University of South Carolina Libraries
WILSON ON , CURRENCY. A CLTCAtt AND CONVINCING AROU. MKNT IN UtSIIAliP OK S1LVK14. Thd UongrosKinnu From tho Fourth l>J?t riot Comes Out Squarely for Frvo CuliiuKO. ' O#igr0B?man Stauyarno WjIkou'b ?jjeeohin4ho llouro in favor of fret eijyer follows: ' . Mr. Speaker; I am ful'y aware thut nothing oan bo said upon this floor tfo affect tho result of tho vote which / will bo taken upon tlio report of tho cojfnmittoo, and that no amount of dii> j bussion will change tho settled purpose of tiro largo imijority of gold mono inetallists or Piokwi'.kian biinet'llists toprevont the enactment of any legis lation looking to the recognition of silver. But this discussion extends beyond these walls and reaches tho great body -of tho peoplo of this oonn try who are vitrtlly interested in the result# and critically weighiug the s?n timehts that ccntiol this body.* %v *0io last oaiopai<?n was a renmrVablo ono in tho politionl history of' tho Un ion. It wrs au off year. No Presiden tial' eleotion was pending. . Neverthe less, tho Democratic? <party wns arraign ed throughout tho length aud breadth of this laud as hopelessly incompetent to mannge tho finances of the country; that although in full control of tho ex ecutive and legislative slepartnients, it bad entirely failed to ;givo auy relief to tho suffering millions of our citizens and our languishing induotries. Aud the peoplo believed tho chuogo. Tho j>arty iu power was held responsible ? tor the unfortunate and distressed con dition of fho nation; how unjustly it is now beginning to realizo. History v declares tho iudisputab.o fuot, of which this side of the H^uho4? justly proud, that during all tho hulf century of tho government of this country by the Democratic party thcro was nevgr an act passed contruoting the ourroncy of tho people or in. posing upon them laws calculated or designed, to enrich the few at the expense ofvtho masses, mak ing the ? rich ricbor and tho poor poorer. It has tho cnvitable distinction of having always been true to the Con stitution aud its bed-rock prinoiph s; that the only jubtificution for taxatiou is tho necessity ot it, and 4h?t its only virtuo ie in tho equality of its burden npon all olasncs of citizens and hll kinds of projjerty. It had over opposed _,robboi$y in all its form#, whether directly by oxtravagaut ex penditures, or indirectly by tariff us sessments upon the consumer of tho benefit of the manufacturer, or in sidiously by tho contraction of the tpfrreney, and theretjj depriving them "of the opportunity^fowbrk, the melius i to pay their .d^bts, and of /air values for their products That is still the position of our party, judged, as it should be, by tho platform and tho Tjotos of its representatives in Con gress. It is essentially and by inherit ance tho party of the people. Us past J record bespeaks its future, and it will yet, and at no distant day, readme busineso at the old stand as yoiiDg and lusty as when ton years ago it emerged from its eclipse of rt quarter of a century.** As I was stating, in the campaign of 1804, the Republican party proclaimed that it alone was capablej^f conducting the finances of tho {.'overnraent and of infusing life into tho arteries of com merce, giving employment to labor, and restoring a general era of pros perity. The pooplo took them at their word; The party is now in fnll pos session of the Senate and House. Con gress has been iu session two months. The eyes of tho pcoplohave already be gun to open to tho true situation. The recollection is now dawning -upon them that this very party is the oanse of all tho financial ailments of the govern ment and- of the ills which wjll be as enduring as history. It hatf enacted overy tariff law that has been passed for the benefit of the mAnufaoturern rather than for revevenue for the government. Til? flft ivlneh^dnatraged-idlrar mint money was onacted by you iu 1879. * From tliat date to this we have been trying to ichabitttate it. to restore it to tho'bouse of its fathers, while yon have wjth equal persistency striven to prevont a resurrection. In November, 1877, Mr. Bland (Democrat) carried through tho House a bill Tor the free and unlimited coinage of silver which shonld be legal tender at face value. In January, 187 8, tho Senate amended it by limiting tho coinage to a mini mum 0^32, 000.000 per month on gov ernment account and providing for tho e?chapge of silver coins for certificate* of not less than $10 eaoh. The bill passed as ameuded. President Hayes vetoed it "as an act of bad faith" to ? bondholders. It was passed over the veto. It was repealed July .14, 1890. In Jnne, 1800, st bijl authorizing the jesne of Treasury notes upon deposit of silver butties passed the Boose. The Senate sobatitpted^for it s bill for ths free coinage of silver. The Honep rejected the/substitute, The eommrt teeof conftronco agreed to what is ltftbwa as the Sherman law. It became tax set July 17, 1890. It provided for ths monthly purchase of the Secretary of ths Treasnry of 4,300,000 ounces of diver bullion, at not more thsn $1 for ? StTt**ir?tarof fmre dtver, arid for lbs issnsnee of Tressnry notes in asnt, redeemable on demand In or direr, at thb discretion of ths "*rrt*rjr IfclMrttftbettleial Under sx v?>t when otherwise stipulated in the of tho bullion into standard silver do. lats till the following duly, after be could ooin only so much as should bo nooessary to provide for the rodcui p tioo'ot tho Treasury notes, , . It way bo well to State alfo in pass ing that it also declaim d jrto be ho established policy of thoTJuUed Stab* tojnaintikin tho two metals on a punl.N with each other ?,)?? tho present legal ratio as may bojprovided by law. >> the mask eun cjuTy be taVon from^hu miserable appearance of ?d v0Fr0tc - nition when it is compared with the es sentials. or qualities constituting m stability as money fif ?> metal. ??? essentials are that the owner ?t shall have free aooess to tho mi^ for ooiu aue and io unlimited "quantity : that there shall be no charge for mintage beyond the aotnal cost to tho govern ment; that the amount, by weight, oi pure metal in the coin shall be ex changeable for its weight in the bul lion, and that tho coiu shall at all times bo a full legal teuder. The hollowues* of the pretense appears at ouoe. It w as indeed a "miseratdo makeshift. its author has sinoe justified, or rather excuse^ it, by ol ?imitt? that that \\as tho only?way to defeat tuft free coinngo of silver. And, at last; the coup do grace was given to aspiring silver by the aot of Novomber, 3 8t>3? which re pealed that portion of tho Sherman Act which allowed tho purchase of tulver. That is the story. All tho glory for the demonetization of silver? whatever that glory may be? is yours. All of tho wrongs done your countrymen ?> that act rest upon your head. With Sir Christopher Wren you may point to your owu work ns your monu ment. You may claim as your own particular production tho long and con tinually lengthening list of tarift barons, manufacturing princes, trust monopoly inaguates. All the mulcts | of a nation's toil and all tho stream* of her industry have, under the system of protection, paternalism, extrava gance, and class favoritism, inaugur ated and maintained by the hepnbli cuu party during tho ' past thirty-live years, bten poured into tho cavernous vaults of the favored few of her citi zens and of the alien. That party i has been the moans of concentrating, wealth to an c?xtent never betoro known to any nation or peoplo. Europe with her centuries of feudal despotism, class distiuotions, and hereditary ac cumulations stands awestricken iu tho presence of the^colos-sal foi tunes which have risen in this republic of freedom and equality within tho past quarter of a century. , I need not dwell.upou details. They are known of all men. Extreme wealth and extreme proverty havo become tho features of our civilization. One-lm.t of 1 per oent. of our population owns-3 one-half oi tho total wea1^ , ?J tho country. The remaining 99 1-2 per oent. of the people must divide among them in all manner of pfOflfirtiouB this unappropriated other half of the wealth of the nation. It is they who are vitally interested in this measure and'wbo are keenly alive to the dis poaition to be made of it. They real ize that within tho past thirty -three Years twenty ... thjuaand millions of wealth of this country, croatedaud pro duced' by ite honest toilers, have passed into tho hands and under. the control of oapital, and that that pro cess is continuing at tho rate of about one billion each ye^r. - The census or 1890 tells them^us?h%r that from 1861 to J 800 the people of these United States were co&pelled to run into debt, publi* and private, twenty-eight thousand million dollars. Labor has been most vigorous and' faithful, the soil baa been most generous, the spirit of enterprise has been active, cnejgy and boldness have characterized these closing years of this marvelous cen tury in air departments of commerce, manufacturing, and development of all our resources. Yet, notwithstand ing oil this, the great mass of the peo ple have Steadily been growing pooror and poorer, and the wealth created by them has flowed into coffer? already $)led to overflowing. ' 'She last census demonstrates the fearfully blighting effeot of our tinan-> oial system upon our agricultural and produoing States and the correspond ing benefits to the States where or ganized capital has taken its abode. One illustration will be sufficient. Tbo 16 agricultural Stiites of Illinois, In* diana, Iowa, Kansas, Nebraska, Ken ? tucky, Virginia, West Virginia, Ten . nea&ee^North Carol inn, South Carolina, Geoigia, Florida, Alabama, Missis sippi and Louisiana have a coinbinod area of about 800,000 equaro miles. 1 State of New York has about 60,000 square miles. Tho population of the 16 States was about 21^000,000 in 1880, and that of New York about 5,000,000. The assessed valuation of the property of the 10 States was a little over $4, 000, 000, 000 in 1880, while that of New York was $'2, 650, 000, 000. Now, in the ten yearsthol6 producing States, with an area sixteen times as great as that of New Aork, increased in wealth eleven hnndred and fifty millions, while that State alone gained eleven' Hundred and twenty-three mil lions. These silent figures tell more eloquently than I can ?tbe story of the great body of th^ people being made hewera of wood and drawers of water tor the favored few. If /?ny . farther evidenoe is desired, it* can easily be found in comparison of the vainea of oar two great export ?jcrope, cotton and wheat, in the years 1881 and 1803, whicflhss been oom piled as follows: {_ "In 1681 the wheat crop of the United States wae 888,000,000 bushels. It imUtrd *466,000,000. "The ootton crop of the United x&mum tor the same period, estimated at 6,000,000 bales, at 470 ponwh per bale, at 10 ceats per v?oaad, would amount to ?S62.000Jw0t the same W*t*hT*T<^?T? I?^?U the ssUia* price of 6 dents per pofend, realized *nly 6160,3(10,000, vr e difereneein the price of the crop, estimating tho quantity tho same, of SI l?^W,0u0^v "The difference iu the wrico o^yhvath for tho HHtno period, 18$ andf was $2 IS, 000, 000 loss th^u 1882, so that wo have u shrinkage^-?! H^ilues v.ith tho ^ther staple ovops ^Vf tim county of $335,800,000, whiou to* gotlior with the other staple orop4 will make at least a hhriiikugo in faxrfi pro ducts nlt>u*,ftf morti|lkau 8100,000,000 per year. S ?? " >Vo have for tho pa*t twelve years lost in tlio material wealth, the prod* not oi the soil from which the wealth of tho country is derived, $12,000,000,* O00. With this vast sum of money in t ie country we should never havo boon iu tho pitiable oooditioV we are today ? a sum Ro largo that it would pur chase uir tho railroad stocks and bonds, watered or uuwateted, besides leaving a surplus." ( ? That this robbery of the producing and laboring olassos has boon chiefly accomplished through the piustrumen* tality of tho demonetizing aot of 18 7A bug never been siiooessfully'deuiud end hu9 been conceded by tho greatest of Repuhlipau statesmen and politicians. It would indeed bo a booties# tank to enter upon tiio discussion of that sub ject at tuis late date. Those that are not now conviueeu o; tno-iact would Roarce believe flhough one came from the dead. In 1880 Secretary of State Jamos Q. Dlaino Raid: "On the much-vexed and long-moot* ?d question as to bimetallic or mono* Liietallio standard my own views aro ipftloiently indicated in tho remarks I aavo made. I believe the struggle now going on in this coUutry and iu Mhor countries for a single gold stau Jard would, if successful, produce wide-spread disaster' In and through out tho commercial world. The de struction of silver as money and es tablishing gold on the sole unit of val uo must havo a ruinous effect on all forms of property except thoso invest ments which yiold a tlxed return in iuouoy. Those would be enormously enhanced in valuo aud would gain a disproportionate aud unfair advantage over every other spocies of property. If, as the most, reliable statistics atlirui, tlicre ore nearly 87,000,000,000 of coin or bullion in tho world, nearly equally divided between gold and silver, it ia impossible to strike silver out of exis- ' tence as money without Vesults which will prove distressing to millions and utterly disastrous^ tens of thousands. "I believe gold and silver coin to bo ,he inouey of tho Constitution; indeed, .bo money of the .American pooplo an terior to tho Constitution, which tho jroat orgauio law recognized as qui to independent of its own existence. No power was conferred on Congress to leclaro either metal should not bo Money. Congress has, therefore, in cny judgment, no power to demonetize either. If, therefore, silver has been tlemonetized, I am in favor of remouo tizing it. If its coinage has been nro hibitod, I am in favor of ordering it to "ho resumed; I am in favor of Inning it enlarged." ; ? Prof. Francis A. Walker said in an article in tho North American Review: ."The abandonment of Silver will ro sult in tho enhancement of the burden of all debts and tlxed charges, acting nsa drag upon production: an^ suffo cation, fetraugutafio.', are words hardly' too strong to express the agony of tho iudustriul body when embraced in the coils of a contracting money. " Dr. Giffen, of England, chief of tho statistical department of tradoand au thority with monometalista, has admit ted: P "If the test of prophecy be the event, thero was nevor imrely ft hotter forecast. Tho fall of^rices in buo! a general way as to amount to what is known as a ri?e in tbo purchasing pow er of gold/fa gonerally, I might almoat eay uuiveratilly, admitted. Measured by any commodity or gronp of com moditiert usually taken as the measure for euoh a purpose, gold is undoubted ly possessed of inoro purchasing power than. was tfio coso fifteen or twenty years ago, and this high purchasing power has hcon "continued over a long enough period to allow for all minor oscillations." President Andrews, of lirown Uni-? ver6ity, a member of the International Monetary Commission, qpnceifes nil that I have disserted: That the under* lying cause for the financial and indus trial depression is the fact of overfall* jpg values produoed by the contraption of the cur reucy and tho displacement of silver from its position in the world's money circulation; thut it was "the hardest, saddest blow to hnman welfare ever doiiverod by the aotion of the States; that no long as gold is the sole standard of money these w/ongs and uufforinRS must oentinrij^to abate them, silver must&^monAucd." Hear what Senator JUllH Snerman, at present the h:ghest priest of gold motie inctalism, nays in a letter written by him iu 1878: During the monetary conferenoo in Parij, when silver->in our country wa ? excluded from cironlation by being undervalued, I was strongly in favor of the single standard of gold, and wrote a letter, which yon will find in the proceedings of that conference, stating briefly my view. At that time the Wisest of tie did not anticipate the sud den fall of silver or the rise of gold that has oconrred. The uncertainty of the relation between the two metals is oue of tho chief arguments in favor of a monometallic system, bnt . other ar guments, showing the dangerous effect ttpon industry by dropping one of the predons metals from the standard of fifae, oatweiph in my mind all theo retical objections to the bimetallio sys tem." ^ There shonld W yoked to thisopin* ion of one so high in Republican coun cils ttd-irf ntih nnrtftnM'"1 IjiJbsMi the maiden snd^nbiaeud judgment of bm twin brother i^acono tj^e present Secretary of Um Treasury. Mr. Carllslo who a few months previously nouuded thisolarion ^ote tohi? countrymen, who men tint <u?iv appreciated his remarkable ubil | "I shall not enter into ad examlna jUptu of the onuses which have combinod Uo doprooiate t lio relative value of ail ver ami appreoiato tho value of gold kWuj1878, but I aiu^mo of>hoso who beluive^iat thiiy>f(re tfKhsTont ahd tem porary iutHoTr nature, and that when they have passed away or boou remov oil by the separate or united actious of j tho nations most deeply interested i J tho subject, the old ratio of actual <yfl relative vnluo will bo ro-ostablikh?yron a tfrmer foundation than eTer?J^now rmt tho world's stock of jmxstoia mot els in nt>ne too large, arnKl see no yea son to apprehend thaftfjt will ever be come so. Maukind^till bo fortunate indeed if the aufiual production of gold and nil ver v\ /n shall keep pace with tho annuin /norease of population, oomtucrcc, aiul/ndustry, According to my view of /tho subjedk, tho cou 6plraoy which Acem* to have been form ed hero and u\ Europe to destroy by legislation a/d otherwise from three sevenths to/no-half the metallic money of tho world is tho moat giyautio oriino of this or any other age. "The consummation of such asehenio would ultimately entail more misery upon the human race than all the wars,' poUilenoo, uud famiuo that ever oc curred in ^lie history of the \vorhl. The absolnto and instautanoous ? do ? struction of half. the movable property of tho world, inoludftig horses, ship*, railroads^ and all other appliances for carrying on oommoree, while it.would be felt more sensibly for the 'moment, would not produce anything like tho prolonged distress and disorganization of society that must inevitably result from tho permanent annihilation of one-half of the motallio money of tho world." Ouc more object lesson from statis tics, and I shall leave this subject. In 1873 wheat was $1.30 per bushel, cot-: ton 19 cents a pound, and silver SI. 30 an ounce. Tho farmer could thou pay a debt of $100 with 77 buHhols of whoatl ' or with a bale of cottou weighing 52Gj pounds. Today, with silver at 57 cunts, for him to pay a debt of $100 it would require 2?p bushels of wheat, or tin baK's of cotton woighing 450 pounds eaiftj. And it is the unavoida ble result of tho demonetization act of 1873. It eanuot bo explained upon tho tho theory of overproduction. The statistics already produoed in this de bato demonstrate that thero baa been no fixed ratio upon the basia of pro duction. The prdinary law of supply and demand has beep overridden by the higher law, that an insufficient currency reduces all commodities to beggars upon the market, bo the pro duction great, or small. It is equally fntilo to attempt to as cribe this disastrous condition to im provements in machinery appliances. The tabulated statements appearing in tho London Economist show that tho decline in values is greatest in tho raw materials and in which there is tho lowest minimum of the application or employment of anoh improvements. There is no escapo from it. The oon ofusion is irrestible. The one groat cause of the depros ifion which is resting like a nightmaro upon tho pooplo of this bs4ad laud? the producers, the laboror, tho mer chant, tho manufacturer; upon all save ?ho money lender and the security owner, benumbing their energies asd paralyzing thaii^ industries, a? they moasuro the future; which can only promise^ further decline in values ? is the statute law iof this government, which, with rutltiess pttr/ oSe, has de Erived the veins aud .arWrjea of tho usiness of the country of the suffi ciency of the money whiob is its life-, blood. Let no gentlemen delude them selves. The issue cou fronts you. Tho people are intensely in earnest. 'J ho limit of tho tether hss been reached. You inado the law. You must unmuke it. The country expects Congresa to act. Almost every agiioiiltnial jour nal and every labor organization in the country is demanding the repeal of that iniquitous law. Manufaotnr* ing industries, seeing the impending ruinous oonseqnences of an Aziatio competition which it is fostering,* aro joining in the demand. Commerce has long felt its ohilling baud and is eager to rid itsself of its grusp. Tho ono cheerful voice, bidding yon stay fronr hand from interference with that ovely aet, ia that of your old friends, the bonholder and tue capitalist. Thejr will never get enough, even though it comes from the hearts of tho poor, struggling masses, who have made yon and made this country. Yon liavo met this demand of the peoplo by introducing and passing through thin house a bill which is a xminquor Ailing farce, a meaningless nothingless, a vapid, airy, unsubstan tinl appearance of rt-liof. It simply proposes these changed in existiug Ittwau. It provides for the is sue of liou.dsr the reduction of the in tercet to 3 per cent, and of the length of them to fifteen years, and for the issue of three-year debenture certifl ?eatrs in the sum $50,000,000, should it become necessary,- in order to de fray tho expenses of the Government. That is all. Should it be passed, no possible relief could proceed from it other than now provided by the exist ing law authorizing the issue of bonds. A 8 per cent, shert-term bond will realized ess than - four per oent. long-term bond, and larger issue would be required to raise the ssme amount of money. Nothing would be saved to the Government. By this bill not one dollar of gold will be kept in this country, ndt a dollar wo?ld be added to the cironlatiga, not one single enterprise encouraged, not a day'e employment grvtra to mbor. . . Thenelgbt of ita aspiration <a to im prove npou and reader matte the pres eat indefeasible system of iwaiag bonds? -moro bonds! It dimply ochoeu t ho policy of tho Prosideut aud ths (Secretary of tho Treasury, adding by way of adorn meat a buy wiudow and a fow turrets, Tbo "grand old party" lias pinned it?elf/to the policy of tho President, and it is content to tolvo tho ilnauoial problem by tlio easy aud primitive process of borrowing money. It has Committed itself to tlie system, odious to American sentiment, and in jurious to the interests of tho people and of generations yottinborn, of levy ' ing tribute upon them in timoof peace by tho issue of bonds witlv which to borrow money to keep up a gold re* servo whoso only good purpose is to subserve tho interests of boud inves tors by continually exhausting itself, only to bo replenished* fcy the sale of more bonds. Within two years wo jssuod one hundred and aixty-two millions, and yet tho last oondition of the treasury'is worse than tho first. Another ibsno of oue hundred million will follow within a fow days, and the end is not yet. The policy inaugurat ed by Secretary Carlisle, and uow ap* proved aud indorsed by this bill, has proved utterly unavailing, a delusion aud a unarei'A Tho origivft)i Aot of 1875 may have enbt?i;i%wd tho- purpose of placing the greenback luUes upon a ptir with our , itfetal currency. Tho oftort to muiu tnin tho reserve so authorized is pro^ du^ivuof evils oxccodiug iu their mag nitude ail tie* depreciation that those jiotes could have tiufVercd had thoy not roocivad the suppo/t a (lorded by that Act. The remedy has proven worse than the disease, under tho application (if tho ruinous construction given to t ho ^Vord "ooiu" in their rodompti-:n. One note rodeemod in silver coin would have Btoppod tho draiu. of gold froiu tho Treasury and tho reserve would today bo intact. But thefaoo of tho Administration is sot straight to ward gold, aud there is no hope for an early departure from that polioy. It is very seriously questioned whether tho reserve is any longer of servioo iu sustaining tho par value of the notes. When it lias falleu as it is today to forty-six millions, thero is accompany ing decline in thoir market value. Had it descended 50 por cent, lower, tho greonbaQka would bnvo scarcely de preciated one cent. The ono hundred millions is at beRt but 10 per oent. of tho Government's indebtedness. It is asking too m(tch of tbo public to be lieve that this Hinnll deposit in our nu tional vaults is essential to the mainte nance of tho three hundred and forty- ? fnillious of our greenbacks at par oar other ourreuoy. Tha majori i tins House tniuKs (iiti'eruuily t?nd commit your party to the position it has donf.aH that is necessary to fuunwvo the country when it has pro vided for tbo issue of more bonds to create or sustain a reserve which at most is not admittedly essential or for the publio good. The Semite in its substitute to this bill propotiou relief which is praotioul, substantial, clear-out, and certain. It restores tho statutes that existed prior to tho demonetization in 1878 by open iog tho mint# to the -free coinage of silver at tho old ratio of 10 to 1; pro vides for the coinage of the seignior atfn accumulated under the Act of 18'JO; requires bank notos under $10 to be redeemed'und largor denomina tions substituted; and directs that the greenbacks and Treasury notes shall when presented for redemption be pnid at the option of tho Government and not of the holder in gold or silver, tho groenbacks when so redeemed to bo roibsuod as provided by the Act of 1878. ^ That substitute, if adopted, willgive relief. It presents squarely the issue that the only source of permanent re liof to the conntojj; is in the free and .unlimited coinage of silver at the ratio of 10 to 1. It is useless for tho United States to attempt to hold gold. History proves it; tho conations now surrounding us demonstrate it bnyond a question. Our mines h*?vo fu mined about one half of all the. gold of the 4world. ?Seventeen hundrod millions have passed through our mints. Of that vast sum we have. today onlyabont six hundred millions. The rest has goue over the waters. Other causes must l>e found than that tho greenbacks aud the Treasury 'notes have drained it from our vaftlts, for, as an evideuce, from J813 to 1879 there were no Treasury notes, and no gold was paid for green backs, Yet during those thirty years, tho era of our ^rent metal production, of the fourteen hjindred million of gold and silver produced, one thousand xnillioiA wern exported. Forced resi dence <* gold in our Treasury eat) only be temiftnrary and fleetiug. The three last purchases of it with our bonds re- j move tbe fact from tho domain of controversy. So long uh wo are bur dened with our proas -lit heavy foreign indebtedness and omitinue our foreign expenditures, by which thn>ba1anco of tbe trade is Agaiust ns, just so long , will it be impossible for us to retain gold which is necessary or required to liquidate that balance. . V, ..Our indebtedness to Enropo and for eign holders, of onr securities is variously estimated at from five to six billion. Upon this we must pay au annual interest of at leant $200,000, 000. As not over 8 per cent, of our exports and imports are parried upon onr own ships, we must pay an esti mated expenae for carrisge of $100, ? 000,000. ' In addition to this, it t? es timated that tho annual expenditures abroad of onr tourists is about $100, 600,000. These three items make a total annual ontgo from the United States, ronndly estimated, of $400,600, ? 000. Against this we have upon oar aide of the acconnt not more than one hundred and fifty millions, consisting ot excess of ovef imports of product#, mannbntirea, gold,?*?d sil ver, leaving an anannl belan? egnlnef ns of about two hundred aud .fifty millions. Vi(hf ymni ttniHtirtt there is no reason to expect a red no tion of this balance. Our gold mmd continue to Mdtle, upon demand, thoso brtliinooh againbt ns, so long ?a they continue to exist. Wo cannot pay them by borrowing mouey. \\eoan pay them by increasing tho valuo ot our products, which can only bo doiit l?v iuoreasing tho value <<f our our rouoy, u nil iil-o by jneivasing tho vol ume of our foreign Hade, \vhich cau , best bo done by lenumetbing t Uv? r. | It in a law of eeonomioH reeognlfcQdl by all that the prices of ooinmodiliea rise or fall with tho Qnlurg.-mont or tho oontraotiou of the ouuvuay. It '? noodle** to hope loi any appreciable iuoreaso in oirculatiou from gold Alone. All tho gold in the world to day would not pay ouo year a interest upon the bonded indebtedness world. Dr. Giffeiv tho monometallic whom I montion, Kiv<R jtl nB "ia opinion that praotlcaUy the whole an- I niiul production of gold is coneuuied in the arts at>d aiienoea, none of it adding to th6 supply of money. Our population is iuoreasi ng at tho rate ol 5 per cent, a year. The pur capita supply of our metal ooin must each succeeding year booomo less ^ PricoH must oontinue to f**l and debts boooino harder to pay. Tho result is aa certain as the laws of Nowtou ami ! Keplor, na buio and relentless as fate. Tho value of all money is dependent upon the elomonts-'of value vo^tetViu it by the law, which are itft legal tefrner qualities and its debt paying powifc ia measured by tho quantity of the ? legal tenders. Under the Act of I8<d the quantity of allvor dollars was then and there tlxed, and under tho Aot of lo.M i it is prevented from being further on larecd. Silver has been reduced from a mouoy to n commodity. This coun try is now upun a single gold basis ; as much po as England and Gormauy. So, then, tho fact, confronts ua in all of its fearful reality that under tho lawa upon our statute boohs thomouoy of tho people will ye.^by year beco.no scarcer aud eearoer: ifom modifies will grow leea and lt'sain value; all industiy will l?? handicapped with tho almost certain loss of a failing market. In a word, this fair country, with ita bound Iors possibilities, which should bo tho homo of millions of happy, contented, and prosperous people, will fall alwlp leas victim to blighting, merciless leg islation. Our silver mines are ro.uty and anxious to open their stores of wealth; but no I And why not ? bo_ oauso gold normits rival, is jealous of its monopoly, and wishes not for its daily growing greatness to beonrtailect. Tho less money there is the bettor for those who have it ia a faut-.t#? strong to bo resisted by thoso who aro in po bition to profit by it. Now the question arises : C-an tno United States, without the oo-opera-, tiou of Europe, safely venture upon tho free coiuago of silver ? i\b tbtt SouHt6? substitute proposes? The great need of thin government Is the infusion of some of tho Monroe dootriue oourago into its financial, policy. We boldly announoo our fiat that no foreign hand shall lay hold/of American soil or ettend dominion a - ready acquired, and wo stand prep/ircd to maintain it. The great heart tff tho nation beats responsive to the declara tion. But when tho proposition ih ,?k*ebted tint w? exuroinu mir mcle ptmdonco by establishing our own cur rency, w* aro seized with timidity and halted with dire forebodings and given visions of all tho horrors of a debased and dishonored ourroncy. W o aro told i hal wo dare not run counter to tlio liuanoial systems of tho great 1>owor? of Europe. Prophccy is the l^t re fugo of a dofeated cause, I ho future i? invoked, armed with all manner of dangorn and calamities, and employed to induce us t<9 tako counsel of our fuarf. It is very effective. It ia to il* y restraining thousands of our citi vvti* from declaring for the remoneti nation of silver. Their timidity ia not i untitled by tho cond.tions. If ey*r a deople were in a position to work out iheir own financial salvation it is this ,;CO|)lo. * Wo havo 70,000,000 popula te only a little loos than the com i,iijolrm^>*lrttionN\pf Great Britain aJid Fra/fco . We haVe 8,000,000 Uquara mills of territory. Our per capita in dobtednosa is less than that of any of the great powers. Iu each of thoso bounties, its por capita iudebtcdnoas largely exceeds its per oapitia of coiu, whereas our p<*r capita of coin oxc?eds our por capita of indebtedueBH by nearly 84. We fur nish Ivnropo nearly one-half of iU bredstuflfa and three-fourths of its cotton. Our supply of silver is only one third of tfoie. It seems bold in deed to ufiftbrt that thia great country,' bj rnarvelously favored, no Titanic in ita enterprise, the foremost nation Of ail tho world, should not bo able to keop at par its silver metal bi aring tho stunp of its mint. For more than a century it h*sdono ft", and at 10 to 1. ThojjeoffTo fho UnitodStatesaro not afrhid of it in their domestio af fairs. The grept l/ii^aboo hold up to on is the cffuet^of/frtfo coinage up<nr foreign exchango. At best, foreign ex change amount* to scarcely more than 5 per cent, of the business transactions of tho world; and almost the only thing that would be accomplished by tho impossible ignis fatuns of inter ont is inter* sprcts each country is free and inde? pendent to act for itself, as the almost infinitely varied coins and eurreuoy of Europe, Asia, and Africa to-day at* test.. ' '?* ? If there i? any power on esrtb that can restore the old ratio Igetwcctirgold and silver as money it is the United ,HUtea. The condftion^Jo which I have tlrmiy referred and the urgent iif cer sity for the relief of <ka -?people^ certainly j notify the. efltyrk Bo auon as onr uiinte are opened to the free tod unlimited coinage of silver the ?!?? . mand for it will neeeersoly inorowne. The strength of on* yovernHHt mm! other re - nitiojinl resources would nullify the , lVort ofpnMto depreoiato the ooin and to VUc o iisclf at a premium. Gold xscnia no lougor bo tho jnnstor of the eUmUii.n. but tho Government. TM demand lor it would decroMo as the d* maud ior silver increased, ?*ud they v\?>"ld k o\t move along side by sxoe, in i.wn.llv pMrhv, at tho old step of lo to 1, as tin y 'should do, for thnt ** *** ratio of tho stocks of tho two meUlein tUBnt tot UH snpposo that# as by tho opponents of thui sul'btUttW, eohl would go to n premium and main th?r?. Then Jho. ???>> dimply 1)0 tho ditlertwo in botie'n us aiul tho .?g ? goW ?0?i" tries to tho extent of the There is nothing in that to Tho ultimate results would, t? vastly in our favor. That J?r? ?td ?\ exchanged today a miyhty bsrrier iO^ tho way of the trade bctweon Asia and South America on the one Ku rope and ourselves on the other. Tho rste i? continually changiug. *?? Japafleso merchant can only 8ue<J? ? i Wh?t hi- goods will >0 WOLtb In Bog lish os American, gold at tb? *,u <} arrival at their destination, lhe prof its of the transactions nro ^rgely de pendent upon the exchange fluetia lions. Our trading relations with thorn cannot nrosp^r whou thus i >?red. tM#5*d\*ntago iu the difter onee iu exchange is ail with them. , \ I China. Japau and Mexico hav? lllonoy they h*e always known and none other. Silver is to-day wh?t it was. They are satlsiled to *???J?*| at its old valuation. If a*? compel with theii' maun aoturers *e must bo content with silver on the r lame basis, and not at 100 Por cent ox hango. At tho present b"?|00 value of our sivlor and its e*olu?ion from tho mints it is on a gold ba?ia? ? worth only one-half of it. <"c? ??a tho only thing l.it ?? M.WJJJ numt of tho difforeuoe of that ox change before being placed in equal competi tion with our new .1, astern rivals. Even the most ardent friend of pro toot ion cannot hope for his old Iriend to cope with 100 per cout. exchange. The exti aordinary progress *nd ?e volopment now luting made in thoa# eountries, upon a silvor basis, ef& 0-. lively chaso away the dogmas, tbeon#*, and hobgoblins of the gold mono* int'lallists. The consular which lmvo already be?n B0 *??JJ quoted iu this debate, tell the story Of ttio vast impetus givon to Jh? ?om miseratod silver countries by this liiU matter of exchange. Chined J 1,009,000 si indies are alono sufficient t<> make any one but a gold walot bton aud think a momeut. * If there is impossibility of restoring the metals to a parity, if the line now drawn between gold-standard oonntHJi iB to be permauont, then it M t?J . tjolioy of this oouutry to cast its lot with tho silver- using people. .* The biitamce of trade in silver-usinf countries js now strongly against ?J. ih.?t of China and Japan alone being for t he 'last year 834.000.000 in Mr favor. It will continue tojrow ?a_*J 1* doing to-iiy, thd increasing ' injury of our projnM# aud manufacturing industries and W# labor which they employ. ...... [t will bo a glad day for the W majority of tho peoplo of this indo* trious land when the money contraction are jrp^edjtom tho cncrgi cwist on? people, an^^wHT _ uro uiveu tUg opportunity io oarveettl the ilestiny of their Hepnblio Uanpinose 6f its dtizens wiw W# mon?y of their constitution, and thai day is not fur"' distant. Thia ??*? tute will bo rejected by this Bonaj, NevcrUivlcsa it voices, as I believe, the Hentimoxits of a large majority 01 ?? v. iters of this nation. N^VNirAL NKQRO COlfFlEHHtp, It Meet* In Toik*gM, ALu^OmMh the kWn* tk0 RM?fallfkM?|; ProL BooierZ^Waefcfastoa, pvMMaa* tho induMrujltwtltute, Tus)ta?ea, AU., Im buued a oalllR th* aanaal negro Omtwwwi to meet In itet plaee o? If art* St* ??4 itfe* Tho object of the first dey'e ooefmwMTO# be to qi et>tb? e*ll "to beer frees ?? %? ?# BIO FIKK l> BiilBURG. ... i > Mont Disastrous Jn ,Her Hiitor{?>LOM Sixty Thousand Doll*rs. ,~<?amherg experienced ^khe uoti die 'nstrous ftro ever Jcnown in her bfetoiy. - 1 ho total loss ik 860,000; insureno* 930,800. - Tho Bamberg Alliance warehouse nas discovered on fire about half peel 9 o'clock at night. Th6Tdwerib<F tween 900 and 1,000 balea of, ootton Moredjn thu warehouse, belonging t6 the cotton mill, and about 200 bale* belonging to farmers who were hold* ing foi high prices. The State liquor dispensary hail its stock in this bnild mgr Arhich i*nlso a total loss, together with the Alliance wart-house stock of groceries, eto. ' ^ The most heroic efforts were made by tho citizens and the loOhl volunteer lire department to save the wftrebona* and adjoining buildings, hut to DO : purpose. Mrs. Daffney Hit 1? 0 es 91,000 oa dwelling; insured lor . J The origin ot tbp, flre is tanytidfy and is supposed to hare beea owoeed by rate. Mrs. Shoplelgh? Is It any trouble w you to show Roods? Mr. C&shoell? -Jf<Nr ma'am. Hut it's a good deal of troublo to sell them, sometimes.? Ne*r York Horn Id.