The Democratic) Platform Strikes
at the Governments
Foundation.
FREE SILVER NOT BIMETALLISM.
Condition of Affairs Worse than War
Would Result from Dem
ocratic Success.
In a speech delivered at St. rani Au
gust 4, Senator C. K. Davis pointed out
very clearly the fact that free silver is
not bimetallism and showed what evil
results would' follow Democratic uc-
oess. He said that for the first
time since the election neit preced
ing the great Civil war, we are
requirud to guard the very founda
tions and bulwarks of national stability,
of commercial honesty, of financial con
duct. The Democratic parly which met
at Chicago in convention in July suffered
a wonderful change in that convention.
The old oracles and guides of the party
were rudely turned aside. It was occu
pied ami demoniacally possessed by a new
spirit something which has not raised
its head in the political conventions of
either pnrty for thirty years. If there
was any one thing which the 2.HM).lMH)
of men who went out to defend this coun
try thirty years ago thought that they
had entirely obliterated when they re
turned, it was the malign doctrine of
state rights, which lay at the bottom
and was the impetus of the greatest
rebellion which ever reared its head
against a civilized government. I,o ami
behold, in that convention, from the
atate of South Carolina, as of yore, you
find the declaration of the same state
rights, in the same spirit as in the an
cient time, and done in a connection, my
fellow citizens, which must appeal to the
resentment and repugnance of every liberty-loving
and country-loving man. Fr
eryolie who knows anything about me
knows that I am not a political admirer
of (irover Cleveland: but if there was
any one act of his administration which,
after the contentions of history have
ceased to rage about his acts and his
memory, that will remain star-bright
forever, it was his action, when the
pulse of business heat low, when com
mercial intercourse was cut off by rioters
In Chicago, hv which, upon principles and
precedents laid down by lieorge Wash
ington 1sl years before, he evoked the
Strong arm of the Cnitcd Slates to re
store law and enter in this country.
Aiiidaiise and cheers.)
This act is covertly (and cover'ly Is
too mill) a word) denounced in the I'hi
rsgo platform. More than that. If there
is anything in this country or in any na
tion upon which the stability of the gov
ernment depends, the very keystone of
the great aivh upon which the ranged
empire stands, the ultimate principle uf
absoluteism that most exist somctvhere
In all governments, it is the courts of our
land, where men sequestered from politi
cal concerns ami political ambitious,
holding the seiiles of justice even be
tween contending passions and oou'end
lug rights, deeiile for their fellow citiem
what the law is. And for more than liNl
cara the Supreme court of the I'nited
ktsles has nt in that ejalled posi'ion,
midway in the cnpitol of the nation Ito
t ween the Senate and the House of Rep
resentatives, a typical object lesson, of
their position and nf their sublime ca
pacity to restrain either. Hiid lis done
more to coiii'iiit the government in tlie
high plane which it occupies. I was going
In say, than ail the statesmen which this
eouiilry has ever produced. tAppttusc.t
The Chicago platform strikes at that
roiirt, strike at all courts, and elut
riate Its iirih'n prophesy of the reor
ganisation of that court and of any oilier
roiirt if necessary, to register the liiful
anil passionate and repudiating edicts of
mistaken and misguided men. ot mistaken
ami misguided parties.
A Crisis Is Impending,
Ami Morse than that, my fellow nil
ens worse limn (hat! If there was
another thing which the veterans if the
last war thought the had achieved Hid
which the liiyal sentiment uf die Ni.rtli
thought it loot aehicvi'il. it was the ob
literation of all si'eiitiiiNbsiu in this 'iii
try: we were in have no Smith, no North,
ftt Fast, no W est, iiiiv inure. The w hole
minim Man ' lc a nil it. Hut in tli.se
later ilns we nee the aulid Son III coin
log up to the banks of the Ohm mid be
Missouri as Inline the war. and with
eectnihul demands upon an economic is
lie. precisely in b as was uiiide before
l..e liels'll on. And mi, will) Hie pitch
fork of I' 1 1 1 in n ii stirring up the tl.nliine
nl slate rights, with the IhuiiIi uf M'gild
In the dcniiii. hiii.m nf our inurt "id of
rreseleiil I'loeisud thrown under the
aery labric uf uiir gin eminent, they lime
chosen to put forward as an Issue .iiii
tiling whih l,ol lies noire illlllledl I'elv
the cimi M t inn. Hie psoainns. Hie cupidity
and the lnnir.lv uf men. and wlllill III i
si ll cuiitaiiis more d aiuicgrating intlu
tint to our ri.-Mtii ihsn .ill the
rsnaea minlmicd Hist I have mentioned,
1 lie I teiiim rat ic ciiiitentiuit, ur Ihe
IVlii'M t nlii psiU. as now nrf sinrcd. ia
I. until the I'upiibsl parly in ImiihIs uf oil
duly Mctlmk uiiu the ileioslul that Ibe
I wild S'.nrs shall lake a aiiuu iian
the . iirri in uf tins rouhlii will, h i,
eprikuig i.i run under the rcapniiaitulii y
f a man Im is apes king in h neigh
bur att lli il ..-Li I e la tlaot'il Wlh
siiiri' ! i i. r in i Ins ruitiitrv ilmn the
( l I en war mil. I posaihly l n,'
la. Ill I il .1 llw. I
And Mini i Ibe iil ).i I that I have
lrt'tt ake. In Islk til ml tonight elmtl,
I am gtniig In iln mi, as I said m Ibe l"
finning, net wild ait atlempi at )...
faille as c, tl Mill llt'lHUHll'lilg Slit lueil
to mat i tnaii in il.ftt r fri'in no. fr
I till yi.ii mt f. Ilnw iiii.ns. that inn ii v
a ml in a m a tlumiul ie u w liu it ft, r
fiuui ua i, ..lit en iln mallet mil. ji.ir
fri.lH ImS Will las Wtilith llllg win ami
) IIti , sme In tin II, I pplsnr I
And i I tisil go n I in be liitimia
I am irtfg in fic tn. i fact and tig
una I sin mt g'iiig to drasi mi lei
a iiiian.iiiii. ii for niv Is. Is al all
Ihr ls.1. Hint I aliall (ne ).ni will
liupr. (n,le It Is .r tun In judge
lu ilu r Hie ilrdiu in. n I atiaij l(a
Innn Hu m an 1 n Inti .l
Vm l.l ia I lii t,rluin? nf a cur
fe.t iiieli iai e l nj i f Hi.. q,rn,.n is si
! Ho- tlia m.. Imhi,i Hie , :i,i,.,,,
ftf Iln- .. l. l.. l,r ii, all. . Is lint
h. t !- Hull. l,ut, I. Hie flr a .,,
liniitnilrd imiiihiii ..( mli .-f In lite ni.nt
tf all I'n- i .i ..i... t ii,, i,,i,.,.i. ,,f ti,
if in. ipt "in liu ff, isl ttslxiiiS .if hr a;!...
n Isliu lii ! . ,.ti 1 hat la
it.e i Hr ail iii a ',t iiim I. si
wl.ru H a a I li.l l sU ul ii aiil 1-e,
If Hie I I, lr. Mai, not I t. I pa, if wuh
). I, it.. I I i. n Hi H a't.-n. lit We
Hi '-I I I t' si I' l w.uil l l-o an
eii-ril. i.l II,, , g !,e l. lll . nt
a - ........ .
sta Hi'l iiarii m iii,,t.nif nlll.niua
t tal-. r I rnig l- ill Int. iiib et,
"i'l lie tin -at sllai,,i. ., .,
U a) ttllSlnial i'l. a ,..1,. in l ia
Vrlfila harr air a.tialuiC rn iHl la
f era's S Ian la. Il. Iraiirt.l li- n i.f ll.r r..
a atl Itrt. . m. 1. I .l...n vt Ksliefi
fc. li t.. IS i..l ...( r lnt. ).ah,t
VWIIV 1.1 US, Slul MPM'litln ill.lv t ua,
ef ailver; and I want to say one thing
to you that not one of these professor
ia foreign univeraitiea, not one of these
economists whose name and fame are
world-wide, and not one of those great
tiiiunciers who have given days and years
of thought to tuia subject, not one, and
nobody except the leaders of the modern
Democracy and Populism, has ventured
to advise his own country in Europe to
undertake that task alone. (Applause.)
The question is this, and nothing more:
Shall the United Stutes, alone, under
take the free and unlimited coinage of sil
ver at a ratio of lti to (A few cries
of "yes" anil "no." and repeated cries of
"no.") Now, see you gentlemen over
there who called "yes," and you gentle
men here who called "no," shows the
difference of oninion upon this subject
(laughter), and to you over there who
come to listen to me, you will listen dis
passionately, you will digest my argu
ments, and 1 hope finally that by the
time you have done so thoroughly that
you will be inclined to shout "no" with
the gentlemen who resMmled when you
responded. (Cheering and applause.)
Now, let us be entirely good-natured
about ihis. I am going to try to give
you the lacts, and 1 repeat it, the issue
is whether the I'nited States shall at
tempt to do that thing alone, in the
face of the controlling fact that every
civilized commercial nation upon the lace
of the earth, except the Central Amer
ican and South American slates, years
ago and before we did abandoned it ut
terly. And if 1 shall succeed in con
vincing any of our ' friends that we are
not in position to do it without indicting
upon the country and upon us all injuries
which it will take a generation to re
pair. I shall be more than rewarded
for the pains that I have taken, the ob
servations that I have made, the studies
I have gone through and the reflections
which have brought me to my present
convict ions. I A pplause.)
Mil ill 1 We iu ilHikwarit or Forward?
Shall we, for our own interests stand
along with those nations with which we
have classed ourselves and who are lead
ing the inarch of humanity, or shall we
ico with Mexico, South America, China
and .la pun. the rearward half of the
great army of human progress, and join
those imperfect and rudimentary civiliza
tions, which arc an occiilar demonst ra
tion that no mi I ion ever undertook alone
the coinage of free silver that did not de
prive Itself nf gold cnlirely. (Applause.)
And you have but In glance upon the
map of your school boy or school girl,
voiir 111 !- son or daughter, to see the
fact recorded there lor the education of
youth, to know that every one of Ihosi
nations stands upon a Jower scale of
progress than the nations which have
declared the policy upon which (he I'nit
ed Mates now statins.
My fellow citizens, the warnings of his
tory are all against it. The present ex
amples ot nations who singly arc endeav
oring to sustain themselves under a single
standard forbid us to enter upon a voy
age upon, 1 was going to say. untried
waters, but no. upon a voyage which we
can plainly see other nations are making
at the present lime, where we can plain
ly view rucks uf distress, the shoals and
ilicksa lids of their course from the so
cure mainland upon w hich the American
people now stand, and from which our
opponents are alteuipiini; to lure thein
by false lights and false alarms. Ap
plause. I
Now we have jrut to take facts exactly
aa they are. We are not dealing with
glittering and glowing generalities. We
are administering society and human con
cerns: society, a being perfectly concreti..
Infinitely practicable, somewhat seltih,
and 1 am going tn appeal to the selfish
ness of this audience to know whether
they will aasist in bringing about t lint
which I think 1 ran prove will result
from tl'e aria nf the aentleinen who are
attempting to mislead them.
Now, lev friends, (he world is divided,
just as Khnrpl.v ps It is by ononis and
mountain ennui, between the ol.t coun
tries, who employ concurrently with irold
inure silver money (ban all the ailver
cmiiitrlc iiintaiu ur circulate-. (Ap
pPtt'ai.,1 1 say tttei tb" gold euii'itriea
of Ibis wel l. Ini'luili'nr t'" 1 cited State
land 1 mil them mill cuuntries fur the
punsiae nut of dc hllilhill, hut nf cleir
lies of expression I. eiiiplny and circulate
innra silvea than all the silver emmtriea
of (he world emn'ov, euii!!n nr circulate
1 make auut'ter prnpuaiiiun. I a ones I
tu t'istnry and to cntiteuisirary fact
which im man can dispute, that evei-T
fri'e iitiuage ruiii'trv i nn . !,rer bs;.
Isn't that n? it'rie nf "Yc."l t milk"
ennther statement fur nm tn think nf,
fur I am not ruina" In claburate It - I am
guliig In ret ni the fiifiire pretty nnn
everv rnld isumiry nana ailver and gold
I'l iiniieiiii icarly c'Hi'il by unmet tia
'. I an I that n if"'. nf "Vr. I
t t i I'l t'.c firle.l S'i
ll'-ica uf 'Ye. I III France? iVnl.i-
"Ves,"i I ni'ike tnii'Vr iai"iiiriit f'r
tnnr calm Slid isml reH.H-tmn. thai nn ail
er tuiibird intmtrr lis anv nl, nmn-
rt whatever I A unlsnae I t.ui't ase
niv word 'nr il. I!n an' lnreti(nt 'Va
object. I aav thai nn silver ennntrT ha
aiiv rnM u.ii wbaleve'. stl'l villi ran
"ri-'i frii" Vexbst in tai Hnrn and
It n I lts this statement la enrrect.
Anmher si-ienicitl - ami I make it np'
on a eitae nf niv reaiiiii.iHT after an
rxltsnatue r'tniliisH.in of aiatiaiic. in
v natural Ion slid rr-enn! I'at In ever?
Ivi-r at in Isrd cimtiirr wage r pria..it
iliia to the tory iiilulmittti nf a w rnti hed
ai' ...irlu r l la an In Vcvjtii, l Is an
In .Isnsii. It ia a. t in Smith America. I
V insl in everv silver cnlllllrv waff
are praai.. ,l.,w u in the very lliiiiimuin
of a retched til,itrni-e.
perhaps of capitalists, hoard and gather
for the oppression of mankind. Now let
me call your attention to one fact. The
free-coinera assert, when they are told
that the increased output of gold ia going
to tend very much and by natural pro
cesses to solve this question, that from
one-half to one-third of the gold annually
produced in the world goes Into the arta.
This statement is probably an exaggera
tion. It is probable that one-quarter of.
the gold of the world produced annually
goes into the arts, and it has heen doing
it for centuries. Consider for a mo
ment, my fellow citizens, what an enor
mous sum. enormous aggregate tnree
billions, perhaps four billions, of dollars
are lying in the shape of golden orna
ments, thousands of dollars of them in
this room tonight. Now I want to ask
you this question, if there is a gold fam
ine, if the power of gold is so absolute
and tyrannical ns it is claimed, if its
possession in the shape of coin gives its
owner such sway over the destiny and
fortune of his fellow man, how is it
that this enormous amount of gold, per
haps one-third of that which is in exist
ence, has not shown the least symptom
yet of going into the melting pot to be
turned into coin?
Hut we hear a great deal about the de
monetization of silver, and one would
think to hear our frec-coiner friends de
claim that silver had been entirely de
monetized, that by some malign influ
ence the money function of silver
throughout the world had been entirely
abrogated, and it is a very catching
phrase. It has been a very catching
assumption, tor l will not call it an argu
ment.
Now. I say. my fellow citizens, that,
pi'orierly considering facta, that state
ment is inaccurate, not to say untrue. I
assert that silver has never been demon
etized in the sense in which that charge
has been made. (Applause.) Demone
tization means to divest of standard
value as money, and I say this has not
been done with any dollar of silver coin
that: was ever minted at any mint. (Ap
plause.) It is true that many nations
who have approached the danger line of
which I spoke a few moments ago, when
one metal drives out another, that many
nations have told the owners of silver
w hich lay concealed in the earth we will
not longer buy it at a certain ratio and
at a certain price. Kven that has not
been entirely done, and l repeat my
statement that the assertion that silver
has been demonetized is one calculated
to mislead, and is not true in fact.
'The Crime of
All our woes a' re dated from IS"", the
period when the I'reo-coinors persuade
their disciples that. In use their stock ex
pression, stiver was demonetized, or that
one-halt' of the aggregate wealth of the
world was struck down at a blow. Now
let us bring this statement In the crucial.
absolute test of figures, of what records
and statistics say upon this subject, and
not trust to the vague declamation of
any person. The value land l will give
you my authority for this statement in a
uioiueiit), the value of all silver coin in
the world in 1ST:! was .f 1 .sTT.tH M l.(M M I.
In 1S.I.-1 it was X.lll(l.iH)!l.ill.l., The
value of all the gold coin In the world ill
two or three yeara, and will probably
survive to take the new medicine in
abundance. But I say that they admit
themselves any intelligent speaker upon
that aubject admits that the inevitable
and irresistible tendency and result of
the free coinage of silver in this coun
try will be to drive out tbe gold. Now
let us see how they propose to obviate it.
It has always struck me that one of
their most enlightened champions was
Mr. St. John of New York. He has been
largely and copiously quoted by them
he waa president of a national bank and
was president of the recent ailver con
vention at St. Louis and by the bill
which he procured to be introduced in
Congress and which had the endorsement
of the silver and Populist sentiment
there, they proposed to bridge over this
yawning chasm which they themselves
admitted would open beneath their feet
by issuing interest-bearing treasury notes
of the United States, secured by deposits
of uncoined silver or gold bullion, or by
deposit of I'nited States bonds to be is
sued of course for that purpose. Now let
us look at this coolly and calmly and fig
ure upon it a little, like meu of seuse who
are minutely interested in this matter
as one of business concern and let us
see how this project would work; wheth
er it would not merely
Skin and film the ulcerous sore,
Whilst rank corruption mining all beneath
Infects iinseeu.
We have $(WO.(KK).f)00 of gold in the
United States. 1 think more. It would
disappear at once in the face of free
silver coinage, or even the certainty of
it. Let this election go Democratic
Populist, let the American people record
their will that the coinage of silver shall
be free and unlimited, long before Mr.
Bryan and his cohorts could place the
edict into the form of law, the just finan
cial fears of mankind, of people here
in this udience aipl of people every
where, at home and abroad, would draw
that gold from every vault wherein it
lies protected and it would sink into the
earth as the waters which came down
from heaven last night. I say it would
disappear at once. This hill of Mr. St.
John so admits, and that disappearance
is the very ailment which he proposes
to remedy. But in this universal lib
scondiiig of gold there would be no gold
bullion to deposit, people would not tnk.1
it out of hiding to exchange it for any
paper money whatever ot the govern
ment which proposed to make all these
obligations payable in silver. (Applause.)
This remedy is counteracted so far by
the assumption and admission that gold
will disappear.
Now as to deposits of silver bullion.
The world's product of silver in IMW
(commercial valuel was ,on.S!l2.2(R).
If we could get the world's entire pro
duct (as we could not I. it would take
three years to fill the void of $t!"().IWMI.
OKI of vanished gold. The nations of
the world will not melt down their
coined ailver to deposit it in the United
States treasury and receive merely
silver certificate.
Koine of ilia Kvils.
But the third alternative is one of
most malign portent. It is proposed to
will be struck down at a blow if the shal
low projects of the Democratic and Popu
list platforms be realized.
But yon have heard from our free
coinage friends here that other nations
have done this. And there are many good
people who believe that France is doing
it, and that the Larin union ao-cnlle.l is
doing it. Now. 1 would like to know why
they can t tell the entire trutn a none mis
matter. Let us not deceive each t titer
and let nobody deceive us. The Lttin
union is composed of France. Belgium.
Italy. Switzerland and Creece. It was
formed in 18B5 by treaty hetween those
nowers. whereby each agreed until, the
year 1SH0 to take the. coins of the other
powers at the ratio of lri'o to 1.
But (Jermany demonetized silver: she
had ceased to coin it. and so. in 187M.
those- great nations, headed by France
(the most scientifically-governed country
in the world, and the one which has the
most accurate financial ideas). I say those
countries, after Cermauy had demone
tized silver in 1ST:?, limited their silver
coinage, and by lN7i they suspended it
entirely. 1 hey, those great European
nations France, the strongest monetary
nation m the world, with her allies un
dertook with all their power to do pre
cisely what the free coiners of the I 'nit
ed States are asking this government
to undertake in the light of such con
spicuous failures of other nations.
Invariable Ktamlaitrl Neetted.
silver would go at a parity with gold it
von will onlv give na a limited purchaaa
of 54,000.(Mg) ounces a year. It did not
go to a parity. How can they say now,
and look the American people in the- faca
with steady eye. that where it failed then
it is going to work entirely different and
satisfactorily now?
BRYAN ON THE RATIO.
H
IST.'t was .f:i.ll.i.lllll.l)Oll: the value of all I "se the interest-hearing bonded debt of
the gold coin in Hie world lit IMil.i was
jt-I.Jilil.lMHMIIHl. Of this quantity of sil
ver current ill the world in IS.l.i. ?.I.-1.1'.I.-
:l M i.i M )l I was full legal tender. Now at
tend to me for a moment while the math
ematical deduction is made. By this
statement it iiipear that the quantity
nf gold in the world increased, between
IST.i and IN! I.i, only Jl.JlMl.tKHl.tMSl,
while the increase of silver coin for the
same period w as $1.-JS.",.INM).IHNI -more
coined in the I w entj-l hree year since
the I'nited States in order that the miner
or owner nf silver may take his bullion
to the mint meanwhile and get evidences
of public debt two for one a privilege
not granted to or claimed by any fann
er, artisan, manufacturer or producer
upon Cod's heritage. I say it i pro
posed to use the interest-bearing bonded
debt of the I'nited States. Now, what
does this mean? It means an increase
of the bonded debt. People wiio have
got their bonds as Investment to get
lS',:i than remained up to that Ii f ! their living from in the w ay of their an
Now, everybody admits I think the
most rampant free-comer decliumer
would admit that the jnoney unit should
remain as nearly invariable as possible.
Now. I say gold has so remained. Sil
ver has fallen 'commercially other
articles. This is denied. They say sil
ver has not fallen, that gold has risen:
Now, that is the way yon look at it.
Yon can look at it through the deluding
glass of idealism, and it may appear that
way. but it is nn optical illusion. Now
let me put an illustration from nature.!1
rhe waters of Lake Superior, that great
inland sea which Hunts so much of our
commerce and is such an element in our
prosnerily, have for many years been
tailing, until now they are loner than
they have been nt any time for fifty
years, and everything on their surface
has f:ten. The waters of Lake Supe
rior, like the universal, spread-out plane
of humanity, bearing everything upon its
surface those waters bear the Meets,
vessels and craft of all kinds, and ves
sels and craft and fleets of all kinds have
fallen with the water. What would you
think of a man standing on the deck of
one of those vessels saying. "This ves
sel has not fallen: this vessel stands just
where it did. hut the universal shore of
Lake Superior has risen?" Laughter
an" applause.
Now. 1 say. tnv friends, that since the
Latin union, from 1 ST.'t to 1N7(i. aban
doned free coinage, there hs existed in
F.nrnpean nations and the I'nited Statr
the only practical bimetallism. Let me
repeat this. I feel that I cannot bear it
into ynur minds too often nr too urgently
that these notions, including ours, are
the only nations on the face of the earth
that have anv bimetallism whatever
And whv? Because thev went to the
danger line, as we went, and then
slopped. Applause. The universal
teaching of htatorv ilenionstmtefl that
there was a dead line, beyond whi
silver could no be pressed without the
immediate annihilation of its companion
gold, as a useful, working money niedl
urn. And when any msn gets up and
dreams ami soliloquize ami philosophizes
before me and tells me he knows it won t
be so if we try where other failed, I
tell him that all ounce of fact is worth
a ton of theory, and that something bodi
ly is worth a million of disembodied
ghosts. Applause.
What U
Itatiu?
nil tin imige of the world since Noah
left the ark. (Applause.) And nearly
limbic more silver has been coined than
gold since 1N7I!. What iMinuies. then, uf
the assertion uf the equal and equable I
pi'oduciinu of silver ami gold from year ',
lo year since I line la-gall, ami of the ile- '
liloiielizatiou of nilver since S'A, ill Ibe i
face of this showing that, between lS7d
and ISll.'i the coinage of silver was near- i
ly twice greater than that of gold? liny
talk of III deiiiouelizalioii of silver since j
IS7:l ill the hue of a silver coinage i
throughout the world since thai chi' of ,
over J'J.ihki.ismi.isiii. uf w hich $.'IH.- i
aJ44.-lt;7 was minted by the ruited I
States! I Applause. Ami nf gold the j
luted Stales minted during the tame
ieriiHl '.i::7 .-bMl.iUi;;. Ami here, also, is
answered a slateuienl coutitleiilly piade j
and plausibly maintained, and el t-rmu- '
eniis in tail, mat mere mis in an mis
time I -en an einiriiiniis cnntrsi Huii of i
the currency all over the world, yet ,
these figure culii Inanely deliniual rate
ntial income, or anyone else, are not
going to put their bond on deposit in the
treasury 10 get a treasury cerunoaie.
And so the chasm could not be filled
in ;'iat way, neither by gold, by silver
nr bv the illimitable issue of bonds.
So this chasm could lint be filled. They
admit it will last three years. What
will take place meantime, in the very
face nf the danger of il? We are in
the midst of commercial distress almost
unexampled ie our history: a panic such
as the world has seldom seen. It would
throw il.lNMl.fNNl of men nut of employ
ment. It would denress and starve the
waae-carner. and it would deprive him
if Itcing the best consumer and purclias
sr that the American farmer ha, and
by that reflex action inll'd unexampled
misery upon our gi n ull mill population.
lAntilause.l
In that slate of thing the shy must
he tilled. No tistioii could stand such
contraction. I he must radical remedy
that that slaleniciil is not lrn. Now. would l absolutely nei-esssry In re
my friends, I have nut taken this from itu'e it. and there would only l two -
t In statistics uf any other sinker or 'one ia m k.i hack tn the honest, snbd
frmn soy other IttHik. I know where Ibe , namUril mi which all the com men isl
I -it ist ii a are gathered Willi the care i,.i,,n. including the I uiteil Stales.
which ciiiuiiiaiids ibe reaai I and coiill- BtHll, now. or to use an irnsleetnabli
dence uf the utilized wutld. ami on me i ,.,. hl.r. M ifii llv limbics nr il-
tilli of July muly a lew .Ih) agui I ' .,..itnl.l. In ita sunoiul. And when that
Iclegra tiled tu the director ol the mint
regarding inlui uiut inn Uhiii these sole
jet la. and he answered me:
Hun. i . l. I'svia. ii. ram. .Minn.:
The total value of all dver coiilcil ill ibe
world in 1i.'l I ealnnnie In have been
g.M7.iNsi.iNSi ami 1 '.'' -t. ! i. . i.
I lie worms aincK in gnni in ii-i is e- i . ... ., - . !.i i..r..
(ousted tn hate l-en ...iM.',.ini ,INI and ''m'i ... - t.i. u ,.,..A
fs.a jine vi ar, sun ii.iu .... n -...--
with an lunch pamn of hnneaiy ami
cuiiie to ia ilver will vanish in the
fai-e of tN'f a gold vaniahctl in Ibe
fi nf silver. I Applause And then
run wiiiild have a nut her cham. another
isne of money. The w reck i complete,
ami the I liilcd Hlale stand entirely
oil au Irreilecniaiue Wier mniiev nsaia,
Th lleaann.
Now If It la true il will not tn Into
the resauti f..r ill. I. nt If ii ia true a
iniicri'e. al.suluf,. f.tct that nn ailver
iiiiiltlrt. tin cntiiitrt uhiih ha aduttiett
the ailier lam'ar.l hsa sin pull clrci'l
n.n Wt'Slett-r I at that II f.tllnW l'
tte mdv nt. I" ill. Ic liimi'lallisin nn ti
I'l llel a ,i tlie nut. una it ilH elllih I he
l lcled r't-l.-a ' .If -id Itself ei'd it
i till I ilnelilli.snl ill the I lttti-1 r'lsle
whiill 'he Itew I 'i-ltim f-i t Slid nit-
liaui are riub aiuriug In dcsir..v l.y tili
'tliiii a du r iii.u..'iicl an I An.
l?lile I TI'C l.iliirt-illtsin ti rH tin
lunntiv NCI lite tfilu'Ca i.r nl.uli fiate
la kni i n m i lite I I im (nil am of fut
and .(ii"l i e ..i nu n! , ii ndmr In tit
full rtleitl w tn h human in.tiftiiritl. hn
liiaaj tli-lii II. e, Itii'.ifiu at''tr h.'ltalnn
all II III'! tiu Hill lc.li ,e I''"
mtnn iii wl'iih tlie iiuil rj tat rni
l..l.-. In ibtree that nne Will Hut ile
al!.. I or dfite not the iii-r and that
tw-lh I'lD rnrtist .tfi-Hu r I t pl.lsuae I
I nr ill. re la. mt fr1!, w c an nn
nttratl.utanV ihtl.tnj pur I al.nl! pi
II fnrlitir I"tg. Ht.."!t it ia lutl nmri
ff t"f n-i-n ali'i baie read btai.ift
rven iiti.,ri!i f,.f tin. 1. 1 pi,.ie If there
I a iln i. tm I. lie li.n. win. S tun
t"! pa in lite elitf '..I iii-nl ef the lliela
nf lis tilde W H.i.ill 11 .t'-tin i. ill II,
i.l. l-.l nil till aut.i! letintf il tfl t
in Ittal be w tui ma. at t m t I, .rt.ft)
III nai ii I nti.ii an,Ira ,an
i. I'i I !! e nia alt.r WI'li. 'tit I'
aa I, -.fin. .t It It.e I . . t.,- n,
' "il. -una, i I "t I. i i. I C.si I,
a.It.f lit. -tu. lu- ( w fin f.f ats-e-t
" Iriti tu all.. na win he ii.-in
H e I .. el H e dirk 1 1.-' i nf mm
u,,i.!'.,, , n It It lie Util.f tnmaitf
in en II a at' r I n tUiiw
.. l ( nte i 1 I r-r.e net nt-'t In
He I.-.-. a t i ent e. I .-it it mil
I'-.M'vl'l w tilth u nte ta ff.-at ft, al ef
. ns.-uc. n. e l I rci.ieai-nl,! lal "td
'. la-miii. Ittai I ll.al iv at t k
lnn- enit-'i elrt-l ! aulelrlt a 'Saj
tiirl ltal ! Ita Ini.tti" a "n 'al
lCl.l abnllt I I..1NI INNI.INNI. K. f.. I'M''
tun. direct ur of the mint." And the
figure I hate Jual gitcii nn are the fig
urea which I hare just read In the tele
gram of the dini'titr. The arealea.1 bui-
una trsiiain limi iii the way uf tltiani-i
on the Iriii' ui tlie carili are tuaile Umiii
Islt llielila like that, and when what I
haic aanl I tliai tiax-d the Imlv anawrr
that will Is- in. i. If tu it la iirulmbly that
Mr. Preatiin ami the I tilled Stair gut-
eriinii til la nue gi'iicial titiii-ral fold
bug. 1 1 .a lighter. I
Now hi me gite tun in. ( her state
mi-til. Ibe nonage nf the ii'tiun uf the
..rid In IMiJ. I VCt Bill !M wa a
f..n..w. li.iii i;.,;.ii:i iter.
iv...mt:ii7 ivi.!. ..t.i. j...' t.ii.M7.
.liter, Il.i; tl.V.'l.'NI , 1VI. fr...-
ll.'l.la!.. a Iter. M I I r , ;vt. A tlal In
Ihrte ti-si of .laf.t.:iv.t. tM. Willi all
il.slm ttflia f..r rtieni,'e tin uuiput of
Ittllli'd lintlti' ia nf illiliu-liae tnltlllie.
nw I It te Ihruwii inll lltrae llC(e.
tiiuia ami will ui -a. tiutu that brain h uf
Ilu ilia, uaai.ilt Ntul .Nil imir a.trnliun to
allittler aai'lt..u of Ibe Iren u tirli,
li ii In it iinaiiriil a f . w lintuii'lit
agn. In' I puaiaa III Ili.W Itrat II in
Hie tlie lltniinir lo wl.tilt I hte lr-ai'
el tbe In at pritiiln g tti..ii..ii lie free
ii'iiliH Saaa-tl liitll I "1. 1 r t Ii in lit til-
fl i lii all the hean l n ec..ii,imir
tula, rie that Insnk'n I . eii li led a nce
I ai 7 t .New I t Ittal lint Hii-llia. lti-
i.x.lif .n.stae In brn g alaml a uHiirae
I lull uf .111(111. t III the I nilel S(lia llli
ellltf. ill Hie W'.ill halurv I
itiat Iiiiv ,i. -.a i.i ll li ala.iit a ,mi,
iiaiti.in in Hie I ii'l.. ytaiet ntu m te.
In the wttHI lit.l'ti ant tiii.,1.1 w nh
Biefe nil Hiaa are m..i... m t.e an-
ttai i.f Ii nm t It Witt- In iltat isae. if that
1 Ibe I. ai rranll ft let tlirtilMl.le ill
lint ttl,llii t-.a. I want In
1 1, ...i ,. i. ii Hi- , . . . , i . ti at I Wvlar Ilia
III iltl I )
Mat I Ike ftaaif.
N.w j-n stk ne . r nit nef ant
w .11 f I In il lite nit i.i !r I
at- ft.e ntcmi;e f i.tur in He .inin'ry
W ,, .tula iii I Hie .. Ii i a in, I a-I'lii-iiie
a i"t U .f it.. ana an. h
H-e lilt ef if ii latii'li II lta dritrn mil
t ...I in rn-tl mtin'it tth-iH hi. inii nttl-i-
it ! In. I a llrf, l.i ..i i. lije lit-
l. i .! a.. I iPr .i. f nf Hi In f,,!,
Hi. re la n-l an rl i g ht rtn grntiefl.
win ai ,. tt , t (mn im i.-.t i f flee
.i'i,i( , f a liif tin ! a n .ijit tHal
It . , II e !.e inet,t,ie rratiH wt Ihrf
aa t It t ,'j .,n I i at l mt tHiasa )Mt,
Ikal ll '' l w.ii 'vl at r ItKl'f
love of lint i.mn I Imnor lo emancipate
onraelte. ho ymi nl thai again?
llrie uf "Nrt. tl."l
Hut. my friend, to bnik a little de t(er
Into this nhjiH I. The miser r gne fur
llicf that wnuld be inflicled. I have len
talLiinr herelufnre sImiiiI lawful unniei
ami I mean by Ihst. inuney iaauei) t the
ruvrriiiurnl ot me s ine i ii"i
State iui liidi'd. Hut d.d t"i er 'lniik
boar little of the Imauiea nf thi w..ri.
nr nf any ininnniiiily like SI. Paul .iml
MiiiueaiHil.a i dune on whul l i.lil.d
lawful iimitcy? Mat i.l it wmild a.t-in !
aliuw that IT teiil. nf the tri-i.a
limi lieiwein man ami man in i-mbred
natii.lia. rte.ially in the I lilliif S'a
i by day nf iluik In illie I he are
hnlanifil aa nai each other In Hie clear
in bullae, and a few lh.uia.ind I'nllar
ba ij in id nmiier 1 1..- the .nt' tran.st
I inn. Where ilmiing hmiara .In nut r
lai - I mean In town and tilingi ihe
deieeiiiing nf Ihe i he. k In the l.ank v and
Die ii.re.tiun uf Ibe Its ok sllntl bl
aiicea in the iite war.
Nut, Iln i the nn steal etirri-n- y nf
rivihaaliun. NtmiHet are tn.iib-iii4'e In
nitre it Innnite uiMtiitrii in nttiner
. I n lat nn In the lawful m.iini nf
w tu. h hate leen laiktlig. 1 hi i the
rnrrenrv that n.i atluti.rt f it i an i t
naii.1. althunch It ran mmti. t it. B it 11
i a rnrrem y whuh ill cnlucl ita an
tanenuaty tn Pa ery mm noim r ih
im taliitn ef the I tvinn. rt e n! fmiii
I alic thenrir a nnuiwced In their pi'
f.iriii. Nn wtia! il nr-a that inraii? Il
niran aimplr ! t tbe Birr- hu. th.
maniif aeiurer. Hie rmiihtter. the mm nf
rtrtv kind alii fM "' "' " Ii
fri'uw nttn fur Uta.f. or fur mateitat w ;.l
erase . far a lie i r.n. rre. tu m I
at rilllYti'l Whi, h I II. ail tuia.
Ihe l,. k of i..iif,.ltni It ill tf tti.e Uttl
n.n(r I n in thl rriarf The '.. r
ff. tn Ihe I kl'eil falatea last Wi-rk
i isai in ihe i li .l i, .im a.
a' u.e. m nd fen, aed nt It r i 'tH the in
H.rniai nf iit'rf t., I M-n ef Ihe hanta
here f liree are nn i '-ring hmiar ' ,e
trfiv nf Ihe r.i nf HI 'il taat
k ttrr ..nirlhi.g ntrf fnllisl
.e) any Iran Ih nk lot Il iii..enl
f ann a Ifal a i ar. In ftt. I'anl
i.. i tier, IIi.iiiiii t in Hie r ,..n
s laainal in inns, I their tnia.n -'
It waa il..n tit Iki rwrea. r nf rit
ima whi. a im iw ran f.ri.lnr, ttlii.h
a.t n .H ril rrfo ale t r-tnirul. m4 I
a f taat thi rnrrem y. inura iiaipnrtini
And yet these gentlemen favor, in the
face of these historical examples and
warnings, that the t'uited States shall
make the unit of coinage the silver dol
lar at ihe ratio of ll to 1.
Now. what is ratio? It is not SKI to
$1, aa some people claim. I Laughter.)
Katio means this: That there shall be
sixteen times more silver in weight in n
silver dollar than thine is weight uf gnhl
in a gnhl dollar. Or, lo lint the dehnitioti
in another form, that sixteen ounces of
silver, when coined, shall' be the equiva
lent of one uituci' of gold when coined.
When gnhl measured by silver is wurlh
$il ier ounce, mi disparity in value can
exist; but when measured by ailver the
ounce of gold Is worth $.'11 an ounce com
mercially.' dis'iarily results. Such 1 the
present nn I i I imi. ami yet the free silver
men assert Unit It will Pe im sin u ining
in case legislative fist endeavnrs lu uinke
two ami two live instead of the old-
fashioned result, two and two four.
The trouble is that our friends have
confused the ratio uf weight with th'
ratio of value, ami are trying lo confuse
Ihe iH'ttple with il. Ihe ratio of weight
and the ratio uf value were mice tin
same, but thev have changed. They
ilinugeil iimre than thirty years iil'h.
other nation saw it ami itle vnl Ihe nil-
iei'ial behest nf that change Is fnre we
Int. ami tne r a I i.i i nnw tlirnuglioill
the world i'.'.'. nr alsmt 'VI. tn 1.
Nnw I any thai Im legislative fiat what
ever It line lint lie ill the IMiwer III lllllll
il wa abuut In say auiiielnliig more ex
treme than that. whi. h it wnnld nut he
pritMr tn av-it die nut lie III the
Ntwcr of man In enact thai a given ili
tui iianm. tolume or lapacily shall In u
hair a bri-adlli greater than the law uf
the Almighty have fixed il from the !
ginning. I Applsita.i.1
Il i iici-asart Hist the ratio or protwir-
limi ( value should las Invariable. It I
miraurv lor the iirmliictiun nf Ihe thing
itself t ailed iiinliet. Mkllig of it in it
t rent volume, a the tnluine nf money in
Ihe I iiil.il Mate. tif -e aiming.
ever) w liere; we ace an amilury in liaiurr
ake Ibe air we Prtrtllie. II Hi a iiiiii
ihiiiiiiI aiinaiam-e. nia.n nn iruiii miini
and lntr'tgili at '"-e ralm nf annul
tn ZX and w Inle iln ralm laaia il i fnnii
il we all draw our Ima ami hate mil
taring. B'lt ihai ge tn any msl.Ti.il dc
grit ami. luali ail nf la ing Ibe tllal. life
g.tin air. il li-inim-a a deadly and dc
atrili live imnauts.
But the free iiiiorr aaaerl that nul in
ilral iaiiliai.'e nf ailver will lnre il In a
iisr.lt .wilh ao!d. It hsa 1h.ii tr- d lit
leant nan. ois ..( Hi., wutl-l. H i II ibme
it in a amale inaiaiitf? Not line. 1 h
Saner a .Different Song on th
Subject When He was Ih
Congress.
On the 16th of August.- 1893,- on tha
floor of the House of Representativea,
Mr. By ran said:
"In fixing the ratio we should select that
one which will secure the greatest ad
vantage to the public and cause the leart
injustice. The present ratio, in my judg
ment, should be atlopted. A change in
the ratio could be made (as in 18.S4) by
reducing the size of the gold dollar, or
by increasing the size of the silver dol
lar, or by making a change in the weight
of both dollars. A larger silver dollar
would help the creditor. A smaller gold
dollar would help the debtor. It is not
just to do either, but if a change must
he made, the benefit should be given to
the debtor rather than the creditor. Let
no one accuse nie of defending the just
ness nf any change: but 1 repeat it, it
we are given a choice between a Changs
which will aid the debtor by reducing
the size of his debt and a change which
will aid the creditor by increasing tha
amount which he is to receive, either by
increasing the number, of his dollars or
their size, the advantage must be. given
to the debtor."
Legislation in favor of debtors or of
creditors, as a clnss. would be class leg
islation and wholly unjustifiable. .Ques
tions hetween debtors and creditors are ,
properly settled in the courts: and every
court will hold that what is right for the
one is right for the other also. Mr. Bry
an, therefore, did well to disclaim ad
vocacy of any change of the existing
ratio. Should a change be made at any
time hereafter it cannot and ought not
to affect contracts antedating such
change.
But in advocating the unlimited coir-
age of silver bullion, at the present ratio.
for fite owner and without cost to hira,
Mr. Bryan does propose a change of ths
entire basis upon which business is trans
acted. We are informed by hun that
there are three ways by which the rati
between gold and silver coin can be al
tered: ' 1. The shrinkage in size of the
gold dollar. 2. The enlargement of the
silver dollar. .'I. Making a change in ths
size and we'ht of both dollars. Either
of these three methods contemplates A
nearer approximation of the coinage ra
tio to the commercial ratio and is so i'ar
forth honest. If this approximation of
the two ratios were carried to the point
of ideality, tin- chance suggested by him
would be absolutely honest rirovided
that it is ti"t retroactive in its application
to outstanding debts.
This i not. however, the change which
would follow the adoption of free coin
age at 1(5 to 1. There is still another
possible- chan-re to which Mr. Bryan
made no reference in his speech, namely,
the shrinkage of the silver dollar. A
silver dollar conlnining .'171 "4 grains of
pure silver, worth cents in gold, which
nevertheless peases current fur KKI cents
in gold, is an anomaly in finance, unless
explained. The explanation is simple.
1 ifty-lhrce cent of the cnrreiB value of
this dollar is visible; '17 cents nf ita value
is invisible, and consists in credit. Free
and iiS.limi.ed cuinage would destroy this
redit. In advocating free coinage at
ltl to 1. therefore. Mr. Bryan proposes ts
make th" silver dollar smaller not to the
eye. but in fuct.
This wnnld be a change of ratio in the
purchasing power of the silver dnll'ir. as
coutpared ui.li a gold dollar, from 1)1:1
fo .S1:L
To avoid this result Mr. Ilrynn gravely
proposes that we should do nne uf twe
things: ilonlile Hie weight of tile silver
dollar, or else coin gold dollars half their
present weight. Anybody can see that
one nf these would have to be done. In
order that Identity should be established
between the coinage ratio and Ihe com
inereial ratio.
Which of thee two exneilient does
Mr. Bryan favor? lie tell n that en
larging the silver dullnr would help the
creditor. It could only help him hf
maintaining the present standard nf
value. He also tell ns that halving the
gnhl dullnr would help Ihe debtor. If so,
it would lie by a change hi the preeat
standard of value. Finally, he tells ne
h-lt he p-e'eea the hitter eXMtlielt. Isa-
cause the debtor ha a rights siis'rior t
Ihe right of the creditor.
The Lesson nf IHW2.
What hapie I in IXC'? F.Terybnd
had money, plenty uf money; and then
they came tu you and whiHnsl in your
nr that alilmngli ymi had plenty ef
iiioiict anil plenty of work that yon were
not lulling what you hough! chcaD
uough: that they were laving the many
r the lieiiclil nf the few. and too many,
I the American i-ople listened to it.
It wa the aruiiiug nf the class nf etna
Inter again! the empinied: and the
mpluyed against the euiplnyer: and we
ad the change. 1 hey gave n Ihe chean
1 1 1 IT. but In what iiiinlif ion did tbey
icave the American N'.iple'f
II remind me of a i-nlnted gentleman
wlin wanted lu cms the Arkansas river.
ml hail nn mean. Ile af ilnwn awhile
iihiii a lug and wailed until ninrone
Intnl. I cuiiie up. Shortly a while gee
I ir ma n approached. He say: "Bo,
waul tn rrns thia river: will yon
w In n t nifr-aa
,1 ,,f K.I. h.y
ii I lie a I me nunc
ftjaaed till' MtertllNll a
anid but uf na frit tt 4.."ei.iNai nine
in.ii.iti, nr Mmmii mniift n y.ir. itol
t mi Will aee 111. I ailter Will t" !
Il '."I an mime uniiieit.sl.ty lu Hie fl
it i Utu.ir, in ij.iiihi a to whul in tut l
He rvauli m w i iii n - lira, lit sunt i.m
fail In g'te iu h il.nm rtefv ..i.r
lilltitf tn laa ilelleiealrall'l Whe'lter they
were ra.rrei t nr 'innf e.-t. Hint i ii a:i
waa rim led Ami i!trr did m the
iitiirse nf atmot Irn itl In f I'l all
i.'i'tie I tliilli lit nne iuni nu I
f r.-. . i, in I wife ra!lr., and avd. "I
li.il t.ll a.1 Hut, mt frtilul Whil f
nnd ! (hat dfioaite al!einent, II tal
r .1 I. Ill aleirt (tine, S.l'rf prieaaj-l.-l I
I nt ..wer titan it rtrf r. bel.ire, ilirral
j '.irt.ia-
Il il ,) n.-l lake II )(. tn .I t it Ihe tn
nnai atria -e pt-Mlti- ..n in ' e I fn!
'' fur ln far 1st? .e I'.ial . al
. I wa 41 i e ntinit. in ! ' 1
ron i.. .1 iiiiiiii .mn t ml .n I
i,i . m v m r'i Jii !!
.. in., in .re II m i.r..,f.n-t il. H
lirrf i.f ln rr lip In the Line w hrn
that 1 I wa i.t.ar.l, and it w a IV
. t.v ! ie it.rn, tr a I dun w
t ad lh lti ! i nf tUe iirrrti f tn I th
,,r.it(! ef tluir rsinniry at if.
nri i-rol v.ac.n. Ihl (ht intnirnae t nt
time anu'd h'rik rl.mn- tnd.. lt it I
Hrek il.i) h rry rtf ii;.
he H I tie I I ' piilanae It f.t
1. 1. est He pari e o '"., . il .1 tlriial ,ii
tie anieita nf n.m 11. .! ens !
N(f la i'n b i ie lvc t'.si
please give me two cent; haven t v
ifiit in the win Id." "Well. ir." he said.
f inn havrti t a cent in the world it
Imi'l lii'ke a iln inn Mt nf difference
w bii h iile nf thi river ymi are on."
And o it I with all cheap gnnda that
thie gentlemen furniah n. They nil
tlie ti.ri wit!i their iluilting. made ef
ahoihlv, lirniiifht In under an ail talnrena
law by aim h the impur'cr i made Ie
swear that tt I wnrili nmhiiig, and It
worth niiibing. It i ni.le nut ef
Id pat Im ke up r.nl of the aiieels
ami alley uf nur f.treiirn iilu. nf rags
itmii Switzerland and inttmi a k frnna
Italy. It I sent nter tu lie placed upon
American deck. Tht nut the rivil
iraimn we want. We want Anierhan
wsgi. Anirmas rl.. thing and AmerV
an i itii.tjiNUi nw, in 1 1 ihey
a me tn na. We bad plenty uf nu'tiry
!( re, nnw have nn nnaiiey. Tbey
I-.. me tn ii nt aay (tuy are gmng ie
give It tu it: and thev prnaiae this
I. oil. hug uf the fare value uf ailtrr
Flnni a iasi h by I'nngreaianiaB Fowlar
ef New ,nfk at Milwaukee.
arllale's I le I'ulnia.
I
"There I Rut s free cnitie rutin I ry
in (he world today that i in.t i-n s silver
daai.
II
'Ibere I tiet s gi.l't ttndnrd rene
trr In the werld I'-'.ii I' I die But was
. tl f IIU Hi. f . M gt.l'l.
Ill
"There I m I a .itrr aim. lar. I mnntry
in tle wnrtl t-s'at lest Mae tf goi4
a limiiry aiui.g w.lh i,vrf.
IV,
"Ikeer I ru.f a .t' r (i-l!ir. eniinlry
In the world t.; ll.al baa mere Han
nneiflird aa ntt Ii dinner In i in ulatinn
i-f tapiia a lb l'nrd stairs.
V.
"Thrre la ant s a.Iaef alondaH enwmry
is II, w.irt.J tnlaf where Ihe ltx-fff
mta ent itra fair pay fur kl Say S
efk."
' .iviu"
nt!..).. t liintiF . fsiibi-t r.kf
frrat run. ihi ". - i k i ( aii
Uaa aitet mf g. 4 f aatiakal HI'