The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-11-10

for the demonstration of silver, clearly under
stood the evil consequences Of shrinking cur
rency below tho legitimate demand Of the busi-
ness Of the country, as evidenced by what he
said in the senate in 1869, to wit:
1.-THE contraction of the currency Is Q far
more distressing operation than senators sup
pose. Our own and other nations have gone
through that operation before. 1t is not posi-
BILE to take that voyage without the sorest dis
tress. To every person, except a capitalist out
of debt or q salaried officer or annuitant, it is
period of loss, danger, lassitude of trade. fall
of wages, suspension of enterprise, bankruptcy
and disaster. 1t means ruin Of all dealers
whose debts are twice their business capital,
though one-third less than their actual prop
erty. 1t means the fall Of agricultural pro-
duction without any great reduction of taxes.
What prudent man would dare to build q
house, q railroad. q factory or q barn with this
certain fact before him?'
Therefore. In view Of all these facts, we de-
clare:
First-That there must be no compromise of
this question. Al1legislation demonetizing sill
yer and restricting the coinage thereof must
be Immediately and completely repealed by an
act restoring the coinage of the country to the
conditions established by the founders of the
nation. and which continued for over 80 years
without complaint from any part Of our peo-
pie. Every hours delay in undoing the cor
rupt work Of Ernest Seyd and our foreign en-
emies is an insult to the dignity Of the Amer
lean people, crushing burden on their pros
perity and an attempt to place us again under
the yoke from which George Washington and
his compatriots rescued us. Weprotest against
the financial policy Of the United States being
made dependent upon the opinion or policies
of any foreign government and assert the pow
or of this nation to stand on its own feet and
ofo fopi fSo1f al
Second-We assert that the only remedy for
our metallic financial troubles is to open the
minis of the nation to gold AID silver on equal
terms at the old ratio of IT, of silver to Of
gold. Whenever silver bullion can be ex-
changed at the minis for legal tender silver
dollars, worth 100 cents, that moment 4121A
grains Of standard silver will be worth 1C0
cents, and as commerce equalizes the prices of
ali commodities throughout the world, when
ever 4l21A grains of standard silver are worth
100 cents in the United States they will be
worth that sum everywhere else and cannot be
bought for less. While it will be urged that
such result would enhance the price of silver
bullion it is sufficient for us to know that a
similar rise would be Immediately maze in the
price of every kind Of property, except gold
and credits. in the civilized world. 1t would
be shallow selfishness that would deny pros
perity to the mining industries at the cost of
bankruptcy to the whole people. The legisla-
ton to demonetize silver has given an unjust
increase to the value of gold at the cost of the
prosperity of mankind, wheat and all other
agricultural products that have ridden side by
side with silver.
Third-That while the Sherman act of July
IA, 1890, was a device of the enemy to prevent
the restoration Of free coinage, and is greatly
Objectionable because it continues the practi-
cal exclusion of silver from the minis and re-
duces it from a money metal to a commercial
fho1oc 70 xx,f<h
the restoration of free coinage would stop the
expansion of our currency required by our
growth in population and business, widen still
further the differences between the two pre-
cious metals, thus making the return to bimet-
allism more difficult, greatly increase the pur-
chasing power of gold, still further breaking
down the price Of the products of the farmer.
laborers, mechanics and the tradesman, and
plunge still further all commerce, business
and industry into such depths of wretchedness
as to endanger peace, the preservation of free
institutions and the very maintenance Of CIV
inZation. We therefore, in the name Of the
republic and humanity, protest against the re-
peal of the said act Of July IA, 1890. except by
an act restoring free bimetallic coinage as ex-
listed prior to 1879. We suggest that the MAIN
tenance of bimetallism by the United States at
the ratio Of Is to l will increase our commerce
with all the silver using countries of the world,
comprising two-thirds of the world, without
decreasing our commerce with those nations
which buy our raw material and will compel
the adoption of bimetallism by the nations Of
Europe quicker than any other means.
Fourth-We assert that the unparalleled ca
lamities which now aff1ict the American peo-
pie are not due to the SO called Sherman act
of 1890, and in proof thereof we call attention
to the fact that the same evil conditions now
prevail over all the gold standard world. We
are convinced that bad as is the state of affairs
fv>< sc how
but for the Sherman act. by which the nation
has obtained to some extent an expanding cir
culation to meet the demands of q continent
In process of colonization and the business ex-
igencies of the most energetic and industrious
race that has ever dwelt on the earth, and we
insist upon the executing of the law without
evasion SO long as it is upon the statute books
and upon the purchase of the full amount of
silver each month that it provides for, to the
end that the monthly addition to the circulat-
ing medium the law requires shall be main
tanned.
Fifth-That we would call the attention of
the people to the fact that in the midst Of all
the troubles Of the time the value of the ma
donal bond and the national legal tender
money, whether made Of gold. silver or paper.
has not fallen particle. The distrust is not
OF the government or its money, but Of the
banks, which have, as we believe, precipitated
the present panic on the country in an i'll adj
vised effort to control the action Of congress
on the silver question and the issue of bonds.
We invite the bankers to attend to their legiti-
mate business and permit the rest of the peo-
pie to have their full share in the control of
the government. In this way they will much
sooner restore the confidence which is so nee
essary to the prosperity Of the people. It must
not be forgotten that while boards Of trade,
chambers OF commerce, bankers or money deal
ers are worthy and valuable men in their places
fhe vAoYNYY In 4n1v u