The herald., 1894-09-16

quantity of our money should increase
pari passu with demand. BY means o.
falling prices the profits which shonlt
come to the enterprising producer ar'
absorbed by the lender OF money. Thu
the working bees of humanity-botf
employers and employed alike, brair
workers and hand workers-are psyins
an over.increasing tribute to the drones
When people see that general pricel
are falling and think it an advantage
they do not perceive the enormousl,
important consequences lying concealed
in the fall. They do not perceive thu
that what is really happening is thai
money is becoming desrer. To say tha,
prices OF property ard commodities are
coming down is to say that money il
going mp. The only classes bens tied by
this-and they are benefited unjustly-
are the glasses that have lent money al
interest and are living at fixed incomes.
Their only products" being bonds,
mortgages and money, they gladly see
these rising in value by the fall Of gen
eral prices, to the extreme detriment oi
industry and commerce.
To my mind, therefore, the very key
stone of the arch of national progress is
a snfficiency OF money, and, for this
country, q "suficiency" means con-
stantly increasing quantity. Without
such increase all the factors that 20 to
make up this great arch must tumble in
confusion to thu ground. In the pres
ence OF o money famine the most con-
summate statesmanship and the most
Intelligent business foresight are more
helpless than in the preBencs of an all
pervading and consuming pestiencs
for the horrors even OF pestilence may
be mitigsted, and its ravages stayed by
the manifold assuaging Offices and sll-
commanding power OF money. For the
absence Of m money nothing avails.
To attempt, whether with or without
a tariff, to secure national prosperity
without sufficient quantity of money
is to attempt to float ships without a
proper depth OF water or to conduct
without a sufficiency OF engines and
to constitute continuous track.
While therefore not Understanding
the Importance to the country OF full
recognition OF the protective principle. 1
hold that the tariff and all other issues
are in the nature OF the case subordinate
to the great and far -resching question OF
| the money supply. In this conviction l
believe the people OF Nevada to man
and to q woman-are heart and soul
with me.
So long as the party to which / have
heretofore belonged was moving to the
direction OF a solution of the great none
tary problem by giving the country
steady increase in the quantity Of money,
was bound alike by personal conviction
and bv duty to my constituents to give
that party my support. Although | did
not believe the amount of such none
tary increase to be suffi cient to overcome
the ever-intensifying contraction set on
foot by the demonetization Of silver, l
was willing 20 take. for the time, the
best that could be got. and await the
maturity OF what hopsd was q growing
disposition on the part OF the Republican
party to finally place upon its banner
the motto of free coinage OF silver and
gold without discrimination. at the long
established American ratio.
The situation is wholly changed when
the Republican party reversea the policy
which for Is years 1t had maintained.
and by its Official vote in both houses OF
congress relegstes the country to the
single gold standard with all that that
| implied OF industrial dry-rot and COM
pulsory idleness among this people.
While il is true that the Democratic
party must share with the Republican
| the responsibility for that act, am con-
cerned only with the nhare taken in its
| passage by the party to the success of
whose politica l have devoted the best
years OF my life. The Republican rep
resentatives in both houBes of congress
constitute tho strength OF the repeating
party, both in numbers and in intel
lectual force. Without q majority Of the
! Republican votes to aid the Democratic
| administration there was never one mo-
ment when the bill could have been
passed. For me. in my long maintained
and eolacing political afiliations, the
j position thus assumed by the Republican
party is grievous change. and. go far
as am concerned, brings us to the part
ing OF the ways. To my profound re-
| gret. can no longer be OF the household
of the party which brought freedom to
the slave and preserved the union of the
states. The great party which could
unfinchingly face the slave power doeu
not dare attack tho money power.
| After the fatal error Of 1873 the Rs-
publican party, by the passage OF the
act Of 1878, took step In the direction
OF reparstion for the wrong 1t had COM
mitted against the producing masses Of
the country. In 1890 it took another
step in the same direction-a step
which, owing to the defective execution
of the Law OF 1878, was an advance upon
that law. But by the passage of the act
of 1898 all the hopes born of the two
former acts have been scattered to the
winda.
Having always deemed the demonetz.
ing law OF 1873 to have been enacted in
ignorance OF the baleiul effects which it
would have upon the prosperity OF
the country, have been disposed rathor
to award to the Republican party ali
proper credit for the two successful at
tempts made in the direction OF undoing
that wrong than to mete out censure for
committing it. l cannot secure the ap-
proyal of my conscience for similar de-
gree OF lenity with regard to the enact
ment of the law OF 1898.
On the demand Of q Democratic prssi-
dent the Republican party repealed the
most importent-in fact the only i'm
portant--feature of an act passed by
their own votes exclusively and ap.
proved by president OF their own cleo
tion. at the dictation of an administra.
tion adverse TO them we gee them delib.
erately abandon their silver record, un-
do. and impledly condemn and repudi-
ate all that they have themselves done
In this regard for many years in the