The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-04-19

property ana LABOR. Austria ala act
ually demonetize gold and nade sill
yer the money of the empire.
Before the other governments of
Europe, except possibly come of the
petty German states, adopted that
policy, the output OF gold be-
came less abundant ana the pro.
duCtiOn of silver increased so
as to exceed the production of gold.
Thereupon the same classes who had
sought to demnnetize gold turned
about and used the same arguments
to secure the decentralization of silver;
not because silver was rot one of the
precious metals aud suitable by its
qualities for standard money, but be-
cause they wanted the volume OF
money reduced so as to increase its
value, and make it purchase more
property and labor, and thereby rela-
lively reduce the value of property
aud labor.
From this you zee the governments
of the world were called on by those
who were governed by selfish inter
ests and avarice to strike down one
half of the standard metal money OF
the world in order to promote the in
terests of those classes at the expense
of the industries and labor of the bal
anCe of the world.
Up ito the time the crusade for the
reduction of the volu me of money was
inaugurated the gold and silver of the
world measured the value of its prop
erty and labor, and regulated the
am unit of bankable paper including
exchanges. How could anyone have
doubted that when we demOnetized
silver as standard money, and estab
lished the single gold standard, so
that all values were to be measured
by gold alone, the result would be, as
it has been and is, that the value of
all property and labor would go down
in corresponding degree.
This question has given rise to diff
ferent and conflicting opinions among
men claiming to be Democrats. And
this i5 one of the troublesome ques-
lions which confronts US and must be
met.
The traditional policy of the United
States and of the world, until about
the past 20 years, was that the two
precious metals, gold and silver, were
the money of the world as we'll as Of
the United States.
Silver was dem 0netized by Re-
publican congress in 1873. When the
democrats obtained majority in the
house of representatives in 1876 that
party commenced the struggle to re-
store silver to its proper place as
part OF the standard money OF the
country. Many test votes were taken
on this question in the senate and
house of representatives from that
time up to the time the vote was
taken on the repeal of the purchasing
clause of what was called the Sher-
man law, in 1898. And on every such
vote the great body of the Democratic
members were for and the great body
of Republican members were against
the free and unlimited coinage OF sill
yer. The Democratic conventions,
state and national, were for the free
coinage of silver. Democratic news
psrers and speakers and people gen.
erally were for the free coinage OF sill
yer. Republican newspapers and
speakers and people generally were
opposed to the free coinage of silver.
So that this became and was a party
question. The Republican admins
tratiOns which preceded and followed
Mr.. Cleveland's first term as presi-
dent aullified the law which made
silver q lawful legal tender fo- public
debts, and refused to redeem silver
certificates with silver dollars as pro-
gided for by law, using gold for that
purpose, as q means of aiding in the
degradation of silver. In Mr.. Cleve-
lands first tern as president he re-
pudiated the policy of the Democratic
party as to the coinage of silver and
on financial questions and adopted
the policy and practices of the Repub-
lican party, and thus did more than
any Republican president could have
done to degrade silver, because by
adopting this course he ADDED the
weight of Democratic administra'
ton 10 that of the Republican admin
istrations.
Mr.. Cleveland was elected the Sec
ono time on the tariff question
His national executive commit
tee urged Democrats Throughout
the country to make that the
issue, and to avoid a discussion o
the questions of coinage and finance
After being elected on that issue ht
called congress together not to con
slider the tariff question but TO com
plete the war on silver as STANDARD
money and to secure the adoption o
the single gold standard when M
knew, as all others knew, that largt
majority of the men who elected hin
were in favor of the free coinage o
silver. He also has nullitied the Law
which makes the public debt psyabl,
in silver as we'll as in gold coin; anc
he like the Republicans, refuses to al
low the redemption of silver certiti
Gates, with silver dollars as provided
for by law, and requires that the!
shsli be redeemed with gold coin. HI
thus accomplish the double result
by degrading silver by refusing t.
execute the law and by limiting it
use and of enabling spectators il
money to draw the gold out of tn
United States treasury and transfer
to foreign countries. And 10 violation
and disregard Of the express wish
the people of all political parties c
this country, he has caused the j.
suance ard sale of bonds tothe amour
of $40 OOO, 900 with which to purchss
cold in q time of profound peace
81, a dcuhtfIll authority, to suit