Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1893-08-09

disaster in and throughout the commercial
world. The destruction Of silver as money
and establishing gold as the sole unit of
value must have a rulnOuS effect on
all forms of property except those invest
ments which yield fixed return in money.
These would be enormously enhanced in
value and would gain a disproportionate
and unfair advantage over every 9TH
sr species of property. If, as the
most reliable statistics affirm, there are
nearly 81 600, 100000 of coin or bullion III
The world nearly equally divided between
gold and silver, it is impossible to strike
silver out of existence as money without
results which will prove distressing to
millions and utterly disastrous to tens of
thousands"
Again he said: 81 believe gold and silver
coin to be the money of the constitution
indeed, the money of the American people
anterior to the constitution which the great
organic law recognized as quite independent
of its own existence. No power was
conferred on Congress to declare
either metal should not be money Con-
gress has, heretofore, in my Judgment, no
power to emOnetize both. * :" IL,
therefore, silver has been demonetized,
am in favor of remonetizing it, If its coin
age has been prohibited, | am in favor of
ordering it to be resumed. am i'll favor of
having it enlarged" And
WHEREAS, The present secretary OF the,
v,
the House of Representatives, February q,
1878, said: 81 know that the worlds stock
Of precious metals is none too large,
and [ see no reason to apprehend
that it will ever become so. Man
kind will be fortunate, indeed
if the annual production of gold and silver
coin shall keep pace with the annual in
crease of population, commerce and in
dustry According to my views Of the sub
ject, the conspiracy which seems to have
been formed here and in Europe to destroy
by legislation and otherwise from three
seventies to one-half of the metallic money
of the world is the most gigantic crime of
of such a scheme would ultimately entail
more misery upon the human race than all
the wars, peStilence and famlneS
that ever occurred in the history
of the world, The absolute and
instantaneous destruction of half the en-
tire movable property of the world, includ-
eng houses, ships, railroads and all other
appliances for carrying commerce, while
it would be felt more sensible at the mo-
ment, would not produce anything like
the prolonged distress and disOrganiZatiOn
of society that must inevitably result from
the permanent humiliation of one-half of
the metallic money in the world" and
WHEREAS, Senator John Sherman, OF
Ohio, who, more than any other man, is
responsible for the decentralization OF sill
YER clearly understood the evil consequences
the legitimate demands of the business
of the country, rs evidenced by
what he said in the Senate in 1869
to-wit: "The contraction of the currency is
far more distressing operation than sena-
tors suppose. Our own and other nations
have gone through that operation before.
1t is not possible to take that voyage without
the sorest distress. To every person, ex
cept d capitalist ont of debt or a salaried
officer or an annuitant, it is a period of loss,
danger lassitude of trade, fall Of wages,
suspension of enterprise, bankruptcy
and disaster. 1t means the ruin of
their business capital, though one
third less than their actual property. 1t
means the fall of all agricultural produc-
tons without any great reduction Of taxes.
What prudent man would dare to build a
house, a railroad, factory or a barn with
this certain fact before him?" Therefore,
in view of all these facts, we declare:
l. That there must be no compromise OF
this question. All legislation demonetizing
silver and restricting the coinage thereof
must be Immediately and completely
repealed by an act restoring the coinage of
by the founders Of the nation and
which continued for over eighty years with
out complaint from any part Of our people.
Every hours delay, in undoing She corrupt
work of Ernest Seyd and our foreign enc
mics, is an insult to the dignity of
the American people, a crush
ing burden on their prosperity,
and an attempt to place US again
under the yoke from which George Wash
ingtOn and his cOmpatriOtS reScuedfuS. We
protest against the financial policy of the
United States being made dependent upon
the opinions or policies of any foreign gov
eminent, and assert the power Of this ma
ton to stand on its own feet and legiSlate
for itself upon all subjects.
2. We assert that the only remedy for our
metallic financial troubles is to open the
minis of the nation to gold and silver on
of silver to 1 of gold. Whenever
silver bullion can be exchanged at the
minis of the United States for legal tender
silver dollars worth 100 cents EACH that
moment 4125 grains Of standard silver will
be worth 100 cents; and, as commerce equal
ICES the price of all commodities through
out the world, whenever 4i23 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 a
result would enhance the price Of silver
bullion it is sufficient for us to know that a
similar increase would be Immediately
made in the price Of every form Of prop
erty, except gold and credits, in the
civilized world. 1t would be a shallow self
ishness that WOULD deny to the mining in
dustries at the cost of bankruptcy to the
whole people. The legislation to demone-
tie silver has given an unjust increase to the
value Of gold at the cost of the property OF
mankind; and wheat and all other agricult-
ural products have fallen side by side with
silver.
3. That while the Sherman act'' of July
IA, 1890 was a device of the enemy to pre-
vent the restoration of free coinage, and is
greatly Objectionable because it continues
the practical exclusion of silver from the
minis and reduces it from money metal tC
a commercial commodity, nevertheless, as
its repeal without the restoration of free
coinage would stop the expansion of oul
currency required by our growth in popula-
ton and business, widen still farther
the difference between the two precious
metals, thus making the return to bimetal-
ism more difficult; greatly increase the
purchasing power of gold, still further
break down the price of products of the
farmer and the laborer, the mechanic and
the tradesman. and plunge still farther
all commerce, business and indus
try into such depths of wretched-
ness as to endanger, peace, order,
the preservation of free institutions
aDd the very maintenance of civilization