Historical Newspapers of South Carolina

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r> THE T EDGER: GAFFNEY, S. C., AUGUST 20, 1896. Formal Acceptance of the Presidential Nomination. Mn. Chairman, Oknti.kmkx of ttif COMMITTKK A XI > FKI.LOW C'lTIZFA'S—I fc.'inU nt u futuriMlny nml in formal letter ncccjit tkc nomination wliicli is now tcn- <U>ml by tho notification committee, nml I 'hall at that time touch upon the issues presented by the platform. If is flttinjr. however, that nt this time, in the presence of thoro hero assembled, I Fj;cak at some lenpth in n pard to the campaign upon which we nre now entering. AVe do not underestimate the forces arrayed jurainst us, nor am we unmindful of the Impor tance of tho stnipple in wliich we are en- pnpe*l; but, relylnp for st:<"eess upon the riphbHmsiH'ss of our reuse, wet hall defend with all possible vipor tho positions taken hy our party. We are not rurprised that some of our opjMinents, iti tb.e nhsenee of 1 tetter argument, n>ort toab’.sive epithets, hut they may rest a •: uivtl that no l:in- pnape, however violent, no invectives, however velienteiit, w ill lend us to depart a slnple hairhreadtli from tiie course marked out l>y tlie national convention. The citizen, either pul lie or private, who i:s*ills tlie character and cjuesti'ins the j'ii- triotism of the delegates asseml-led in tlie Chleapo convention assails tl.e character und questions t!ie patrii-tism of the mil lions wlio have arrayed themselves under the 1 winner there raised. It luis is'cn charged by men standlnp hlpii in business and political circles that our platform is a menace t<> private secur ity and public safety, and if lias been as serted that those whom I have tho honor for tlie time boinp to represent not only meditate an attack upon tlie rights of property, but are the foes lx>ih of social order and national honor. Thosewho stand upon the Chicapn plat form nre prep-aml to make known and to defend every motive which Inlluenees them, every purpose which animates them and every hop-e which inspires them. They un derstand the genius of our Institutions, they are stanch supporters of the form of government under which we li\c, and they build their fulfil upon foundations laid I y the fathers. .Andrew Jackson lias stated, with admirable clearness and with an em phasis which cannot ho surpassed, both the duty and tlie sphere of povcriimont. He said: “Distinctions In society will al ways exist under every just government. Equality of talents, < f education or of wealth cannot be produced by human in stitutions In the full enjoyment of the gifts of heaven and tlie fruits of superior Industry, economy and virtue every man Is equally entitled to protection by law." We yield to none in our devotion to the doc trine just enunciated. Our campaign lias not for its object the reconstruct ion of so ciety. Wf cannot insure to the vicious the fruits of a virtuous life; we would not in- vnfl# tlie home of the provident in order to snppdy the wants of tlie spendthrift; vvodo not propose to transfer the rewards of in dnrtry to the lap of indolence. Property is urfl will remain the st imulus to endeavor and the compensation for toil We be lieve, asnssirted in the Declaration of In dependence, that all men are created equal, but that docs not mean that all open are or can be equal in possessions, in ability or In merit. It simply means that all shall stand equal before the law, and that gov eminent- oflieials shall not, in making, con struing or enforcing the law, di.-eriminate liotwcen citizens. tiuotes From i’rrrl.lcnt Lincoln. I assert that property rights, ns well as the liglits of persons, nre safe in the hands of tlie (Simmon people. .Abraham Lincoln, In Ids message sent to congress in J.Veom- Ist, l8ii], Kali], “No men li\ing nre nioro worthy to Iw trusted than those who toil up from poverty, nono less inclined to take or touch auglit whieli they have not honestly earned.” I repent Ids language wttli iiuqualilicd approval and join with him In tlie warning which be added— namely, “ Let them beware of surrender ing a political power which they already possess, and wliich power, if surrendered, will surely lie used to close thedr.orsof ad vancement against such as they and to fix new disabilities and burdens upon them till all ef lilsTty shall U) lost.“ Th.osew ho dally follow the injunetion, “In tho sweat of thy faeo slialt thou eat bread.” are now, hi they ever have been, ti e bulwark of law and order, tlie source <f onr ration's greatness In time of peace and Its surest defenders in time of war. Dut I have only redll a p.art of Jae!;yon's utterance. Is-t meprixi 1 you bisconcliision, 1 'lint when Ihr laws undertake to i t’d to those natural and just advantagesnrtiflelal (iistl net ions, to grant titles, gratuities and exclusive privileges, to make tho rich rich er and the potent more powerful, thchtmp hie members of society, tlie farmers, me chanics and the day laborers, who liavo neither the time nor the means of securing like favors for themselves, have a right to complain of the injustice of their govern ment.” These who support tlie Chicago platform Indorse all of the quotation from Jackson, tho latter pait as welt ns tho former part. Tlie Income Tax Decision. While tho money question overshadows all other quest ions In importance, J desire It distinctly understood that 1 shall ofTi r no apology for the Income tax plank of tlie Chicago platform. The last ineonio tax law sought, to apportion the burdens of gjovcrr.nienfc more t-quituhly among those who enjoy the protection of the govern ment At present the expenses of the fist oral govern men ^collect! d through internal revenue taxes and lin]iort d .lies, are espe cially burdensome upon tlie | <sircr elnsses of society. A law wliich collects from some citizens more than their share of th<* taxes ur.d oollei't.i from other citizens less than their share Is simply an Indirect menus of transferring one man's property to an other man’s Docket, ami while the process may lx) quite satisfactory to the men who escape just taxation It can never ho satis factory to those who are overburdened. The hist income tax law, with its exemp tion provisions, when considered in con nection with other methods of taxation In forte, was not unjust to the jsswi ssors of largo Incomes, lieeause they were not com pelled to pay a total federal tax greater than their share. The ineonie tax Is not . pew, nor Is it bas(d upon hostility to the i h. Tho system Is oniployed In several ^Ihe most Imp irtnnt nations of Europe, kevnry Income tax law now iijmiii tho ye lss>ks in any Inud, so fur as I have tble to useertalu, lontains un exemp tion clnure. While the eollcctlon of an In- eome tax Li ot her countries tbs's not make It necessary for this nation to adopt tho system, yet It ought to moderate the lan guage of tl ose who denounce the Income tax as an assault upon the well to do. Not only shall I refuse to apologize for Tho UrmnPFntlf HfinfliflfltP.^S I the advocacy «f an Income tax law by tho ino Lfcmocrauc a , n<ltlolmlconv „ nt , on , ,, nt i shaimiso refuse to njMiloglz.c far the exercise hy It of tlie right to dissent from a decision of the su preme court. In a government like ours every public olTlclal Is a public sc- a i t, whether ho holds office by flection or l y appointment, whether he serves for a term of years or during pssl behavior, and the people have a right to criticise his official net-. “Confidence is everywhere the parent, of despotism. Free government exist in jealousy and not In confidence.” These re the words of Thomas Jefferson, and I * m mlt that thc> present a truer conception ,, popular government than that rntertnle, d by those who would prohibit an unfa r aide eonimcnt upon a court deeb u Truth will vindicate itself. Only error fears free spcix'h. No public official who con scientiously discharges his duty es he sees it will desire to deny to those whom he serves the right to discuss his official con duct. Tlie Paramount Question. Now let me ask you to consider the para mount question of tills campaign — the money question. It Is scarcely necessary to ‘defend the principle of bimetallism. No national party during the entire history of the I'nited States lias ever declared against It. and no party In this campaign has had the temerity to oppose it. 1 Ln-e j arties-— the Democratic, Populist and Sliver par tie.i—have not only declared fur bimetal llsm, but liave outlined the sjK'elflc leglsla tlon necessary to restore silver to Its an cient position by the side of gold. The Hupuhllean platform declares t-hi.t bimetal lism is desirable when it pledg<*s the IJe- j ubl'K ati party to aid In securing It as seen as the assistance of certain foreign nations can 1 s 1 obtained. Those who represenlcd the minority sentiment In theChiengo con- vc'iitii it opj'oscd the free coinage of silver by the I'nited States l>y independent ac tion on the ground that, In their judgment, it “would retard or entirely prevent the establishment of international bimetal llsm, to wbb h the efforts of the govern ment should lie stc'adlly directed.” When they asserted that theeffortsof the govern ment should ho steadily directed toward the establishment of International bimetal lism, they condemned monometallism. The gold standard has Ix'en weighed iti the balance and found wanting. Take from it the jMiwcrful support of tho money owning and the money changing classes, nml it ean- not stand for one day In any nation in the world. It was fastened upon the I'nited States without discussion lieforo the jh*o- plc, and Its friends have never yet I con willing to risk a verdict lieforo the voters upon that Issue. What is the test of honesty In money? It must certainly Isi found In tlie purchasing power of the dollar. An absolutely honest dollar would not vary in Its general pur chasing power. It would be absolutely stable when measured by average prices. A dollar which Inermscs In purchasing power is just ns dishonest as a dollar whieli decreases in purchasing j ower. ITofcssor Luughlin, now of the ITiiversity of Chi cago at il one of the highest gold standard authorities, in his work on bimetallism not only admits that gold dees not remain absolutely stal k* in value, but expressly asserts that “there Is no such thing as a standard of value for future payments, dither in gold or silver, which remains ab solutely invariable.” He even suggests that a multiple standard wherein the unit Is l . sed upon the selling prices of n iium her of articles of general eonsunq tion” would lea more just standard than either gold <r silver, or both, N'cnufie “a long time contract would thereby be paid at ifs maturity I y (lie same purchasing power as was given In the beginning.” J'rrc’iaKltis I'oTrcr iif the Dollar. It cannot he successfully claimed flat inom nctullism or bimetallism or any oth er system gives un absolutely just stand ard of value. IT.tier both monometallism and bimetallism (lie government fixes the weight and fineness of the dollar, invests it, with It gal tender qualities and then opens the mbits to its unrestricted coinage, leaving tl.e purchasing power of the dollar to he determined by the nunils'rof dollars. Dimetalllsm is better than moiiometallisni not bcenuse it gives us a perfect dollar— that Is. a dollar ahfolutely unvarying In its general purchasing power—hut I ceaitso it makes a nearer approach to stability, to honesty, to Tistice, than a gold standard possibly ean. Prior to b‘<7H, when there, were enough open mints to permit all ti e gold and silver available for cob age to find en trance into the world's volume rf stand ard money, the ITiitid Ftates mig! t have maintain d a gold standard with less in jury to the people of this country, but now, when each step toward a universal gold standard enhances the purchasing power of gold, depresses prices and trans firs to the pockets of the creditor class an unearned increment, the inliuer.ee 11 this great nation must lie thrown upon the uhio of gold unless vo are prepared to acoi j t the natural and logitiirjito consequencesc.f such an act. Any legislation which lessens the world’s stock of standard money in creases the exchangeable value < f tlie dol lar. Therefore the crusade against silver must inevitably raise the j iirehsslng | o\ - cr of money and lower the money value of till other forms of pro) erty. The farmers are opposed to the gold standard I eenuse they have felt 'ts effects. Since they sell at wholesale and buy at re tail they have lost more than they bnve gained I y falling jiriees, and besides this they have found that certain fired charges have not fallen at all. Taxes have not been perceptibly decreased, although it re quires mere of farm pri-duets now than foriuerly to secure the money with which to pay taxes. Debts have not fallen. The farmer who owed 11,000 Is still compelled to pay f1,000, although It may le twhe us diflieiilt as formerly to obtain the d< I lars with which to pay the debt. Ifnilro; d rates have not I ecu rwlueed to k( e|)|nce with falling prices, .yid besidts tin -e Items there are ninny more. 'J he. farn < r Inis thus found It more and more dlffict.b to live. Ibis be not a just ern'j laln.l Against tlie gold standard? Effect un Wn(a Earners. The wage earners bnve been Injured by a gold standard and have express* d tb< tn selves itiMin the subject with prc.-it i ni. phnsls. In February, 1M05, a |s*tltion ask lug for the Immediate restoration of tlm free and unlimited coinage of goliiand sll ver at 10 to I was slgiiixl by III*' ie| risent- ntlves of all, <>r nearly all, the leading la (sir organizations and presenh-d to eon gress Wage earners know that while a gold standard ral es the ptirehaslng |< wer of the dollar It also makes it mote dltll- : eult to obtain possession of the dollar. ; UTiey know that employment is less | er nmiicnt, loss of work moie prol nhle and re employment less errtnln, A gold statul- nrd ciirottriign the honrdliigof money Iw- tause money U rising. It ai«o dlboourngex er.terj rls® and paralyzes Industry. On the I other hand, tho restoration of bimetallism will discourage: hoarding because when prices are steady or rising money cannot afford to lie Idle in tho Imnk vaults. The farmers and wage earners together consti tute a considerable majority of tlie people of tho country. Why should their interests be ignored In considering financial legis lation? A monetary system which is pecun iarily advantageous to a few syndicates has far less to commend it than a system which would give boponnd encouragement to those win create the nation's wealth. Our opponents have made a special ap ical to those who hold fin* and life Insur ance policies. but Ibcsc policy bolder: know that, since t) o total premiums n eeived ex ceed the tott ’ losses paid, a rising standard must lie of more licr.efit to the companies than to tho j obey holders. Much solicitude has licen expnsscdby our opponents for the depositors in savings batiks. They constantly parade I cfero these depositors the advantages of a gold standard, but those appeals v. ill I/e in vain liccausc savings Wink depositors know that under a gold standard there is Increasing danger that they will lose their deposits be cause of the inability of the Links to col lect their assets, and they still further know that, if the gold standard Is to con tinue indefinitely, they may lie compelled to withdraw their deposits In order to pay living expenses. It is only necessary to note the Increas ing number of failures In erdi o know that a gold standard is ruinous to mer chants and manufacturers. These ! 'slness men do not make their profits f ;n I he people from whom they borrow moi ey, but from the jssiplc to whom they sell their goods. If the people cannot buy, n tallers cannot fell, and, if retailers cam si'll, wholesale merchants and manufacturers must go Into bankruptcy. Those who hold as a permanent Invest ment the stock of railroads and of other enterprises (I do not Include those who speculate In stocks or use stock holdings as a means of obtaining an Inside advantage In construction contracts) are injured by a gold standard. The rising dollar destroys the earning power of those enterprises with out reducing their liabilities, and. as divi dends cannot he paid until salaries and fixed charges have boon satisfied, tl e stock holders must bear the burden of hr.id times. Salaries In business occupations depend iqion business conditions, and the gold standard both lessens the amount and threatens the permanency of such salaries. Official salaries, except the salaries of those who hold office for life, nmst, In tlie long run, be adjusted to the conditions of those who pay the taxes, and if the present financial policy continues we must expect the contest between the taxpayer und the tax eater to Increase In bitterness. Tlie rrofcKtioual fhw.cii. The professional classes, In I ho main, de rive their support from tlie producing classes and can only enjoy ] rosjierify when there Is prosperity among those who create wealth. I have not attempted to dcscrllic tho ef fect of the gold standard flpon all classes —in fact, I have only had time to men tion a few—hut each person will healdeto apply the principles stated to his own oc cupation. It must also lie remembered that it Is the desire of people generally to convert their earnings into real or personal properly. This being true, In considering any tem porary advantage which may come from a system under which the dollar rises In 's purchasing power it must not lie forgot ten that the dollar cannot buy more tl an formerly unless property sells for less tln.n formerly. Hence it will lie seen that a large jxirtion of those who may find son.*: pecuniary advantage in n gold standard will discover that their losses excised their gains. It Is sometimes asserted by our oppo nents tlin.t a Link belongs to tlie debtor class, but this is not true *1 any solvent bank. Every statement published by a solvent bank shows that the assets exceed the liabilities—that Is to say, while the bank owes a large amount of money to its depositors it not only lias enough on band In money and notes to pay Its depos itors, but In addition thereto has enough to cover its capital and surplus. When the dollar is rising In value slowly, a hank may, hy making short time leans and taking good security, avoid loss, hut when pric es are fulling rapidly tho bank lsn.pt to lose more because of Lid debts than it can gain by the increase In the purchasing power of Its capital and surplus. Contraction of the Currency. Let me say a word now in regard to cer tain persons who are pecuniarily benefited by a gold standard, and who favor It not from a desire to trespass upon the rights of others, but because tlieelrrnmstanees which sin round them blind them to the effei t of the gold standard tqsin others. ] shall ask you toeonsidrr the language of two gentle men whose long public scrvliv and high staiidlngin the party to whieli they belong will protect them from udvc se criticii.m by onr opponents. In IHfit) Senator Sher man said: “The contraction of the cur rency lx a far more distressing o|eration than senators suppose. Our own and other nations have gone through that eper- atlon lieforo. It is not ixissihle totake that voyage without the sorest distress. To ev ery person, except a capitalist out of debt ora salaried officer or annuitant, It is a period of loss, danger, lassitude of trade, fall of wages, susjiension of enterprise, bankruptcy and disaster. It means ruin to all dealers whose debts are twice their business capital, though one third less than their actual property. It means the fall of all agricultural prisluctlon without any great reduction of taxes. What pru dent man would dare to build a bouse, a railroad, a factory or a barn with this cor tain fact L*fore him?" As 1 have said be fore, the salaried officer referred to must be the man whose salary is fix**! for life, and not the nan whose salary depends upon business conditions. When Mr. Hhcr mail dt'serIL's contraction of the currency ns disastrous to all the people except tlie capitalist out of debt and those who stand In a position similar to his, h<* is stilting a truth which must be apparent to every per son who will give the matter careful eon sldcrution. Mr. Sherman was nt that time speaking of the contraction of the volume of 1'iijsT euiTciiey, hut the principle which lie set forth applies If there La contrac tion of the volume of the standard money of the world. Mr. Hlulne discussed the Anuio principle tn connection with the d< iiioiii'tlzatlon of sliver. Sjs'akiiig In the house of represent- ati\i*s on the 7th of hVburury, 1h7*, he said: “I believe the struggle now going on In this country and oilier countries for a single gold standard would, If successful, produce widespread disaster In and throughout the commercial world. The destruction of sliver ns money and the estahllslilng of gold ns the sola unit of value must liave a ruinous effect on nil (forms of pro|srty except those Invested frill* h yield a fixed return In money. These Would L* enormously riilinmxHl in value and would gain a disproportionate and unfair advantage over every other Bt>eclcH of property." Is If strange that the “hold ers of Investments which yield a fixed re turn In money” can regard the destruction of silver with complacency? May wc not expect the holders of other forms of prop erty to protest against giving to money a "(lispro)Hirtionnte and unfair advantage over every other species of property?" If the relatively few whose wealth consists largely in fixed Investments have n right to use the ballot to enhance the value of their Investments, have not the rest of the people the right to use the ballot to pro- lent themselves from the disastrous conse- qnenees of » rising standard? The people tv ho must, purchase money with the prod ucts of toil stand In a position ontirley dif ferent from the position of those who own money or receive a fixed Income. The well L-lng of the nation—aye, of civilization it- sclf—depends upon the pros)»erlty of the masses. What shall It profit us to have a dollar which grows more valuable every day If such a dollar lowers the standard of civilization and brings distress to the peo ple? What shall It profit us If in trying to raise our < n dlt by increasing the purchas ing power of our dollar wo destroy our ability to pay tho debts already contracted by lowering tho purchasing j.-ower of the products with which those debts must lie paid? If It L assorted, n« It constantly Is asserted, that tho gold standard will on- ablo us to borrow more money from abroad, I reply that the restoration of bimetallism will restore tho parity I etween money and property, and thus permit un era of pros perity which will enable the American people to become loan* rx of money instead of per) dual borrowers. Even if wc desire | to borrow how long can we continue bor- j rowing under a system which, by lovor- 1 tug tlie value of property, weakans the I foundation upon which credit reds? Even tho holders of flx*'d Investments, ' though they gain an advantage from the appreciation of the dollar, certainly s* 1 * 1 the j Injustice of the legislation which gives ! them t bis advantage over those whose In- comes depend upon the value of property I and products. If (ho holders of fixed In vestments will not listen to arguments based upon Justice and equity, I appeal to ! them to consider t he interests of posterity. We do not live for ourselves alone. Our la- L>r, our self denial and our anxious care, all these are for t hose who are to come nft- * r us as much a-> for ourselves, but we can not protect our children L-yond the period of onr lives. Let I hose who are now reap ing nil vantage frnmu vicious financial sys tem remeinbci diet In the years to conic their own children and their children’s children may, through the operation -if tins same lystem, ho mudivto pay tribute to tho descendants of those who arc yvrouged h day. Necrf.Rlty l-’ui lU.iiciallisiu. There is mi a'-tual i.c-exsity f< r I imetal- |l sin ns-a ell us n t he act leal defense of It. Jhiriug the last “ll years legislation has bivu creating an additional demand for gold, and this law <rented demand has re sulted In Increasing tl.e i-urehnsing ) ower of <u< h ounce of gold. 'I he restoration of hlmctnllLm in the I’nited States will take away from gold Just so much of Its pur chasing pom r ns was added to it by the deiu* r.eti/utien of sllxer by the ITiitisl Stall s. Tin- silier dollar Is now held up to the gold dollar by legal lender laws and not by redemption in gold, locauM' the standard silier dollais r>v nut now re deemable In gold cither In law or by nil miiiistrativi policy. We contend tlmt frecaia! unlimited coin- age by the I’nited Stutci alone will raise the bullion value i f silver to ils coinage value, and thus mala silver bullion worth lll.l.’li per ounce In gold throughout the world, 'i i.H proposition Is in laepingwith natural biwi. not In delianieof them. The I est known law of eoniniene Is the law of supply and demand. We recognize this law and build our argument upon It. We apply this law to money when we say that u reduction in tlie volume of money will raise tin.' purchasing jiower of tlie dollar. We also apply the law of supply and do maud to silver when we say that a new demand for sll \ er created by law will raise the | rice of silver bullion, (lold and silver are different from other rommodllicK In that they nre limited In quantity. (’*m, wheat, manufactured products, etc,, ran be produced almost without limit, provided they can be sold at a price sufficient to stimulate production, but gold and sll'.er lire eallul precious metals I oeauso they nre found, not produced. These metals have I eon the objeetx of anxious search as far I nek us history runs; yet, according to Mr. Harvey's calculation, all the gold coin of the world ean L- melted Into a foot cube and all the silver coin In the world into a ()<i foot- cul c. DecaU'-'e gold and silver are limited, L*th In the quantity now In hand and in annual pnsluetion, It follows C at legislation can fix the ratio Ix-twini them. Any purchaser who stands ready to take the entire sup) ly of any given nrth le at a certain price can prevent that article from falling l.-elow that price. Ho tlie goxern- | mcnt can fix a price for gold and silver hy (Tenting a demand greater than the sup ply International bimetallists believe that several nations, by entering Into an agni'- mcnt to coin at a fixed ratio nil the gold and silver ] resented, can maintain tho bullion valui! of tlie metals nt tho mint ratio. When a mint price Is thus estab- llslied, It regulates the bullion price, bo- caii'-e any |x rson desiring coin may have the bullion converted Into coin at that I rice, and anv js'rson desiring bullion ean secure It hy melting the coin. The only question n!s>n which International bimetal lists and independent blmi’talUstsdiffer Is, Can the I'nln-d States hy the free and un limited coinage of silver at the presc t legal ratio create a demand for slber wblch, taken In connection with the de mand already In existence, will lie suf fident to utilize all the sliver that will lie j.resented at the mints? '1 hey agree in their defense of the bimetallic prlnelple, and they agree In unalterable opposition to the gold standard. International bimetallists cannot complain that free coinage gives a benefit to the mine owner, L'cauro Inter netlon.il bimetallism gives to the owner of silver all tho advantages offered by Inde pendent bimetallism at the same ratio. In ternatlonnl bimetallists cannot accuse the advocates of free silver of L'lug “bullion owners who ill's!n* to raise the value of their bullion, “ or “debtors who desire t<» pay tlidr debts In cheap dollars," or “demagogues who disdre (<• curry favor with the ixxiple ” They must rest their oplM.sUloii upon one ground only—namely, that the supply of t-iheravailable for coin age Is too large to lie utillzs'd by the ITdt- etl Htates. A Keply to Crltlclam. Perbaps the most js-rslxtent inlsrepn' sentatloti that wo have to meet Is the charge that we arc advocating the pnynii'at of debts In 60 rent dollars. At the present time end under present laws a silver dol lar when melted 1ox*m nearly ludf Its val ue, but that will not Is* true when we again establish n mint price for silver and leave no surplus silver ujhmi the market to drag down the prlix* of bullion. ITider bl- inetallLm silver bullion will Ik* worth us much as sllvsr coin, Just as fold bullion Is now worth as muoh as gold coin, and we believe that a silver dollar will lie worth as much ns n gold dollar. Tho charge of repudiation comes with poor frracc from those who arc seeking to add to tho weight of existing debts hy legislation which makes money deorernnd who conceal their designs against the gen eral welfare under the euphonious pretense that they are upholding public credit and national honor. In answer to the charge that gold will go abroad, It must 1x3 ren emLsred that no gold can leave this country until the own er of the gold receives something In return for it which he would rather have. In other words, when gold loaves the country those who formerly owned it will Iks bene fited. There Is no process hy which wo cwn be compelled to part with our gold against our will, nor Is there any process hy which silver can be forced upon us without our consent. Exchanges arc mat ters of agreement, and If silver comes to this i ountry under free coinage It will be at the Invitation of some one in this coun try who will give Bomcthlng In exchange for It. Those who deny the ability of tho Unit ed States to maintain the parity lot ween gold and silver at the present legal ratio without foreign aid point to Mexico and nssiTt that the opening of our mints will reduce us ton silver basis and raise gold ton premium. It Is no reflection upon uur sister republic to remind our people that tlie United States Is much greater than Mexico in area, In population and In commercial strength. It is absurd to ns- arrt that tlie United Btntcs Is not able to do anything which Mexico has failed to accomplish. Tho one thing necessary in order t<> maintain tlie parity Is to furnish n demand gnvit enough to utilize all thf silver which will come to the mints. That Mexico has failed to do this Is not proof that the United Stall's would also fail. It Is also rrgued that, since a number of the nations ijive demonetized silver, noth ing ran bo done until all of those nations restore bimetallism. This Is also Illogical, It is immaterial how many or how few nations have open mints, provided ther« nre sufficient open mints to furnish a mon etary demand for all the gold and silver available for coinage. In reply to the argument Hint Improved machinery has lessened the cost of pnxluc- ing silver, It Is sufflelimt to say that tlie same Is true of the pnxluction of gold, and yet, notwithstanding that, gold lias risen In value. As a matter of fact, the cost of limluetlon docs not dctcnnlno tho value * of the precious metals, except as It may j nffeet tho supply. If, for Instance, tho cost i of producing gold should bo nxlueixl 00 1 per cent without any Increase In tho out put. the purchasing power of an ounce of l gold would not fall. Ho long as there is ' a monetary demand sufficient to take at a i fixed mint price all tho gold and silver j prodncid tho cost of pnxluction need not I 1*3 considered. Friers of Gold anil .Stive*-. If is often objected that tlie prices of i gold and silver ennnot lx* tlxed in n latlon ! fo each other L'causc of the variation in j (he relative production of the metals. This argument {dso overlooks the fact that, If {be t?emantl for Ixith metali atn tlxed price | |s greater th •« the supply of 'xi'h, n latlvu produitlon becomes immaterial. In tho early part of the present rontury tho an nual | redpitlan of silver was worth, at {he ei Inage ratio, nliout thne times as ' mueh as the annual production of gold, whereas, soon after IF IP, the annual pro- duel log of gold L'came worth about three ! tlm* - as mm h, at the eolnngo ra*lo, as tho 1 m.mu 1 prixle.etloii <>( silver, and yet, ow ing to the mulptenan* o of the bimetallic ] itaudurd, these enormous changes In reln- ! live | nxluetlon had but a slight effect up- « ii tie relative values of the metals. If It I* asserted by our opixincnts that tb.e Ireo (olt.epi i f diver is intendixl only for tel e:el.t of (be mine owners, It must 1 e rei.'eniL'rid that free coinage eannot rert« re i i the mine owners any more than j ilemonetl/ation t<xik away, and it innst - r.b-o |e remeiuL'rixl that th ' loss which i the liemoiiptlzatlon of silver has brought to the mine owners Is Insignificant com per'd to th<' loss which tills jxdiey has brought to the rest of the ] coplo. The res- t* radon of silver will bring to the people I generally many times ax much advantage : us the mine owners ran obtain from It. \Yh!le it Is not the jiurjxise of free eolnagc {o s] eelallr aid anv {wirtteular class, yet fh"*' who 1 elleve that tlie restoration of Silver is nredisl hy the whole people should piit Is' dctcrml Isvause an ineldrntal L-n- ('fft will come to the mine owner. The erec tion of forts, the deeix’nlng of harbors, {be Improvement of rivers, tbo erection of public buildings, all those confer inci dent-.1 L'neflts u|xin Individuals and eom- tnuiiides, and yet these Ineldentnl L'neflt* : do not deter us from making approprla- ; l’.otis for there purpose; wlienevcr such np I'ropriutlons ere iMxxx-sary for the public l 'g'x , d. 'J bp argument that a silver dollar Is : heavier than a gold dollar, and that there i fore silver Is less eonvenle it to carry in large quantities, is ixuupletoly answered by tbo silver certificate, which Is as easily i m:Tried ns the gold (ertlfleate or any other kind of paper money. if our present currency Is estlmutixl at f 1,400,000,0(K) and our ):opulatlon L Ininxising r.t the ratio of tl per cent per I annum, it would require $12,000,000 In- cti'iiFid circulation inch year to keep pneo with tlie Increase of population, but as iho Inerease of population Is aceomixmlixl by a 1 still greater ratio of increase of wealth and business It was thought that an bnmixll- ! »te Inereaze of rlreulatlon might lie oh tallied hy larger purrhiiKcsof silver Imlllon to an amount sufficient t*i make good the n'tln'ii'.ent of Link notes and k(x»p jxuxi with the growth of ]xiiiuhitlon. Assuming that $&4,000,<MKI a year of additional eur- | ri'iuy Is msxlixl ii|xin this LisL, that nriK'iint Is jirovlded for In this bill by the Issiie of treasury notes In exchange for j bullion at ti e market price. If the United States then raxxleil more than $42,00\0t)0 annually t*i kix'P |xsx' with ))ii|iu1atton and business, It now, with n larger population, mxxL ii still greater annual addition, and tin' 1 lilted Htates is oi ly one nation among many. Our oiqxments make no adequate provi sion for tlie Increasing i »«<netary needs of the world. In the second plni'C, a change In the ra tin L not noix'ssary. Hostile legislation has dix-reusixl the demand for silver and lowered its prii'e when measured by gold, while this same hostile legislation, liy In creasing the demand for gold, has mixed the value of gold when ineuxured hy other forms of pro)xTty. W(3 are told that the restoration of bi metallism would lien hardship upon those who have entered Into contracts payable In gold coin, hut this Is a mistake. It will lie easier to obtain the gold with which to meet a gold contract, when most of the {x'liple can into si ver, than It is now, when every one Is trying to seciin' gold. The Chicago platform expressly declares la favor of sjeh legislation ns may L' nec essary to prevent for the future tho dr- monetljatlon of any kind of legal tondor mom'y by private contract. Such con tracts are objccti-d t<i on the gn-und tlmt/l they arc against public policy. No erfff questions the right of legislatures to tlx the rate of inten'st which ran 1*3 collected by law. There L far more nxison for pre venting private individuals from setting aside legal tender law. 'I be money which Is hy law made a legal tender must, In the course of ordinary business, boorcoptod by ninety-nine out of every hundred )K3r- sons. Why should the one-hui.divdtli man lx* permittixl to exempt himself from tho general role? Hjxx'lal eontmets have n tendency to increase the demand for a par ticular kind of money, and tin's force it to a premium. Have nut the pc'pi.' a right to say that a comparatively few Individ uals shall not 1x3 permittixl to derange the financial system of the nation in order to collect a premium in case they succeed in forcing one kind of money to a premium? There is another argument to which I ask your attention. Home of tho morn zealous opponents of free coinage point to the fact that 13 months must cl ipse be tween the election and the first regular session of congress and assort that during that time, In case people dcs hire thcmnelvcs In favor of free coinage, all loans will Li withdrawn and all mortgages forc -lesed. If these are merely prophecies indulged In hy t hi:s*' who have forgotten the provisions of the constitution, It will be sufficient to remind them that the president is empow ered to convene congress In extraordinary session whenever the public good requires such action. If in NovemL'r the j coplo by tbeir liallots declare themselves in favor of the immediate restoration of I imetnl- lism, tlie system can b-c inaugurated with in a few months. If, however, theCBrx'rtio-'that loan:'will 1x3 withdrawn and ii'.ortgngos fonrlcs;*! L made to prevent : iieli ji ill; leal eetlon ns flic {Hsipii* may L'lieve to I*' r.eees.-ary for tlie preservation of their rights, then a jiew and vital Issue Is nils d. Whenever It is necessary for the |:i>''ji!c r.: a whole to obtain consent from tlie owner ; of money and tlie changers of money L'fore tliey can legislate upon financial quest ins, we shall have passed from a dcnux-mcy to a pin- tix-raey. Hut- that tliiii' has not yet erriiod. Threats and intimidation will be of no avail. Tho jssiplo who In 177 ( i rejected the dix'trino that kings rule by right di vine will not In this geiieratlon suliscrilio to a doctrbie that money Is omnipotent. International liimetallism. In conclusion, permit me to s;iy a word In regard to international bimetallism. Wc aio not upp* si-.l to an international ngnx'mrnt bxiking to the res eratlon of hlmetallism throughout the world. The adwx'ates of fn*s coinage have on nil occa sions shown their will’ngness to co-oper ate with other nations in the reinstate ment of silver, but they are not willing to await the pleasure of other governments when immediate relief Is needed by the people of the United ? tntes, and they fur ther believe that Independent action offers L'tter assurance of international bimet allism than servile (Icjx'ndcnco upon for eign aid. For more t!:an 20 years v. is bavo Invited tbe nsslstonc'-of Kunqctmnations, but all progress in th" direction of ■ inter national I Imetalllsm has l:oen I'loeki'd by t lie opposition of tliosi* wlio ilerb e ti jMscun- lary Ix-nefit fnnn the appreeiationof gold. We sliall m.t offend other nations when we declare the right of tlie American peo ple to govern themselves, and, without let or htndraneo from witliout, docido upwii) everj'question {invented for tle lr ronsid- ewitlon. In taking ti.is position wo hIidh pVv maintain tlie •dignity of 7o,()00 | 0(h/ ('♦tlzens who nn* sevond to none In their capacity for self govern mcnt. The 'gold standard has compelled the American people to jiay an ever biereasing tribute to thfcmlitor nations of the world, a tribute which no one dares to defend. 1 assert that national honor n>qu!res rim United Htates t'» seeun' jnstiei'for all its eitlzens as well jis do justice to all itscnxl- tors. For a I eoplo like ours, lilessed with natural resonrees of surpassing richness, to ) nx'lalm themselves inqsitcut to frame a financial system suited to their own rmls is humiliating beyond tbe power of language to doAerllx?. Wo cannot enforce resjsrt for our foreign policy so long as wo confess ourselves unable to frame our own financial policy. Honest differences of opinion liave al ways existed and ever will exist us to the legislation Ixwt calculated to prometetho jinlille weal, hut win n It ir, seriously as- Fertid that this nation must Lnv to the dictation of other nations and accept tho |Milleli's whlrh they Insist upon thoriglit of s''lf government is assailed, and until {hat question is settled all other questions are Insignificant. A Word to New York Citizens, Ultizcns of Now York, I Live traveled frmu tho renter <'f tli*3 continent to tho ACnlxxird that I might, In tlie very Ix’gbi- liii3g of tiie eani|ia!gn, bring you greeting from the j'eople of the west and .south and assure you that tlieir desln'is imt to de stroy, but to build np. '1 hey Invite you to liceept the principles of a living faith rath er than listen to those who preach tlie gos I xd of despair and advise ei dur.ir.ie of tlio 11s you have. Tiie advx'ates of pee coin age L'lieve that In striving to secure the Immediate restoration of b'lmet'illism they are lalxirlng In your L-half a well as in their own Ix'lialf. A few of your people may pri sjx'r under present eoniliMons, imt tin' px'rniiiiK'nt welfare of New ^ < rk re*;ts ujxm tlie ] roducerx of wealth. This groat city Is built u)xin tbe comm.Tee of (lie na tion and must suffer if that r m merre L tiii)ialn*l. You 'annot sell unless tho jxxi- jile liave money vvltli vvlileh to buy, and they eannot obtain the money with which to liny unless th< y nre able to sell tlieir products nt remunerative prie.-s. Produc tion of wealth gees L'fore the exchange of wealth. Those who create must secure a profit L'fore they have anything to share with others You eannot afford to Join tho moneychangers In supixirtlng a flnanciab 1 jMillcy which, hy destroying the purclia./ Ing power of the products of toll, must irb tlie i-nd dlsen11rage tiie creation of wealtl I ask, I ex{x*'t. your ro-ojier.ition. It IS true tlint a few of your financiers would fashing a new figure, a figure representing Oolunibia, her hands Lmnd fast with fet ters of gold and her face turned toward tbo east, appealing for assistance to those who live lieyond tlie sixi, but this figure can never ex pros* your Idea of this nation. You will rather turn for Inspiration to the heroic statue which guards the entrance to your city, a statue as {Mitriotio in roncep tlon as It is colossal In (iroportionK It was tlie graelous gift of a sister republle and stands upon u ixslestal which was built by tho American people. 'Hint figure, Lilicr] tv, enlightening the world. Is embbqL of tlie mission of our nation among nations of the earth. With a govc whieli dorlwH Us powers from the eoasebt of (lie govern**!, siH-ures t*i all the poo* fns'dom of eonselenee, freedom of thought and freedom of s)x**'h, guarantees (x|Vial rights to all and promises special prlr- 1 leges to no’ic, the Unit'd St itrs should ho, an examplo lu all tlmt Is ttood lending spirit In every movement has for Its object the uplifting of tl mau race.