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IoAZET
131$. . .
PWEEKLY-NORWALKF
~cxpect the holders of other forms of prop-
:erty to protest against giving to money a
“ fdisproportionate and unfair advantage
'over every other yspeclcs of property?” If
the relatively few whose wealth consists
‘largely in fixed zinvestmcnts have a right
‘F‘iEO' 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-
tectsthemselves from the disastrous conse-
quences of a rising standard? The people
-who must purchase money with the prod-
ucts-of toil stand in a position entirlcy dif~
ferent from the position of those who own
money or receive a fixed income. The well
being of the nation—aye, of civilization it-
self—«depends 911me the prosperity 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 andxbrings distress to the peo-
ple? What shall it ,profit us if in trying to
iraise: our credit by increasing the purchas-
Sing power of -our dollar we destroy our
.ability to pay the-debts already contracted
{by lowering the purchasing power of the
products with-which these 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 the restoration of bimetallism
will restore the parity bet-ween money and
property, and thus permit an era of prog-
'perity which will enable the American
people to become loaners of money instead
of perpetual borrowers Even if we desire
“to borrow how long can we continue bor-
* rowing under a system which, by lower~
”ing the value of property, weakens the
foundation .upon which credit rests?
Even the holders of fixed investments,
though they gain an advantage from the
...appreeiation of, the dollar, certainly see the
inj ustice of the legislation which gives
them thisadvantage over those whose in-
Icomes depend ,upon the value of property
and products. If the .holders of fixed in-
vestments will not listen to arguments
based upon justice and equity, I appeal to
them to consider the interests of posterity.
We do not live for ourselves alone. Our 1a-
V'bor, our‘self denial and our anxious care,
:all these are for those who are to come aft-
*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 children’s
children may, thgough the operation of
this same system, be made to pay tribute
“to the descendants of those who are
wronged today.
As against the maintenance of a gold
standard, .e‘ither permanently or until oth-
er nations can be united for its overthrow,
the Chicago platform presents a clear and
'cmphatiedemand for the immediate res-
toration of the free and unlimited coinage
-of silver and gold at the present legal ratio
~ef 16 to 1 without waiting for the aid or
consent of any other nation. We are not
asking that a new experiment be tried. We.
.are insisting upon a return to a financial
policy approved by the experience of his-
tory and supported .by all the prominent
statesmen of our nation from the days of
the first president down to 1873. When we
.ask that our mints be opened to the free
and unlimited coinage of silver into full
legal tender money? 'we are simply asking
:that the same mint privileges be accorded
:to silver that are now accorded to gold.
'When we ask that this coinage be at the
ratio of 16 tel, we simply ask that our gold
:coins and the standard silver dollar,
which; be it remembered, contains the
:same amount of pure silver as the first sil-
ver dollar coined at our mints, retain their
:present weight and fineness.
Theory of .‘Bimetallism.
The theoretical advantage of the bimetal-n
.‘lic system is best stated by a European
writer on political economy w‘ho suggests
the following illustration: A river fed
from two-sources is more uniform in vol—
‘ume than a river fed from one source, the
mason 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
bimetallism. The volume of metallic mon-
Iey receives contributions from both the
gold mines and ‘the silver mines, and
therefore varies less; and the dollar, rest-
fling upon two metals, is less changeable in
:its purchasing power than the dollar which
rests on one metal only.
If there are two kinds of money, the op-
ution must rest either with the debtor or
~with the creditor. Assuming that their
:rights are equal, we must look at the in-
terests of society in general in order to de-
termine to which side the option should be
given. Under the bimetallic system gold
.and silver .are linked together by law at a
fixed ratio, and any person or persdns
nowning any quantity of either metal can
uhave the same converted into full legal
tender money. If the creditor has 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
the dearer 'metal if there is any perceptible
difference betwoen the bullion values of
the metals This new demand created for
the dearer metal will make that metal
dearer still, while the decreased demand
for the cheaper metal will make that metal
cheaper still. If, on the 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 theother, but the 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 the creditor has the option,
the metals are drawn apart, whereas
when the debtor has the option the metals
.are held together approximately at the ratio
fixed by law, provided the demand created
.is sufficient to absorb all of both metals
presented at the mint. Society is there
fore interested in having the option exer-
cised by the debtor. Indeed there can be
‘no such thing as real bimetallism unless
the option is exercised by the debtor. The
exercise of the option by the debtor
compels the creditor classes, whethel
«domestic or foreign, to exert- themselves
.to maintain the parity between gold
.and silver at the legal ratio, 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 due from the gOvernment as
'well as to contracts between individuals.
A government obligation is simply a debt
:due from all the people to one of the poo-
gple, and it is impossible to justify a policy
"which makes the interests of the one per-
son who holds ,the obligation superior to
' the rights of the many who must‘be taxed
to pay ‘it. When, prior to 1873, silver was
at a. premium, it was never contended that
national honor required the payment of
government obligations in silver, and the
Matthews resolution, adopted by congress
, in 1878, expressly asserted the right of the
United States to redeem coin obligations
in standard silver dollars as well as in gold
coin.
Upon this subject the Chicago platform
. reads, “We are opposed to the policy and,
" practice of surrendering to the holders of
the obligations or the united States the
option reserved by law to the government
of redeeming such obligations in either sil-
ver coin or gold coin. ”
‘ Carlisle’s Testimony.
It is constantly assumed by some that
the United States notes,_ commonly called
greenbaeks, and the treasury notes, issued
under the act of 1890, are responsible for
the recent drain upon the gold reserve, but
this assumption is entirely without foun-
dation. Secretary Carlisle appeared before
the house committee on apprbpriations on
J an. 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 the
matter under discussion) what objection
there could be to having the option of re-
deeming either in silver or gold lie with
the treasury instead of the note holder?
Secretary Carlisle—If that policy had
been adopted at the beginning of resump-
tion—and I am not saying this for the pur-
pose of criticising the action of any
of my predecessors or anybody else—the
policy of reserving to the government, at
the beginning of resumption, the option of
redeeming in gold or silver all its paper
presented, I believe it would have worked
beneficially, and there would have been no
trouble growing out of it, but the secre-
taries of the treasury from the beginning
of resumption have pursued a policy of re-
deeming in gold or silver, at the option of
the holder of the paper, and if any secre-
tary had afterward attempted to change
that policy and force silver upon a man
who wanted gold, or gold upon a man who
wanted silver, and especially if he had
made that attempt at such a critical period
as we have had in the last two years, my
judgment is it would have been very disas-
trous. ‘
I do not agree with the secretary that it
was wise to follow a bad precedent, 'but
from his answer it will be seeng that the
fault does not lie with the greenbacks and
treasury notes, but rather with the execu-
tive officers who have been fit to surrender
a right which should have been exercised
for the protection of the interests of the
people. This executive action has already
been made the excuse for the issue of more
than $250,000,000 in bonds, and it is im-
possible to estimate the amount of bonds
which may hereafter be issued if this policy
is continued. We are told that any attempt
upon the part of the government at this
time to redeem its obligations in silver
would put a premium upon gold, but why
should it? The Bank of France exercises
the right to ‘redeem all bank paper in
either gold or silver, and yet France main-
tains the parity between gold and silver at
the ratio of 15% to 1 and retains in cir-
culation more silver per capita than we do
in the United States. .
It may be further answered that our op-
ponents have suggested no feasible plan for
avoiding the dangers which they fear. The
retirement of the greenbacks and treasury
notes would not protect the treasury, be-
cause the samc policy which now leads the
secretary of the treasury to redeem all gov-
ernment paper in gold, when gold is de-
manded, will require the redemption of all
silver dollars and silver certificates in gold
if the greenbacks and treasury notes are
withdrawn from circulation. More than
this, if the government should retire its
paper and throw upon the banks the ne-
cessity of furnishing coin redemption, the
banks would exercise the right to furnish
eithergold or silver—in other words, they
would exercise the option, just as the gov-
ernment ought to exercise it new. The
government must either exercise the right
to redeem its obligations in silver when
silver is more convenient, or it must retire
all the silver and silver certificates from
circulation and leave nothing but gold as
legal tender money. Are our opponents
willing to outlinc‘a financial system which
will carry out their policy to its legitimate
conclusion, or will they continue to cloak
their designs in ambiguous phrases?
Necessity For Bimetalllsm.
There is an actual necessity for bimetal-
lism as well as a theoretical defense of it.
During the last 23 years legislation has
been creating an additional demand for
gold, and this law created demand has re-
sulted in increasing the purchasing pOWer
of each ounce of gold. The restoration of
bimetallism in the United States will take
away from gold just so much of its pur-
chasing power as was added to it by the
demonetization of silver by the United
States. The silver dollar is‘now held up to
the gold dollar by legal tender laws and
not by redemption in gold, because the
standard silver dollars are not new re-
deemable in gold either in law or by ad-
ministrative policy.
We contend that free andunlimited coin-
age by the LUnited States alone will raise
the bullion value of silver to its coinage
value, and thus make silver bullion worth
$1.29 per ounce in gold throughout the
world. This proposition is in keeping with
natural laws, not in defiance of them. The
best known law of commerce is the law of
supply and demand. We recognize this
law and build our argument upon it. i ’e
apply this law to money when we say th
:1 reduction in the volume of money will
raise the purchasing power of the dollar.
We also apply the law of supply and de-
mand to silver when We say that a. new
demand for silver created by law will raise
the price of silver bullion. Gold and silver
are different from other commodities in
that they are limited in quantity. Corn,
wheat, manufactured products, etc. , can be
produced almost without limit, provided
they can be sold at a price sufficient to
stimulate production, but gold and silver
are called precious metals because theyare
found, not produced. These metals have
been the objects of anxious search as far
back as history runs; yet, accordingto Mr.
Harvey’s calculation, all the gold coin of
the world can be melted into a 22 foot cube
and all the silver coin in the world into a
66 foot cube. Because gold and silver are
limited, both in the quantity new in hand
and in annual production, it follows that
legislation can fix the ratio between them.
Any purchaser who stands ready to take
the entire supply of any given article at a
certain price can prevent that article from
falling below that price. So the govern-
ment can fix a price for gold and silver by
creating a demand greater than the sup-
ply. International bimetallists believe that
several nations, by entering into an agree-
ment to coin at a fixed ratio all the gold
and silver presented, can maintain the
bullion value of the metals at the mint
ratio. When a mint price is thus estab-
lished, it regulates the bullion price, be-
cause any person desiring coin may have
the bullion converted into coin at- that
price, and any person desiring bullion can
sécure it by melting the coin. The only
question upon which international bimetal-
lists and independent bimetallists differ is,
Can the United States by the free and un-
limited coinage of silver at the present
legal ratio create a demand for silver
which, taken in connection With the de-
mand already in existence, will be suf3
ficient to utilize all the silver that will be
presented at the mints? They agree in their
defense of the bimetallic principle, and
they agree in unalterable opposition to the
0—...
gold standard. International bimetallists
cannot complain that free coinage gives a
benefit to the mine owner, because inter-
national bimetallism gives to the owner of
silver all the advantages ofiered by inde-
pendent bimetallism at the same ratio. In-
ternational bimetallists cannot accuse the
advocates of free silver of being “bullion
owners who desire to raise the value of
their bullion,” or “debtors who desire to
pay their debts in cheap dollars,” or
“demagogues who desire to curry favor
with the people.” They must rest their
opposition upon one groundonly—namely,
that the supply of silveravailable for coin-
age is too large to be utilized by the Unit-
ed States. ‘
Our Capacity to Us. Silver.
In discussing this question we must
consider the capacity of our people to use
silver and the quantity of silver which can
come to our mints. It must be remem—
bered that we live in a country only par—
tially developed, and that our people far
surpass any equal number of people in the
world in their power to consume and pro-
duce. Our extensive railroad development
and enormous internal commerce must
also be taken into consideration. Now,
how much silver can come here? Not the
coined silver of the world, because almost
all of it is more valuable at this time in
other lands than it will be at our mints
under free coinage. If our mints are
opened to free and unlimited coinage at
the present ratio, merchandise silver can-
not come here, because the labor applied to
it has made it worth more in the form of
merchandise than it will be worth at our
mints. We cannot even expect all of the
annual product of silver, because India,
China, Japan, Mexico and all the other
silver using countries must satisfy their
annual needs from the annual product.
The arts will require a large amount, and
the gold standard countries will need a
considerable quantity for subsidiary coin-
age. We will be required to coin only that
which is not needed elsewhere, but if we
stand ready to take and utilize all of it
other nations will be compelled to buy at
the price which we fix. Many fear that
the opening of our mints will be followed
by the enormous increase in the annual
production of silver. This is conjecture.
Silver has been used as money for thou-
sands of years, and during all of that time
the world has never suffered from an over-
production. If 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
intelligence of the people will be sufficient
to devise and enact any legislation neces-
sary for the protection of the. public. It
is folly to refuse to the people the money
which they now need for fear they may
1
our sister republic to remind our people
that the United States is much greater
than Mexico in area, in population and in
commercial strength.
sert that the United States is not able to
do anything which Mexico has failed to
accomplish. The one thing necessary in
order to maintain the parity is to furnish
a. demand great enough to utilize all the
silver which will come to the mints. That
Mexico has failed to do this is not proof
that the United States would also fail.
It is also argued that, since a number of
the nations have demonetized silver, noth-
ing can he 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 there
are sufficient open mints to furnish a men-
etary demand for all the gold and silver
available for coinage.
In reply to the argument that improved
machinery has lessened the cost of produc-
ing silver, it is sufficient to say that the
same is true of the production of gold, and
yet, notwithstanding that, gold has risen
in value. As a matter of fact, the cost of
production does not determine the value
of the precious metals, except as it may
‘ affect the supply. If, for instance, the cost
of producing gold should be reduced 90
per cent without any increase in the out-
put, the purchasing power of an ounce of
gold would not fall. So long as there is
a monetary demand sufficient to take at a
fixed mint price all the gold and silver
produced the cost of production need not
be considered.
Prices of Gold and Silver.
It is often objected that the prices of
gold and silver cannot be fixed in relation
to each other because of the variation in
the relative production of the metals. This
argument also overlooks the fact that, if
the demand for both metals at a fixed price
is greater than the supply of both, relative
production becomes immaterial. In the
early part of the present century the an-
nual production of silver was worth, at
the coinage ratio, about three times as
much as the annual production of gold,
whereas, soon after 1849, the annual pro-
duction of gold became worth about three
times as much, at the coinage ratio, as the
annual production of silver, and yet, 9w-
ing to the maintenance of the bimetallic
standard, these enormous changes in rela-
tive product-ion had but a slight cfi‘ect up-
on the relative values of the metals.
If it is asserted by our opponents that
the free coinage of silver is intended only
for the benefit of the mine owners, it must
be remembered that free coinage cannot
restore to the mine owners any more than
demonetization took away, and it must
also be remembered that the loss Which
the demonetization. of silver has brought
hereafter have more than they need. I am to the mine owners is insignificant comw
firmly eonv inccd that by opening our mints
to free. and unlimited coinage at the pres-
pared to the loss which this policy has
brought to the rest of the people. The res‘
ent_ratio_we can create'a demand for silver g toration of silver will bring to the people
which Will keep the price of Silver bullion 1 generally many times as much advantage
at $1.29 per ounce, measured by gold.
Some of our opponents attribute the fall
in the value of silver, when measured by
gold, to the fact that during the last quar-
ter of a century the world’s supply of silver
has increased more rapidly than the world’s
supply of gold. This argument is entirely
answered by the fact that during the last
five years the annual production of gold
has increased more rapidly than the an-
nual production of silver. Since the gold
price of silver has fallen more during the
last five years than it ever fell in any pre-
vious five years in the history of the world
it is evident that the fall is not due to in-
creased production. Prices can be lowered
as effectually by decreasing the demand
for an article as by increasing the supply
of it, and it seems certain that the fall in
the gold price of silver is due to hostile
legislation and not to natural laws.
Our opponents cannot ignore the fact
that gold ,is now going abroad in spite of
all legislation intended to prevent it, and
no silver is being coined to take its place.
N at only is gold going abroad now, but it
must continue to go abroad as long as the
present financial policy is adhered to un-
less we continue to borrow from across the
ocean, and even then we simply postpone
the evil, because the amount borrowed, to-
gether with interest upon it, must be re-
paid in appreciating dollars. The Ameri-
can people now owe a large sum to Euro-
pean creditors, and falling prices have left
a larger and larger margin between our
net national income and our annual inter-
est chargc. There is only one way to stop
the increasing flow of gold from our shores,
and that is to stop falling prices. The res-
toration of bimetallism will not only stop
falling prices, but will ’co some extent
restore prices by reducing the world’s de-
mand for gold. If it is argued that a. rise
in prices lessens the value of the dollars
which we pay to our creditors, I reply
that in the balancing of equities the
American people have as much right to fa-
vor a. financial system which will main-
tain or restore prices as foreign creditors
have to insist upon a financial system that
will reduce prices. But thc‘interests of
society are far superior to the interests of
either debtors or creditors. and the inter-
ests of society demand a financial system
which will add to the volume of the stand-
ard money of the world, and thus restore
stability to prices. ‘ .
A Reply to Criticism.
Perhaps the most persistent misrepre-
sentation that we have to meet is the
charge that we are advocating the payment
of debts in 50 cent dollars. At the present
time and under present laws a silver dol-
lar when melted loses nearly half its val-
ue, but that will not be true when we
again establish a mint price for silver and
leave no surplus silver upon the market to
drag down the price of bullion. Under bi-
metallism silver bullion will be worth as
much as silver coin, just as gold bullion is
‘now worth as much as gold coin, and we
believe that a silver dollar will be worth as
much as a gold dollar.
The charge of repudiation comes with
poor grace from those who are seeking to
add to the weight of existing debts by
legislation which makes money dcarcrand
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 be remembered 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 leaves the country
those who formerly owned it will be bene-.
fited. There is no process by which we
can be compelled to part with our gold
against our will, nor is there any process
by which silver can be forced upon us
without our consent. Exchanges are mat-
ters of agreement. and if silver comes to
this country under free coinage it will be
at the invitation of. some one in this coun-
:ry who will give something in exchange
or it.
Those who deny the ability of the Unit—
ed States to maintain the parity between
gold and silver at the present legal ratio
without foreign aid point to Mexico and
assert that the opening of our mints will
reduce us to a silver basis and raise gold
to a premium. It is «no reflection upon
\
as the mine owners can obtain from it.
While it is not the purpose of free coinage
to specially aid any particular class, yet
these who believe that the restoration of
silver is ncezled by the whole people should
not be deterred because an incidental ben-
efit will come to the mine owner. The erec-
tion of forts, the deepening of harbors,
the improvement of rivers, the erection of
public building all these confer inci-
dental benefits on individuals and com-
munities, and yet these incidental benefits
do not deter us from making appropria-
tions for these purposes whenever such ap‘
propriations are necessary for the public
good. '
‘ The argument that a silver dollar is
heavier than a gold dollar, and that there-
fore silver is less oonvenicnt to carry in
large quantities, is completely answered
by the silver certificate, which is as easily
carried as the gold certificate‘ or any other
kind of paper money.
As to the Present Ratio.
There are some who, while admitting
the benefits of bimetallism, object to coin-
age at the present ratio. ' If any are deceiv-
ed by this objection, -they ought to remem-
ber that there are no bimetallist-s who are
earnestly endeavoring to secure it at any
other ratio than 16 to 1. We are opposed
to any change in the ratio for two rea30ns—
first, because a change would produce
great injustice, and, second, because a
change in the ratio is not necessary. A
change would produce injustice because,
if effected in the manner usually suggest-
ed, it would result in an enormous con-
traction in the volume of standard money.
If, for instance, it was decided by inter—
national agreement to raise the ratios
throughout the world to 32 to 1, the'change
might be effected in any one of three
ways.
The silver dollar could be doubled in
size, so that the new silver dollar would
weigh 32 times as much as the present gold
dollar, or the present gold dollar could be
reduced one-half in weight, so that the
present silver dollar would weigh 32 times
as much as the new gold dollar, or the
change could be made by increasing the
size of the silver dollar and decreasing the
size of the gold dollar until the new silver
dollar would weigh 32 times as much as
the new gold dollar. Those who have ad-
vised a change in the ratio have usually
suggested that the silver dollarbedoubled.
If this change were made, it would neces-
sitate thqgrecoinage of 4,000,000,000 of sil-
ver into $2,000,000,000. There would be
an immediate loss of $2,000,000,000 either
to individuals or to the government, but
this would be the least of the injury. A
shrinkage of one-half in the silver money
of the world would mean a shrinkage of
one-fourth in the total volume of metallic
money. This contraction, by increasing
the value of ' the dollar, would virtually
increase the debts of the world billions of
dollars and decrease still more the value of
the property of the world as measured by
dollars. Besides this immediate result
such a change in the ratio would perma-
nently decrease the annual addition to the
world’s supply of money, because the an
nual silver product, when coined into dol-
lars twice as large, would. make only half
as many dollars.
The people of the United States would
be inj “red by a change in the ratio not
because they, produce silver, but, because
they own property and owe debts, and
they cannot afford to thus decrease the
value of their property or increase the bur
den of their debts.
In 1878 Mr. Carlisle said, “Mankind
will be fortunate indeed if the annual pro-
duction of gold and silver coin shall keen
pace with the annual-increase of popula-
tion and industry.” I repeat this asser
tion. All of the gold and silver annually
available for coinage, when converted into
coin at. the present ratio, will not, in my
judgment, more than supply our monetary
needs.
_ The Sherman Act.
In supportingthe act of 1890, known as
the Sherman act, Senator Sherman, on
June 5 of that year, said:
“Under the law of February, 1878, the
purchase of $2,000,000 worth of silver'bul-
lion a month has by coinage produced
annually an average of nearly $3,000,000
per monthfor a period of 12 years, but this
amount, in view of the retirement of the
It is absurd to as- i
bank notes, will nct lacrosse oureczn‘ronc,
in proportion to our increasing popula-
uon 3’ . ‘
If our present currency is estimated
at $1,400,000,0CO and our population is
increasing at the ratio of 3 per cent per
ennum, it would require $42,000,000 in-
creased circulation each year to keep pace
with the increase of population, but as the
increase of population is accompanied by a
still greater ratio of increase of wealth and
business it was thought that an immedi-
ate increase of circulation might be ob-
tained by larger purchases of silver bullion
to an amount sufficient to make good the
retirement of bank notes and keep pace
with the growth of population. Assuming
that $54,000,000 a year of additional cur-
rency is needed upon this basis, that
amountis provided for in this bill by the
issue of treasury notes in exchange for
bullion at the market price.
If the United States than needed more
than $42,000,000 annually to keep pace
with population and business, it new,
with a larger population, needs a still
greater annual addition, and the United
States is only one nation among many.
Our opponents make no adequate provi-
sion for the increasing monetary needs of
the world.
In the second place, a change in the ra-
tio is not necessary. Hostile legislation
has decreased the demand for silver and
lowered its price when measured by gold,
while this same hostile legislation, by in-
creasing tho demand for gold, has raised
the value of gold when measured by other
forms of property.
We are told that the restoration of hi-
who have entered into contracts payable
in gold coin, but this is a mistake. It will
be easier to obtain the gold with which to
meet a gold contract, when most of the
people can use silver, than it is now, when
every one is trying to secure gold.
The Chicago platform expressly declares
in favor of such legislation as may be nec-
essary to prevent for the fut re the de-
monetization of any kind of legal tender
money~ by private contract. Such con-
tracts are objected to on the ground that
they are against public policy. No one
questions the right of legislatures to fix
the rate of interest which can be collected
by law. There is far more reason for pre-
venting private individuals from setting
aside legal tender law. The money which
is by law made a legal tender must, in
the course of ordinary business, be accepted
by ninety-nine out of every hundred per-
sons. Why should the one-hundredth man
be permitted to exempt- lzinzsclt from the
general rule? f 1pecial contracts have a
tendency to increase the demand for a par-
ticular kind cf money, and thus force it to
a. premium. Ilave not the people a right
to say that a comparatively few individ-
uals shall not be permitted to dcrange 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. Some of the more
zealous opponents of free coinage point to
the facz that 13 months must elapse be-
tween the election and the first regular
session of congress and assert that during
that time, in case people declare themselves
in favor of free coinage, all loans will be
withdrawn and all mortgages foreclosed.
If these are merely prophecies indulged in
by those who have forgotten the provisions
of the constitutidn, 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 November the people
by their ballots declare themselves in favor
of the immediate restoration of bimetal-
lism, the system can -be-inaugurated with-
in a few months.
If, however, the assertion that loans will
be withdrawn and mortgages foreclosed
is made to prevent such political action as
the people may believe to be necessary for
the preservation of their rights, then a
new and vital issue is raised. Whenever it
is necessary for the people as a whole to
obtain conse 5 rom the owners of money
and the chau cm of money before they can
legislate upon financial questions, we shall
have passed from a democracy to a. plu~
tocracy. But that time has not yet arrived.
Threats and intimidation will be of no
avail. Tile people who in 1776 rejected
the doctrine that kings rule by right di-
vine will not in' this generation subscribe
to a doctrine that money is omnipotent.
International Bimetallism.
In conclusion, permit me to say a word
in regard to international bimetallism.
We are not opposed to an international
agreement looking to the restoration of
bimetallism throughout the world. The
advocates of free coinage have on all occa-
sions shown their willingness to cooper-
ate with other nations in the reinstate-
ment of silver, but they are not willing to
await the pleasurg of other governments
when immediate relief is needed by the
people of the United States, and they fur-
ther believe that independent action offers
better assurance of international bimet-
allism than servile dependence upon for-
eign aid. For more than 20 years we have
invited the assistance of European nations,
but 52.1 progress in the direction of inter-
national bimetallism has been blocked by
“the opposition of those who derive a pecun-
iary benefit from the appreciation of gold.
How long must we wait for bimetallism
to be brought to us by those who profit by
monometallism? If the double standard
will bring benefits to our people, who will
deny them the right to enjoy these bene-
fits? If our opponents would admit the
right, the ability and the duty of our peo—
ple to act for themselves on all public
questions without the assistance and re-
gardless of the wishes of other nations
and then propose the remedial legislation
which they consider sufficient, we could
meet them in the field of honorable debate,
but when they assert that this nation is
helpless to protect the rights of its own
citizens we challenge them to submit the
issue to a people whose patriotism has nev-
or been appealed to in vain.
’We shall not offend other nations when
we declare the right of the American peo-
ple to govern themselves, and, without lot
or hindrance from without, decide upon
every question presented for their consid-
eration. In taking this position we sim-
ply maintain the dignity of 7 0,000,000
citizens who are second to none in their
capacity for self government.
American people to pay an ever increasing
tribute to the creditor nations of the world,
a tribute which no one dares to defend.
I assert that. national honor requires the
United States to secure justice for all its
citizensas well as do justice to all its cred-
tors. For a people like ours, blessed with
natural resources of surpassing richness,
to proclaim themselves impotent to frame
a financial system suited to their own
needs is humiliating beyond the power of
language to describe. We cannot enforce
respect for our foreign policy so long as
we confess ourselves unable to frame o'u ‘
own financial policy.
Honest differences of opinion have al-
ways existed and ever will exist as to the
legislation best calculated to promote the
U a.
metallism would be a. hardship upon those.
The gold standard has compelled the ‘
public weal, but when it is seriously as ,
sorted that this nation must bowtothe
dictation of other nations and accept the
policies which they insist upon the right
of self government is assailed, and until
that question is settled all other questions
are insignificant. ‘
A Word to New York Citizens.
Citizens of New York, I have traveled
from the center‘ of the continent to the
seaboard that I might, in the very begin-
ning of the campaign, bring you greeting '
from the people of the west and south and!
assure you that their desire is not to de- ,
stroy, but to build up. They invite you to
accept the principles of a living faith rath-
er than listen to those who preach the gos-
pel of despair and advise endurance of the
ills you have. The advocates of free coin—
age believe that in striving to secure the
immediate restoration of bimetallism they
are laboring in your behalf as well as in
their own behalf. A few of your people
may prosper under present conditions, but
the permanent welfare of New York rests
upon the producers of wealth. This great
city is built upon the commerce of the na-
tion and must suffer if that commerce is
impaired. You cannot sell unless the peo-
ple have money with which to buy, and
they cannot obtain the money wiph which
to buy unless they are able to sell their
products at remunerative prices. Produc-
tion of wealth goes before the exchange of
wealth. Those who create must secure, a.
profit before they have anything to share
with others. You cannot afford to join the,
money changers in supporting a financial!
policy which, by destroying the purchas~ .
in g power of the products of toil, must in
the end discourage the creation of wealth.
I ask, I expect, your co-opcration. ‘It is
true that a. few of your financiers would ‘
fashion a new figure, a figure representing
Columbia, her hands bound fee with fet«
ters of gold and her face turned oward the
east, appealing for assistance to those who
live beyond the sea, but this figure can
never express your idea of this nation.
You will rather turn for inspiration to the
heroic statue which guards the entranceto
your city, a. statue as patriotic in concep-
tion as it is colossal in proportions. It was
the gracious gift of a sister republic and
stands upon a. pedestal which was built by
the American people. That figure, Liber:
ty, enlightening the world. is emblematic:
of the mission of our nation among the
nations of the earth. With a government
which derives its powers from the consent
of the governed, secures to all the people
freedom of conscience, freedom of thought
and freedom of speech, guarantees equal
rights to all and promises special priv-
ileges to none, the United States should be
an example in all that is good and the
leading spirit in every movement which
has for its object the uplifting of the hu-
man race. .
KEEPS ADDING TO IT.
The List of Cures Will Soon Wipe
Out the List of Sufferers
in Norwallc.
First one, then two, then four. then
eight.
Rapid progress, isn’t it?
Well, it should be, it takes them all.
Beginning with backache—~tbey cure.
Excess of urine—they cure.
Burning in passage—they cure.
Sediment or brick dust—they cure.
High color and mucus—they cure.
Diabetes and Bright’s disease—they
care.
All the same ,to them—they’re made
for it.
They are Dean’s Kidney Pills.
They add to the list all who take
them.
And Norwalk’s list is long.
Because the cure misses none.
No matter of how long standing.
How complicated and stubborn.
Not-walk people know it now.
Mr. Daniel S. Osterbank, N o. 21
Belden avenue. says: “I am seventy-
seven years old and a mill wright by
trade. In my younger davs I worked
very hard and for years I have been
troubled with kidney and bladder com-
plaint. My back ached so severely at
times I could not move and I was com—
pelled to get up often at night to uri-
nate and lost a great deal of sleep. I
took medicines and wore plasters but
they would not cure me. I saw-Dean’s
Kidney Pills advertised and I got a
box at Hale’s drug store. They were
just the thing for my trouble. I have
every reason to think that they are just
what the manufacturers claim for them.
They have made me sound and well.”
This is only one statement among the
many we are daily receiving about the ,
working of Doan’s Kidney Pills. We
will continue them. If your back is
weak, lame or aching, try Dean’s Kid-
nev Pills. "
You can get them at your druggists at
50 cents a box, or they will be sent
postpaid on receipt of price. by Foster—-
Milburn 00., Buffalo, N. Y.
One to five applications of Dean’s
Ointment will cure the worst case of
Itching Piles there ever was. Can you
afford to suffer tortures when a simple,
never-failing remedy is at hand? Dean’s
Ointment never fails. -
tELS/
‘v‘iWATER 0’9.
SARATUGAg
SARATOGA!
Genuine Saratoga \V-ater in
block-tin lined barrels direct
from the celebrated Spring, is
for sale on draught at Had-
den’s, corner Wall and River
Street.
THE WATER
Is brought direct from Sara.-
toga, and is dispensed in pre-
cisely the same condition in
which it flows from the spring
at Saratoga, and is sold at.
5 Cents per Glass.
,. our ' -,,y «
~ :g.
Norwalk Chronicler