Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-27


nations wait on England, aud she refused
within year to even consider the adop-
,ion Of the double standard. Can we con
quer her by wdtingy We have tried the
| Fabian policy.
BOND OR FREE?
Suppose we try bringing her TO terms
! by action. Let me appeal to your patri-
otism. Shall We make our laws dependent
upon England's action aud thus allow her
TO .egislate for US upon the most impor-
tant OF oil quesdonsg Shall we confess
| our inability to enact monetary iawsf
| Are we an English colony or mn independ-
ont pcOpleY II the use of gold alone =
! TO make us slaves, let us use both metals
and he free. II there be some living
along unr Eastern coast-better acquaint-
| Ell with the beauties OF the Alps than
! with Inc grandeur OF the Rockies, more
accustomed to the sunny skies OF ltaiy
than to the invigorating breezes OF the
| Mississippi valley who nre not VIKING 70
trust their fortunes and thcir destinies TO
| American citizens. let them learn that the
people living between the Alleghanies aud
! the Golden Gate are not afraid 10 cast
their all upon the republic and rise or
fall with L. cloud applause)
| One hundred and seventeen years ago
the liberty bell gave notice to a wait
| ing and cxncctant people that indcpena-
ence bad been declared, There may De
/ -
but, sirs, l do not oyerestimate IL when
say that ont Of 12,O0OOO0 of voters, more
| than 1O,O00.0OO are waiting, anNiousy
| waiting. for the signal which shall an
nounce the financial independence Of tue
| Tilted States tApplause) This congress
can not more surely win the approval OF
! grateful people than by declaring that
this nation, the gfandest which the world
has ever seen, has the right and the abii-
| ity TO legisnte for its own people ON every
subject. regardless of the wishes the en-
treaties, or the threats Of foreign powers.
| (ApplGusc)
WHAT SHALL THE RATIO BE?
Perhaps the most important question
for US to consider is the question OF
| ratio. Comparatively few people In this
country arc In favor Of u gold standard,
and no national party has ever adyo-
Gated II. Comparatively few will be de-
ccive1 by the promise Of international BIZ
mctallism annually held out TO US, Among
those in favor Of bmetallsm, aud In
favor of independent action on the part
of the United States, there is however,
an honest difference Of opinion as 70 the
particular ratio at which the unlimited
coinage Of gold and silver shopld be I'M
dertakcn. The principle Of binctallism
does not stand upon any certain ratio
aud may exist ut 1 TO 30 as well as at
1 to 16
In fixing the ratio we should select
that one which will secure the greatest
advantage 20 the public and cause the
least injustice. The present ratio, In my
Judgment should be adopted a change
10 the ratio could be made las in 1SID
| by reducing the size Of tie gold dollar or
by increasing the size OF the silver dollar,
or by making change In the weight Of
both dollars. A large silver dollar would
help the creditor A small gold dollar
would help the debtor 1t is not inst 10
do either but If a change must be made
the benefit should he given the debtor
rather than the creditor.
Let no one accuse me Of defending the
business Of any change; but ] repeat IL.
II we are given a choice between a change
which will aid the debtor by reducing the
size Of his debt and n change which will
aid the creditor 10y Increasing the amount
which he is TO receive. either by increas-
ing the number of his dollars or their
size, the advantage must be given TO the
debtor, and no man during this debate,
whatever may be his private wish or in
terest will advocate the giving Of the ad-
vantage to the creditor
A CHANGE OF RATIO UNFORTUN.
ATE
To Illustrate the effect OF changing the
ratio let us take, for convenience, the
ratio Of "a TO l, rs advocated by some
We could make this change by reducing
the weight Of the gold dollar one-third
This would give to the holders of gold m
advantage Of some S20O,OOO,O0O. but the
creditors would lose several billions OF
} dollars In the actual value Of their debts
A debt contracted before 1873 would
not be scaled, because the new gold dollar
: would purchase as much as the old gold
{ dollar would In 1873. Creditors, how
ever whose loans lave been made since
that time would suffer, and the most re-
cent loans would show the greatest loss
,F
2 In relation to gold. But the purchasing
power of one ounce OF silver has variel
{ less since 1913 than has the purchasing
7 power of one ounce OF gold, which would
a Indicate that gold has risen
II, on the other hand, the ratio h
I changed 10y Increasing the size Of the 81
yer dollar, 1t would be necessary 10 rccoiI
, our silver dollars half larger, or W.
Z | would have In circulation two legal-tendp
silver dollars Of different sizes. OF tn,
o two plans It would be better, in m,
, Judgment. TO keep both dollars In circula
Q tior together, though unequal In weight
2 rather than TO recon the lighter dollars
i The rcconngc of more than 5OO,OOO,OO,
: of silver dollars, or tho bullion represent
! ing them, would cause q shrnkage o
!, about Sl100O0OO0, or one-third of on
{ silver money; il would cause shrmkag,
+ Of nearly onc-slSth Of our metallic none!
= and of more than one-tenlh of our tota
I circulation This contraction would In
. crease our debts more than billion dol
I, lars, and decrease the nominal value o
y our property more than Eve billions.
A change in the ratio made by increas
ing the size Of the silver dollar as abov
suggested would also decrease by one
a third the number Of dollars which coult
s be coined from the annual product o
d silver. II, as Mr.. Carlisle has said. IN
n supply OF metal, both gold aud silver /
e none too large to keep pace with populd
= tlou, the increase In the weight OF eacl
IL dollar would make the supply TO that es
r. tent deficient a change in ratio, whetho
% secured 10y decreasing the gold dollar o
p by increasing the silver dollar, woul,
,- probably make an international agrcemen
10 more difficult because nearly an OF IN
silver coin now IN existence circulates a
70 ratio less than ours.
= II the change should be made In mi
4, country by increasing the size OF The M
~ yer dollar and On International agreemen
q secured upon he new ratio. TO be eifectc,
by other nations In the same way. In
a amount Of money In the world. that 4.
\. metallic money, would snffer contractin,
OF more than Si,O00.OOO,OOO. 10 m
-, enormous injury Of the debtor class 10 IN
"a enormous advantage OF the creditor clns-
4 IL We believe that tho value OF gold 10
y, risen because its supply has not increase,
Of rs fast rs the demand caused by favor