The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-11-07
MAJOR BACON,
Georgia'S New Senator, Gives the Peo'
pie an Able Talk on the Silver an(
the Financial Question.


upon the two positions:
First That there shall be free coinage
of both gold and silver.
Second. That the gold and silver
coins of like denominations shall be equal
in power in the purchase of property or in
the payment of debts.
"By some Democrats it is contended that
| the coinage of silver should be resumed at
the ratio of 16 to l. By others it is con-
tended that it is impossible to do so, and
at the same time maintain the equality of
the purchasing power of each.
when there is kept in view the impera-
tive requirement recognized by all Demo-
Gratis, that whatever be the ratio there must
be equality in purchasing power between
tie gold and the silver coin, this difference
| is seen to relate more to the methods to be
pursued than to the result to be accom-
piished.
"f the Government can resume the
free coinage of silver at the ratio of l6 tc l,
and preserve the parity7-or~eqt' 'lity in
purchasin power, then all Democrats for
manifest reasons, ought to favor that rA..io.
IF, on the other hand. the ratio Of 16>,
will not. with all practicable safeguards
preserve the parity, then under the pledged
faith of the party, no Democrat ought to
favor that ratio, and no Democrat will favor
| that ratio.
sThis simple proposition, it would seem,
presents common ground on which ali
Democrats can stand in harmony.
This then, is the great problem upon
which the Democratic party is now engaged:
| How shall the coinage of the silver dollar
be resumed in such manner as will pre-.
serve the parity between the silver dollar
and the gold dollar? The preservation of
this parity is demanded in the Democratic
platform, which is, and should be- the law
to every Democrat Even of this require
ment were not in the platform, this parity
would be an absolute necessity. No man
who understands even the a. B. C.'s of
! finance, or of political economy, favors q
tdepreciated silver dollar T desire to say
here for myself what I said in the first
speech which made in this cam paign, on
! the Sd Of July, and which have repeated
in many speeches since then. that I would
not favor any silver dollar which would not
be on an equality with the gold dollar in
It's purchasing and debt-paying power.
How shall this parity, or equality in pur-
chasing power be secured? Democrats who
agree in The end which is to be reached
differ as to the road which will best lead to
it. The differences which exist are not as
to whether silver should be restored to the
right of coinage. AL Democrats profess to
agree thaGit should be coined on equal terms
with gold, and the only question is, how
that can be best and most safely done. If
By proper safeguards of legislation, the
free coinage of silver can be resumed at the
ratio of 16 to l, and still maintain the
equality in purchasing and debt-paying
power between the silver dollar and the
gold dollar, there are many reasons why
the ratio of l6 to should be preserved as
it at present exists. If it can be so ar
ranged that at this ratio the equality of the
silver and the gold dollar can be maintained,
there is then. absolutely no good reason
why that ratio should be changed. On the
other hand, unless this equality of purcbas-
ing and debt-paying power between the
silver and gold dollar can thus be main
tanned, none Of the reasons in favor of the
ratios of Is to will be sufficient to justify
the maintenance of the ratio. In other,
words, none of the reasons in favor Of the
ratio of Is to are sufficiently strong to
mpensate for the disaster which would
result to the country and to the people
from deprecated silver dollar. In my
opinion, it is extremely important that the
present ratio should be maintained, and
that to this end every resource of states.
manship, and every device of finance
should be exhausted in the effort to restore
the coinage Of silver at this ratio. But
whenever it shall, after faithful and deter
mined effort, be demonstrated that the
ratio Of l6 to l will not preserve and main
tain the equality Of purchasing and debt
paying power of the silver and the gold
dollar, then, however much We prefer this
ratio, the good faith of the party, as we'll
|as the dictates of good judgement. will re-
quire that another ratio be tried.
sit must be apparent that theory can
never determine this most important ques
ton. Intelligent discussion will guide
US in the direction which will Iced to the
desired result, but actual practical expert
ment, made with all possible safeguards
Of legislation, can alone ascertain the ratio
at which the parity between the gold and
silver dollar will be found The part of
wisdom and justice is in making the ex-
pertinent at the present ratio, and to make
it as promptly as is consistent with the
dlvising Of every possible safeguard Of
legislation which will make the coinage
Of silver at that ratio permanent success.
The highest interest of bimetalism requires
that the silver coin shall be able to main
tain itself on On equality with gold in pur-
chasing and debt-paying power; for the
slightest consideration must satisfy any
one that if, from failure to provide proper
safeguards, the silver coin fails to maintain
its equality with the gold coin, the time
will speedy come when silver among
money metals will be the disowned and the
outcast. The true friend of silver is one
who most earnestly opposes o deprecated
silver dollar. desire to say for myself
that, most earnestly desiring the remon-
etization of silver, so that it will have the
same rights at the mint that are accorded
to gold, have the confident belief that it
is practicable, by proper safeguards of
legislation, for the Government with its
vast population and vast resoarces to re-
sumo the free coinage Of silver and main
tain the parity between the two metals.
But. however, this may be, the Democratic
party is pledged to make the experiment
it is pledged to attempt the restoration
Of free silver coinage either through inter-
national agreement or by proper safeguards
of legislation. This Government has no
power to compel international agreement
Il mas Lne power 10 pass laws Wnlcn WILL
throw around the silver coinage all the
safeguards which wisdom and experience
can devise. and make the honest, earnest,
determined effort to restore the gold and
the silver coinage of the country to the
position it occupied prior to the demon
etization legislation Of 1873. Those who
are charged with the performance of this
high duty should approach it and attempt
its accomplishment with full determination
to restore free bimesallic coinage and with
a full realization of the grave responsibility
resting upon them to protect the country
against unsound or deprecated money.
The plan By which this important end will
be accomplished will not be the product OF
one mans brain, but will be found IN the,
combined efforts and wisdom of many men,
each bringing to the task his best powers
and his most earnest devotion, joined to a
con fiSenc ca baSa on q trI,a LOYALTY 70 OraCtl-