Moro observer., October 08, 1896, Image 4

Supplement
O B SER V ER .
CARL SCHURZ
The Eminent German-
American Statesman
for Sound Money
AND GOOD GOVERNMENT
fa cts, Arguments, Logic,
W it and Sarcasm in a
Masterly Manner.
WHY
PRICES
HAVE DECLINED
The Alleged “ Crim e of Seventy-
Three’ Has Not Made Our
Goods Any Cheaper.
T h e C o u » » i | □ • n r » » o f a 1 ree S i l v e r V i c ­
to ry in N o » » m l » e r W o u l d
B a n k ru p tc y
■ a il
au<l
It*
U n iv e rs a l
P o v e r t y —F r e *
I’ a n lc .
D is t r e s s
C o in a g e
at
S la -
taan to O n a M e a n * M tlvsr M o t io iu e ta l-
lisa a
W ages
W ill
B e t lit l l o w o a n d
H a l f o f th e 1’s o p l s 's » a v t a g e L o s t.
Hon. C arl Schurz.
t e rir.
delivered
aa
ex secretary of tfa* la
address on
f'sptem ber
U h . in Central Muaia ball. Chicago, on la s is
aaoaof tha campaign, under the auspices of the
A m e r ic a n
H meat Money league
Every seat
la the ball w as filled. many persona w a o d e­
s ire d adxniau >n being turned away for lack of
rx*'m
The addreaa ;a p ari waa aa follow s.
F t l.in »
ClTlX Z_x»
I
have
com e
fro m
tha
aaai to tha west to «peak to you fo r bcaset
m ossy. I do net imagine ray »a if te be In an
‘"aaaxiy'a country ” There la to a s no ex>e-
my a country w t t i n tha b l u n d e r : » o f thia re­
public. V n ercvcr 1 am am our Am ericans i
am among f» I o * citiasna and f n s a d s tonad
together by o ...nun laterests and a common
palrtcnvn:
la thi» «p in t 1 aha.! discu ss the
question o f tha day
1 shall cot deal in finan­
cial pbiloaophy. b a t in hard and dry facte.
There are vp- radic dta'oninata la lea cotic-
try. partly genuine. p arti▼ prodnoad by aidi
ficial agitation
T b *y may ba »pacified thus
There are farm er* who oom plain i f ths tow
p rio *« of a g n -u ltu r a l products laboring man
complaining of a lack ut rem unerative c «.-
ploym ent. man la all aorts of rn ra u ils oens-
p laiaiag uf a general budnaaa staguati-si and
of a scarcity of money. In tome parte >f tha
country. «specially the *r>ulh and west, then,
are many people complaining of a w ant of
c a p 'la 1 and a too high rata of Interest
Tha
cry fo r more money is the favorite cry Th«-*a
are the principal and tha moat definite com­
plaint*
beyond them, however, an lmprvu-
atca b*a been «oread by agitaters that an o r­
gan iaed c naplracy of moneyed men. m a.a!y
great banker*, in Am erica and in Europe,
hacks 1 by the monarchs and a n «Vx-rac.es of
t b - old world. ’» seeking th* general establish
me: t of the gold *tandar-l o f value to m<3AOp«>-
ltsa or corner the w orld a m oa-y to the gen
eral detriment.
A ll this has found dr finite expression in tha
follow in g declarat or! of tb* Chicago piotferm
••W e declare tnat the act of IC S demonetizing
Stiver without tha knowledge or appr< val of
tha A ire n c a n p o pie has rv.uil.-d In the ap­
preciation of gold and a correapondlr g fall In
the prices of commodities produced by tha
pe o p le , a heavy tncreaee In ths L-urd»r. of
taxation and o f all d*bt*. public and private;
ths enrichment of tha money leading else* at
home and ahr-md, prostration of Industry arid
Impoverishment of tha p «o p ia .” M ark w .-11
that all th«wo evil eoasequeae*« are ascribed
to the demonetization of aiiv. r in the United
States alone— o t to it* d r < aettnut a a n y­
w h e re else Thia i* to Justify n* pre— nta-
tian aa a sa ficien t remedy f tl. ire« cult.
o f silver In the U nited States al r * . •‘ w ltii-u t
waiM ng fo r tus aid o r c> n*»-nt o f any ..tl.. r
a e tio u ”
Thia platform I* amplified by free coinage
orator*, who tall u* that ths act of 1<3, called
••ths «rim s of 1S73.” h a s »u r r --| 't i'iu »!y “ w i;
sd ou t” one-half of th t-i*- pls'sxn acy—name­
ly. silver; th.it in consequence the rem aining
half of ou r m etallic money—nam- ly. g .Id—as
a basis of the whole financial structure, ha* to
do the aarr.e bualn.-«s that form erly was done
by gold and stiver together; that thereby gold
ba» risen to about double Ito fore, r purcha»
Ing power, th e ro ld dollar lwing virtually a M
cent d ollar: that l b - man who produce* thing*
fo r **1« la thu* being robbed of half the prl o*.
while debt« payable on th.< gold basis have be­
come twice as h a a rr, and that th i« fall of
p n e -» and ln< re a »* of I urdsn* l - enrv-hina the
znoB> y c h a n g e * and oppr »sin g the jh - pie.
W h a t A r e th e Tarts?
A r i these com plaint« well fu n d e d ? Look
at facto which n-.body disputes. That there
ba* been a considerable fall In the prict-e off
many articles »Ince 1873 i* certainly true. But
w a * this fall caii«.-d by the so called dem on*
t iz a t in o f s l i e r through the act of ls74? Now.
not to «peak o f other period* of our history,
such a * the period from 1048 to 1961. everybody
k n ow « that there w n a considerable fall of
p n r s. not only as to agricultu ral products—
cotton, fur Instance, dropped from t l a p .and
In ¡"VM to 1? cents in K l —but la many kinds
o f industrial products before 1873. Whet hap­
pened before 1873 cannot have been caused by
what happened in 1873. This Is clear. The
shrinkage aft r 1»“73 may, therefore, have been
caused by something else.
Another th in g ia equally clear
W henever a
change in the p rlres of corn modi tin* ia ra e l
by a change in supply or demand, or 1 4 a,
then It may aff'-ct different a rtic l-s dlff r. nt-
ly
T h u* wheat may rise in price, the supply
I>eing proportionately short, w hile at the same
time cotton n ay decline in price, the sup ly
being proportionately abundant. But when a
Change of pri' ••« ta k »* place in con .-quence i f
a g n » t chaaga ia the purchasing p . w r r of the
ni'in.-y of the country, especially when that
change ia atidib-n, then the effect must be
equal, o r at least app ro xim at-ly so, as to all
Article* that are bought o r sold with that
money. If by the a . called dem< n"ti74»tion of
«liver in T.73 tb-’ gold d ollar o r the d ollar on
5he gidd V ■.»;* 1> < a m » a !fJU cent dollar at all,
then it becr.mc a 33U cent d ollar at once and
f o r . verythlr.g. It could not possibly be at
th »
iue time aS J O w n t d ollar fo r wheat, and
a 120 i <-;it d ollar fo r coal, and a 150 cent d ollar
fo r t .ton, aa i a loo cent d ollar for corn or
fo r
vela. 1 challenge any one to gainsay
thi-
1’ rlces a n d th e A r t o f 1873.
N o w for the facta. The act of 1874 in qu es­
tion l.icunm a la w on the 13th of Febru ary.
Wluit waa the effect 1 Wueat. rye, oats and
corn r ..~e above the price of 1872, w hile cotton
d< ■-.in. d. In 1874 wheat dropped a little; corn
B is!'» -» Jump u p w a rd ; cotton declined; oats
and rye rose. In 1375 there waa a general de-
chnu. ¿u 1870 fe a r* wc3 a rise ia wheat and a
fiavlm - in corn, («it«, rye nod (xAt- n
la 1K77
there w as another n «e In wheat, rw rryiag the
prior above t a i l of Utu and up t>. that of 1871.
year* p T w ed ln * ths act of 1373.
Kvhtaatly so
f a r the mu cent dollar had uot made its mark
at all Bo! 1 w ill adn.it the ptsetlble plea that,
a« they M»y, tke act < f IW3 having lawn pas**d
in *<*< rat, people di 1 not kn<>w anything about
it. an I rri«-- * remain- d n i.w u r s ' ly »««-ady. In
lg.iornn » ’ >.t what d readful thing* had hap
} • ued
If so. then it w ould n p ; « * r that, if the
l * o w i n g «»no* had only kept »U ll k le u l It, the
gold ooltar w- uld have modestly remained a
k b cent d o lla r a ,d nobody w ould have b»-»«
bur*. But, sen >ualy »peakiug, it u u j be said
that wh. n ths act of 1373 waa passed we were
at. I u* ng exclusively paper uion. . , m at n< I
ther g hl nor silv er was in circulation, and
that therefore tl»«- demonetization w ould nut
be felt. \ cry well. But, then, in l^ V specie
paym ents w, re r,»um e«l. U ctalllc money cir
t u lated a g a in . A h 1 m ore than that, the cry
about •‘ the crim e of 1373” r.w u n 'tc d In eon
g n •«» on i in th country. Then at lost ihs AZ.
cent gold d ollar had it* opportunity. Ihrtcos
could no longer plead Ignorance.
What hap
,>»3<«d? In iic*i wlieut rose ab->ve the price of
ls7i>. likew ise i-i rn. cotton and oato. In l* » l
w h e a t r •» a gain ; a l » . com . out* und ootk.n
In le t ’ » i. at an 1 a it a
. i. . w hue corn
and uat* roee. The report» here given an-
tlx.se of the New Y o rk m ark. t. They may
vary » m ewhat from report of farm pri.v-s,
but they pn-sent the rl«e and decline . f p r ic e
w itu »h .atauH..l ^urrectaeas.
If. however, there bs som ebody believing
that, in spit*«of thes.-fa.-ta, the demonetization
of silver by the act of 1873 mu»t in sums m y*
tcrioua w ay have d >ne something tu depn -w
p r i c » . I m.-et him with tbs affirm s!h a that
the silver dollar w a* practically demonetised
long before 1?7X Tu ju lg t irom the *pe« cbe«
of ou r fr.-s c inage rat. r*. tne Am erican ¡s o
pis must befora 1814 have fairly w alk w sd In
silver dollars. What ta ths fact? Prvwideut
J e ff.-r» in »topped the culnvgs of stiver dollar*
In 1(O> From 1783 to 1*7S, aside from fractttwi
al currency whl h sin.-» ISA-« w a* only lim it««!
. » 1.
1-
. .V a
..t (hOU-'.dOO
Silver d- I
lar* were o ,in *d
Th< y w ere au scares that
you w ould hardly ever sew c-ae except In a
curmsity shop a* a rare coin.
There w a* ounstaat I rouble w ith th* legal
ratio between g .d and «liver, which could
n o t be au fixed as to keep th* tw o metal* to
gwth. r In circulat’uo Once on* of them would
be driven m l f toe country aad tfcea tbs
ether
Mean while ovex I! UUU.0ld.dK f gold
cola was corned, and alaoa laH gold w as aub
sZanttally the un!y fu ll legal tender amney in
actual circulation
And thu»» w«\r* ez^ep
tiuaally prosperous luacs. T h »n in « civil w ar
came and swept a ll our metallic asonsy out of
sight Taper mucey took its place, and la that
con di SI. n we were in 1873, when the famous
act of 1873 waa pass an. Vhat. than, was in
reality that taw that has since beer, so fierce
ly dsauuaoed as ‘ the crim e cf 1813’ ’ V h y, it
was sim ply an act revisiag o a r (« 'n a g s law *
and providing am oug other thing* that oartain
silver coin* six bid be struck to he sga. teaidsr
In the payment of debts uoly to a small amount
T b s standard a ilw r dollar, that had prarAoa.
ly ’„evil out c f oas sines Trusidsut dstfer-
a » tc !3U» bad »:vpp*«i its « inage. w as simply
not mentioned is the «su m e ra tu .*
That to
ail
ITis act c f 18T3 thsretor* d id not create a
bew state of th lsc*. but «im ply rsc»igaised a
•«a la uf thing* w ht«h had ux;*»sd for many
and many vsara It did thereby not only a. I
destroy half the money of the country, but
uot a single dollar of it
W h y P ric e * H a v e iM-elined.
But w h at t* it. tbm . that has ause-i ths Os
ellne o f prices’ 1 appeal to your common
sens*
Do you think that when one man. aa!
ed by m aehiaery. doss as much p r^ lae tie e
w ork aa form erly ten or m ors did. and when
our m od «m m ean*, f tran*p>-rtatiou carry the
product from the producer to the eonsamer
with firs times the speed at ns fifth the coat,
and when la the ’ rwnami«*; m c f tutslligaaos
time is quite and o^at ab ao st aaainilatod. do
you think that tnen the product of ha.
labor should uot tn due pir-.pcrtiua
cheaper? If it dad aot, then modern ctetlix*
Uou w ould in on * cf its mo«t im portant a ad
Ivnefioect funotioam be a fiat ta i.ars
For
what 1« tu * in veah ee g»n.ua of the age taat
devotes 1 tee If to pra.-«to*l obyecto engaged tn
—what else than la d e rta u g and d se sle p iag
means and methods by which tb * thing* r *
qulred by mankind fo r ths aantoaaaoa and
com fort of life b * made better aad more eoatly
attaiaable—that is, c k »ap e r’
The farm er in the U n ite 1 £ !a t«s v e li M a e i
the agricultu ral machinery which helps him
tn planting, raisir.g and harvesting hie crop.
He welcomed th* r u l r otd. the »lea rn t»a t. tb-
low f reign tv the te,egraph, which shortened
the dl«tar. -e b e tw s s u hi* farm ar.d the mark- t.
and th * banking arraagwixvhto r e tired fur
m uring ami selling bi* p ro la n :
But a* near
ly all wur farm ers ha 1 ttis Bums en<r.urw<»
meat, so it followed q u it» natu rally that the
waeat crop of this eoum ry in reased from an
annual average -if XltUOC 000 busheui betwrse-.i
1»7U asd 18ou to an annual average uf 4?5 -UU.
UX bushels between 1 « , and 1<K But also
fu r» gu oountri»* bad the enccuroging t » o e 5 t ;
new wb<-atfl«dds w e r» <.-pea«d in Rusal* and
ths Argentine Republic and elsewhere, and.
*< cording to Brodsirset'e. a very
pet ant
auth on ty. the wheat product of ths w ork!
grew from
to H94 no lus* than 4A.0UU.JUt
bushel*, w hile the w o rld 's oonaumpt: -a t* v*
U m sted to increase only 12.41*. .<JU to 14.0U0.JUt
bushels annually. W arn the tn-rea.se o f the
w o rld 's supply thus gam * u ;« n the increase
off the w o r ld '* demand, ta it a w oafier that ia
t ' w o r ld '* market, which rule* the price fur
all exportin g countr;«-». that price should have
d«~"lis.
Is not this an infinitely murs ra
t! nol ext laa a U >n of the decline in pnose than
to a » rib * that de< line tu ths so called d e­
monetisation law . t 1-73. whl h prsctlcaily d»-
u.- (n-tii ! noti mg but w a s actually follow ed
by an in c f.-& *-4 ». ur .-urrency. nearly trehim g
it» volum e and m aking the p« r capita far. tar
high* r than It ever had teen bef re, and high
er than it is in any other country except on«?
You might a.« well ascribe ou r civil w ar to the
great coiast of 1811.
O u r R ecen t Stiver L a w .
did that r.-c-ntly In a m «*t c> nclnnive manner.
I w ill only odd .hat 1 w i« u m em ber of ths
senato st the time .»n-1 kn c w h ereof I affirm,
and 1 coiphaliaally pvou
ucs all the stories
about lii« act «if 1873 1« ng
i«sed surrepUtloua-
ly ; s b iu l senator« aud n iut»-r» brin g s« inc
bow hypnotized, so that th
lid not know
what they w ere d< ITig a. .•ut aotue English-
man Iwir.g on the ground m dh much money to
prenuXc th« d«-m« n> ti/.i* 11 of hslver, Wl d «>»
1 u inh
on. u« w h lly and nti-j i ii;. i: tiy fui»»
• tu my opjxincnt».
hi t>< scrupulously couru
but a« a conscient.ou» «tub- .A uf coBtcurpora-
n«-oua tusp ry 1 am bo it .11 »xy that in th « to
years durin g » h i t i hi.-.-« be«n an attentive
hav.- nsvor w it-
•be>-rv«r of public affair«
l..euM»l !>>,r l.eal o f « u . h C.Î •rnpiiloti«, »ham«-
unul*4ive,
gtgan
lose peralalent. nuiia. I. u».
tu- lying • » nu» u*. i i an i 1» n w <1 n<- w ith re-
gard b* the act of 1873, it. «.ngin, it« nature
and Its consc'liien--e«
W h a t W o u l d 1 o tlo w I' r j a n '« k -lc c tlo n .
<.'«insider n< w what tlx Immediato c n«c
qUMKwa w ould 1» if Mr 1 i j an w*-rs elected
president w ith a «-> ngrt- i to match. Mr.
T ryan would of cuur»«- i e anxious to bave
hia free eolnag«« law ena- ■ d, but that could
tut be, t-Vaii if he ■ a llo l ,.i « it r a » ».i >n ■ f
congress, until some tu ,- in A p ril < r May,
day <„f • le-ctlon.
five or six month» aft- r i
But ua » « i n ou the 4th of 7 uvem ber aa th « r«--
eirit of th« election w » « ann oanced everybody
would know l h » l the («arity f g Id and silver
W o ’. :
«.
It having been m ade .-ertain by M r H ryau'e
elects -u that th « parity o f gold and silver
a -uld not bo i .am ’
there w- uld lx- a
rush u p n ths treaaury ter the g -id in tl l y
p.raona h- ¡ lin g g rc«n t a » » oatttied to re ­
demption. and ths gold r»-» rve w ould be sz
h a n .u d in a tw ia k lu .g
(»o ld w ill Instantly
disappear from circa.a
;i to ?» h i*rd.-d or
exported
Why w ..l it dtc-ippoar? lis.-anse
e « « r y aaoaitle p< r»on w hen making a p a y m e n t
w n l prv(< r l moke It in the lorn valuable dol­
lar and hold th « m ere valuable gold dollar
beck ter more pr< Stable use Gold w ill there
fore quickly rt«e 1« a prem ium , and we «hail
lis on the stiver l o i n 1 ng ( —tore a free ooin-
ag« law an be e n a c t»!
V a s t does II mean to
he ue th« silver . za.» Th. w« rd " ( » I n . " wher
ever It «ppeara In the l a « . will no longer mean
g »ld . as it w a« so far un derstoxl, but silver
alone
Ths grcer.be k or treaaary n< 1« re
deemlds in ••cola'' w ill no longer be redeemed
In gexl. as bsn-tofore, but only tn silver. T bs
United cistes bond payable In coin, co matter
w hether geld w as paid ter it or whet?er It had
bean sold fo r the very purpose of buying gold
ter toe treeaury, w ill be paid, principal and
lx,Serait. In stiver—repu.'.tat. n aa flagrant as
the w . rtd ever w lta «a «e d
O u r dally trans
actions ia buying and »• . mg. in paying and
rvoetvir.f w ag-a, w ill no longer be carried on
upon the basis of the g< id d ollar « nrth lOu
cenla, but uf toe silver d ollar w orth X cents
or thereabout, f i r U . g o v e r n m e n t w ill no
lueg«-r held up the >..ver du..ar to toe value uf
the gold dollar
That it what the aU rar bads
E i-sru
You can study in Mexico how It
w o rk *
The quantity of guld vanishing from ci renia-
tioa w ill amount to »b o n i 480G. JUÛ.UU0. toe d is­
appearance of which w. ! make a I rem«-a du us
h- is in the v lum
>f uur currency. N ea rly
one-thord of It wtil be g ne, and what remain*
w ill b * reduced nearly one-half la purchM lng
p> w ar But. eays tne M lv »r c an. there vrtll be
free silver coins»-« to Ci. th* gap prom pt!y
with outnvd stiver or silver certificates
Oh.
B u my fsilsw e - f f » r « r » The ('.I«*; pearancs of
goal w ill aappxn p: mptly after th« alswitoa
of Mr Bryan, and te -rv w ill u. I possibly b*
any (rew coinage < f *.:v «r for at least six
meatha, and it w ill r«q- r« a rre a t many more
K-.>nlhs to fill a g » l of H X M j aju
T h e T re e C o in a ge Panic.
Cowed by the uproarious outcry which waa
atarted by the silver m iner» and taken up by
the ‘’ch- ap m oney” men, con gr-*s pa«a-»d tw o
laws, one in 1878, th - other in two. in p ursu­
ance of which over 49.UUU.00U of stiver d< liar«
were added to our currency, n, re than 5w
t im e * ns many dollar* as had > ver l«wn coined
betel»-, b, -id»-« a large addition to our sub­
sidiary adver c ma. O ur p*p< r money was
largely in -reaaed, *o that w hile in 1873. th*
year in which th » Am erican pe»<pl« w e rs said
to h a »e been rubbed < f half their money—while
in V»7u. 1 aay, we had S774.0UU.tKlu of money in
ths L u iu U btatea, we had 42.217.UUU.0U0 in lafit.
lioarty three times as mu-'h, and w hile in
1874 the eirculati >n w a « 418 04 i-»r capita, it
w a » 42201 per capita m lauS—fifty times as
i many silver d o llar« aad many tim e* more
money uf all kind* than this country h a l ever
had in its must pru»p«r->u» d «y e —and yet the
prior of silvt r in the m arket kept on fallin g,
and the prices uf many com.iiodltlea, agrioul
tural staple« Included, continued in their d e­
clining tendency. N o w analyze this case.
Upon what ground d<> the silver advocates a«
aert that the so called demon« tizationuf »d v v r
d<-pr>«eud prices? A e o .n iiiig to their own
rea-»onlng, Ixn-ause there has uot been a u d -'ic n t
money to sustain price*. Bnatoin what prices?
Those prevailing before 1873. But th «re ia
now three times a « much money a « there was
In 1873 and * niu-h high« r p< r capita circula
, tioa. W «U, what bee.>m< « of th--ir argument?
Some of the stiver phil .»•» >• dn-r» have invented
a more m ysterious phra»>
that prices have
gone down tx-cau«» by the act of 1873 th « "n u m
ey of ultim ate r-dem pti. n " had l « » a curtail
ed, only gold lieing available ter th u p u n » ■•••
But, according to fb- trea»ury »talistirs, we
had in b»74 only 4„5.uuG.Uit) of coin, including
«ubsidiary silver, in th«- country, and now wv
have much over 4«>«i,uuU,(Kk> <>f gold atom-, or
more than 24 time» as much money of ‘ 'ultln*-.'.«-
rudem ptiou” as in laTS. A n d yet p ric »* are
low. The man whom such facta do nut . i-
v m «e that ths dscltne of prices cannot have
been caused b r any e ffo t produced upon >ur
currency by the a d of 1*73 must have a skud
so thick that a t r ip ham m er w ould not d rive a
sound ounelusion through it.
H ow
1
i
•
i
!
I
th e A c t W a »
T a o sc d .
Cut 1 hear my.»olf asked. If thia in so, why
w a » thia act of 1373 pawned secretly, aurrvp
titioualy, stealthily? Fur silv« r orators have
been p*raiatontly dinning into the popular car
for many years, until m illions believed it, the
atory that the silver dollar wan “ aeaawsinat««d”
through ths law of 1873 by some dark, corrupt
plot. This fable has been so often and wo a u ­
thoritatively disproved that 1 am unw illiui; to
take It up again in detail. Senator Sherman
with M r Bryan ■ election, th » silver dollar,
m «asar«-d by It« p u r< b «siu g power, w ill ( mi
worth nut a cent rn r- than the m arket v-alun
'it thu silver contained In It
If tne m a rk - 1
trains of that quantity 1« 5u cento. u*id you
present al toe mint j o cei.t»’ worth < f bull. <n.
n i u g -Ml dollar, but « silver
yuu g t bs*.
rt-j j
d lia r
.» <«,nte \.,u mlgnt, instead
Of t«kl
.111 ii to th « mint, »»Il it in
:
ist tnu same amount of non-
1
rn owners, unless they have
>n for taking their bullion to
Ii.«- mint, « .11 tn. s it t tu
ruet bb'i «cil
eiy «1o 1b Mil
v. TJ
lver <?"inage.
lie- ‘M II.- if they have
«y get b »1 tender Ard­
ii in the jrsrk « t
dollars like * i»e
*k- it t - th » mint
rknl *•
i
1 • _ ;x riet.ç'-, ita
uationa
notw
ilu-
|.ri-c
iry
nu
t
h U
8 the » .. .e Very near to
» tabù
lern
the figure t
-t at * h. h It can in large
ed. M r . B ry a n 's strange
l . a n t i l i « » c pri
j roved only that
bave
I •
•-nt pur ua»--« of
» h «a b»- xj
d m ating s de
e lver and Ixin g
. t sim p ly duos
r ami gr«-u r tbi»n to>-
not kbow » bat : re«
w ill now ,»d
E very «• b*ibln j« rs -b, 1 tr
th e U n it«-!
A i t that fr«-e »
M a io » » . ne W ill
»ke bitxvi&li .am. the equal
d sliver a« m«,nev, utt«-riy
uoe of i tb g ad
w ell as aoruad. it w ill
lu:postule, b e r*
< j.n ru i Eurup« tu gold m- n<un- toilisix aud
r. .damn us t. silver mot. m etallism —the • x
ciusivt use « f silver m m -uvy and «rf paper
i>aa«-d uj -'b s.,ver. N o A-.u'ot this 1« w lust to«
ailvcr i.u a are really aim ing at
H o w T re e M it e r W i l l M urk.
What w ill happen meanwhile? The St bcuta
GiobeTi*-n»a.-r..t report* Mr Bryan to b a rs
■aid soaas n ir.eags “ I t ! nk it,” r.e asin g the
victory of the free coinage m< vsment. “ w ill
caoa* a panic But the country I* la a de-piur
able condition, and it w ill take extrem e meas
tiros to restore it t n *
n tittoa -f p r.»p a rty ”
W ksn-upoa to « M L» ui* paper pointed’./ rv
m a r k » "B v id e c tiy M r Bryan has Beard of the
doctor who alw ays thrvw hi* l a i le c l into fits
before oom m Hie ri eg any curative medic i n s '
J o»t no.
H o w , then, w o u ld M r Bryan a ‘•fit” wprk?
The sudden ¿mapp-.-arar » of our gold from
d m i . a l : n w c!d pr .
the most » I n n geai
eontracti >n of the ,-urr- acy on record
Bum
B r a max who ow e îh - nry and a I the aatss
time have money dus tnera w tll be forced to
collect taat money 1 v <*r»ry m ean* at their
disposal. N o b . l y w i l l
..-iclised tc ¡sad out
aay towasy e r pt u p
■ iira o rd ln a ry secu­
rity The bosks w ill n s ’ .r a lly e .oaiier It their
duty tu keep tb>-rua»i « »irong. and there
fu r* to cull In Ioans and to restrict their dis
counts and adeem M t * . - n»sa men w ith the
utmost
c*ut.< a. B*k* : • ».
«-»tablishmenta.
m anufactori. a. u e rc a n ti.r h x*<* unable to
g -i the money for ïn.-eii ¡g th «ir obligation*,
w ill by toe hundrv'is * . - -umb to their e m b e r
rasameots ar.d turn' .- < j m
like * ro w of
bricks. V ih srs w ill
aati aoJy rs o tric t their
opérât: as to the n arr -w .«i ; »asiate limit, and
w age earners by the thouaaadn w ill lus* their
employment and be turned into t h * strvet.
N o else* of aoedsky w ill b* «pared the de­
struct, v*
esmseque.-t -e-
Every
frightened
crM itor. pr mi rd by htaow a creditors and a p ­
prehensive of a g n wing .
by every d ay 's
delay, w ill esigerly pounce upon his debtor*.
The prompt settlement of e w r y account w ill
be perem ptorily demanded. O u r fa m e r a who
have m urigxg a m tn- r pr-.perty and who
have been t.i.. tost free «a-inags w .!l moke
thing« exceed.ugly «sasy f r them w ill have
» it * unexpected ezprn*D.-o*. Every m ortgage
debt that is due w ill be qui kly aalled in The
m- rlgagecr w ho tn>-s 1-
«v e his bond extend­
ed w i.l find an u n w illin g e ar
He who seek*
to burrvw m-.nvy in ore.-r to r»-place to* old
m ortgag- w ith a new n<- w ill be told that this
ts no time for loans, except, perhaps, upon e x ­
orbitant cooditu ns. Th«- mortgage- r may find,
too. that hl* b ead ta payable m gold cola, and
be w tll have to buy the gold at the premium
then ruling. Foreclosures w ill he the order of
the day The mortgage- r whu seeks «belter un­
d er t b « law s delay w ill at aay rate further
burden his property with to* cost of legal pro­
ceeding«. Bvu* ■
v: ii. ty. • muarrae*-
raunt. aern llc* lues and distr -e. even before
M r Bryan o ul i b » v - ix 1 tbe pn-*:denrial chair.
U r j an ‘a B im e ta llism .
A fte r five or atx months of such a deadly
crixi«, Mr. Bry an'a extra session of (-ongruss
w ould begin and give us free coinage
Then,
as Mr Bryan «ul-m n ly promised ua tn bis
great N e w Y« rk oration, free coinage w ill give
ua thvDctalllsm, bim etallism w ill give ua on
abundance of ci n«y, and all w ill be right.
Bimetallism ? What is bimetallism? It ta a
monetary ayat- aa in wht h the tw o m e ta l* c ir ­
culate together ter all the purpoaee of money
ua a parity w ith each other upon a fixed legal
ratio, which in our case la 14 to 1. Evidently
to have bimetalitam gold must be on hand
os w ell ü »liver
How w ill M r Bryan get the gold back from
ths money power? Evidently he must offer
an inducement? What inducement?
To be
•urv, th* mints w ill be open to gold a * w e ll as
silver. Wv.t w bo wtll Qjfer gold bullion to have
It coined into dollars for circulation when he
can have silver dollars w ith the aaaae legal
tcnd«T pow er at half the price? Only an idiot
w ould do that. < *f course, gold w ill l<e offered
only when ths silver dollar ta up again to the
gold «taad ard . There la the rub. But b e r»
Mr. Bryan step* in w ith a theory which 1* a
curiosity in »tatcemonahlp. He said in hi«
N e w Yurk speech “ Any purchaser who »t-and*
ready to take the entire supply of any article
at a certain price « an prevent that article frem
fallin g below that price. Bo the government
can fix a price h r gold and silver by creating
a d cn ian l greater than tbe «u p p ly .”
And
again. ‘ •Wh«-.-i a mint price !» thus »»tahhslied.
It regulates the b u lb n price, I r c s u w » n , per-
Min d en ring coin may have tbe bullion con­
vert« d Into com « I that price, and any p e r* n
¿««siring bullion can secura it by inciting that
Oulu ”
W o u l d He Stiver M onom « ta lllsu ».
What? 1« th u to mean that under free cotn-
Oge the governm ent w ill purchase silver b u l­
lion and pay a certain fixed price fo r it? If
so. then M r llryan, ths great free «xunage
apostle, do«-e not kn< w what fr«s> eolnag« ts.
Ix-t ua rem ind him. It in« an» that tbs ow ner
of silver bullion may take It to the mint and
have it coin««! and returned to him In ootned
pieces, »> many d o llar« for so much w eight of
purs silver. It d m » nut mean that the govern
munt “ stand« ready to purchase the entire
supply of allvsr at a curtain price. ’’ T b e gov­
ernment docs not purchase a single ounoe of
it. It meruly rw c iv e « the ?>ullion, stamps it
and returns It. A n d os to fixing a price, oa
s«x>n os the governm ent stops holding up the
■liver duUai to toe gold ataudar J, a* it would
tel ber ti.
■ t. A n d
I - 1 He 1. w •
r i
‘ : .: -
fir-t
various l. 1«.reels of the I * H
..g •*« a- •
• w tr :n f r«-e
cubage is a gen« rxl rise of pri « a. T x t« means
that the silver d<...ar w ill Lay 1«-»« lhan tne
gold dollar did. and tin» for tbe rra -ob that
it Is uo lunger w. rth a « mu h a« the g Id dul
lar. Evidently ta*- promise uf Lusetalicsm, « f
silver rising tu It« old p n e a on tn*- oa s hand,
aad the ;.r .r.;«-- of higher price« • w in g to a
c ic : g t „• to- r. 1 u - m or the ■ th fr .s a
fraud. (* f court'- the frau d is tot prunnae of
Lioictallishi. The rise uf pnoea ow in g to the
:1* baa»'u»«::t c f tbe dollar w ill leg in at once
as aoon as g 11 departs and w e sup on the sil­
ver Lnaia. Bread w ill be d earvr; m ilk, coffee,
s u g a r, b-a. m o a t, vegetable*, w ill be d ea re r;
» luth*-«. enues and to.ts w.,1 be d ea re r; recta,
f u r n it u r e , coal, kt-rusen«— in abort, e v e ry a r ­
ticle the price of whtoh can be raised by to«
»H e r.
High pr. •»-* are a tw o e<ig»i «w o r d —han-iy to
th« **ller, tu t uxpi a«an t tu toe buyer. T b «y
,-rse*. cl c u u r» . hardee* upon to*.«*- w bo i.--
.ompwsled to buy most m j raportion to tn- ir
income ur th ir earning*. A n d whu are they?
The poor people, ^ h a i a rich fam ily «penile
o p n the a -tual neceaasrtea of life. th<- tudle-
I-exaabl„ f .-jd. cl -thing am! shelter. 1* very
little com pared w ith ita income. Most of it«
expenAitur«a (p. t~r things tx.at are not tn -vs
Sarto« and may be c~ae«»-d as luxuries, th" pur-
baa.ng f which may Le «u p e n d e d or ¡o sV
puaed w ithout hardship. But to* poor fam ily,
hs w ag* « arner a fam ily, 1« ob. -g»d to spsed
■ very large p «rt o f it* .n»ox.e fr
day to aay
-poh fsMXi. c ..to l: ; . eh' .tor. b -a t auc. light,
that raenct be tr-xr> r a r ily ctspeztsed w ith
a itb o u t hardanlp
r r m a rise in toe prion«
f tu* nee- ' » r n » ' f lif« t o « j-^ .r paopl« there­
fo re a u ff« r y f j r the n ort.
W h e r e the M age I la r n e r W i l l f o m e In.
with their d-pendents it may, fa r aught we
knew, amount to U ô . îaju .O jû or 4J>.0U0//A. Who
are the debt rs of t..< -« ere .ib.ra? Ik e sav­
ing* bonks 1 -ci, aocorsing t > t! •• r- o rts of
1 « , bs»n*d • ;• »bout « -I a.f ■ ’ 'u- ! . ,:.ey
d< posited w in tn-m on real «»tat- mortgag* •
and I n w ’ -d »he otlier half in L’..It>-«1 hlat- «
Is.n'la, «ta'.s,
unty and muni -pal bo: ds and
railr ad and otic r b a is e e l
>- a-
'. he in­
'XU IKS
vestments <. Hi* life l.'.»urai
wer«- « o .i.t t r» ¡a r t l o n a ’ e jy t h
v e -1 mi nt - Sa r ♦.! e s t â t ' — o r - ..
r;y
J r. ferabiy I i large I t‘ m u lt i.
1 >r ging t-> « im p a ra ti! i j We »
1 - ?ms!::«is»
r j ra tio n »
Thu»
r » tx-ionging V th
d Kia »lee. »tap*« a
Un
tu «.
jt«M.-r «■'urporj
h ri(
aons
, then
h d«
I (..zur cr-.-di
th .ih '.-.da of
lars.
'Ta ,rs pret'-xd thot t c j h av *th e
eatly at l cart ar 1 tLat f:* o
i-oinage 1» t-.
introduce
/ for ti.« r
t..- t ,ii;ng
i « :.« fit. ito «
they toks
u.a- » » in ti
o«e? fcy
f us dow n
.041» they
cut dow n
upun tb« ail
**■<1
' C g^i*
tu » «hou» >r. ;
million)« o in
bout 3u ■ • r.t«
the c .J ir .
cf pxjor i - ;
.«fit is this
•1 For ij*e
A ij -1 fo r » r.
.rs of th«-» p » , r je- Jpis, who
U r., fit « f 1-
tne dollar. A n d
w .1 gain » b mt Iti c » t t * •
Aside iron. is U n. ted K tat es
w h o are tin •
and h. unici pa.ill« •. tho»*-
1 the »t
id arci
tn «r c cr;-.ra ti ua
Gebt« T » AI *
rich » « a . wb'.m vur silver
and m "Tr or
fner.ds pr ,f< - - t ibn or v »ry mucn as brlong-
ing to the “ money p » w e r .” Thus w ill the
sii v« r standi in. »«-«-d tb«-p, r (r e a lto r ? r tne
• '- I .'- f lt o f 1. .e r: n debt r. M *y n- t t; • i- :»-
il. g l:."S»e« rnj ». »v e a to ¿ «».v e r inen» of l x *
fr« - - m ag’ I n ee d * ?
How
t lie T e o p l r 's c a v i n g » M i l l
P are.
A t d w hat have th«-*e fri-n dk to «»ay in their
ow n defo ji«e? 1 w ill again let Mr. B ry a n 's N e w
Y o rk oration «p e-k . He »ays first, with r -g s r d
to the loroiw :, -e «ximpaciss. “ amce the to ta l
j rrn iurns r«x » iv«*l exceed the V tai 1 «►*»-, paid,
a r»stag -ts.-oa rJ a u t be of more h»a«rlit to
the oompiam<r« than to t t « policy holdsd*.”
H- v v ?•»' 4 . U that the c-.mpMhies may not
h.»v»- this b--htfil he pri>;x»^* by the silver
standard t
str.p the p>odci«a t f the p«oiicy
h .A.».-!, vf net»!> h a.f their valu e' b u t does
n t M r E r; h . knew that m tst of th e «« <x*m-
pa: -> are n u t d a l insArancaA. and that what
benefit* or t e j u r w tne companies th erefor*
benefits o r in ju r » « the p o lic y n in.--r»?
A * to the »aving tank drpoaito-r* be aay«,
••Under a gold » A n d a r d tnere is increasing
dan ger that the »AVingB bank depe.CP ra w ill
1 • toe - c e p -1’« beoaaae uf th « Inability uf
t u « ba n L » U cv2eci the.r assets. ” A n ^ to
avert tl i * n g -r M r fcryan ad vise« a pic., ey
w hich v u' . l y the tn im d u d io e - f t h « « llv e r
»tandaro. ut once cut d ow n the value of those
Moe, ts t- jt .eats on the dollar. I I * furth er
says. “ If t t « g »d standard is to eont, .o s in-
<ioli_::ely. t ie o -;« mu tors m savincs „ ~aks may
he eooipiHed to w ith d ra w their d posits in
order to pwy Uvxsff exp*hss*. ' lh .e c d ! It is
a r- .^arkai c f«> t that amce 1873, tn* y ear '^S
tbv great r .u e . until 1:*A, curin g the ptri «1
when we L v i to suffer all the (aiam ir.es of the
gold i -L mc —rd. th« uo-poeits in «avin g* bunks
have, instead of being w ith d ra w n ter Being
vxpM-n»««. ixcr. is e d —jx s.t.v e ly
m crrasi d —
A tich
v- r 1!. .oC.jCC.Jit. A n d tncy wutdd
have ir.c
-- u still murv had not s i x * deposit­
o r » w i to
* n their Aepc«xt«. to t for Being
tfip e o K , ’ t to «and tnem to Europe fur safe­
ty, out
'h e w ay of M r Bryan and ether
f r v n d s c .' m s toiling m ao«««- Tbey w i ll no
doubt hr-.; » to at money hack as soon as M r
Bryan ia beat At.
L- t o*
co. Alm ost every man in actiee
bucir.t a» is a debt r and a creditor at tne same
time— i vsry acech ant. every m anufacturer,
a creo.ter to L:s customers and a debtor to
th e «« from whom he k u y a L rt M r b ry an
b rin g h has panic, o n ! hundreds if not tossu-
auixi» of tnem —th. ugh n « r *o solvent wnd»r
«.rdiaary ir>-urn» ta t css w ill break bec..na»-
thrv oatnut pay what they ewe. being unable
to collect w h at is due these
•H. h e a p M oney** l a!Lacies.
to enrich tbs »»e l? Ye«, and so it tan su l*M
»1 the w .« t
Tn» tr w « « n n and gventoea* bmea
l>«cn m utually bulit up by toe tarmonioun an-
<«p> ration of tbeir b ra w n a sd brain and u a a n y
j »1 .jt the blood of the »»oat and the w»sk
mingled op tbe common bnttleOald» of the rw-
J.» .
A n d L 'jw o . mas this young m e n , as i f
w e b id not sn ffer-d «m/ugfi f r .n --^ O u n a l
strife, and talks of “ sncniy’* cou n try !”
Tt.ey seek to exc.te whxt they »all ‘ ih n
poor” agatR't wl.at tl^ y «-all “ the n e b ” —In
1 1» snd - f gr«-at
ortunitiea fo r all, wheras
now a » » o-r, ao m >: y of tb » poor of y«-s4»rday
are m : o..g I.- - rich of • -¿ay «r A eo many o f
» • ■ - poor o f to ­
rn'.r- *
T?»-ir
ax .i ‘ a’ ' t «r tm* pr-wideney
pr» « zted a .-.aracten»«-'
• »• > » b » r «««vee
tim e ago be wo* kindly
-i»r. over the f a r *
■nor o f N ew
’ r it
v . X - ' is h iB M «W
of the lee.r
r y b » , / r i a ^ B by
. „• . ffort to ■ ffi uen< < » M&d ('•.StlAS-
t .n, and wh< >-n that <-■»X . is t« ix- n » i r * fcs b
way m a pu:
> h dre * invidi -u» cx^a»
I>arisona ?*-!
th * *'• gaxt xousrs aa taa
Hudson ax i the p»X.r - .
- ;-. tb « w *a t—
teaching not tlM true A m e r. -an - * , ■ of «ue-
cwss w on b y
i-u s lr j , t.-.rift and exiter-
prise, but IL* b UsMKin :: x 't tb«**- -n o h a v e a a c -
e*«d«*i Lesa -tbcmld h*te and fl gut thoae wha
racr —* l « * » n u 'te riy uo-
have eU'-c*v
Am or.can, u patriotiic and abuLu.-iahte!
Taey tel' tb * farm e r—moat • r - « l i-oieptioA
—tnst b - r:._»t and w ill -- m ad* .nd- / m lt u g
of tbe w -.- i «xroad. ».i».-. y e a r a f t e r j t s r
Ir-.rx 4^>. . '’..vji n. I7u Z5. Z ju worth of o u r
a g r i - u ltu r a l p rod uct« A t u t »e -k tj.»- fo re ig »
m arket to fix': p e r c h * » * » a.-.d while i. t-m g
w ill h urt t » far...« r i sr. t.-zu a «m u u a n » -
p airm ra t of the g r»a t home x-.Mr<et by a
ncaa crtala.
Taiae I rienda u f l a b o r .
T n »y j r .aim th em »» . - a ti.» »p*e-.al et
px,xa of th* tolling L oa»’-». w.-.i> their » « lle y
w o u ld ro t the laboring man i f half <uf kla » » •
in g» and gn rv cu aiy curtail tar v a l« « of ktg
w ages. Am 1 eased, if the silver »tandaxff
w u : relatively reduce w a g »» » b y ao many
e m p lo y e » of lab« r a » opposed to It? T h e
r*a - « m obvioua. liecaiise. sc.ds from al. oua-
aiderat'On* c f sentiment, tne prudent ssapicy-
« » off iabur «S o w that txry w ould fote vastly
n. > » througn the disastrous d « turceno * of
bnalnoes » a r « to be a used by a free "»la ag e
victory than they oould possibly gam by th e
’■hsegiecing of labor A n d w ould ned tn * to -u iM
n.assea »-offer most from tnat cuturbecae «g
buotneea? He is a traitor to ta « laboring mam
w h ) tells him that he can profit ty th« rule
of his employer.
The a g i'a h » d'-noun, w th* gold xtandard aa
the devlc* of c. exarchs and
w h il« th-.- history of tc * w orld
from tuns tm m *m onai it was a favorite tridx
o f unscrapiilon» dsepote to fl*eoe their subjeete
by debasing the coin cf the realm, asd the*
thoae w bo out of the m onetary confusl—
evolved fixed »tendards zf value* and m oeey
that w ould not neat h a » a.w ays ussxi re e k ­
ed among the m ust m e n to r le u « tm r.sfact ra ad
m ankind and «epeeialiy of th« peer aad
T 3*7 seek to in flame the vanity cf the j
lean people by teXllng t b « a that we ar*
an i etr ng enough to aatatazn any moa
ryetec. w s like aad to keep op the value af
our money without regard to all th « w orld
ahr-md—w h ll* our own history teaches ua that
a century affe tb e A te e n e e a people were
• i r ng enuugn to »n ak- eff i t s yoks of Greek
Britain, but net <troag enough to aavs t het r
continental m ossy from declining in value ta
nothing that ia rwser: tuxes th* Am- rtaaa
p *o p l« w « r * atresg enough to aubdae a gigan­
tic y*be«.i a . but s o t strong enough te k «*p
a s in jx^n ite i p n « o f gr**cba(rkB at par. and
that thia rvyub.ic may be ante to cesqwvr th e
w e r ji. but it w .B co* be ah !« to mahe taiae
tw o five or to ttoks ite a lf richer ty w atering
it* currency.
They speak o f th e s ilv e r doslar ag the m oney
c f tb s oaaetttotiJXt. w hile tb«y must k
that thereS» not one ■ingle
aing l« w o rd in th e <
•tiiu n o c which, houw tly interpreted, could
ju stify such a « la tte .
»
Tbey invoke f r thetr cause the l o a m a*
Jc ff*r*cn and Jackson, w btls every reader « g
history l > a v i th a t J a ffe r w n a ad
W ou d h a » stood aghast at thetr w ild
of creating by law a fous» v alu e a ad w o u ld
have kicked out of their preset ■* as a aubtte
nuisance any ens a sji'u x iy advaoatmg It
^uch th .n g s ih s n a e edtaaaa agit«»- ra te U
tbe Am ericaa peopla. a ar Uiii g (bee. to be
w i t h A t In tel.: < * « * »
F ar w .r a * a » the aw-
j*»a.s they addreee to them. anstiTrIng them »
, bs w ith o u t m o ra l hesee.
la i n .o r a l Flea*.
H ow stand« toe c v - j <t the w a g - cam . rs
wbuoe product can be raised in prlc*.- propor­
tionate to to « d » L < s » a « i | of t o e d , ar? A *
tne d- .lar f «¿J tn va.ue the man Ufa i u r - r o r
the m erchant m ark* up Eis g-uuda The * urh-
tngznxh <. r the cl«rk . finding him self bard
I rwAard by to * rise in pr.ee of to « necessaries
c f Ilf- appli«w fo r a ourr««jxm d>ng ia>-r*»se
t f w ag-'«
The head uf to « facu ry ex th e
m ercantile Mtntdishxcr ct adm it* that • me in ­
crease ia called for. ••But.” aay* he, ••you are
cut t b « only per», c la trouble. T b e v a in * uf
E x t we are told that ths Eryan panic «-annet
o u r m enry ta fluctuating. We hardly know
last f rever. txat flr.a.ly th« Lnxiness of the
what it ts today
We surely do nut know what
country »11! adju st liaalf to the silver basis
it w ill b £ h « x t wgek
Profits a re * x c »««jy e ’y
that lfc-c u sr*st w ill c -»»e and ifint confidcnc«
close a a y b o £ . We make a sale c r a p -rc L a **
< ! prosperity w u ! r» tern
N o. tae unr> «t
t «lay and think tt 1« at a p-roSi. T vm orr-w
w ill not w a re , for w ith tb* «eA blixh inect e f
w e may flad that tt was at a m «« s . We hardly
the stiver beets w ill come the dlsapipxitatment
v sx tu r* to make a o .a t r a t to be filled at a
of th «w? who brought it < * .
fu tu rs time. Lw auae w * can make no safe cal
The ultim ate rveulp jy m t at «11 uccertaia
cuialiana. W * can increase yo u r w ag>s a lit­
A f V r a period of infinite confusion, disaster,
tle, but not much. For that you w !U have to
hum ..*stion. suffering a sd misery the Am or
watt until th in gs are more settled. Beside*,
icon people w ill at last regain u n it y uf mind
th ;» silver free coinage has th ro w s all bus:-
and arrive again at «o n e very Am ple cuncln-
n«*a Into d readful .-onfualcr.. and thee* are
w e n »: That, if y u call a px-ck a bushel, you
pientr u f people out o f employment who
w ill hav* m ors t uahela. but not more g r a m .
w ould do your w ork fo r lea* than you get
if you call a t -it a yard , you w B l have more
new ” A n d so the w * g » earn e r baa to be n t
yards, but net r. are cicth . if you e e ll a square
Idled with a little tn -.v a se ef pay and w ait for
rod an acre, ycu w ill have more acres, but
more while the adeanced price« of ueoesoanes
cot n o w land, apd if you cell 30 cents or 1
prey upon him.
cent or a bit of paper, a dollar, you w ill
la tbi* m er* conjecture? It is the experience
Lavs m re dollar*, but not mure w ealth—in­
of every <x untry that has been cursed by a
deed. a great d«Al l«-ss chance for wealth, for
rise of price« through money of fluctuating
you w ill have fa r Iva* credit. (e-cau»e far lrsa
value. 1 defy aay < Be to ahow me ta tbe whole
honeetT. Uc- shall then have learned agoia
h is » ry of the w orld a single exception. Have
that the w it of man caanot—although insanity
w s not. durin g uur civil w ar. witnes**-d it with
tries v„ry h ard—Invent an t-ocxtomic system
c u r own eyas? la 1MU. when ou r irredeem alb*
u a -w r which everything you have to eaU » i l l
paper currency had begun to depreciate, th«
be ¿Her and everything you here fo buy w i l l
average w ages of la lo r ruse , aly S per cent,
be eh- op A n d having got held of these very,
while average prices rwae la
In 1883. wnen
very - .my!e truths, the Am eeicaa piacple w ill
w ages bad naan IOS per cent, average price«
then m Backcloth and ashes rep* nt cf this in
w ere 4> p«er cent h igher; tn 1864 wages bad
aane free coinage debauch. They w ill then
rtoen 25*« per o ra l and price« iX>S 1 to 18B6
xecvguiM how w ise the great e!vi!-.a*d nations
w ages had advanced 44 pier cent and prices 117
were in adopting the only money in our days
abuve what w ages a sd prioss bad been In grid
capable of b »m g the money of the w o rld 's
In 1*1. In ether w ord*, the laboring man a
commerce as their own money. W « «hall then
w ag«e had lust in purchasing p« » er u .-re t e n
b* »ufficirntly cured of prejudice to observe
8U cents la every dollar. Every ocuntry la­
that w ader that monetary system thaee na­
boring under a.:„.ilar conditions t« las th«- xanw
tion« have cn the whole prosp.Ted. notvrith-
atory
W -.«t reason in th«- w o rld is ther»1 to
standing sene us evils and draw backs under
assume that this universal rule w ill not (.per
which w s do not labor, and that the rut* of in
ate in the case of frve coinage?
t. r»*t is lowest w b srv the gold standard has
A n d w bat have toe aponllea o f free silver
existed longest We ahall then understand that
cvinagv to aay to this? H ear Mr. Bryan h im ­
tt is a good thing to have tbe aecessam«-» cf
self in hi* famous N v w Y ork oration. “ While
life in plenty and cheap; to have w a g «* ru in g
a geld standard raiA-s the purchasing pxiwer
and payable in money that doe« aot deoeiv«,
uf the dollar It also mak«n it more difficult to
to have capital inspired with confidence in the
obtain posse ax. on of ths d o llar—employment
value of money, and thervfure eager to go out
La lees permanent, loss of w ork more probable
in investment or enterprise. Ws ahall then
and re-employment lew» certain. ” 1* that ail?
' rvadtly acknuwladge hew fuclioh w e were
Yea, all. Lkoes cot M r Bryan know that un
fn t n the very beginning ct our silver ex p e ri­
der what waa practically ihs gold standard
ments in ihr* wtng aw ay our gold fo r «liver,
w s had tn the fifties one of the D o st active
by which w e b e t confidence, credit and pros­
and j p a p e r us periods t h u country l a * ever
perity. Chaster»-*! by adversity, w » shall then
at-vn? Doe« he not know that more recently,
Bo longer be u mptod to r»p «a t such n»-nsense,
at the time of ths return to a p e d * payments,
but w ith laborious and ja in fU l effort w e ahall
w e had under the gold standard years of sig ­
w o rk o u r w ay la c k to that money standard
nal p r e p e r lt y w ith all hands at work? A n d
» in c h w ill inxtir*» stability and renfidanev at
doe« he w .sh to learn w hat has been the
ham * and enable us to trade w ith the nation«
trouble since and what Is the trouble new?
of
the w orld on equal terms.
Let him auk the em ployers of labor, and w ith
I t 1* net my habit to boast of a w arm heart
almost («ns vole* they w ill tell him that not
fo r tbe poor and suffering. But my sympathy
ths existing gold standard, but the grow in g
is no h-es sincere because 1 do not carry my
d an g er o f It« overthrow , that the g row in g a g ­
love and solicitude fo r the «common pecpl*
gressiveness of ths free coinage movement,
ccnstaatly at my tongue's end. If then* be
filling the minds of men w ith anxious appre­
those w b o are satisfied with everything that
hensions as to dark future uncertain lie», ha*
exists. 1 am not one of them. There are tew. if
aertred to piaralyae that »p in t of » n b rt>r.»e
any. w ho abhor that which may properly bs
which set» the laboring man to w ork. L et turn
called plutocracy or detect the arrogance of
study the history of the cnats of ISA. N ot ths
gold sbandarvi, But distrust of silver destroy­
w ealth m a r» heartily than 1 do. I know, also,
ed the confidence that em ploys labor. Thia
that the industrial developm ent» cf our time
ta ths truth, and M r. Bryan w ill in vain t»-y to
have brought hardship to sonis classes of peo­
d v n y it.
ple which only the more sagacious, active and
D e b t o r a n d C re«l It or.
energetic am ong them have be«n able to
T b e free eolnag* men profess «-special aoU d -
counterbalance profitably with its b e n e fiA
tudo fo r those whom they call “ the debtor
There are law s and practices which, had 1 the
class.” Wh a are ths debtor c la s»’ O ur stiver
power, I w ou ld promptly change, in th«- mt< r-
friends «peak aa if. o» a rule, the rich px»cple
e«t of comm a Justins and equity. But be­
w ere creditors and the poor were debtors. Is
cause I am so mia<ic*l 1 must oppose to the
this correct? In my household I am the debtor
utmost s policy wnich, I am convinced, w ill
to the cook and the cham berm aid and th*
im m easurably aggravate existing evils. I also
washerw om an tw o o r three w e e k « tn the
know fu ll w ell that a large m ajority of i^ose
month, and they ore icy creditor*.
Nor
w h o support free coinage are honest and »»11
are they likely to be d«'btors to auybody else,
meaning citizen*, w ishing to do right. B ill
w hile 1 may Le. for tin y have little if
l<ecause I know thia, my blood stirs with in­
any credit, w hile I perhaps have some. I am
dignation when I *ee the u n » ’rupulcu» « ff( rts
therefor«' the only debtor in my house.
m ade to goad them on to thetr destruction.
T?ie relations between the large em ployer of
1 have witcesa*'*! in my long life ton presi­
labor aud tbe employees are -ulictantially the
dential campaigns, but never one m which the
same. O rd in arily the employer, the rich man.
appeal» to prejudice. p»j**«>on and cupidity
Is apt to be the ouly debtor among them.
» e r e so recklexs and the epecBlatioA upon as­
T b s employee's are, as a rule, only creditors,
sumed popular ignurapes or rascality ao au ­
dacious aad wicked. Bume of the silver ora­
and as they lay up savings they are apt to be-
tors actuallj «peek as if they believed the
owins cTeditom'tn a larger sense. They depo*
Am
erican people to be b e m fools or knaves,
tt their money in savings Itanks or Invest it in
o r both.
building aWMKiatioa», in m utual benefit aoele-
(tecttonal and Class l'rc ju d lc e .
ti.'s, tn loan oom pan lee or in life insurance
They e»*k to excite the p«K>pl« of the w e st
poll air* and teooai» capitalists in a «m ail
against the east bs*-anse. as Mr. Bryan A i d
w ay. T b » am ount depoalled by p«eopile of
in ths Chicago convention, tbe eaat injurious­
sm all means In the saving« banks o f the United
ly in terfere« » t t h the buaiuee» of the west.
States is at prsesnt something over 41.800,(XX?,-
Ayn. the east has interfered w ith w «s »«ru
UUU. that inveeted in b uild in g associations
bu«tn«A>. but how? In helping to build »rest-
about 480U.OUU.000, In m utual le n r f il societies
e r a railroad«, to dig western canals, to set up
4386,000.000 and In life insurance many hun­
western telegraphs, to establish western foc-
dred m illions mors.
tortes, to build up western towns, to move
The num ber of such creditors belonging to
wcetern crops, to allay western distress caus­
w b st our «liv e r friend* ofteu call " t b s tolling
ed hy Are, flood or drought. Has l h a »e rie d
iu u m "
ia therefore very large. Together
1
Tbey have been tenet lag tbe p *op l* t h a t
because th* pries* of w heel and ether tk iag s
hav« fallen about cn *-ba!f sine* tbe to ca!l«d
demunettxatios year. 1873—i b a » shown * k F
those p n c «a b a re fallen—ii ta no: * q u i t e H e
that debtor* should lie held to pay more than
half tha amount of tb *ir debt* in gold, th a t
they should be reltated in curreepondsaee
With th* tjeciuje of prices, and that it w o u ld
therefore be right to redace by free «-.lean
coinage th « value of the debt paying m oa«/
by cne-balf.
-e
Subject the principle to a simple teev V b e g
I contract a debt. I ow e w h s l it ta mutually
understood that I am to pay. Our whole bush
ncaa life and soma, fabric, all t-««-*««' m taw
c- 'uree. rests upon the binding foroe of euct
underatandiKga Unless it be rxprsealy u n d er
stood, has tbs d « l w r tb * slightest n g b t «<
renene to demand that tb * creditor « b a U W
*aux£sd »n th a l«aa am oant in payment l|
wheat or ootecn or something else bad mean*
w hile declined in price? I f ao, w ou ld net the
creditor also have the right to dem on! :oo4
tbe debtor should pay m o » in p ru p o rtto aff
wheat c r cotton or something else m eanw bU d
bod risen In price? If neither of tb <m h * {
thought of p r*up>.«iag or o f accepting ao adveaa»
turoua a contract, bow can such c j J i m be j u *
tilled If based upon a mere aecret mental re a
ervation or an arb itra ry afterthought? la ff
net m ciirtrvai that such an »v u m p t i o i? . i d
be taken as a w arran t fo r ths reduction * 4
one »w eep of all debts by a ¿««casement of tbs
standard of value?
A n d yet be w b o baa watched t b « free e o t »
age «gitetton knows that ju st this appeal M
debtors ia on * of it* main al!u re m «n ta Listeg
to thetr ip esoh i». read their literature, and yotf
meet ever r e c u m a g — new in soft sp u k w c tr
cc is locution, nvw in »iy ecggsettuc. now ig
the lau guags o f brazen cynicaaai—the p r witax
that free eolnag» w id e n sh le ths debtor to gte
rid of his o t i’. gatiues by paying only a part af
them
It la s scheme cf waxtoa repudiatteh
lot as
o f private ac w ell ax pgblic d»b«a. not
aa tf
if ’ ws
oould not pay in fuiL but bsranas • W S V c llff
io* r «s o r t e g
prefer aot to pay in fu ll—ths practuv
to by ths fraudulent bankrupt—and this aane>
tm eed by law . as a part of ucr natioaal pclley*
T h e C o m ia g t erdict.
Fellow citisena. tkiak th u oak II ia a grara
m atter—a matter of vital import tc th«- vxisto
vne» of thia nai»* ::. Ths f a ih r r w ao tea bed
■uch morel principle* to his ekil iren edu a tee
them for fraud, diahvnor and the penitentiary.
The public msn who :«aach such m ral prlnot-
pl«e to th* peopl* educate th* peopl* fo r the
contempt and abhorrence o f mankind. T b e
natoen that aocwpi* such moral principle* can­
not live. It »rill rvt to death in the 1 » i n s o i M
■tew cf its own corruption. If the nation ao-
espting such moral principle« b * this re p u b lic
it w ill deal a blow to tbe credit of dviaocm gta
institutions from which the cause of frws gov­
ernment w ill not recover for oenturins.
But. thank Ood. tb * Am erican people »rill
never accept such moral principle» T b «
Am erican people w ill, before election day a r­
rive», Lave fully di«e<‘V*red what all thia
mean*. They w ill indignantly repeal tbe un-
•prekable insult offered to them Ly tae poB-
ticians who have dared to aak fo r th-- votes
of bonest men upon the offer of such a b a it.
They w ill kn w how to resent the deep d is ­
grace inflicted upon tbe nation In the eyes of
the whole w orld by thoee Am ericans who ex-
h'.bitod th eir ow n belief that tbe A m e n o a a
people were capable of taking such a bait.
Mr. Bryan ho* a taste fc r Scriptural illus­
tration. lie w ill rem em ber how Christ w as
taken up on a high mountain and promised a ll
tbe glories of the w orld if be w ould fall down
and worship tbe devil. He »-111 ol»o r»m «r..b »r
what Christ a n » » « red. bo the tempter now
take* the Am erican people up tbe m ounteia
and says, “ I w ill take from you half of yo ur
debts i f you w ill w orship m e ." But then
brave old U ncle Bam rieea up in all hie d ig­
nity. m anly pride, and b* neet wrath, and
xp>wks In thunder tones; “ G et thee lie hind
me, Satan! For it is w ritten that thou abal*
worship only the G od of truth, Igmer aad
nghtevv.ineak, and him alone »bait thou
a aiw a ."
Th'.» w ill be the voice cf the Am erican P «*;
pie on the 3d of Novem ber. 4 l ' l tb* starei
stripe« w ill oeaUiiue to w ave und«fli«*i. k
ahi« aud banored aaioag tb « b aan ere el
k in d .