to the amount
of over one billion dollars. This vicious !
legislation of Congress visited Uxm the 1
couutry one of the severest panics in j
the whole world's history. The pros-1
pf rity which had prevailed even during
the war was followed by a period of
unparalleled depression. The census re
turns show that the wealth of tho conn
try in 1S0J was fifteen billions ; in 1M
it was thirty billions. With sufficient
money, more wealth was created iu one
decade than had been created in all the
previous years of the nation's existence.
From lf ft" to 1N7II the contraction of the
currency, exclusive of coin, was $1,230,.
l0l),0X5. With the loss of tin currency
was indissolubly linked a stoppage of
busiuess enterprise, the depreciation of
values, the stagnation of trade, and the
enforced idleness of countless thousands
of American citizens, who were con
verted into tramps by the very same
legislation that had converted the bond
holders into millionaires.
The panic of lstiS was ennsed by the
most foolish and criminal sdicy inaugu
rated by the Harrison administration
and followed by that of Cleveland, of
making gold alone the money of redemp
tion. Kince that policy has been adopted,
and since silver has been discarded as
standard money, the business of the
country has leen dwarfed to tho narrow
gold basis, aud wreck and ruin hnvo fol
lowed in the wake of the contraction of
the volume of legal tender redemption
mouey. History, reason and experience
of mankind all teach the same lesson iu
finance, but the monoinetallists heroic
allly oomluit all these lessons. They are
wise, only iu their own conceit. The fol
lowing statements are furnished without
comment:
Amount of currency, exclusive of
coin, in treasury and circulation on
September 1, 1W!, as takeu from books
of the treasury department by Moses W.
Field, (Our Money Wars, page 173).
ITIUtENCY KKIT. 1, 18").
V. 8. notes :n.liin,(iiv9
FraetintMl curreney I'l.Kl.Tc:
National lank notes Ishii.imi
Compound lut. h'Kul toudr notus.. iU.u.'l.liii
Trrasury t per eeut legal tender. . . it! .VW VI
TVniHmrr loan cortllleutiM 1 i?,lK ;i.l
Certifli-atna of liulelitmlnuia H1.UI i.iui
Treasury notus past due I.Mcl.iui
Hlat bauk ntitua 7,s.7 .VJ
Thru year treasury nutea (vli.iim.iau
Total fl,tf.0,(i7s,;;t
Amount of currency, exclusive of coin,
in treasury and circulation, July 1, lM'JO,
according to the treasury reports of that
date:
CCltltENCY JULY 1, lbOO.
Iu clrculutlou.
Quid eartlHi-atea fl'.'.M.r.K
Hlivor oortineatoa .M.iV,t
Treasury notoa 111
U. S. notoa ..'! ,1)',
Currtney rartilloatea :iI.hi,u 0
National bank notui iii, tll,:'.-7
In treasury.
Mold certlflcaUis 4'.'7.l 0
Bilver oortittcatMa ll.:i u.mvl
Trmsury nut 111 ;H,Ol,.liu
U. H. notes l-'l. '.iLs
Cuneniy certinVatoa 1.i,imi
National bauk notva Ih.ims.ijJi
Total l.liu.;ul,l
Zictit In '& over Va, tsTn.NSil.u.'t.
DEBT AND BoNHAUE.
Thirty years ago there was legalized
bondage in this country of the colored
race. To-day there is the legalized bond
age of the whole seventy million of
American citizens. The policy of
bonded indebtedness and the ontrac
tion of debt-paying mouey has been
prosecuted by tbe money louners until
we are nearly bound band and foot iu
their tolls. Business is so unproductive
that they am willing to invest in gov
ernment bonds at 3 and 3 ier cent.
During the last years of Buchanan's ad
ministration, on account of tho Utah
expedition and the small revenuo de
rived from the low tariff, tno govern
ment, desiring to borrow money, was
compelled to pay over 10 per cent for it.
That showed the fuct that money in
vested in business was so remunerative
that 10 per cent government bonds were
undesirable. All this is now changed.
The only thing that now pays is mouey
invested in government bonds at from
3i to 5 per cent. In the hist three years
the government of the United States
has issued ;'2,j0o,0OO of interest-bearing
bomb), ami the control of the fed
eral government is now in the hands of
the money lords, with the president as a
nominal figure-head. With heavy Inter
est to pay tbe foreign bondholder, uud
with heavy taxes to pay the vast army
of federal office-holders and treasury
leeches, and deprived of good and suffi
cient money with which to pay, the
American citizen to-day is in a like con
dition with the b.raelites iu Egypt, who
were compelled to make their required
tales of brick while deprived of the nec
essary straw. Where is this policy to
end? If continued, what will be the
fabe of onr children f Wealth will be
come absorbed by the few, and they will '
be the task-master of the world.
.Vnllmll, the English statistician, esti
mates the total amount of th. pil l
money of the world at six billion dol
lars, which is two billion above (ho
geueral estimate. Cf this amount the
Kothschilds now own one-fifth, l'ut in '
government 3J per cent bond and, com-
pounded semi-annually, their wealth in '
S3 years will ulsiorb the entire stock of
golJ of the world, and if wo remain on '
a gold basis, tin y will bo tho masters of ,
the world. I'rior to the discovery of '
America by Columbus, the entire money i
of Europe had passed into the control of .
one class of men. Under Providence !
America was discovered, tho precious
metals were found and Europe was
liberated from its thraldom. Provi
dence bos placed within our reach the1
precious metal silver, which will enable
us to lilierato ourselves from our im
pending thraldom. The issue is a pln'u '
issue. Hiall we continue ou a gold basis '
and remain the serfs of tho money lords, I
or shall we restore silver as standard
money, break tho shackles which bind
us and stand forth as free men ?
OKI.I'EN IIHUJITUY.
Idolatry is an inherent sin in tho
human race. And it is a grievous sin. I
There is no tin upon which the Almighty
looks with more displeasure, and there 1
has Imh'u nothing which has been moro I
idoluvd than gold. Stocks and stones, !
images of wood and clay, beasts and '
reptiles, the sun, and firo have ull had I
their worshippers, but to nothing else '
has the devout and wide-spread homage :
Imh.u paid that gold has received. Ne
buchadnezzar, King of Babylon, erected
a golden imago 110 feet high to which
the homage of the entire nation was
licstowod. And the chosen people of
(lod after having passed dry shod
through the Hod Sea, after having fol
lowed tho pillar of cloud by day and tho
pillar of firo by night, after having
drank from tho smitten rock aud eaten
the heaven-sent quails and in mm, and
right following the visible pnwenco of
the Invisible Hod amid the clouds and
fire, tho voices of trumpets and the
thunders nud lightulngs of Mount Sinai,
while their chosen leader wns still on
the mount, made them a golden calf and
worshipped it, utterly forgetful of tho
Cod w ho had so miraculously led aud
sustained them in their journeying".
And even now iu the latter part of tho
nineteenth century, and iu tho broad
light of the experience uud civilization
of the whole human race aud the irre
futable evidence of our Almighty Knler
of the Uuiverso of nations aud of men,
we find as iu the ages of the past, au
unaccountable idolatry of gold.
Now, the object of devotion is not in
the shape of the Babylon imago or the
Israelitish calf, but it is in the form of
the British gold basis. Tho devotees of
this basis are just as unreasoning and
unreasonable as were the devotees of
the linage uud tho calf. And will not
God punish this Idolatry as ho has
formerly punished it? Three thousand
Israelites fell for their idolatry and King
Nebuchadnezzar for his wua was driveu
from men and did cat grass like oxen.
Aud for this idolatry of a gold basis is
not a whole nation suffering? Let ns
hope that, like the Babylonian king, tho
worshippers of the gold basis will ulti
mately hnvo their understanding re
turned unto them, that tho evil they
have inflicted upon tho country may lo
lifted from an alllictod people, and that
silver may be restored as standard
money and prosperity may bo restored
to the land.
DF.PIlF.CIATION OF VALUE.
Justice Walter Clark of North Caro
lina said that ou recent trip to Mex
ico, when arriving at El I'aso he changed
bis United States money iuto Mexicun
money, receiving nearly two dollar for
oue; that tweuty years ago both dollars
were at a parity, thus demonstrating
that either the Mexican dollar had de
preciated or the United States dollar
had appreciated; that the Mexican dol
lar had not depreciated, as was shown
by the fact that cotton was 14 cents a
pound, wheat a dollar a bushel, nnd
wages the same as when the two dollars
were at a parity, while iu the United
States cotton was seven cents a pound,
wheut fifty cents a bushel and wages
about half their former rates, showing
conclusively that the United States dollar
had appreciated, and that such appre
ciation had been to the injury of the
laliorer and producer and to the benefit
of the money owner, the value of whoso
wealth huil Itccn really doubled by our
financlul policy, which had demonetized
silver and placed tbe conutiy on tho
narrow gold basis.
A Missouri farmer about a year ago
stated that com was then tweuty cents
a bushel aud potatoes ten cents a bushel,
and that if the salary of President
Cleveland for one year was paid In corn
aud potatoes, it would take to pay it
125,000 bushels of corn and S50.000
bnshels of potatoes. In the spring of
1H1KI President Cleveland doslred tho
banks of the couutry to give to the peo
ple an " object lesson," which would
force them to acquiesce in tho rejieal of
the Sherman law. The bunks, in obe
dience to his wishes, withdrew their
loans and precipitated the panic of that
year, which prostrated tho industries of
a nation, ruining millions and currying
loss and sorrow to nearly every house
hold in the lund. That was indeed a
molt hateful and harmful objoct lesson,
lie could now partly atone, for the
wrong then done if he would give an
other object leeson beneficial in its
teaching. If he would consent to take
one year's salary in corn and potatoes,
and would build a big red barn ou the
shore of Buzzard's Bay in which to store
tbem, that barn would be a warning to
generations yet to come against tho
folly of demonetizing silver aud con
tracting the currency of the country,
through which fatal policy the purchas
ing power of his salary had wonderfully
increased, and the value of the farmer's
products had woefully drfcreased.
THE BAN KINO POW Ell.
That our worst foes are sometimes
those of our own household has been
repeatedly demonstrated In this country
by the in- r.-.hi-s p -w-r wl.i.-U Lin Leen
exerused by tho ban!i. During Jack
Mm' adiiiinistratit n. in the futilo effort
lo circumvent hn i, ti. Bauk of the
I lilted Slates precipitated a pallid upon
the country, At Ihe outbreak of the
Ciil Win-, the gold of tho lank was
withdrawn from circulation ami lay
hidden until it could conio out and fat
ten on a n at mu's mvc.isity, and now in
tlu present war l !vivn the producers
of the United Stavs and the money
power of it rent Britain, wo find tha
banks of the country occupying a posi
tion identical with that w hich tlioTorlej
occupied in tl.o Uivolutionary wars.
There is something in tho busuies of
the money changer ami tho money
lender, w hich is calculated to blunt tho
lnorul sense uud wi i!;eti the patriotic
spirit. And it was alwaysfo. When
the Savi. r of mankind was on earth,
he found luni;n;me adequate to condemn
the sins of all cl.iv-s except those of
the bankers, up u vho-o back ho laid
the whip ih he drove Hieui from the
temple. That tho bankers were the
only class which the gentle Savior
scourged with u whip is a most remark
able fact, which is will calculated to
direct public attention t their conduct
and its effects upon the community nnd
the nation, and which should also serve
the purpose to that cln-s of our fellow
citizens of subjecting their own uiotivts
and actions to a most rigorous process
of self. examination.
It is also a luor t remaikable fact that
of tho twelve npusihs chosen by our
Savior from tl.o various walks of life,
no single oue w as ba-e enough to betray
Him except Judas, the banker. And it
is no very violent presutiipii.uito sup
poso that lie. like marly nil bankers,
was a i;old bug, and that tho remorse
ho suffered after his treacherous act
might have been iu pint occasioned by
the regret that lie had not demanded
gold instead of depreciated silver as the
price of tho bed aval of his Lord uud
Master.
The pertinacity of the banking schvino
to keep control of Ihe finances of the
country by which the bankers cau
dictate to the got riiment uud enslavo
the people, and Hie iiUcnce of reuiorsu
they exhibit iu the expansion of the
volume of currency and then in contract
ing it, by which heartless process count
less thousands are iiupoveribhsd, while
their accumulations pass into the posses
sion of the hauliers, stand out before tho
American people us a most solemn
warning, in the lali;'u;io of Jefferson
that "bank paper must lie supprets.-d
and the circulating medium restored to
the nation to whom it b !oii;:, " and iu
the language of the ohl Jacksoiilan Dem
ocratic platform " That tho separation
of tho moneys of tho government from
banking institutions is indispi'nsiblo for
the safety of tho funds of tho govern
ment uud the rights of tho people,"
litNi.M.-.TAI.I.Ii' lit mo MIS.
A few years ngo many persons who
had learned the lesson taught by his
tory, nnd who, reasoning from cause to
effect, foretold tho disaster that would
liufall the country by a continued re
fusal to restoresilver us standard money,
were denominated by tho plutocratic
press of tho country, w hich invariably
sneezes whenever tho bankers take snuff
as "calamity howdi is." Tho tables nro
now turned, and now the bankers and
their aprs have become tho very
worst kind of "calamity howlers." They
prognosticate nil manner of evil from
the restoration of silver us money. They
declare that it will drive gold all out of
the country. That is just what they
prophesied when the Bland law wis
passed eighteen years ngo, ami they now
ignore tho fact that from 17H to lHtM,
while that law was in operation the
treasury reports show that the .Imports
of gold exceeded tho exports by tvo
hundred and twenty-four million, ai d
that the stock of gold increased In this
country over f IjO.iloo.Ooo.
Another bugbear is that foreign ua
tlous will flood our couutry with sliver.
Thero is no danger. All the nations de
sire more diver, and would very much
like it if we would continue our present
financial policy in order that they might
continue to purchase it as they havo
been doing at its depreciated value, as
a commodity instead of buing hereafter
compelled to pay its real value as
money. Another buglsnr Is that
tho restoration of silver Is in the
interest of tho sliver lnlno owner and
would lieiietithim. Its demonetization is
in tho Interest of tho gold mine owner and
why should ho lie benefitted any more
than tho silver initio owner. Both gold
and silver nro money metals so recog
nized by tho Constitution and both
should bo treated exactly alike. Of
course the restoration of silver would
bnllt the silver mine owner just the
same as it would benefit ull other classes,
including those who nro a) bravely
fighting against it.
Another misstatement ot the moiio
inetallists is that tho presi nt higher
value of the United States dollar over
that of tho Mexican dollar lies iu the
fact that our dollar U redeemable in
gold, while the Mexican dollar is not.
That Is not true. From liTS to October
14, 1HU1, no oue even for ouo moment
tupposed that the United States treasury
i would ever lie foolish enough to redeem
silver certificates or tho treasury notes
in gold and yet during that period, the
same us since, their increased value over
tho Mexican dollar was maintained.
I The old trade dollar of 4. -) gruins, not a
legal tender, sold ut a discount at from
five to fifteen per cent, while tho preseut
standard dollar of 41 .'i grains atauds
I about ut pur, oud would forever stand
' fully at pur if it was uudo a full legal
tender, which It is not now, us the law
1 gives the bunker that most unjust privi
lege which no other nation on the face
' of tho earth ever gave to its citizens, ol
'discriminating against silver, the law
ful money of the realm. Itnstore silver
' as standard money, make it full legul
b-nder ill payment of all d-bts, publio
'and private, refuu to any and all citi-
1 tens the right to disci iuiinuto against it,
and then tho demand tor such sound
hard money w ill b" r.o great as to for
ever maintain it ut par. It will then,
' wheu treuted like gold, be just as good
I " -
i
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