People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-08-26

L
that is to say, it has lost 81 $4,000
900 of its value. That estimate
though goes too far, because silver
certainly does support credit to some
extent, especially in the smaller
transactions of the people.
But if we assume that it has been
deprived of its power, as a support
of credit then the effect of remone-
thing it would be to REINFORCE the
currency of the two continents by
substantially $9OO,OO0,OO0 of stan
dard coin. Money thrown into the
circulation of Europe would bene-
fit this country also, because by IN
creasing the circulation in Europe
it would increase the power of for
eign countries to buy our commodi-
ties and in that way would raise the
prices of American products. Ap-
plause.
AN INTERNATIONAL AGREEMENT.
This is the latest fad with every
body who is opposed to free coin
age. The minority of the commit
tee present a measure looking to
such an agreemant for the consider
alton of the House 1t is peculiar
to this controversy that our OPP
ponents always have some counter
proposition which they claim to be
in the interest of silver. For my
part, I have no confidence whatever
In the good faith of a large MAORI
ty Of those who are shouting for an
international conference.
We do not look for safe advocates
of protection in the ranks of the
freetraders; neither do we turn to
the cohorts of protection to find the
reliable champions of free trade.
We who are urging free coinage
may be fanatics and cranks, but,
thanks be to God we are not fools
enough to believe that the only true
friends of bimetallism and silver are
to be found among those who des-
troyed the double standard, and who
have been denouncing, deriding, dis
crediting, and disparaging the silver
dollar ever since its coinage was re-
sumed in 1878. Applause
IF silver is ever restored it will be
by its friends and not by its enc
mics. If they are sincere, then it is
complete abandonment of every
essential principle for which they
have been contending for the last
fifteen or twenty years. You may
rake the whole broad field OF econo-
mic literature and not find case in
which the advocates of a particular
policy have SO ingloriously surren-
dered. What becomes of the den
unciation of the ''infamous and
, thieving silver miner, trying to arti-
ficially enhance the value of his pro-
duct?"
Ii silver be restored by interna-
E tional agreement, will rot such
agreement be a purely artificial
thing? And if silver be thus restor-
: ed, will it not benefit the miner as
much as If it be done by the United
:; States alone? Because if there
should be an international agree
:. ment, it Is almost certain to be upon
the ratio of 151, which would make
l. silver worth 3 per cent. more than at
> the ratio of Is, which we propose
to give it. What becomes of the
> time worn argument that values can
; not be controlled by legislation?
What is international agreement
l but legislation in which two or
more countries of all the twaddle
I about the importaRcy Of fiat and the
government stamp? What be-
! comes of the claim that there is an
; abundance of gold for the business
requirements of the world, and that
we only need silver for small
| change.
Ii there is an abundance of money,
! why have an international agree
: ment give us more? What becomes
OF the "intrinsic Interchangeable value
OF gold?" Ii that value be intrinsic
and Interchangeable, how can it pos
sibly be affected by an international
agreement? What becomes of the
great economic principle recently
discovered that silver has depreciat-
ed because it only costs 40 cents an
ounce to produce it? Can it be that
an international agreement is going
to increase the price of producing
silver?
There is not, I repeat, single
substantial argument going to prln-
ciples involved in this problem that
is not totally abandoned when our
opponents declare themselves in
favor Of an international agreement.
The whole question resolves itself
into one of quantity or force; and
the ability Of the United States
alone to restore the parity Is the
only real issue between us. Now,