The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-07-19

TO PROTECT SILVER.
EARNEST WORK OF THE AMERICAN
BlMETALLIC LEAGUE:
4 Cepvention or the Friends OF Silver Call
cd to Take Action In Advance of the
Special Session Of Congress
From . League Circular.
The following call, which explains it.
self, has been issued from the headquar-
tiers of the American Bimetallic league:
WASHINGTON, July 4.
The recent elimination Of events of the
greatest moment to the people of this country
calls for wise counsel and determined action
on the part of all patriotic citizens. A con-
certed purpose is manifest to seize upon the
present opportunity to destroy silver as money
and establish finally and forever the single
gold standard and at one stroke to change all
debts to gold debts, with a never ending rise
of gold and fall of prices.
A financial disturbance, largely artificial and
needless, has been created as an "obiect les
son" and falsely attributed to the present sill
YER law in order out of it to create nantes
tation of public sentiment under cover of
which the greater crime of overthrowing the
money Of the constitution and establishing the
single gold Standard may be consummated.
As part Of the same great conspiracy the
mints of India have been closed, and the
shock is felt around the world.
Congress has been called to meet in extra ses-
sion on Aug 7. II at this session the money
roy do 60ft i<ypk1o 10 =
the single gold standard is finally established,
to be extended over the world, an economic
revolution wiz hays been inaugurated more
Disastrous TO the Welfafe b. mankind, and es-
Pecially to the producing and laboriag classes.
than any i9 the history Of the world.
In view, therefore, Of the threatening condi-
tons thathav arisen, and IL answer tQ NJ
mefous eppea1a for actiQR, the s5etative c9h-
deemed it proper to call national convention
to be held at Chicago beginning Aug. and to
continue as long IS tie convention may direct.
All members Of the league are urged to at
tend, and all who are in favor of maintain
ing the money of the constitution and opposed
to the establishment Of the single gold stand
ard in the United States. without regard to
party, are invited to attend and participate in
the deliberations of the convention. A special
invitation is extended to members of congress
and members Of state legislatures. Governors
Of states are requested to appoint as many del
egates as they may deem proper.
BY order of the executive committee
A. J. WARNER, President.
w. M. harrington, Secretary.
The league is also distributing cir
cular upon the financial situation from
which the following excerpts are made
Not more bonds, not more debts and taxes
to pay, but more standard money to pay debts
and taxes with is what is Wanted nQM,- Gold
creastnS debts to Be paid IN gold nor 81 IN.
creasing the demand for gold BY making it the
only money for final redemption. The oppo-
site course is the true one. Lessen the demand
for gold by making silver do the same work as
gold, as before 1878.
Gold that does not come to us in the course OIL
trade will not stay when bought with bonds;
it will flow away as fast as brought in in that
way, unless kept locked up where it will do no.
body any good, but, on the contrary, make it
scarcer and tend to increase its value. There
is no end to the stream of gold that might be
kept flowing in and out by buying it over and
over with bonds, but that policy, if followed
long enough, would bankrupt any nation on
the earth. We might as we'll try to stop the
course of the Niagara by pumping the water
back into Lake Erie. The more gold bought
with bonds the larger the outflow will be to be
bought back with more bonds. More standard
money to pay bonds with is what the world
needs, and not more bonds to pay.
| 1t is admitted on all sides that gold has risen
| in value at least SO per cent since the demon.
etiZation of silver in 1873, and that it is still
| rising and must, under existing conditions
| continue to rise indefinitely. In the same de.
| gree that gold has risen prices have fallen and
must continue to fall gold rises, and as prices
| fall the burden of debts and taxes increases
| Is such a money standard an honest one? Or
the contrary, it is the most covert and effective
| engine of robbery possible to devise By this
means billions, in the last 20 years, have beer
| filched from producers, taxpayers and debtors
| and gathered into the Golfers of money lend
| erS, and the robbery still goes on and will &c
| on as long as gold is kept the sole money stand
ard. How long will the people of the United
States submit to the injustice of the single GOLD
| standard?
| During all the period in which money has
| been in use in the world the money in cifcula.
| ton has itself constituted the standard OF
value, and such thing as a money standard
| apart from the money in circulation has beer
| heretofore unknown. We are, however, now
| confronted with the condition of gold stand.
| ard without gold currency-that is, with q
| money standard composed of metal of which
| there is not a supply for currency and which
can be controlled by a comparatively few men
| The question then is, Shall the secretary oil
the treasury exercise the option the law gives
| him, to pay in either gold silver, and cor
| and pay out this silver, or shall a new debt be
created. in order that the holders of notes and
| bonds may have gold at their option?
| How long can policy of issuing bonds and
| buying gold last? Nothing is palmer than tina,
| such policy if entered upon must sooner O,
| later come to an end, and the longer it is pur.
sued the worse the ending will be. Moreover
unless the silver purchased under the act OF
1890 is coined and used as money, it cannot be
used at all. 1t cannot be sold; it is not even
collateral security for the notes issued to pur.
chase it. 1t can be used in no way except by
coming it.
The force of legal tender is to give to the one
who has money to pay the option of paying in
the kind Of legal tender money which is most
convenient or advantageous to him. The option
always rests with the payer. If the payee had
the option. the force of legal tender would be
at once annulled. The payee in that case would
of course choose the dearer kind of money, and
if every body exercised that right there would
in the end be but one kind of money and that
the dearest.
In the payment of public debts the option by
law rests with the government, and the secre-
tary of the treasury has no right to surrender
the option to pay government obligations in
either gold or silver But this right has been
given up, with the consequence that gold is
always demanded by the note holder when pre-
senting notes for payment.
But the option legally belongs to the govern
ment and should he recovered to it and exer-