The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-10

ton before. 1t is not possible to take
that voyage without severest distress.
To every person except capitalists or
salaried officers it is a period of loss
and distress and disaster. lie means
the ruin of all debtors whose debts are
twice their business capital, though
one-third less than their actual prop
erty. 1t means a fall of all agricultu-
raj productions without any great re-
duction of taxes. What prudent man
would dare build a house, railroad
factory or barn with this certain fact
before him?' Therefore, in view OF
these facts we declare:
First-That there be no compromise
of this question. All legislation de-
mcnetizing silver and restraining coin
age therefore must be Immediately and
completely repealed by an act restor-
ing coinage to the condition establish
ed by the founders of the nation, and
which continued over so years without
complaint,from any part OF our PEG
pie. Every hours delay in undoing
the corrupt work of Ernest Sgd and
our foreign enemies is an insult to the
dignity of the American people, a
crushing burden to their prosperity
and an attempt to place us under the
yoke from which George Washington
and his compatriots rescued US. We
protest against the financial policy be-
ing made dependent upon the opinions
or policies of any foreign government
and assert the power OF this nation to
stand on its own feet and legislate for
itself upon all subjects.
Second-We assert that the only
remedy for our metallic financial
troubles is to open the minis of the
nation to gold and silver on equal
terms at the old ratio of 16 of silver to
of gold. Whenever silver bullion
can be exchanged at the minis for
legal tender silver dollars worth lOO
cents each that moment 4l2 IL grains
of standard silver will be worth lOO
cents and as commerce equalizes prices
of all commodities throughout the
world, whenever 412 1-2 grains OF
standard silver are worth 100 cents in
the United States they will be worth
that sum everywhere else and can not
be bought for less. While it will be
urged that such result would enhance
the price of silver bullion it is SUI
fcient for us to know that simil IT
increase will be Immediately made in
the price of every form of property eX-
cept gold and credits in the world,
1t would. be shallow selfish
ness that would deny the min
ing industries at the cost of
to the whole people. Leg
jslation to demonitize silver has given
an unjust increase to the value OF gold
atthe cost of the prosperity OF man
kind. Wheat and other agricultural
products have fallen side by side with
silver.
Third-That while the Sherman act
of 1890 was move of the enemy to
prevent 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 to commercial
nevertheless as its repeal
the restoration of free coinage
would stop the expansion of our cur
rency required by our growth in popu
lation and business, widen still further
the difference between the precious
metals, thus making the return to BIZ
more difficult, greatly
the purchasing power
Of gold, and still further
break down the price of products of
the farmer and laborer, mechanic and
and plunge still further all
the commerce, business land industry
into such depths of wretchedness as 10
endanger the peace, order and preser-
walton of free institutions, we there
fore, in the name of the republic of
protest against the repeal
of said act of July IA, 1890, except by
an act restoring bi-metalic coinage as
it existed prior to 1878. We suggest
that the maintenance of bi-metalism
at a ration of 16 to will increase our
with all silver using coun
tries of the world containing two.
thirds of the world without decreasing
our commerce with those nations
which buy our raw material and will
the adoption of bi metalism by
the nations of Europe quicker THAI
any other means.
Fourth-We assert that the unpar-
alleled calamitles which now af1lct
the American people are not due to
the Sherman act, and in proof thereof
call attention to the fact that the
same evil conditions now prevail over
all the gold standard void. We are
that as bad as is the state Of
affairs here, it would have been still
worse but for the Sherman act, by
which the nation has obtained to
some extent the expanding of circula
ton to meet the demands of the CONT
nent in process of colonization and
business needs of. the most energetic
and Industrious race that. ever dwelt
on earth. And we insist on the eXecu-
ton of the law without evasion as
long as it is upon our statute books,
and on the purchase of the full amount
of silver each month that it provides
for, to the end that the monetary ad-
dition to the circulating medium be
That we would call
the attention OF the people to
the fact that in the midst of all our
troubles of the times the value of ma.
tional bonds and legal tender money,
whether made of gold, silver or paper,
has not fallen. The distrust is not of
our government or it's money but Of
the banks which have ass Eve believe,
precipitated the present panic on the
country in ill-advised efforts to contro.
congress on the silver question and
the issue of bonds. We invite bankers
to attend to their legitimate business
and permit the rest of the people to