The people's journal. (Pickens, S.C.) 1891-1903, September 03, 1896, Image 1
6 6
THN PEOPL..H' S JAL K
VOL -O 3,2 1PICKEIN S, S. C., THURSDAY, SE1TTIM 8LR its6 NE1OLR ER
Bryan's Great Speech
At Madison Square Gar
den.
ICONC[LUDig.)
IIOLDEICS OF .'IXIlND INVESTAMINTS.
Even the holders of lxo3d invesments
though they gain an advantag frOIn
the appreciat ion on the dollar, cortain
ly see the injustice of the legislation
which gives them advantago over those
whose incomes depend upon 1,he value
of property and products. If the hold
era of fixed investments will not listen
to arguinents based upon justiCo and
%quity, I appeal to them to consider
the interest of posterity. We do not
live for ourselves alone; our labor, our
self-denial, and our anxious care-all
those a-e for those who are to conic
after us its much as for ourselves, bult
we can not protet: our chi ldreni be ond
the period of our lives. Lut thoso who
are now reaping advantage frotm a
vicious financial system reinember that
in the years to com their own ehil
dron and their children's children
may, through thie operation of this
saie system, be made to pay tribute
to the deseendants of those who are
wronged to-daty. As against the main
tenance of a gold standard. either
gpermanently or until other nations
can bu united for its otlerthrow, the
Chicago platform presents at clar
and emphatic demand for the ininuet
UIe rostoratlion of thC free and unliuit
I coinage of siivcr and gold at the
y ,int legal ratio of 1 ( to 1, v ithout
wai,'- fo'r e aid Or consent of any
our nation. Wea.ro not asking that a
new cxperiment bd tried; we are in
sisting ou a treturn to - financial policy
approved by the experit rice of b istory
and supported by all tWo prominent
statesion of out- nation, frdik the day
of the first President down 'po 1873.
When wo ask that our mints b open
ed to unlimited (oinage of silver imto
full legal-tender money, wO are siampiy
asking that the same mtint privileges
be tccorded to silver that are now ac
corded to gold. When we aik that
this coinage be at the rato of lii to 1.
we simply ask thuat Out gold ci 1s aii
the standard silver dolltr, which, be
it renenbeired, contains tho same
amount of pure silver as the first
silver dollar coined at our mint., re
tain their present weight and linenecs.
THE'y BHIMITAljlIU THKlOlRY.
The tlheoretical advantage of the
bimetallic systeam is best stated by a
European writer on political economy
who suggests the following illustra
tion :
A river fed from two sources is more
uniform in volume than in a river fed
from 01ne souirce--the reason being that
when one of the feeders is swollen the
other may be low ; whereas a river
which has but one feeder must rise
or fall -with that feeder. So in the
case of bimtetallistm ; the volume of
metallic money receives contributions
from both the gold and silver mines
and therefore varies less ; and the dol
lar, resting upon two metals, is less
changeable in its purchasing powor
than the dollar which rests upon one
metal only.
If there are two kinds of money the
option must rest either with the debtor
or with the creditor. Assuming that
their rights are equal we must look at
the interests of society in general in
order to determine to which side the
option should be given. Under the
bimietallic system gold and silver are
linked together by law at a iixcd ratio,
and aiiy person or' persons owning any
quantity of either metal can have the
same converted into ftull legal tender
mnoney. If the ct-editor has the right
to choose the metal in wvhich paymwent
shall be made, It is r-easonable to sup
pose that he will rquire the deobtor- to
paiy In the dear-er metal if there is any
poricepti ble d ilference between the
bullion values of the metals. T1his new
demand created for the dlear-er metal
wvill make that metal deairer, while
the decreased demand for the cheaper
metal will make the metal cheaper
still. TIf, on the othier hand. 'lie debtor
expre-ised the option, it is r'eatsonable
to supp)lose that lie will paty in the
cheaper metal if one muetal is plercepti
bly cheaper than the other-; but the
demand thus creiated for' the elheaper
metal will raise its price, while the
lessened dlenmuid for the dearce .netal
will lower its price. In other words,
wheni the creditor hats the optioni the
metals at-c drawn apartI, whereas when
the (debtor hits the optionl the metatls
are hield together appr)ox i mately att at
ratio Ii xed by law ; prov ided, thte doC
mand cireated is sullicicnt to absorb all
of both metals p)res(ented at the nimit.
Soetety is, therefore, interested in hav
Ing the optlin (exrciised by the debtor-.
Indeed, there can be no such thing as
r'eal bimetallism unless the option is
exercised by3 the dlebtor-. Tihe exercise
of the option by the debtor compels
the creditor classes, whether doumestic
or for-eign, to exert themselves to
maintain the par-Ity between gold and
sil vet- at the legal ratio, whereas they
might find a profIt in dr-iving one oh
the metals to a premium if they couIld
then demand the dearer metal.
The right of the dlebtor' to choose
the coin in which payment shall be
maido extcflnds to oli gations duno fromu
the gover'nt dis well as to the ecm
tr-acts betwooni nd ivi'duats. A goivernii
ment (obli gation i siply a dlebt ci h
from all the people to (one of the peen
1110 andl it is imipossi ble to justify
policy w hich matkes the Iintereste of
the one person who holhds the obliga
tionl sup1)rior to the r-ighits of the muany
wvho must be, taxedl to paiy for it. Wheitn
prior01 to 1873, silver wais att ia priemnium
it was never' contendied that nationa
honor r'equtired the p)aymeint of Govern
ment obl1igatiaons in salver, and th<
Matthews recsolntion, adopted by (Ion
gress In 1878, expressly asserted rh(
igh t of the UJn Itoed States to redeemi
colin obl Igationis in standardt-il lver- dol
latrs as well as in gold coin.
Uponl this siubject the Chiicago plhat
for-m reeds: " We are opposed to th<
policy and priactico of surr-ender'ing ti
holders of obligations (If the Unite
States t he option r'eservedl by law ti
the Government of redeeming sucl
obligations in either silver coini (It gob
coin."
It is constantly assumed by some
that the United States notes, com
touly called greenbacks, and the
Treasury notes Issued under the act of
1890 are rosponsiblo for the recent
drain upon the gold reserve, but this
.assumrption is entirely without founda
tion. Sorotary Carlisle appoared
before the louse Gommittee on Ap
)'0pliatihlon on January 21, 1895, and
I quote from the printed report of his
testimony before the committee :
" Mr. Sibley-I would like to ask
you (perhaps not entirely connected
with the matter under discussion) what
objection there could be to having the
option of rudeoming either in silver or
gold lie with the Treasary instead of
the note holder ?
" Secretary Carlisle-If that policy
had been adopted at the begining of
resumption--and I am not saying this
for the purpose of criticising the action
of any of my predecessors or anybody
oise-but if the policy had been adopt
ed of reserving to the Government at
the beginning of resumption the option
of r'edconing in gold or silver all Its
paper presented, I believe it would
have worked boneticilily, and. there
would have been no trouble growing
out of it, but the Secretaries of the
Treasuiry from the beginning of re
sumption liive pursued a policy of re
doomeuiing In gold or silver at the option
of the holder (if the paper, anid after
wards attemipted. to change that policy
and force sihvor upon a nian who wniti.
od gold or gold upon a man who wantud
silver, and especially if he had made
that attemnpt at such a critical period
as we have had in the last two ye.ars,
my judgment is it would have been
very disastrous."
I don't agree with the Secretarv
that it was wise to follow a bad ore
codent, but from his answer it will be
suon that the fault does not lie with
the gruenbacks and Treasury notes,
bIut rather with the executive ollicers.
who have son lit to surrender a right
which should have been exercised for
the protection of the interests of the
people. This execuitive action Las
already been made the excuse for the
issue of more than $250,000,000 in
bonds, and it is impossible to estiiate
the aLoillit of bends which may here
after b' issued if this policy is con
tinucd. We are told that any attempt
ulpon the part of the Government at
this time to redeem i',s obligations in
silver would put, a premium upon gold.
but why should it" The Bank of
lPrance exercises the right to redeem
aill bank paper in either gold or silver,
and yet l''rance maintains the parity
between gold and silver at the ratio of
l54 to 1, and retains in circulation More
silver per capita than we do in the
United States.
It may bo fir'ther' answered that our
opponents have) sugested no feasible
p!an for avoiding the danagers whilch
t1hey feat. Thu retirement of the
grecnbacks and treasur'y notes would
not protect the Treauury, because the
same policy which now leads the Secre
tary of the Trcasury to redeem all
Government paper in gold, when gold
is demanded, will require the redemup
tion of all silver dollars and silver cer
tilicates in gold if the greenbacks and
treasury notes are withdrawn from cir
culation. More than this, if the ("ov
ernnont should retire Its paper and
throw upon the banks the necessity of
furnishing coin redemption, the banks
would Ceercise the right to furnish
either gold or silver. In other words,
they would exercise the option, jnst
as the Government ought to exercise it
now. The Govornment must either
exercise the right to redeem its obl i
gations in silver whenl silver is more
convenient, or it muast rotive all the
silver and silver cortificates from eir
culation and leave nothing but gold as
legal tender money. Areo0ur opponents
willing to outline a financial system
which will carry out th'eir policy to its
legitimate conclusion or will they coma
tinue to cloak their designs in ambi
guous p hrases ?
('LAIMS i'OIltUIaM17TALL1SM.
Ther'e is an actual necessity for
bimaetallIism as well ais a theoretical
dlefense of it. D~urinag the last twenty
three yearms legislation has been creat
ing an additional demand for gold, and
this law-created demand has resulted
inl increasing the purchasing power of
ech ounce of gold. The restoration
of bimietallism in the United States
will take away from gold just so much
of its purehasing power as was added
to it~ by the deamonetiztation of silvor
by the Un aited States. The silver doal
lari is now hel u( mp to the gol dollImar by
legal tendeir laws, and not by redeamp
tion). ini gold, because tbe standaard
Silver dollamrs are not now redeemable
in gold either by lauw or administrative
policy.
Wo~ contend that free and unlimhited1
coinage by the United States aloae
will raise the bullion value of silvor'
to its co iage valuac, and thus amake
silver bull ioni worth $1.21) p~er ounce in
goldl thmroughout the world. Th is pro
postitioni is in keeping with natural
laws, not in deliance of theam. The
best knowan law of commerce is the
law of supply and demand. We r'ee
ogn izu this law and builId oua ar'gu
mencat up)on it. We apply this law to
amoney when we say that a red uction
in the vol uam of money will raise the
purchasing power of the dollar ; we
also appilv the law of supply and~ (10
mrand to silver wvhen we say that a noew
dlemand for siivear ereeted by law will
raise the priee of silver bull Iion. Gold
and silvorea are dihfere n t f roan ito or
coanmod ities in that, they are Iimanitecd
in quanuti ty. Cor'n, wheat, manu-~ i
factuaredl producmts, etc., can be praodume
can1 be suiold at a pe'ico sullicint to3
stimanualate prodii uction, but gold and
silver are ca~lld precious mnetauls lbe
eauwe th11ey ae found11 -nomit prmoduaced.
These metals :ave been the objec's of
an x :iu xearchl a's faar bac'k as ni-itory
runs, yet, accori'n g to Mr I. H1:a'vey's
ealculattion, all the goald eoin of the
wo'ld can be amel ted into~ a twenty-two
foot ceuhe1 and all thme silv era coini in th e
world into, a sixty-six-foot cueti'. IHe
(OaOsO goldl iand sil ve ' rae almited,
botih aIn the q uatity no.aw in Iianrd
-umi adIn the aanniual pr'oduction, it
follows th at legish tloan can lix lbhe
-iratio) between them. Any puarchaser'
who stands ready to take the entire
3 supl~~y of any given ar'tich- at a enrtainm
> falling hoelowv that. picei. '' th Gov. C
a cmrnmentt cuan lix a prie for' gold *ad
I silvet' by cr'eatinag a deandn greater
thnan the snnply. I believe that sever'al
nations, by entering Into an agree
mnent to coin at a fixed ratio all the gold
and silver piosolted, can maintain the
bullion valud of the metals at the mint
ratio.
When a in ut prico is thus establish
ed it regulates the bullion price b(.
cause any person desiring Coin m3ay
have tle bullion converted into coin
at that prieu and any pei-soil desh'ing
bilion can secure it by niolting the coin.
'ihe only question upon 'whichA interna
tional biinetallists and independent,
bimetallists dit1fer is, can the United
States by the free and unlinited coin
age of silver ILt the present legal ratio
create ia dentand for silvor which taken
in connection with the demand already
In existence, will be siullicien.to t-utiliz
the silvor that will be presented at
the mints ' They agree In their do
fense of the bimetallic principle and
they agroo in unalterable opposition
to the gold standard. IternatiOnal
bimetallits can not complain that free
coinage gives a buleeit, to the min1
ownter because interlational bi metal
lisMn gives to the owner' of silver all
the advantages offored by indepondent
biuotallism at the same ratio.
International bimetallists can not
accuse the advocates of free silver of
eing " bullion owners who (esiro to
rnisc the value of their bullion," o
debtors who desire to paty their debts
in cheap dollars," or deiagogliu
who desire to curry favor with the
people." They must rett their opposi
tion upol on ground only, tihat, th
MIuil''Y Of siiver availale for coina"C
iz, too large to be utilized by the United
States.
THlE USE, OlP MNONEY.
In discussing, this question wo must
consider the capaity of our 1t)o1e to
usc silver and the quantity of silver
which can cono to our mints. It must
be rementbered that we live in a coun
try only partially developed and that
our: people far su rpass any equal nui
ber of pcople in the world in thei r
power to consulite iland produce. Our
extensive railroad development and
enIroilOus international comlerce must
also b- taken Into consideration. Now,
how miuch silver can come here ? Not
the coined silvor of the world, because
almost all of it is more valuable at this
tiu in other lands than it will be at
our imints under free coinage.
If our min ts are opened to free and
unlimited coinage at the prOsent ratio,
inerchandiso silver can not come here
because the iabor applied1l to it has
made it worth more in the form of
merchandise than it will be worth at
our uinits. We can not even expect
allt of the annual uroduct of silver be
(auso India, (ilina, Japan, Mexico and
ail the other siiver countrics inust
satisfy thir annual needs from the
n unual product,; t lie arts will require
a large aiount and the gold-standard
collntries will lcel a cois iderable
quantity for subsidi ary coinage. We
v.-ill he required to coin only thalt which
is not needed elewhel-e ; but if we
stanud ready to take and utilize all of
it other nations will bi comipelled to
buy at the price which we lix. Many
fear that the opening of our mints will
be followed by the enormous increase
in the annual produotion of silver.
'Phis is conjecture. Silver has been
used as money for thousands of years,
and during all of that time the world
has nover suffered from an overproduc
tion.
IV.
ff for any reason the supply of gold
or silver in the future ever exceeds
the requirements of the arts and the
needs of commerce we confidently hope
that the intelligenco of the people will
be sulicient to devise and enact any
legislation necessary for the protec
Lion of tile public. It is folly to refIse
to the people the money which they
now need for fear they may hercaftei
have more than they neced. I am firmly
convinced that by opecning our mxints
to free and unlimHIted cci nage at the
prlesent r-atio we can er.;ate a demand
foxr silver which will keep the pirice of
silver bullloll at $1.21) per ounce,
measured by gold.
Seome of ourl oppDonenits attribuite the
fall In theo value of silver when measur'
cdl by gold to the fact that dlurinig the
last quar11telr of a cenltur'y the wvorld's
supl of silver has( inlcreaLsed mloreC
raplidly than the wvorl's siupplly of gold.
Th is ar'guiment, is entLirolyv answer'ed by
the fact that dluring the 'last live years
the arnnual pxroduction of gold has in
creased mioroe xrapid ly than the annuixal
prloduction of silver. Since the gold
pice of silvet' has fallexn more'C(I dring
theO last fiv e yeats than it ever fell In
ainy ptreious Iivio years ini thle hIistotry
of thxe world, it is (ovident that the fall
is not duie to I intcased prloducntion.
l.rices can be loweredl as eleetually by
decreasing the demand for ani article
as by Ineasing the supplly of it, and
it scmls certain thlat the fall in the
gold prtico of .siver is due to hostile
legislationt antd tnot Lo natural laws.
SilIl'Mi:NTI 01-' C0l,).
Ourt Ooonets canl not ignor'e t~he
fact thlat, gold is now going abroad, in
spite of all legislation intetnded to pro
vent it, and no silver is being coi ned
to take its placex. Not only is gold gointg
abroad niow, but it, must continuio to go
abr'oad as long as the present, lnancial
p~olicy is adhered to, unless we eon
tiniue to bortrow ftromx acr'oss theO ocan,
and evenx thben we simtlply postpone the
evil, because thle amoulnt horirowed,
togel-hexr with i ntoerest upon01 It. muxst
be paid In appr-ciating dollars. TIhe
American p~eo)pl now owe ai large sumtf
to l'urtopeatn r'ed itor's, andl fal ling
pricols have ieft a larger and larger'
ando larger' miargi n between ouri not
naitional I heomO nnd11 OurP il antial tin
lt~eI charxge. Thuere is only One way3
to stoph the increas5i ng flow of gold froml
our11 shorr. 5, andio that is to stop falling
prices. IlTho res-toraltion of bimetal
l ismi will notO oly stop falling prices,
butL will, to, some 'x telnt, rt-toro prices,
by~ -'o reduin~g the wvold's dlemanid fox'
gold. If it \is arIgued tha~t a r'ise Iin
ptrices lessens the valune of tile dlollars
whIiich we payL3 to onur crt- orItus, I r-eply
tha, t.In the bahan-i ng of equli ties, the
AmHerP~ica people hiave as mhIel righlt
to favo'r ai Iinacia~tIl sysiteml wi ch will
mita Lin ort reCstore prices as foreign
riitots haxve- to ills st upo a )li Inan
ci al ajy stm that, wi' redce ~ prices.
Illut the~ intae-sts of society aro' far
suxperior' to the iterel'sL of (e ither
debtor's 01' eCe "cltots, antd the i ntereCsts
of society demand( ~ I illanci al systemi
whicit will addlu to thex volumte of the
standari~ld moneyl'1 of thbe worldt, antd thus
retstor'e stability to pr'ices.
TillE F'I-T Y-CaN'NT LJ0,1A IR.
Pehasthe mo:~st persistent mis
is th0e charge that we are advocatinj
the pa; miots of debts 1in fifty-con
dollars. At tli prosout, time at
under presont law's asilver dollar whei
melted los nearly half its value, bu
that will not he true when we agait
ostablish a mint pr!vo fot silver am
e14ave no surplus silvet' upon the m11ar1
kot to drag down the price of bullion
Under biicta0llim silver' bullion wil.
be worth as much as silver coin, jus!
as gold bullion is now worth as muel
as gold coin, and we believo that al
sl!ver dollar' will be worth as much at
a gold dola'.
The charge of repudiation comes
with poor. graceo from those who arm
seeking to add to the weight of exist.
ing debts by legislation which inake
mlioney dearer. and who conceal thei r
designs against the general welfarc
nlider the pretense that they atre up.
holding public erodit and national
honor.
TI'lU FiAi'T 01" (OL).
In answer to the charge that gold
will gio abroad, it mua1st be remembered
that no gold can leave this country
until the owner of the gold receive5s
something In return for it which lie
would rather have. In 0 other Words,
when gold leaves the. country those
who formerly owned it will be bene
tited. There is no process by which
we cal be compelled to part with otur
gold against our wil, nor is there any
)Iocess by wihfeli silver can be fotced
upon us without our consent. Ex -
chatnges rl-C imlatters of agreement.
anid' if silavi collies to this (coullt,
u cdet ft'e coinage it will be at tl'
inavitation of s;ome one inl this counitry
who will give. somuetli og in exclaig'
for it.
1lose who deny the ability Of the0
United States to maintain tIe parity
between gold and sil ver' :It the tprseint
leval ratio without, fo'eign aid point
to Mexico and assert that the opening
of out' in ints will redllce Is to a silve
basis and raise gold to . prminm. It
is no t ii -e.!tion it. -v on ,. 1.a ,
to rnom nau our, people that the United
Stater is illich greater than Mlexjeo In
area, inl popult&lain tnd in commercial
strent th. It is absurd to asset that
the U i ted States is not able to do any
thing which Mexico has failed to ie
comnlplish . TIle onem thing necessary in
otdel to nm1.intain the parity is to fur
tishlimt demand gr'eakt CnoUgh to ultiliYe
all the silver 'which will coie to the
mints. That Mexico has failed to do
this is no proof that the United States
would also fail.
It is also argued that since a num
her of the nations have demonetized
silver nothing can lio done until all of
those nations restore biietallism,.
This is a'.so illogical. it is lniaterial
how many or how felv nations hav.
open iminils, provided there are su f
icient open m ints to furnish a mon
tary demand for all the gold and silvet
available for coinage. .In reply to thc
argument that imnproved machincr
has lesselned the cost of producit
silver, it is bullicient to say that ,in
same is true of the production o
gold, and yet notwithstanding tha
gold has risen in valtie. As a mattei
of fact the cost of production does no
determine the vahtm of the preciou
metals, except as it may affect thi
supply. If, for instance, the cost o
producing gold should be reduced U1
per cent. without any inereasc in thi
output the purchasiig power of a
ounco of gold would not fall. So long a
there is a monetary demand sufllicien
to take at a fixed mint price all tll
gold and sliver produced the cost o
production need taot 'te considered.
It. is often objected *that the price;
of gold and silver can not be fixed it
relation to each other because of thi
variation in the relative production o
the metals. This argument also over
looks the fact that if the demand fo
both mnetals at a fixed pr'ico Is gr'eate
than the supply of both, relative pro
duction becomes Immaterial. In thi
early part of the pr'esent century tht
annual pr'oduction of silver' was wortha
at the coi nage ratio, about, three timie:
as muach as the ILauaJl productioni o
gold ;wher'eas, soon1 afttir 1849, the ana
nual pr'oductiont of goldl becameo wort.h
three timnes as umuch at the colnaig
rat-io as the annual produlction of silvor'
and yet, -owing to tho maintnanmce o
the bimetallic standlard these enor mous
changes in relative prloduction had but
a slight effect upon1 the r'elative valum
of the metals.
TVilE P'OOR MItN E OWNim.
If it is, as assetrtedl by Out' )lopoenlts
that the tfroo coiniage of silver' is in
tendied only tot' the benefit of the min<
(iwneris, it mnust be recmemb~er'ed thal
free coinalge can nott recsto~re to th<I
ine ownieris any more thlani demoneti.
ztlin took away :and it must al1s
be r'emem iibered~ that the loss which thc.
demnonetizationi of silverci has btroughat
to) the mine ow net's is inishLnificatt
compartliedl to the loss which th'is policy
ha is brought to the recst, of the people.
The r'estor'ation Of silIver' will bring tc
the peoplle genetraly 13mantiy times als
muiich ad vanltage ats thef ine fl owniers
can obtain fr'om it. White it, is not
the purpose of free coinnuge to. esp~ecial
ly taid any par'ticumlar class, yet, those
who believe that thme r'estortation of
silver' is needed by tlae wholo peCople
should not be deterred because an ini
cidental beniefit will comec to the mineti
owner. TIhe oretiotkn of torts, the
deepen ing of liar bors, the improv
mtent of r'iver's, tibe eretion of putbl ic
buildings-all tlbeso conf er' inceidental
benefitsi upon)1 individutals and~ c~otmmluni
ties, and yet, these incidental beneofits
(d0 not deter us from mauk ing apprto'
prialtlins for these pur1p'los.' wvhenever
such appr~topiaitionis are'( n1ecsary3 tot
the pubbe i good.
JlThe argu1itmnt thaLt a silver' dollar' a
heavier' tLhan~ a ze!di(~ dllar..I and that
thlerecfore silIvetr is Iless coi n t int tc
carryt' inl large <iutltatties, is c'omtetico
ly answered b.y the .silIvet' cer'tifIicate,
whiebic is as ontsily3 Catrri ed as the goldl
certilicate or' aniy othber kind of papil
mnoney.
QU US'TION OF tf.ATIO.
Thet'e are somoe who, while admit
ting thle hencefits of bimnetllismn, ooject
to colnago alt the priesent ratilo. If fln
are't dceivedI hby thlis objetioni thiey
ougltht to reLmfemberct that. ther are ml' t
hbirruetatlis'ts who ar he ;';rm.-tly it
demavori ng to seuret it at anmy tthm c
aniy chmatnho in the~ r'ai o fit' two reasj~onsp
lir tst, beca use aI cib;tn , w oud ~p roduct1
i! reCat injus 'ti('e, andt . w'cond, hao'ausc,'
ellected in thU t;mnner utly~ vsugk
gested, it woul r ul t in an e nnom
contr'action imn ib voluml~o .of standari
money.
f. (or liinen. it was dridedinr b
f international agrecmenot to raise the
t ratio tlrou".gh out, the world to 32 to 1,
I the change night be eifueted in ony
I one of .three ways - Tle silver dollar
could be doubled in size, so that tile
k [low silver dollar would weigh thirty.
I ,wo tilaes as much as tie present, goid
dollar; or the present gold dollar
could be reduced one-half i. weight,
so that the presetct silver dollir
would weigh thirty-two times as luch
as the now gold dollar ; or the change
could be made by increasing the size
of the silver dollar and decreasing the
size of the gold dollar un1til the ne0W
silver dollar would weigh thirty-two
as much times as the 11W gold dollar.
Those who have advised a change in tihe
I'ati(o have Usually suggested thILt tile
silver dollar be doubled. If this change
were made it would necessitate the re
coinage of four billions of silver into
two billions of dollars. There would
be an ililmeldiate l'ss of two billions of
dollars, either to individ uals or to the
Government, but this would be the
loast of the injury. A slrinkage of
one-half in t-he silver mone; of the
world would 1ea a shrinkage of one
fourth in the total volume of metallic
toney. This contraction by increasing
thA. value of the dollar, would virtually
increase the debts of the world bil
lions of dollars and deeaaso still more
the valuo of tile property of the world
ts mncasured by dollars. Besides this
imled iate result such a change in the
ratio woufld permanently decrease the
annual addition to the wolId'S supply
of molley becau.so tle annual silvelr
tIroduet when Coined into dollars twice
at- large would make only half as many
dlolhs
'Tle puople of the Ulited States
wolid be injured by a change in the
ratio, not becauso they lrtl1ce sih1 l'er.
but because they own property aId
OWO debts and they can not aford to
Lihus decrease thevalue of their prop
(ety or increase 'the burdll of their
debts.
MORE I MON IlY W A N'1T'1).
In 1878, Mr. Carlisle said : "lankimind
wli hie fortunate, ind eeld, if the na1lil
production (if gold and silver coin shall
keep piaee with tlh anmmol increase of
population and industry."
I reocat thi. isserwtion. All of the
gold and silver allnulily av:ailable for
coinage when converted into Coin at
the present ratio will not, in my judg
Imlent, more than) supply our mllonletary
n)ed4s.
Inl supporting the act of 1890, known
as the Sherman act, Senator Sherman,
onl .Junie 5, of that year, said :
"Under the law of loebruary, 1878,
the purchase of $2,000,000 worth of sil
ver bullion a month has by coinage
produced annually an average of near
ly $3.000,000 a montuh for a period of
twelve years, but this amount, in viesv
of the retiremoent of the bank notes,
wili not increase our currency in pro
portion to our- increasing populatiou.
If our present ecu rr. uiny is estimated at
$1 ,-000,~000, mand our. populationl is in
rertsing at trin ratio of : per cent. per
annum, it would require $42,000,000 in
creased circulation each year' to keep
pace with the inerease of population,
but as the increase of population is ac
companled by a still greater ratio of
increase of wealth and business, it was
thought that an i mmiediate increase of
) circulation might be obtained by larger
3 purehases of silver bullion to an
I amount suIlicient to make good the re
i tiroment of bank notes andI keep paco
L with th. growth of population. \ssuman
3 ing tlIt $,000,000 a year of auld itional
currency is needed upon this basis,
that milount is provided for in this hiill,
by the issue of the Treasury notes in
exchange fo- bullion at tile market
prico."
If tile United States then needed
- more than $42,000,000 ainually to
keep pace with the poplation andl hus
*ineCS, it now11, w it~h a laurge r populIation,
neetds a still grcater anl)nual addition;
3 and the United SItates is only 0)no na
tion amon~g manlly. Our opp~lonents
matke nlo adequtie IprIovisin for in-l
Icreai ng tile mlonetary needis oIf tile
fwor'ld.
CJiIANGi- Ir OA' i'ol t:NNi~cCISS;ARY.
In the~ sceond place a chlanlge Inl tihe
ra~ti( is not, neceessary. Ilostile legisla
tionl has decreased tile demnand for silver
and1( lowcred Its prIieu whlen Imeasured
by golod, while tihis same hostile legis
lati).), by incasinlg the dlemanid for
goldi, hm,~ raisedi theo value of gold when
measur1 ied by other forms (If property.
We are told that tile restoration of
imeItiall isrm would be a hardship uIpon
thlose who have enteredl into contracts
pa~yable Inl gold coin, but, Ilhis IS Ia miS
take. It, will he0 eaIsier ton obtain the
gold wvithi whIich to mlect, a gold conl
traoct wh en mo10st, (of Lthe1' pople ennl use
silver, than~i it is now11, whe lolevery oned
is trying to secure gold.
Th'le Chicago latforml expriessly de
claries in fav~or (If su1 c legislattio asI (
may0. be nlecessary3 to pre'ventl, for Lihe
fu tu)re, tile de'monetiza.1tin oIl(f anyv k inld
of lega(l-tenderl m~oneyC by private con
tract. Such contracts are (Ihjeetedl to
oni thle grond1 thiat, they are auga ins-t
puiblic policy. No) (onlt querstions the
righlt (If .Legslaturmes to lix the rate of
intcarest whilch can he collected by Ilaw;
thlere is far mlore reason for- prevenlting
pri vato ind(1ividutals from setting asio
Is by3 law mad1(1 a legal-tender'mIlust in
tile course of oirdinairy business5 be ae
eoptedl by ninoty-In ie out oIf every I 00I
persPonls. Why13 shld1( the (one hun1
dth li maln 1b( pleriltted tn 'eempt
hIimsol f fa rm tihegeneral ruIale '? Sp-ci al
contracts hlave aL tendlley to inclrease
th~e dIemalnd~o for aL palrtieular' kind of
money03 anod 1.h1us for'ce it to a pIremion11.
Hlave naot, the rlenn0l Ia righlt to say
thilit aL(0)1 copIlti veiy fewl individiuls
shal lolt be permaIited to deranl1.- thne
ilinanCial systmi. of th.' naition, in order
to collect aL premium in Iiase( thei suc
ced ha forcing one kind (of maolney to ai
premriuma ?
Wva''ti)~Ib\A -Sol'' lOANS.
Th.lere is an~othler alrgoument to wihl
I ask your a ttcention. Some1 (If tile
moreii z.ealolts optponents (If free coinage
po1 it to tile fact, thatt tilrtoon mon~th5
ImuLst maps1o( beOtweel tile election and1(
the I first reguiliar session0 of Congress,
a ind assert that duing thiiat time. ini
in-e Lthe Ip dle : iin faivorm o'ff-e
(1cIoinge nil1 loarm~ wlill be0 vi t~ihdra
and!' aI2 l'i -Mais fori'elt-,d. If Lihese
are nore 1po *Ome 0 inliged in by
bore- wh I hi.Ii. v finrg-lt.i n tihe' provi
- ,i*'of m *~.,iuto. it will be0
i l'raidnat ilpowed m to colliene
ICongrens in extraiordoinar~y .esionm
whienever the pulic good r'equires
V such action. If, ini Noenmher, til
peoplo by thei' ballots declare thei
4elves in favor. of the iinnlediato resto
ri'iLL'on of bIlilotal I Isi, the system can
he inautigurated within, a few montlis.
If, however, the assertion that loans
will I withdiawn' and iOi'tgag4e.3
foreClosed is made to prevelt such
political actioni as the people inay
bel ieVC to bL iecel-Isary for the lwcser
vatiolln of their i' ts. thon a new and
vital ihSsue is raised. Whenever it Is lee
esstry for tie people as a Whole to ob
tain conseunt froi the owiners of money
and the changers of money befoi e
they can legislate upon liial ques
tions we shall have passed( from a tdiim
oei'ey to a plutoriity. HIut that t,ille
has not yet aLrived. 'Tiul'eats and inti mi
dativns will he Of n1) avail. Tho people
who i lii rvjected the doctrine that
king-s ruiled by right, diviune, will not in
thiis gene'ation ull cr h'C'i be to Ia Iocti ne
that money is o'uinipotent..
Ill Conclusion, perin it, mu to (ay it,
word in i't'LrILI'd to internationaIl bi met
allisimi. We arc not oppoued to an
international agreetili U looking to
the restoration of biitetallism tirough
out tie woriild. The aivocates of free
coinage ILhave oi all ocelsions shown
their willing ness to co-opurate With
other liatiolis in the reistatelmtcient of
bilver, but they are not willing to
aLwalt the pleasrlo of othelr govern
Ients whlen imtinlediate r lief is needed
by the people of tihe United States,
and they fiither hlieve that inde
penldent action otfers be(tterI assuran111ce
of I ite'na tionail h;lietallisim thanl
servile deplindene upol foreign aid.
Por 11ore thani twenty years wo have
inlVited the assistaice of li'n-opean tilL
tiows, but,ll i'progiess in tle direction
of international hiietallisitm halls be it
h',eke2d by.N the(- oppoIsition (If those. Who1
derive a pecii:u-y belielit from tile
apl'eetO of oh(). [low longr mutst
we witt for himeitallisinl to be brough-It
to ul by thoe who prolit by io(Inommii'
till I im ? If 1ihe0 dolublI stalidard will
btring henelits to Our people who will
deny th bei tle right to enijoy t.hose
benefits ? I f our opponents willi
adillit the right, tih Ibility and thb'
dity of olr1 people tOaciliiii 01t - for Ithemiiisl ves
I all publie uiestions Without. assis
tance and regardlis- of Lhi wi.'ish's Of
other iations and then propose th e
remedil legi slation wvhl h they eonsid
cred sufficient, We cld ileet thel in
the field of ionoribe iebaite bilt
when they assert, that this nation is
helpless to proteet the rightts of its
own citizens we challenge thenm to
subilnit tLe issue to the ipQopI whose
patriotism has never been appealed to
in vai.
We shiilL lot offe nd other0' 11nations
When we declar the right of tile
Amiieian eiople to goveIn themin selves
without. let. or hindrance firomi without,
and decide oi every queste,ion present(-ed
for their' cols ideration. In taking th is
piosit!ion. VIe simipIly iIimiin1tallini the di
Ity Of -60,0110,000 citizens Who IL ei.
ond to lione inl their cllpacity for self
government.
The gold Standard ILS Compe)IRlled
the American people to paiy an ever
inlreasiLng tribute to tli creditoir Ia
tionls of the world-IL trilite which no
one dares defend. I assert that na
tional honor requi res the United States
to secure juste foi' tll it', citizens as Its
well to do justice to all its cred itors. lor
people like ours, bICsed with L natural
res01rces of sirpassinug riichnes ito pro
claim themselves impotent to franI I
financial saystem su ited to their
(owIt needs, is hiii I ilating beyond tim
power of languago to describ -. We
can not enforce re'spect for our foreign
1oli So long ais we confess ourselves
1111be to fram our own financil
pohecy.
Honest differences of opinion havo
always existed andi ever will exist as
to the legislation best cluelatedl toI
promiote thle publ)1IC weaIl, hut, wNheln it,
is xerciousily asse rted that,~l Lis nition 11
inuist how to the icttioni~l of oltheri
r~iationis- andi necentll the pol11ieies whIiichi
they inlsist upon~l, theC right iof silf-goIv
Crmt i assiled, i55Li i andi ntil thL ILiat,
qu iestionIl is settle ll o 1thber quiesti(Ins
are' insxigni fiennut.
CItizens (If New. Yorik, I have trave'(l
ed from tlibe cnter' of LIh otinenilI lt toI
the Seaboill Lihat, I inighlt., in the very-s
b~eginin g oIf LIIbC e'i uagn in.l g yo'ni
greetinrg fromi tbe peoplle of Lthe West
andil SouitL,, anld assur ie you thatL thir i
diesirei is not to destroy, buit to biuifld up.
They inito you311 to necepit Liii prinii
pIes o'(f Ia living fit h, r'atherIi than1 Iie
deuspaIiri, andl IadIvise endurilanlel oft ills
tha i you haIiIiivi. AdvoentiiLes (If f.-ee
coinaJIge11 blIeve thaIt ini siri vinig tII si
I'li'll th e iintnledliiat ristorioi~In of i
hohalf aLs wll'I ii'. ini lheiir own~l behailf.
A few. of your1i peolo( niaay pi-osp~er
uipoii liih produier-is oIf wealth. 'Thiis
IreLL City is bu11illt uponli the Comilinleree
(If the nlatilon, and1( mulst suIfer if thati
comm11liercc x imii 1red.'I (i YoLucan iot
w.ithi which to buy, andil the ein
niot, obitin tliChe mony wi th Vwhiichi
Lo buy Li unless thbey are' abl toLI
sellLIII h irlproduties ILL renmnierai'Iti ve
lwlies. I ''rouc ltion (If wealt11h goesi
beforo the exechange (if w..eaulthi those
whof I erenate mu lst 50(cr IL Iproli t he fore
Lhbey haive anhythin g to sharei' wVitht
others'I. You Ienni no~t atordi Lio joinI Lthe
cial pol)1icy whiich, bty dlestrolyinlg the
xreationo tath. ivlfXillIh~~e'
inhg. iolumIiail, heri han~hds hoiiiit fati
w.ithi fitters oft gobti(11 lni'he fae ti-n
ed toward'I t c 'ast, appe'ali ng fori
assi.-tanee Lio those-ii who live beyonld
the seIL, but thiis Iigure' cnn never ox
pre'ss ouri idea~i of this nation. Youl
wlold raher~ turn'l for inrspiru l'titit
the her'ole sLIttu whichd guards thie
e'ntraInce to yourli city, aL st'Ltue as pai
tiotic inconiepltIon as it ii CIo.loshal in
IIproortions ; it was the grioueiIs gi ft
Axl merica LI eople.m Thr fiur e' Liii
Idr'ty enhght Len~ill ite1 (Io-hu i IiLjii
amongI I theCI nat Iions of Lii eat hi.
rvsits plowers fr'omi 1,1he (em.sent, lof
the govciene, Sleur'es toI a l ii 1pople
fr'eedomu' lof conscienee, frieed.uomi oIf
thought and freedom of speech, guar
antees equal ribghts to all oa .-oii
special privileges to none, the United
States should be anlt ckatnple In all
that Is good, an(d the leading spirit in
eviry Inovement whioh has for its
object the uplifting of the human race.
'1E1. i 11TION IN TE' STATIC.
Sena11tor -Attsult F'or State Oflleers'p
11ti Congrets.
The following summary is griven to
shfow the result of the primary election
m the 25,1h of August:
The total vote in the Stato is 77,713,
vf which 38,391 roes to 1Rvans, :3t,983 to
lorrlo and 8,369 to 'Juncan. Duicnan
intd Earle's voto Combined Is :9.351
.fiving them 160 VotWs over Iv''ans. It
ins been a close race; one of the closest
iouth Cii roli na has ever known. Here
.s the ollietal vote by counties
Dull
lEvans. 1iI.le. call.
bei'lle. I,115 1,116 51]
Aiken..............1..127 1,014 172
iiderson .......... ,tIA) 1,738 :1(1
arni vell.......... .5: 11 1,198 205
leaufort........... 175 285 28
I vk ! Vy........... . ,2 342 7-1
larloston......... 812 1 .820 119
hester...... . 87.1 (;.1 85
hest ri ........1, y;107 625 9
aredou........ . .. 123
Collton...........I ,SS 99- 2
. 'I in i on... .... l8t; ;2:1 207
lgeliold...... ....183 1.269 15A
I'ai rlte d........... 5(18 -1i,' 1 3
loreice . -... ...... -;.. ; ;73 111
Geotg town ........ I( I 119 2:2
Greenville .........I,.iS3 2,4.1 1m 1
lan' ton I ........... fill .',: 1.1I I F
llol'ry............... 11 1 8 -1 122
Kershaw............ XS (s,59 W
I'lalicasti . ........... 88,-, Sl 211.
LAirens............1.21.1 1,019 2e-'
AuxingtoI........ . .I,401 821 21:
Marion.............1. 2S .11. 1.
hiribor-o'........... 1 +1 I
N cv berry...........9 7611 22
(holene............. I10 71: ili10
( )ingeburg.........1,07 1 ,274; 225
'iekens............. - 701) 3
Salu Ld............1li I , 1
S pa rtn liut rg........ :.10:i tI.-,
Su m i........... 57:3 97. 16
U nion..............1, .tt) 321
W illiatnSburg .....1,07i ;59 1
York..............10 1, ij5e 12
Totial........:18,:1w1 8Y369 S:1;
WVill. 11. 103 lerbe for- Governor hias
64IiO votes: .J oh I"'. Hiarrison, 13,7(05
G. Walt. W hi tiiu, 2,1861. PouI'-fi ftls
of tile Voters dclarheed ill favor. or E'I
lerlhe.
M 3. Me-v ce y is anl appCarent
illnem' tot. Ieutenlant Governor by at
Vo~te of 'H1; l~ againlst 30,361ti ot M. .
\tV. 1). Mi Ield is re-elected" Su per'1 n
ttlmd(eiii. of l."(111lttiuln, receviving .12,099lt
v'IiteH 11g!t inst, 29,109 for' 1I'. C'. It llbillsonl.
-101M GiiJ'y \VattS ree ved 18,1'8m
vol.:s for Adjutant General und It. N.
RIUlihouy 3:3,031.
1). 1iI.Toiiipk ills for. Seeieta'y of Stalte,
.1iLl Ilk's Norton forl C.omiptroer ci Gutneral,
WV. A. 13311-1)(11 for Att-orney T~ier
Wi. If. 'I.'i lnlnerl'linn for State Treas
Ilrer, muid .1. C'. WVii hoin fort- tall roib.1
( 'oil)i ll iss it V' WOVe WvithI ollt oJposi tioni
11dol iled tle full vot.:
'1'i I 14 11111h(g ( for Gonlgress trle a1s
follows: I'irst 1jitl*. t. Wilill 111 E
iot. Seeo 1) (, Wt..1pe Tt~i 1' Ibert, Tbi d(,
toill: Sixi'll, .1114). 1'. AMelamljn: Seventh,
I I) the' I'ifhl DIjStjCt. the VOLOte w114
follOWS : SWtrI, 5,121. Pinloy, 3,506(;
Trl-it umin, 2,17-1. A seconid race is
AiQcc-sIL ry.
ILLIMAN IN P'ENNSYVAANIA.
Ilom. I. ~.'.1l11lim, o Soth are
I 'i.,O~lLii' 2.., lstcii fl'O slv 79t
il 145~lesgthrdt tt~dVt
M lii li Grtlia Agriii til~al 1air
A Iltli SL't'l Ii 1111 lC(1 L'0)Ie, l 2ls :l
f~t~llers 1il~t~l ip ~ll~t~' Tllm19'
tion 'Wewhiped Eglan in t7(1
V11,lTI1tal.......:h8,1143 h0,98 tied.
Wm.iiu i i tI. p yoler illfor Ioeno has
I il~i,9ivtes J\ohn an. lrison 13,705:f
G.1(1 Walt WhI \itman, 2,18et. to ou~r-n fths
of ave vt ers mo derla rei ao oft En
Uor.s 11.~ Wietenyo ivian apprent
votd esoe our51 againsty 30,3Ailifor M.la.
W. D Alylei ieldoli 1 is e-lete ,Spein
W itdenthis 1ducateiong huvina 12to!r
vott (Osfl agii 2e forel T. Cll. l'0binson.
vtes foriAdtansea and prpsdavt. of
sit (l l.i pkhu~s int fo Serer of St 1 ateni
Jalis Norton~e forth ni Gom tolle Gntral,
. II. Timee rman f i ork S ie Traso
m miesasier w ereit otopsto
A Sheclldt the llote. p~a ee
The(i~ Onnis f orth Co nes aena
fotlative llit. Dihe'kt askeda what
Wll,N od, th.aspieril' Talet.;Tird,
A. C.os La illr leout, hr Stayarno Whe
Li. W. S te'. IIlCs t.oth
(514n theI' fth Vi 1)istit theivo ws as
i.. Attssedi et a feiv sarerstal
Wa's hat Sw nt Iy Aol, gluet. n-v
VIin. 31111 I~t illn of Soth Cao-i
lela, mi ae an addres t, Satorona,
'.,on thnctuet it an Bro ilver to~n
the gldmes woathve hal atchndcehe
''Tn GrtAinktra chaer.
A ht seetn unred poplemotl
farferrs to upo.I eaold Tigsman'l
"ill you\\ .. ~ submit t 10nglish l dmnot
t iin? .Wi whlipped Eccngland in 'N 77on;
wh'yip her to-day51( iItloe hastnd tid.
Ilun hethyethou withltl agn had
'hous in ll tett1gvr n
Inv ydnino 'oer ohr flosn ande~
"Uhgrev ryhingber ou ichCll way u
udw rereou majesty asnotonurican
lsat down, wnuneiaelyama.gos.i
tIuadecead)ooedavteo
than s toNir.Tilmanbut herower