The watchman and southron. (Sumter, S.C.) 1881-1930, August 19, 1896, Image 1
TUK SUMTER WATCHMAN, Established April, 1S.50. "Be Just and Fear not-Let all the Ends them Aims't at, be thy Country's, thy God's and Truth's.'' THE TRUE SOCTBKON. Established jon?, I36G
Consolidated Aug. 2,1881.
SUMTER, S. C., WEDNESDAY, AUG-UST 19, 1896.
Sew Series-Vol. XVI. Xo. 3
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BRYAN'S ?ESS
The Democratic Candidate's
Formal Acceptance of the
Presidential Nomination.
The Pull Text of His
Hew York Speech?
MR. CHAIRMAN, GENTLEMEN OF THE
COMMITTEE AND FELLOW CITIZENS-I
shall at a future day axd ju a formal letter
accept the nomination which is now ten?
dered by the notification committee, and I
shall at that time touch croon the issues
presented by the platform. It is fitting,
however, that at this time, in the presence
of those here assembled, I speak at some
length in regard to the campaign upon
which we are now entering. Wc do not
underestimate the forces arrayed against
us, nor are we unmindful of the impor?
tance of the struggle in which we are en?
gaged; but, relying for success upon the
righteousness of our cause, we shall defend
with all possible vigor the positions taken
by our party. "We are not surprised that
some of our opponents, in the absence of
better argument, resort to abusive epithets,
but they may rest assured that no lan?
guage, however violent, no invectives,
however vehement, will lead us to depart
a single hairbreadth from thc course
marked out by tho national convention.
The citizen, either public or private, who
assails the character and questions the pa?
triotism of the delegates assembled in the
Chicago convention assails the character
and questions the patriotism of -the mil?
lions who have arrayed themselves under
the banner there raised
It has been charged by men standing
high in business and political circles that
our platform is a menace to private secur?
ity and public safety, and it has Ixien as?
serted that those whom I have the honor
for the time being to represent not only
meditate an attack upon thc rights of
property, but are the foes both of social
order and national honor.
Those who stand upon the Chicago plat?
form aro prepared to make known and to
defend every motive which influences them,
every purpose which animates them and
every hope which inspires them. They un?
derstand the genius of our institutions,
they are stanch supporters of the form of
government under which wc live, and they
build their faith upon foundations laid by
the fathers. Andrew Jackson has stated,
with admirable clearness and with an em?
phasis which cannot'be surpassed, both
the duty and the sphere of government.
He said: " Distinctions in society will al?
ways exist under every just government..
Equality of talents, of education or of
wealth cannot be produced by human in?
stitutions. In the full enjoyment of the
gifts of heaven and the fruits of superior
industry, economy and virtue every man.
is equally entitled to protection by law."
We yield to none in our devotion to thc dec
trine just enunciated. Our campaign has
not for its object the reconstruction of so?
ciety. We cannot insure to the vicious thc
fruits of a virtuous life; we would not in?
vade the home of the provident in order to
supply the wants of thc spendthrift; wc do
not propose to transfer the rewards of in
dustry to tho lap of indolence. Property is
and will remain the stimulus to endeavor
and the compensation for toil. We be?
lieve, as asserted in the Declaration of In?
dependence, that all men are created equal,
but that does not mean that all men are
or can be equal in x^ossessions, in ability
or in merit. It simply means that all shall
stand equal before thc law, and that gov?
ernment officials shall not, in making, con?
struing or enforcing the law, discriminan;
between citizens.
Quote? From President Lincoln.
I assert that property right?, as well as
the rights of persons, are safe in the hands
of the common people. Abraham Lincoln,
in his message sent to congress in Decem?
ber, 1S01, said, ;iXo men living are more
worthy to be trusted than those who toil
up from poverty, none less inclined to
take or touch aught which they have not
honestly earned." I repeat his language I
with unqualified approval and join with !
him in thc warning which, he added- j
namely, "Let them beware of surrender?
ing a political power which they already
possess, and which power, if surrendered,
will surely bc used to close thc doors of ad?
vancement against such as they and to fix
new disabilities and burdens upon them
till all of liberty shall be lost." Those who
daily follow the injunction, "In thc sweat
of thy face shalt thou eat broad," are now.
as they ever have been, the bulwark of
law and order, the source of oar nation's
greatness in time of peace and its surest
defenders in time of war.
But I have only read a part of Jackson's
utterance. Let me give you his conclusion,
'.But when the laws undertake to add to
these naturaland just advantages artificial
distinctions, to grant titles, gratuities and
exclusive privileges, to make the rich ridl?
er and the potent moro powerful, the hum?
ble members of society, the farmers, me?
chanics and the day laborers, who have
neither the time nor thc means of securing
like favors for themselves, have a right to
complain of the injustice of their govern?
ment. " Those who support thc Chicago
platform indorse all of tho quotation from
Jackson, tho latter part as well as thc
former part.
Wo are not strrprised to find arrayed
ag?mss ns ui?se who ure tuc ' beneficiaries
of government favoritism. They have read
our ijlatform. Nor are we surprised to
; leam that we must in this campaign face
the hostility of those who find a pecuniary
I advantago in advocating tho doctrine of
noninterference when great aggregations of
wealth arc trespassing upon thc rights of
individuals. Wc welcome such opposition.
It is the highest indorsement which
could be bestowed upon us. Weare content
to have thc co-operation of these who desire
to have the government administered with?
out fear cr favor. It is not the wish of thc
general public that trusts should spring
into existence and override the weaker
members of society. It is not the wish of
the general public that these trusts should
destroy competition and then collect such
tax as they will from those who are at
their mercy. Nor is it thc fault of the gen?
eral public that the instrumentalities of
government have been so often prostituted
to purposes cf private gain. Tho *e who
stand upon t he Chicago platform believe
that the government should not only avoid
wrongdoing, but that it should also pre?
vent wrongdoing, and they believe that
thc law should be enforced alike" against
all enemies of tho public weal. They do
not excuse petit larceny, but they declare
that grand larceny is equally a crime. They
do not defend thc occupation of the high?
wayman who robs thc unsuspecting trav?
eler, bat they include among the transgress -
J CW thosewho, through thc more polite and
less hazardous means cf legislation, appro
I priate to their own lise thc proceeds of the
toil of others. The commandment, ''Thou
shalt not steal, "! thundered from Sina?and
reiterated in the legislation of all nations,
is no respecter (if persons. It must bc ap?
plied to the great as well as the small, to
the strong as well as the weak, to the cor?
porate person created by law as well as to
thc person of flesh and blood created by
the Almighty. No government is worthy
of the name which is not able to protect
from every arm uplifted for his injury the
humblest citizen who lives beneath the
flag. It follows as a necessary conclusion
that vicious legislation must bc remedied
hythe people who suffer from the effects of
such legislation and nor by those who en?
joy its benefits.
The Income Tax Decision.
The Chicago platform has Leen con?
demned by some because it dissents from
an opinion rendered by the supreme court
declaring thc income tax law unconstitu?
tional. Our critics even go so far as to ap?
ply the name anarchist to those who stand
upon that plank of the platform. It must
be remembered that we expressly recog?
nize the binding force of that decision so
long as it stands as a part cf thc law cf
the land. There is in thc platform no sug?
gestion of an attempt to dispute thc au?
thority of the supreme court. The part? is
simply pledged to usc "all the constitu?
tional power which remains after that de?
cision or which may come from its reversal
by the court as it may hereafter be consti?
tuted." Is there any disloyalty in that
pledge?. For a hundred years the supreme
court of thc United States has sustained
the principle which underlies tho income
tax. Some '20 years ago this same court
sustained without a dissenting coicc an in?
come tax law almost identical with thc
one recently overthrown. H-is not a future
court as much right to return to thc jttdi
cial precedents of a century as the present
court had to depart from then:? When
courts allow rehearings, they admit that
error is possible. The. late decision against
the income ta.x was rendered bye majority
of one after a rehearing.
While thc money question overshadows
all other questions in importance. I desire
it distinctly understood that I shall oi7( r
no apology for thc income tax plank cf the .
Chicago platform. The last income tax
law sought to apportion thc burdens of
government more equitably among these
who enjoy the protection of the govern?
ment. At present the expenses of the fed?
eral government,collected through internal
revenue taxes and import duties, are espe?
cially burdensome upon the poorer classes
of society. A law which collects from some
citizens more than their shaie of the taxes
and collects from other citizens less than
their share is simply an indirect means
of transferring one juan's property to an?
other juan's pocket, and while the process
may 1x5 quite satisfactory to the men who
escape just taxation it can never l>c satis?
factory to those who arc overburdened.
The last income tax law. with its exemp?
tion provisions, when considered in con?
nection with other methods of taxation in
force, was not unjust to the possessors of
large incomes, because they were not com
polled to ])ay a total federal tax greater
I than their share. The income tax is not
new, nor is it based upon hostility to the
rich. The system is employed in several
of the most important nations of Europe,
and every income tax law now upon the
statute books in any land, so far as I have
j been able to ascertain, contains an exemp?
tion clause. While the collection of an in
I come tax iii other countries does not make
j it Jiecessary for this nation to adopt the
system, yet it ought to moderate the lan?
guage of those who denounce thc income
tax as an assault upon the well to do.
Not only shall I refuse to apologize for
the advocacy of an income tax law by the
national convention, but I shall also refuse
to apologize for thc exercise by it of thc
right to dissent from a decision of the su?
preme court. In a government like ours
every public official is a public servant,
whether he holds office by election or by
appointment, whether he serves for a term
of years or during good behavior, and thc
people have a right to criticise his official
acts. "Confidence is everywhere thc parent
of despotism. Free government exists in
jealousy and not in confidence." Thescare
the words of Thomas Jefferson, and I sub?
mit that they present a truer conception of
popular government than that entertained
by those who would prohibit an unfavor?
able comment upon a court decision.
Truth will vindicate itself. Only error fears
free speech. No publie official who con?
scientiously discharges his duty as he see.-;
it will desire to deny to those whom he
serves the right to discuss his official con?
duct.
The Paramount Ouestion.
Now let JUC ask you to considcrthc para?
mount question cf this campaign-thc
money question, lt is scarcely necessary to
defend the principle of bimetallism. No
national party during thc entire history of
the United States hasever declared against j
it. and no party in this campaign has had
thc temerity to oppose it. Throe parties
the Democratic, Populist and Silver par?
ties-have not only declared for bimetal?
lism, but have outlined the specific legisla?
tion necessary to restore silver to its an?
cient position by the side of gold. The
Republican platform declares that bimetal
?TSJJI is ui? si ra uie wlien it "p^eugcs thc
publican party to aid in securing it as s
as the assistance of certain foreign nat:
can !>e obtained. Those who represan
thc minority sentiment in thc Chicago (
vention opposed thc free coinage of si
by the United States by independent
rion on the ground that, in their judgny
it "would retard cr entirely prevent
establishment of international bime
li sm, to which the efforts of thc gove
mont should be steadily directed." W
they asserted that the efforts of the gove
ment should bc steadily .directed tow
thc establishment of international bime
lism, they condemned monometallh
Thc gold standard has been weighed in
balance and found wanting. Take fron
the powerful support of thc money"own
and the money changing classes, and it c
not stand for one day in any nation in
world. It was fastened upon thc Uni
States without discussion before the J
pie, and its friends have never yet b
willing to risk a verdict before thc vot
upon that issue.
There can be no sympathy or co-opc
tion between the advocates of a naiver
gold standard and thc advocates of bin:
allism. Between bimetallism, whether
dependent or international, and thc gi
standard there is an impassable gulf,
this quadrennial agitation in favor of
ternational bimetallism conducted in gr
faith, or do our opponents really desire
maintain the gold standard permanent
Are they willing to confess the superior
of a double standard when joined in
tlie leading nations of thc world, or
they ?till insist that gold is the only mc
suitable for standard money among ci
Lized nations:- If they arc. in fact, desire
of securing bimetallism, wo may expc
them to point ont thc evils of a gc
Standard and defend bimetallism as a sa
tem. If. on the other hand, they arc ben
ing their energies toward thc permana:
establishment of a gold standard uno
cover of a declaration in favor of intern
tional bimetallism, I am justified in su
gesting that honest ni< ney cannot bc e
pected at thc hands of those who deal di
honestly with thc American people
What is thc test of honesty in money?
must certainly.be found in thc purchasii
power cf the dollar. An absolutely hone
dollar would not vary in its general pu
chasirg power. It would be absolute!
stable when measured by average price
A dollar which increases in purchasii:
power is just as dishonest as a dollar whic
decreases in purchasing power. Professe
Laughlin, now of the University of Ch
cago and one of the highest gold standar
authorities, in his work on bimetal lisi
not only admits that gold does not remai
absolutely stable in va^ie, but express!
asserts that "there is no such thing as
standard of value for future payment
either in gold or silver, which remains al
solutcly invariable." He even suggest
that a multiple standard whenan thc uni
is ''based upon the selling prices of a nun
ber of articles of general consumption
would bc a more just standard than eithc
gold or silver, or both, because "a lon
time contract would thereby bc paid at it
maturity by thc same purchasing power a
was given in thc beginning."
Purchasing Fewer of the Bollar.
It cannot be successfully claimed tba
monometallism or bimetallism or any otb
er system gives an absolutely just stand
ard of value. Under both monometallism
and bimetallism the government fixes th
weight and fineness of the dollar, invest
it with legal tender qualities and thc]
opens the mints toits unrestricted coinage
leaving thc purchasing power of thc dolla
to be determined hythe number of dollars
Bimetallism is better than monometallisn
not because it gives us a perfect dollar
that is, a dollar absolutely unvarying ii
its general purchasing power-but becaus
it makes a nearer approach to stability, t<
honesty, to justice, thai?a gold standard
possibly can. Prior to 1873, when then
were enough open mints to permit all th?
gold and silver available for coinage to fine
entrance into thc world's volume of stand
ard money, the United States might hav<
maintained a gold standard with less in
jury to thc people of this country, bul
now, when ouch step toward a universa!
gold standard enhances the purchasing
power of gold, depresses prices and trans?
fers to the pockets of the creditor class an
unearned increment, the influence of this
great nation must be thrown upon the side
of gold unless we are prepared to accept
the natural and legitimate consequences oi
such an act. A ny legislation which lessens
thc world's stock of standard, money in?
creases the exchangeable value of the dol?
lar. Therefore the crusade against silver
must inevitably raise thc purchasing pow?
er of money and lower the money value of
all other forms of property.
Our opponents sometimes admit that it
was a mistake to demonetize silver, but
insist that we should submit to present
conditions rather than return to the bi?
metallic system. They err in supposing
that we have reached thc end of the evil
results of a gold standard. Wc have not
readied the end. The injury is a continu?
ing one, and no person can say how long
thc world is to salier from thc attempt to
make gold thc only standard money. The
same influences which are now operating
to destroy silver in thc United States will,
if successful here, be turned against other
silver using countries, and each new con?
vert to the gold standard will add to the
general distress. So long as the scramble
for geld continues price? must fail, anda
general fall in prices is but another defini?
tion of hard times.
Our opponents, while claiming entire
disinterestedness fur themselves, have ap?
pealed to thc selfishness of nearly every
class of society. Recognizing thc disposi?
tion of the individual voter to consider thc
offed of any proposed legislation upon
himself, wc present to-thc American peo?
ple the financial policy outlined in thc
Chicago platform, believing that it "will
result in thc greatest good to thc greatest
number.
Thc farmers are opposed to the gold
standard because they have felt its effects.
Sincre they ?-eil ai wholesale and buy ai re?
tail they have; hist more than they have
gained by falling prices, and besides this
they have found that certain fixed charges
have not fallen at al!. Taxes have not
been perceptibly decreased, although it re?
quires more of farm products now than
formerly to secure the money with which
t<? pay taxes. Debts have not fallen. Tire
fannel' who owed il.ono is still compelled
to pay $1,000, although it may be twice
as difficult as formerly to obtain the dol?
lars with which to pay the debt. Railroad
rates have not been reduced to keep pace
with falling prices, and besides these
items there are many more. The farmer
has thus found it more and more difficult
To live, l?as he not a' just coin pla
against thc gold standard?
KiTe<-t ou Wage XSarner.s.
Tlie wage earners have been injured
n gold standard ami have expressed thc
selves upon the subject with great C
phasis. In February. 1805. a ?>oti?ion a
ing for the immediate restoration of '
free and unlimited coinage of goldand ?
vcr at 16 to 3 was signed by tho represe
atives of all, or nearly all. the leading
bor organizations and presented to c<
gross. Wage earners know that while
gold standard raises thc purchasing i>ov
of the dollar it also makes it more di
cult to obtain possession of the doll,
They know that employment is less p
m anent, loss of work more probable a
re-employment less certain. A gold stai
ard encourages the hoarding cf money 1
cause money is rising. It also discouraf
enterprise and paralyzes industry. On t
other hand, the restoration of bimctalli.
will discourage hoarding because wh
prices are S'K adv or rising money cam:
afford to lie idle in tl.e bank vaults. T
farmers and wage earners together cons
tute a considerable majority of the peoj
of thc country. Why should their intere?
be ignored in considering financial leg
lation? A monetary system which is peen
iarily advantageous to a few syndicat
has far less to commend it than a syste
which would give hope and encourageme
to those who create the nation's wealth.
Our opponents have made a special a
peal to those who hold lire and life insu
ance policies, but these policy holders kne
that, since the total premiums received c
coed the total losses paid, arising Stauda:
must bc of more benefit to the compani
than to the policy holders.
Much solicitude has been expressed 1
oi.r opponents for thc depositors in savin;
banks. They constantly parade befo:
these depositors the advantages of a go!
standard, but these appeals will be in vai
because savings bank depositors know th;
under a gold standard there is increase
danger that they will lose their deposits bi
cause of the inability of thc banks to cc
lect their assets, and they still furtht
know that, if the gold standard is to coi
tmue indefinitely, they may be compellc
io withdraw their deposits in order to pa;
living expenses.
It is only necessary to note the incrcas
ing number of failures in order to knov
that a gold standard is ruinous lo met
chants and manufacturers. These busiucs
men do not make their profits from th
people from whom they borrow money, bu
from the people to whom they sell thei
goods. If the people cannot buy, retailer
cannot sell, and, if retailers cannot sell
wholesale merchants and manufacturer
must go into bankruptcy.
Those who hold as a permanent invest
ment the stock of railroads and of ot he
enterprises (I do not include those wh<
speculate in stocks or use stockholdings a:
a means of obtaining an inside ad vaniagi
in construction contracts) are injured In
a gold standard. The rising dollar destroy
thc earning power of these enterprises with
out reducing their liabilities, ami. as divi
dends cannot be paid until salaries ant
fixed charges IKIA e been satisfied, thc stock
holders must bear tho burden of hare
times.
Salaries in business occupations depcm
upon business conditions, and the golt
standard both lessens the amount anc
threatens the permanency of such salaries,
Official salaries, except the salaries o:
those who hold office for life. must, in thc
long run. be adjusted to the conditions ol
those who pay the taxes, and if thc proscin
financial policy continues we must expect
the contest between the taxpayer and thc
tax eater to increase in bitterness.
Tho Professional Classes.
The profession al classes, in the main, de?
rive their support from thc producing
classes and can only enjoy prosperity wher
there is prosperity among those who create
wealth.
I have not attempted to describe the ef?
fect of the gold standard upon all classes
-in fact, I have only had time to men?
tion a few-but each person will bo able to
apply thc principles stated to his own oc?
cupation.
It must also be remembered that it is thc
desire of people generally to convert their
earnings into real or personal property.
This being true, in considering any tem?
porary advantage which may come from a
system under which the dollar rises in its
purchasing power it must not be forgot?
ten that thc dellar cannot buy more than
formerly unless property sells for less than
formerly. Kencc it will be seen that a
large portion of those who may lind sonic
pecuniary advantage in a gold standard
will discover that their losses exceed their
gains.
It is sometimes asserted by our oppo?
nents that a bank belongs io thc debtor
class, but this is not true cf any solvent
bank. Every statement published by a
solvent bank shows thai the assets exceed
thc liabilities-tiiat is To ruy. while the
bank owes a large amount of money to its
depositors ir not only has enough on
hand in money and notes to ?jay its depos?
itors, but in addition thereto luis enough
to cover its capital and s:u? lus. When the
dollar is rising ::. value slowly, a bank
may. l y makin;: short time leaps and
taking good security. av ia los?, but when
prices ure falling rapidly thc tamk is apt
to lose more bec ause of had debts than it
can gain by thc increase in the purchasing
power of its capital and surplus.
lt must bc admitted, however, that some
bankers combine the business of a bond
broker with the ordinary bim king busi?
ness, and th' -e may make enough in the
negotiation < f loans to offset the losses
arising in legitimate banking business.
As long as human nature remains as ir is
there will always be danger that, unless
restrained by public opinion or legal en?
actment. th< se who see a pecuniary profit?
ier themselves in a certain condition may
yield to tho temptation to bring about that
condition. Jefferson has stated chat one
of the main duties of government is to
prevent men from injuring one another,
and never was that duty moiv important
than it is today, lt is net strange that
those who have made a piulit ! y furnishing
gold to the government in the hour of its
extremity favor a financial policy which
will keep tiie g.ivcrnmoni dependent npen
them. 1 believe, however, thal I speak the
sentiment of thc vasl majority of thc peo?
ple of the United States when I say that a
wise financial policy administered in be?
half of all the people would make our gov?
ernment independent of any combination
of financiers, foreign or domestic.
Contraction of the Currency.
Let mc say a word now in regard to cer
tain persons who are pecuniarily benefited
by a i?ohl.standard. and who favor it not
?ron? a d?sire. to trespass upon tTtfJ rights of I
others, but because Tho circumstances which i
surround thom blind thom to ehe effect of i
the gold standard upon others. J. shall ask *
you co consider thc language of two gentle- I
men whose long public service and high i
standing in the party to which they belong '
will protect them from adverse criticism j
by our opponents. In 1S69 Senator Sher- i
man said: "The contraction of the cur- i
roney is a far more distressing operation ?
than senators suppose. Our own and I
other nations have gone through that opcr- !
ation before, lt is not possible to take that !
voyage without thc sorest distress. To cv- ?
cry 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, suspension 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 thc j
fall of all agricultural production without '.
any great reduction of taxes. What pru- ;
dent man would dare to build a house, a
railroad, a factory or a barn with this cc r- !
tain fact before him?" As I have said be- j
fore, the salaried officer referred to must i
bethe juan whose salary is fixed for life
and not thc man whose salary depends '
upon business conditions. When Mr. Sher?
man describes contraction of thc currency
as disastrous to all thc people except the
capitalist out of debt and those who stand
in a position similar to his, he is stating a
truth which must be apparent to every per?
son who will give thc matter careful con?
sideration. Mr. Sherman was at that time
speaking of thc contraction of the volume
of paper currency, but the principle which
he set forth applies if there is a contrac?
tion of the volume of the standard money
of the world.
Mr. Blaine discussed the same principle
in connection with the demonetization of
silver. Speaking in the house of represent?
atives on the 7th of Feburary. 1878. he
said: "I believe the struggle now goingon
in this country and other countries for a
single gold standard would, if successful,
produce widespread disaster in and !
throughout thc commercial world. The
destruction of silver as money and the
establishing of gold as the sole unit of
value must have a ruinous effect on all
forms of property except those invested
which yield a fixed return in money. These
would be enormously enhanced in value
and would gain a disproportionate and
unfair advantage over every other species
of property*" Is it strange that the "hold?
ers of investments which yield a fixed re?
turn in money" can regard the destruction
4f silver with complacency; May we not
expect the holders of other forms of prop?
erty to protest against giving to money a
"disproportionate and unfair advantage
over every other species of property;*' If
the relatively few whose wealth consists
largely in fixed investments have a ri?rht
to usc the ballot to enhance the valued"
their investments, have not thc rest of thc
people the right to use the ballot to pro?
tect themselves from thc disastrous conse?
quence's of a rising standard: The people
who must purchase money with thc prod?
ucts cf toil stand in a positioncntirley dif?
ferent from th*.- position of those who own
money or receive a fixed income. The well
being of the nation-aye. of civilization it?
self-depends upon the prosperity of thc
masses. What shall it profit us to haw a
dollar which grows mo-re 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 credit by increasing the purchas?
ing power of our dollar we destroy our
ability to pay the debts already contracted
by lowering thc purchasing power of the
products with which those debts must be
paid? If it is asserted, as it constantly is
asserted, that the gold standard will en?
able us to borrow more money from abroad.
I reply that thc restoration of bimetallism
will restore thc parity between money and
property, and thus permit an era of pros- j
perity which will enable thc American j
people to become loaners of money instead
of perpetual borrowers. Even if wc desire
to borrow how long can we continue ber- j
rowing under a system which, by lower- \
ing tlic value of property, weakens thc
foundation upon which credit rests?
Even thc holders of fixed investments,
though they gain an advantage from thc
appreciation of the dollar, certainly see thc
injustice of the legislation which gives
them this advantage over those whose in?
comes depend upon thc value of property
and products. If thc holders of fixed in?
vestments will not listen to arguments
based upon justice and equity. I appeal to
them to ccnsider.thc interests of posterity.
We do not live for ourselves alone. Our la?
bor, our self denial and our anxious care,
ali these are for those who are to come air?
er us as much as for ourselves, but we can?
not protect our children beyond the period
of our lives. Let those who are now reap?
ing advantage from a vicious financial sys?
tem remember that in the years to come
their own children and their < hildren*?
children may. through the operation of
this same system, be made to pay tribute
to thc descendants of those who nie
wronged today.
Asagainst thc maintenance of a gold
standard, either permanently or until oth?
er nations can i e united 1er its overthrow,
the Chicago platform, ? resents a clear and
emphatic demand for thc immediate res?
toration of the free and unlimited coinage
of silver and gold at the present legal ratio
of 16 to 1 without waiting for tho aid or
consent of any other nation. We arc not
asking that a new experiment be tried. \\'e
are insisting Upon a return to a financial
policy approved by the experience of his?
tory and supported by all thc prominent
statesmen of our nation from thc days of
thc first {?resident' down to 1873. When we
ask that our minis f e opened to the free \
and unlimited coinage of silver into
legal tender money, wo are simply asl"
that the same mint privileges be acco . . j
to silver that arc now accorded to gold
When we ask thar this coinage bc at; thc
ratioof ltito 1. we simply ask tba* our gold :
coins and thc standard silver dollar. :
which, bc it remembered, contains thc
same amount of pure silver as the first :.':1- :
ver dollar corned a?.o_ur mints, retain their
Highest cf all in Leavening Pow
1,1 >ry of Bimetallism.
The theoretical advantagcof the bimetal?
lic system is best ?-rated by a European
writer on political economy who siurge^-ts
the following illustration: A river fed
from two sources is more uniform in vol?
ume than a river fed from one source, the
reason l)eing that when one of thc 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
bimetallism. The volume of metallic mon?
ey receives contributions from both t.ie
gold mines and thc silver mines, and
therefore varies less, and thc elollar. rest?
ing upon two metals, is less changeable in
its purchasing power than the dollar which
rests on one metal only.
If there are two hinds of money, the op?
tion must rest either with the debtor or
with the creditor. Assuming that their
rights are equal, wc must look at the in?
terests of society in general in order to de?
termine to which side theoption should be
given. Under thc bimetallic system golel
and silver are linked together by law at a
fixcel ratio, and any person or persons
owning any quantity of either metal can
have the same converted into full legal
tender money. If thc creditor lias the right
to choose the metal in which payment
shall be made, it is reasonable to suppose
that he will require the debtor to pay in
thc dearer metal if there is any perceptible
difference between thc bullion values of
the metals. This new demand created for
thc dearer metal will make that metal
dearer still, while tho decreased demand
for th.e cheaper metal will make that metal
cheaper still. If, on thc other hand, the
debtor exercises the option, it is reasonable
to suppose that he will pay in the cheaper
metal if one metal is perceptibly cheaper
than thc other, but thc demand thus creat?
ed for the cheaper metal will raise its
price, while the lessened demand for the
dearer metal will lower its price. In other
words, when thc creditor has thc option,
the metals are drawn apart, whereas
when the debtor has the option the metals
are held together approximately at the ratio
fixed In-law. provided thc demand created
is sufficient to absorb all of both metals
presentee! at the mint. Society is there?
fore interested in having the option exer?
cised by thc debtor. Indeed there can be
no such thing as real bimetallism unless
the option is exercised hy thc debtor. The
exercise of the option by the debtor
compels thc creditor classes, whether
domestic or foreign, to exert themselves
to maintain thc parity between ge>ld
and silver at the legal ra^io. whereas
they might find a profit in driving
one of the metals to a premium if they
could then demand the dearer metal. The
right of the debtor to choose? the coin in
which payment shall be made extends to
obligations elue from the government as
well as te contracts between individuals.
A government obligation is simply a debt
elue from all the people to one of the peo?
ple, and it is impossible to justify a policy
I which makes the interests of the one per ?
son who holds the obligation superior to
j tho rights of the many who must bc taxed
to pay it. When, prior to 1873, silver wa
at a premium, it was never contended tba;
national honor required tho payment oi
government obligations in silver, and the
Matthews resolution, adopted by congress
in 1S7S, expressly asserted thc right of thc
United States to redeem coin obligations
in standard silver dellars as well as in golel
coin.
Upon this subject the Chicago platform
reads. "Weare opposed to the policy and
practice of surrendering to the holders of
thc obligations of the United .States th.e
option reserved by law to the government
of redeeming such obligations in either sil?
ver coin or golel coin.
Carline's Testimony.
lt is constar?ly assumed by some that
the United Suites notes, commonly called
greenbacks, and the treasury notes, issued
under the act of 1890, are responsible for
thc recent drain upon thc gold reserve, but
this assumption is entirely without foun
1 dation. Secretary Carlisle appeareel liefere
j the house committee on appropriations on
Jan. 21, 1895, and I quote from the printed
report of his testimony before the commit?
tee:
Mr. Sibley-I would like to ask you
! (perhaps not entirely connected with thc
matter under discussion) what objection
there could be to having the option of re?
deeming cither in silver or gold lie with
j tlie treasury instead of the note holder? (
Secretary Carlisle-If that policy bael
! been adopted at thc beginning of resump
! tion-andi am not saying this forthepur
! pose of criticising thc action <?. any.
? of my predecessors or anybody else-thc,
S policy of reserving to the government, at
: the beginningof resumption, the option cf j
; redeeming in gold or sil ver all its paper j
: presented, I believc.it would have worked I
? beneficially, and there would have been no]
; trouble growing out of it, but the secre
I taries of the treasury from thc beginning
of resumption have pursued a policy of re?
deeming in gold or silver, at thc option of
; the holder of the paper, ami if anysecre
; tary had afterward attempted to chang/ i
: that policy and force silver upon a marj
: who wanted gold, or gold upon a man who
j wanted silver, and especially if he liad
J made that attempt at such a critical period
j as wc have had in rho last two years, my
judgment is ic would have been verydisas
! trous.
: I do not agree with the secretary that it j
: was wise to follow a bad precedent, but j
I from his answer it will be seen that the?
? fault does net lie with thc greenbacks and I
treasury notes, but rather with thc execu-1
j rive officers who have seen lit to surrender}
a right which should have been exercised!
j for the protection of the interests of thej
people. This executive action has already
beim made the excuse for tho issue of more
than $25O,O0P,OOO in bonds, and it is im?
possible to estimate the amount of bonds'
which may hereafter Ix* issued if t his policy
is continued. Wc are taldthal any attempt
upon the part of the govern nient at t Iiis
time to redeem its obligations in silver,
would nut a premium upon gold, but why j
Continued on pagt S. I
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