University of South Carolina Libraries
I WILSON ON | CURRENCY.' \ CLKAKAMD CONVINCING AKCt MKNT IN BKIIALF OF SILVF.K 1"?.? Conxresnnnin From the Fourth District CouieH Out Squarely for Free Coinage. Congressman Stanyaruc Wilson's pceeh in tho House in favor of free silver follows: Mr. Spoaker: I am fully aware that nothing can be said upon this tloor to affect tho result of the vote which vill bo tukon upon the rei>ort of the committee, and that no amount of dissuasion will change tl;e settled purpose of the largo majority of gold monoaictullists or Pickwickian bimct dlists to prcveut the enactment of any legislation looking to the recognition id silver. But this discussion extends beyond theso walls and reaches the great body of tbe people of this country who arc vitully interested in the results and critically weighing the sentiments that control this body. The last campaign wan a remarkable one in the political history of the l*uvon. It whh an off year. No Presidential election was pending. Nevertheless, tho Democratic party was arraigned throughout the length and breadth of thiB laud as hopelessly incompetent . to manaire Ibn finnn/>??u i\f Cm ' that although iu full control of the ex- | oeutive aud legislative departments, it ; had entirely failed to give auy relief ( to the suffering miliums of our citizens ( and our languishing industries. And ( the people believed the change. The party in power was held responsible , for the unfortunate aud distressed con- ( dition of the nation; how unjustly it is , now beginning to realize. History ! declares the indisputable fact, of which . this side of the House is justly proud, ] Shat during all the half century of the , government of this country by the ] * Democratic party there was never an act pasHcil contracting the currency of the people or i.uposiug upou them laws calculated or desigued to enrich the few at the expense of the masses, making the rich richer uud the poor poorer. It has the envitablo distinction of having always been true to the Con-j stitutiou and its bed-rock principles: i that the only justification for taxation j is the necessity of it, aud that its1 only virtue is in the equality of its burden upon all classes of citizens ami *11 kinds of property. It has ever opposed robbery in all its forms, whether directly by extravagant expenditures, or indirectly by tariff assessments upou tho consumer of the benefit of _the manufacturer, or insidiously by the coutractioo of the currency, and thereby depriviug them of the opportunity to work, the means so puy their debts, and of fair values for their products. That is still the position of our party, judged, as it *Uould he, by the platform and the imtes of its representatives in Con gross. 11 in essentially and |>y lnUerit- | ( luce the party of the people. Its past record bespeaks its future, and it will , | vet, and at n>? diHtant day, resume | ? msiuess a- the old stand as young und ( '.usty w when ten years ago it emerged j 'rom its eclipse of a quarter of a | vntury. As I was stating, in the campaign of ( -s'.tl, the Republican party proclaimed j ".hat it alone was capable of conducting the tinances of '.ue government and of j , ufusing life into the arteri* s ol com-| uiercc, giving i deployment to labor. I ( and iv.->toring a general era of pros- j erity. The people took tlicin at tli 11 i word. Tho party is now 111 full p >s session of the Senate and House. (\>n<ress has boon in session two months. The eyes of tho people have already begtiu to opeu to tlie true situation. The recollection is now dawniug upon tl 0111 Mint thiH very party is the cause of all ".he financial ailments of the govern- ^ uent. uud of tho ills which will be as nduritig as history. It has enacted , very turitY law that has been passed or the b nelit of the inanufncturers rather than for revevenue for the , government. The. act which destroyed silver as a < mint money was enacted by you in I * h7;5. From that date to this wo have ( .>oeti trying to rehabilitate it. to restore i .t to tho homho of its father*, while joii ' iftve with equal persistency striven to I ( ..revent a resurrection. In November, | s77, Mr. Itland (Democrat) carried! through tin; House a lull for the free | end unlimited coinage of silver which should be legal tender at-luce value. >ii danuary, !s".s. the Senate amend) <1 .t by limiting the coinage to a minimum of $>,(UMUH)|| ]>er month on government account and providing for tin vKchnngo of silver coins for certificate* t f not less than &!(> each The bill ; passed as amended. President Haves vetoed it "as an act of bail faith' to ondhohlers. It was passed over the veto. It w a * icpealcd duly 11. IS'dU. 'u June, livui. h bill authorizing the i . I >sue of treasury notes upon depot-it: l silver bullion passed the House. ' The Senate ?>ih:-titutci]*for it a bill for I the free coinage of silver. I he House I rejected th.i substitute. 1'he eornei't tee of conferi nee agreed to what is ; known as the Sherman law. It b< cum I an act duly It. i SM>. It prove). i : the monthly puicliase of 1.11. Si ! . . of the i ret. .ii \ i f l.Tilt ,0 Ml ! inc- i I fdlver bullion, id "ot nioi-.-than si br S7 l-J gin'u* of pure silver, and f?u the ifMi iliei- iii 1'i't mill y liotes ill i uv incut, il l cinabii on d- maiul in >! i or mIv r, at ilie ilii.cn lion ot tlm .'ii i ret r/. It ina 1 tliem legal tcndi r ? . - ! CCpt win n ol'n rv iso stipulated in the , contract, required the monthly coiling | I of the bullion into standard silver dollars till the following July, after wliieli ho could coin ouly ho much us should bo necessary to provide for the redemption of the Treasury notes. It may be well to state also in passing that it also declared it to bo "the established policy of the United States to maintain the two metals on a parity with each other upon the prcseut legal ratio us may be provided by luw. Now the mask can ouly be tukou from this miserable appearance of silver recognition when it is compared with the essentials or qualities constituting the stability as money of a metal. Those essentials are that the owner of it shall have frco access to the mints for coiuage and in unlimited quantity: that there shall be no charge for mintage beyond the actual eost to the government; that the uuiount, by weight, of pure metal in the coin shall be exchangeable for its weight in the bullion, and that the coiu shall atall times be a full legal tender. The hollownoss of the pretense appears at once. It was indeed a "miserable makeshift." Its author has siuce justified, or rather excused it, by cl timing that that was tlio only way to defeat the free coiuago of silver. Aud, at last, the coup do gruct was given to aspiring silver by the act of November, lKD.'t, which repealed that portion of the Sherman Act which allowed the purchase of silver. That is the story. All the glory for the demonetisation of silver?whatever that glory muy be?is yours. All of the wrongs done your countrymen by that act rest upon your head. With Sir Christopher Wren you may point to your owu work as your monument. You may claim an your owu particular production the long and continually lengthening list of tariff barons, manufacturing princes, trustmonopoly maguates. All the rivulets !>f a nation's toil aud all the streams L?f her industry have, under the system >f protection, paternalism, extravagance, aud class favoritism, inaugurited and maintained by the Republican party during the past thirty-live years, been poun d into the cavernous vaults ? f the favored few of her citizens and of the ulien. That party tins been the means of concentrating wealth to an extent never before known to any natiou or people. Europe with her centuries of feudal despotism, class distinctions, and hereditury acidltnillnfintiu ui'iiM I?j u a*<iol rinl/nn in iKn presence of the colossal foitunes which liuve risen in this republic of freedom and equality within the past quarter >f ti century. T need not dwell upon detail*. They ire known of nil lueu. Extreme wealth ind extreme proverty have become the features of our civilization. One-half [>f I per cent, of our population owns >nc-hulf ol the total wealth of the country. The remaining 1)1)1-2 per sout. of the people must divide among them in all manner of proportions this nuappropriuted other half of the wealth of the nation. It is they who ire vitally interested in this measure md who are keenly alive to the disposition to bo made of it. They realize that within the past thirty-three rears twenty thousand millions of wealth of this country,created and produced by its honest toilers, lmvo [uissed into the bauds and under the L-outrol of capital, and that that pro ess is continuing at the rate of about >nc billion each year. The cenaus of 1890 tolls them further that from 1H(>1 to 1890 (be people ol' these Uuited States were compelled to run into debt, public and piivutc, twenty-eight thousand million dollars. Labor hus been most viperous and 'a thful, the mil bus been most generous, the spirit >f enterprise has been active, energy ind boldness have characterr/.ed these losing years of this marvelous century in :i!i departments of commerce, manufacturing, and development of uli our resources. Yet, iiotw ithstimdi 11 g all tiiis, the great muss of t/n peoI I. have steadily heeti growing poorer mil |iooier. mill the wclilth create 1 by 1111' 111 has (lowed into colters already iilleil to overflowing. The lust census demonstrates the fearfully blighting effect of our liiiuncinl system upon our agricultural and producing States and the corresponding benelits to the States where organized capital lias taken its abode. One illustration will be sufficient. The 111 agricultural States of Illinois, Indiana, Iowa, Kansas, Nebraska, Keutuekv, Virgiuia, West Virginia, Tennessee, North Carolina, South Carolina, Ocoigin, Florida, Alabama, Mississippi and Louisiana have a combined urea of about *00,0(10 stpiare miles. The State of New York has about Ilk) sipiare miles. The population of the '(> States was about 21,000,000 in I8KI), and that of New York ahout [>,000,000. The assessed valuation of the property of the II! States was a little over?1.000,000,000 in JNM0, while that of New York was ?.2,(>o0,(li)0,00l). Now, in t he ten years the 1(5 producing States, with an area sixteen times as gr* at as that of New Aork. increased : .1*1. I 1 > - i - i it?... in wi iiiih ni'vvii nciiiii t-<i mm i&11 > millions, while that State alone gained eh veil lm ndi'cd imtl twenty-tlirer mil lions. Tlx .si: silent figures tell tuoro ?1? <(lit iitly than I cau the story of Hi great body of the people being made hewers < I wood 11 lit 1 drawers of water for the luvored few. If any further evidence is desired, it can easily be fouiul in comparison of tin values ol i i r two great export crops, cotton and wheat, in the years IfO* I and 18i)d, which has been compiled as follows: "la 1SSI the wheat crop of the j "lilted St it s we." :'Sd (>(>!?,!!!?(> bushels. ! 11 rctiliz d $ lull,Oil 4"I'll* cotton crop of tin' ' 'iio .1 j Slati t for the a' ic p< i :od, t d:i e t< d I ' (ll0tlt)l00ll t ali i, 170 poutids per j I ! . at I!) cents per |eiud, Weiild a. ,i - . > t 1 > t. tit, < . iit; ill' s i lie? w pht of colt ui in is;;.;. Ill the selling ; :e ot (? cents per pound, re.dt/.ed vly <l'i0l'J0l),t"ti?, or a difiercnce in 1 tho price of the crop, estimating the > quantity tho same, of $11'2,800,000. j "The difference in the price of wheat; for the name period, 1881 uuil 1800, : was $248,000,000 loss than 1882, ho j that we have n shrinkage of vulues j with the other staple crops of the \ county of $153,800,000, which to- i gethor with the other staple crops, will j uiake at least a shrinkage in farm pro- j ducts alone of more than $100,000,000; per year. "Wo have for the pnet twelve years | lost in the material wealth, the prod- j uct of the soil from which the wealth ' of the country is derived, $12,000,000,000. With this vast sum of money in the country w e should never have been iu the pitiable condition wo urc today ?a sum so largo thnt it would pur- j p.liiLHP nil tlin ntilnnifl KfnAlru un/l ltnrw!o watered or tin watered, besides leaving u surplus." That tliis robbery of the produciug i and laboring classes has been chiefly accomplished through tlio instrumen- 1 tality i?f the demonetizing act of 1H7.5 I ; bus never been successfully dcuied and 1 i has been conceded by the greatest of 1 Republican statesmen uud politicians. It. would indeed be a bootless tusk to i cuter upon tho discussion of that sub- < ject at this late date. Those that are < not now convinced of the fact would scarce believe though one came from tho dead. i In 1SK0 Secretary of State James Cf. ] Blaine, said: < "On tho much-vexed and long-moot- ' ed question as to bimetallic or mono- i metallic standard my own views are < suflioieutly indicated in the remarks 1 have made. I believe the struggle i now going on in this couutry and in other countries for a single gold standard would, if successful, produce ] wide-spread disaster in and through- < out the commercial world. Tho de- I struction of silver us money aud es- ? tardishiug gold on the side unit, of vul- < no must have a ruinous effect on all forms of property except those invest- 1 incuts which yield a fixed return in I money. These would bo enormously 1 cuhuuced in value and would gain a > disproportionate and unfair advantage > over every other species of property, i Jf, as tho most reliable statistics athrm, ] Micro tiro nearly $7,lHHl,lH)U,0(H> of com or bullion in tlio world, nearly equally divided between gold aud silver, it is iinpoHHil.de to Htriko silver out of existenoe as money without results which will prove distressing to millions and utterly disastrous to tens of thousands. "I believo gold and silver coin to l>e the money of the Constitution; iudeea, the money of the American people anterior to the Constitution, which the great organic law Yeeognizod as quite independent of its own existence. No power was conferred on Congress to declare either metal should uot be money. Congress has, therofore, in my judgment, no power to demonetize either. If, therefore, silver has been demonetized, I am in favor of rcrnouetizing it. If its coinago has been prohibited, 1 am in favor of ordering it to bo resumed; I am in favor of having it enlarged." I'rof. Fraucis A. Walker said in an article in the North American Kcview: "The abandonment of Silver will result in the enhancement of the burden of all debts and fixed charges, acting as a drag upon production: and suffocation, strangulatio. , are wyrds hardly too strong to express the agony of the industrial body when embraced in the coils of a contracting money." Dr. GilTon, of Knglaud, chief of the statistical department of trade and authority w ith mouometalists, bus admitted: "If the test of prophoey be the event, there was never Kiirely a better forecast. The fall of prices in such a general way as to amount to what is known as a rise in the purchasing powt r of gold iH generally, I might almost suv universallv. admitted Measured . by any commodity or group of corn- | (nudities usually taken sis the rum-mre I tor such n purpose, gold ' undoubtedly possessed of more purchasing power i tlinii v\ns the ease Jiftneu or twenty i years ago. and tids high purchasing i powei has hcen continued over a long t enough period to allow for all minor ? oscillations." i President Andrews, of Brown Mm- i versify, a luemher of the International < Monetary Commission, concedes all j that i have asserted: That the under- I lying cause for the financial and iudius- i trial depression is the fact of overfall- < ing values produced by the contraction ; of the currency and the displacement I of silver from its position in tho world's I money circulation; that it was *'tho 1 hardest, saddest blow to human welfare < ever delivered l?y the action of tho i States; that so long an gold is the solo ; standard of money these wrongs and sullVrings must continue? to abate ] them, silver must he monetized." i Hear what St nator dobn Sherman, at i present tin: h ghost p: tent c f cold ;nou? inetalism, says in a letta.r written by i him in IS7H; During the inon.-tnry idVrt in-.- in 1'aria. when siiw r in mil c< ntrv nn> excluded froii circulation I v being undervalued, I was stri'ii'-'ly in f'uv. r <?. i the siuglo stand mil i f goM, nr.d \vr.?t? | a lot lor, wliieh you will tiud m ilu?ji proceedings of that conference. i:ip* j briefly :.)> view. At. Mmt tii.. tin- j wi.ir?) of lis did ta t anticipate t??c and- ; ilon fall of bilvor o" tlio liso of gol 1 i ttint luis occurred. Tito uuoeitainty of , > tin- roliitiou between lite two mctids is' olio of tho oliiol arguments in tuvor of , a liioiioiiiotallio system, but other ar j gilini'iiti, blaming llio dutigci oils c licet industry by dropping ono of tlio ! r> i" u .a mot ills | { ?? :n the t tit in Is: i i of \ i 1 i , < .jtv.? i. 11 i'i my i nil all ilii i. ' r. Ir."! i Id. a i i:- to tbo bin.el ililt- , ' Icm." Then should bo \, !. .I [u t is oj ; )lot! of Oil ' SO ll tl III Ib'rilll'li.'HM I'm II- i e:i . an I ? I i ich undoubted i:?)11) .I u li.iaiii'o tlio iillicit uii-i itii 1 !.!*- il | ju gui i if of iiis twin b/olhcr iu\c*otioliiK'?, t!;j present Sverotmy of th 1 , Treasury* Mr. Ciftislo who a few months previously sounded this clarion note to his couutrymon, who even that early appreciated his remarkable abilities: "I shuli not enter iDto an examination of theouuKCH which have, combined to depreciate tho relative valne of silver and appreciate the vulue of gold since 1873, but 1 am 0110 of those who believe that they are transient and temporary in their nature, and that when they have passed away?or been removed by the separate or united actions of the nations most deeply interested in the subject, the old ratio of actnal and relative value will bo re-established on a (inner foundation than ever. I know that tho world's stock of precitus meta!a is none too large, and I see no reason to apprehend that it will ever become so. Mankind will be fortunate indeed if tho annual production of gold ami ailver coin shall keep pace with tho annual increase of population, nnm?nrtr?'V* nn/1 inrl'iufn* to my view of tbo subject, the conspiracy which scorns to have been formed here and iu Europe to destroy by legislation uud otherwise from threesevenths to one-half the metallic money id tlie world is the moat gigantic crime ef this or uuj' other age. "The consummation of such ascheme would ultimately entail more misery upon the human race thnnull the wars, pestilence, nud famine that ever occurred in the history of tho world. The absolute and instantaneous destruction of hnlf the movable property of the world, including horses, ships, railroads, uud nil other appliances for carrying on commerce, while it would bo felt more sensibly for tho moment, would not produce anything like tho prolonged distress and disorganization jf society that must inevitably result from the permanent annihilation of :>ne-half of the metallic money of the world." One more object lesson from statistic-!, and I shall leave this subject. Tn IK73 wheat, was $1.00 per bushel, cotion 19 cents a pound, and silver $1,110 in ounce. The farmer could then pay i debt of $100 with 77 bushels of wheat ?r with a bale o: cotton weighing 020 pounds. Today, with silver at 57 jents, for him to pay a debt of $100 it would require 220 bushels of wheat, or ,hreo UttlvB ot cotton weighing 4b() pounds each. And it is the unavoidable rcHiilt of the demonetization act of 1873. It cannot be explained upon .he the theory of over production. The itatisticu already produced in thiH debate demonstrate that there has been 30 fixed ratio upon the basis of proluctiou. The ordinary law of snpply ind demand has been overridden ?y the higher law, that uu insufficient surrenay reduces all commodities to jeggurs upon the market, bo the pro1 action groat or small. It is equally futile to attempt to asjribo this disastrous condition to improvements in machinery appliances. 1'ho tabulated statements appearing in ho London Economist show that the leclinc in values is greatest in the aw materials and in which there is ho lowest minimum of the application >r employment of such improvements. There is uo escape from it. The contusion is irrostible. The one groat cause of the deprestiou which is resting like a nightmare ipon the people of this broad laud? he producers, the laborer, the mer hunt, the manufacturer; upon all savo ho money ieudor and the security >wuer, henumbiug their euergies aud analyzing their industries, as they ueasuro the future which cun only minuses further decline in values?is ho statute law of this government, vhich. with ruthless uuri ose. has de. trivcd the veins and arteries of tho business of tho country of the sulTineucy of tho. money which is its life* tlood. Let. no gentlemen delude thoin< lvos. Tim is-uo confronts you. Tho Doojiic are intensely in earnest. The nn:t ol tlit* t-t tier lots been reached, i! oil Miadotho law. Von must unmake t. The country expects Congress to let. VImost every agricultural journal and every labor organization in lie country is <1* muudiug tho repeal if that iniquitous law. Manufacturing industries, seeing tho impending ruinous consequences of an Aziatie competition which it is fostering, uro joining iu the demand. Commerce lias long felt its chilling hand and is agor to rid itsself of its grasp. Tho jne cheerful voice, bidding yoa stay your hand from interference with that lovely act, is that of your old friends, the bonholderaud tuO capitalist. Th< y will never get enough, even though it monies from tho hearts of the poor, struggling masses, who have made you and made this country. Vou have met this demand of the people bv introducing and passing through this house a bill which i*? a masquerading farce, a uieaniiu-i n.tthingicss, a vapid, airy, liiisiibsiau* li it up;u aranec of relief. !t simply prop(?ses these changes in . \isting laws: It provides for tin 1si.e of bonds, the reduction ol the 111teri st to > per cent, and of the length of them to fifteen years, ami for the issue nj three-year debenture cerlili-I cutis in tin- rtillh ?" It.OdO,()()(), should j I become necessary, in order to de-j fray the i\[ t iist s of the. (iovenmu't. j "hat is 1.11. Should it hu passed, i!< ! possibh r* lict could proceed fri>iu it ; other than now provided by the exist- 1 in}- l.?w authorizing the issue of bonds. ! A ;l pi.* cent, abort-term bond Mill realize iess than four per cent, long-term bond, and larger i-.iu ' v.o d I be required to rai-e t!ie ;t::i luoi.f.l c>r money. Nothing v.o:;!d in i 1 t > the ('iii tMiili lit. lly ' bid n< t o:.t dollar of <d i sill I e \ , ti.i- e '.intry, not a o >li .r \v<>u : . i nd<i< d to t he Circuliiboli, not one !i i i:ti rptisc er.eoUUi ,i i, llot. a t'.a. , luj lit given to labor. ! h in ij.t <?f it-. aspiruMoi is I is. j n upou and r< i.dcr l.ifde tue , rc.->- ( enl iud<.,fe,.ei:l,'.t' nvstcui of issuing I I bonds?more bonds! It simply echoes the policy of tho President and the Secretury of the Treasury, adding by way of adornment a bay window uud a few turrets. The "graud old party" has pinned itself to the policy of the President, and it is content to solve the iiuuuoiul problem by the easy and primitive process of borrowiug money. It has committed itself to the system, odious to Americau sentiment, and injnrious to the interests of tho peoplo and of generations yet unborn, of levying tribute upon them in timeof pouco by the issue of bonds with which to borrow money to keep up a gold reserve whose only good purpose is to subserve tho interests of bond investors by contiuually exhausting itself, only to bo replenished by the sale of more bonds. Withiu two years we have issued ono hundred and sixty-two millions, ami yet tho last condition of a . a : - ' ? '? iu.v irviiHitrjr worst! man ine ur6U | < Another issue of 0110 hundred million i will follow within a few days, uud the i end is not yet. The policy inaugural- p ed 1 ?v Secretary Carlisle, and now up- \ proved and indorsed by this bill, bus ^ proved utterly unavailing, a delusion e uud a snare. h The original Act of 187"? may have i subserved the purpose of placing the 1 greenback notes upon a par with our a metal currency. The effort to muiu- I tain the reserve so authorized is productive of evils exceeding in their mug- ; nitude all the depreciation that those i notes conld have sullt red had they not r received the support afforded by that r Act. The remedy has proven worse t thau tho disease, under the application ? of the ruinous construction given to t the word "coiu" in their redemption, i One note redeemed in silver coiu 1 would have stopped the drain of gold n from the Treasury and tho reeorve t w ould today be intact. But the face of i the Administration is set straight toward gold, and there is no hope for an c early departure from that policy. It 1 iH very seriously questioned whether c the rcsorvo is any longer of service in e sustaining the par value of the notes. ^ When it has fallen as it is today to v forty-six millions, there is accompany- c ing decline in their market value. Hud v it desceuded 50 per cent, lower, tho I greenbacks would have scarcely do- 1 preciuted one cent. Tho uno hundred a millions ia at best hut 10 per cent, of I tho Government's indebtedness. It ia ii asking too much of the public to be- a lievu that this small deposit in our na- v tionul vaults ia eaaential to tho rnainto- c nance of the three hundred and forty- i six millions of our greenbacks ut par d with our other currency. The majori- fJ ty in thia Ilonsc thinks differently and t will commit your party to tho position t that it has douo ull that ia necessary to a relieve the country when it haa provided for the issue of moro bonds to I create or snstuiu a reserve which tit t most ia not admittedly essentiul or for f the public good. 6 The Souate iu its substitute to this bill proposes relief which is practical, ii substantial, clear-cut, and certain. It tl restores the statutes that existed prior j to the dcmouctization in 1873 by open- t ing tho mints to the free coinage of / silver at tho old ratio of 16 to 1; pro- r vides for the coinage of the seignior- t age accumulated under the Act of i IK'.IO; requires bauk notes under $10 t to be redeemed and larger denomiua- s tions substituted; and directs that tho ) greenbacks and Treasury notes shall r when presented for redemption bo 1 paid at tho option of the Government \ .1 _ .i. e j a. i ll ?* t* ? uuu i.ut oi in*.; uuiucr 1:1 goia or silver, the greenbacks w hen so redeemed to be reissued us provided by the Act of 1878. That substitute, if adopted, willgivo relief. It presents squarely the iHMtie that tho only source of permanent relief to the county is in tho free and unlimited coinage of silver at tho ratio of 10 to 1? ( 1: is useless for the United States to attempt to hold gold. History proves it; the conditions now surrounding us demonstrate it beyond a question. Our mines hive furuised about one half of all the gold of tho world. Seventeen hundred millions have passed through our mints. Of that vast sum we have today oulyahout six hundred millions. The rest has go jo over the waters. Other causes must be found than that tho greenbacks and the Treasury notes have druiued it from our vaults, for, us un evidence, from I81'.> to 1871) there were no Treasury notes, and no gold was paid for greenbacks, Yet during those thirty years, the era of our groat metal production, of the fourteen hundred million of gold and silver produced, one thousand million were exported. Forced residence of gold in our Treasury can only be temporary and lleetiug. The three last purchases of it with our bonds io move the fact from the domain of o ntroversy. So long as wo are burdened with our p:?v;s at ucavi f 'reign i:n.? 'ite iiii -< and continue out i.Teici) expenditures. l?v which the i'likinoo c 1 lln Irn.ii' is nj' ur.st us. j:;>t ho long i will it l>o ii:ijn>>Ki 1 >lo fi.r us to r<-t:tin I roll which is not*: -surv i r r< 11111*<->i to i 1).I'liuhitc tlmt halimce. 1 < >ur Uii ilut "{i riuri'iic uiul for- < oigii holder* of cur Ht'i'Ui'itius i; v:n iotisly cKtiuuitcd a; from five- to six < billion. ? poii this v . r ust, pay an t aniniu! interest ( f :.t Ic iest sfJlH), 00h, - 1 OiMi. Ah not ovt j j < r ? -ijt. of our i exports and imports nre ourric il upon i our ow n ship*, wo mu t pny an <?-f:- * tnuh (i ( \pc'Tjso for oavriio.'c- of ^ 1 ?i?,- ; ) 0i:0,?.:i'l. ! r. io! I : t I!ii , if is is- j ( tiiunted tlmt tho Mini t \pt (oin'Mcs j ! lll'Teml ef our t > !' -t ' is ull< I ei-. l;; 1 J ! ( J >.! ' Tir. : !:ro<. it in ike : i tot i MlIItill :! out / ' Ui tl>. I IIito i ( - .rent. . ' " " ?, j ' ir 1 ' f III i ;, i i!I t *M . vnt, ! iiiVin j nu lift . 1 ilatii't iigutnal I us ? t ii'iyut t . . .si t n;;'l liiiy ! i uuiikoi.c. I':. ! : ' l.tionsj Jicro is do reason to expcot a redaction of this (balance. Our gold mast :outiuuc to settle, upon demand, those lalitnceH against us, eo long us they oz.tiuuc to exist. We cannot pay ,hem by borrowing money. Wo cuu i?y them by increasing the value of >ur products, which cau only bo dono iy increasing the value of our cureucy, and also by increasing the volimo of our foreign trade, which cau lost bo done by remonctizing silver. It is a law of economics rccognizod >y all that tho prices of commodities iso or fall with the enlargement or ho contraction of the currency. It its icodlesH to hope for any appreciable ncrcase iu circulation from gold done. All tho gold in tho world tolay would not pay one year's iuterost lpon the bonded indebtedness of the vorld. Dr. GifTcu, tho monomctallist vhoui 1 mention, gives it as his ipinion that practically tho whole aniual production of gold is consumod u the arts and sciences, none of it .1.1: i it ? ? luuiu(; to mo snppiy ot money. Uur >opulution in increasing at the rate of I per cent, a your. Tho per capita tupply of our metal coin must each luceet diupr year become less anil less, .'rices must continue to fall and debts jecomo harder to pay. Tho result is is certain as tho laws of Newton and \opler, us sure and relentless as fate. Tho value of all money is dependent ipon tho elements of valae vested iu t by tho law,which are its legal tendor pialitios and its debt paying power is uuusurod by tho quantity of tho legal enders. Under the Act of 1873 tho piantity of silver dollars was theu and here fixed, and unilor tho Act of 1893 t is prevented from being further onarged. Hilvor has been reduced from i mouey to a commodity. This couury is now upon a single gold basis; as nuch so as England and Germany. Ho, then, tho fact confronts us iu all >f its fearful reality that under tho avs upon our statute books thomonoy d the people will year by year bocomo career and scarcer: commodities will [row less and lessiu value; all industry till be baudicappod with tho almost ertaiu loss of a failiug market. In a rord, this fair country, with itsboundess possibilities, which should bo tho Lotno of millions of happy, contented, ,nd prosperous people, will fall a helpess victim to blighting, merciless legslation. Onr silver mines are ready nil Huxious to opon their stores of realtli; bnt no ! And why not ? Boauso gold r.crmits rival, is jealous of ts monopoly, and wishes not for its iaily growing greatness to becurtailod. Cho loss money thuro is tho butter for hose who have it is a faut too strong o be rosistod by those who are iu portion to profit by it. Now the question arises : Cau the Jnitcd States, without the co-operaiou of Europe, safely venture upou the reo coinage of ailver?as the Senate ubstituto proposes ? The great need of this government 9 the iufusiou of some of the Monroe loctriuo courage iuto its financial >olicy. Wo boldly anuouueo our llat hat no foreign hand shall lay hold of Lmerioau soil or extend dominion aleady acquired, and we staud prepared o maintain it. Tho great heart of the latiou beats responsive to tho declaraion. But when the proposition is suggested that wo exercise our indetcnJonce by establishing our own ourency, we are seized with timidity aud lalted with dire forobodiugs aud given usions of all tho horrors of a debased tod dishonored currency. Wo aro told hat wo dure not run counter to tho iunucial systems of tho great powers >f Europe. Prophecy is tho last rouge of a defeated cause. Tho future s invoked, armed with all mauuer of (angers aud calamities, and employed o induce us to tako counsel of our oars. It is very odcotive. It is toluy restraining thousands of our citi;cus from declaring for the remonetiation of silver. Their timidity is not ustitied by the conditions. If ever a icoplo were in a position to work out IH'.II uwu Jiimin-illl sui villi I >U It lb ttllH eoplo. We have 70,000,000 popululou, only a little lesa than the coiu iuod population ot' Grout llritaiu aud France. Wo have 11,000,000 nqu?ro niles of territory. Our per capita inlobteducss iu loss than that of auy of ho great powcrb. In each of those counties, its per :apita indebtedness lurgcly exceeds its >er capitiu of coin, whorcus our per npita of coin exceeds our per capita >t indebtedness by nearly $4. Wo furlish Europe nearly one-half of its iredstuffs and three-fourths of its lotton. Our supply of silver is only no-third of hois. It seems bold iuleed to UHsert that thiH great country, o marvelously favored, so 'i'itaoic in ts enterprise, the foremost nation c?f ill the world, should not bo able to Leep at pur its silver metal b aring lie stamp of its mint. For more tlmu , century it has done so, and at 1(J to The people of the United.States are lot afraid of it in their domestic afairs. The great bugaboo held op to is is tin- effect of free coinage upon 'oiviiMi exeh infre. At l?ext. f..i. ci ? - tc ? ? v,nu v * hiin^f H!iu)'iiits t > scarcely iuni?o tlinn > | t r cent, of tin. l?:ihiih'Hstr.Hiisiicti jns I the woriii; and almost the only iiini; Unit v/onlil lie acc?in}tlislii<ii liy lie iaijioyi-il)!" fiitcus of interliitioiml I iinclalli:* agreement is mterintioiiiil cM'liiiiy . It all other re;ji* i ts ca.'h I'ouiil!y is fr. jin.l 11..!? t I li:'? ' i >1' i I s?'l f. a*. !. i '; :nu: t nfmit.Iy i ir:i ii ( << ;j ^ ar.J - i,i ; \ . :rojii', .:i .:jj ' Allien to-'. . atI: :!. any ;> < r ; ir ! . . ?t ail store* i!i ' I 1 I t :;? I I t : ! I , . i Ve . it . i i ii . i* . ! , i. i; i !:. i: 11 < ' fill ' i ' i! i.'H. .v i!. :i> > n j'.v i :i ' i K ON sixth