The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-06-14

of the republic, the money or history
and of the constitution.
1.-THE universal experience of man.
kind has demonstrated that the JOINT
use of both silver and gold coin as one
money, constitutes the most stable
standard of values and that the full
amount of both metals is necessary as
a medium of exchange.
"The decentralization of either OF
these historical money metals means
an appreciation from the value OF
money, a fall in the prices of commo-
dities, elimination of the profits OF
legitimate business, a continuing in
crease in the burden of debts, with
drawal Of money from the channels of
trade and industry, where it no longer
yields a safe and sure return, and its
idle accumulation in the banks and
in the great money centers OF the
country.
There is no health or soundness in
a financial system under which a
boarded dollar is productive OF in
crease to its pcssessor while an invest
ed dollar yields a constantly dimish-
ing return and under which fortunes
are made by the accretions of idle cap
ital or destroyed by a persistent fall
in the price of commodities and per-
sistent dwindling in the margin of pro-
fits in almost every branch of useful
industry.
'Such a system is a premium upon
sloth and a penalty upon industry, and
such a system is that which the GRIM
inal legislation of 1873 has imposed up
on this country.
THE bimetallist's standard of silver
and gold has behind it the experience
of ages and has been tested and APP
proved by the enlightened and deliber-
ate judgment of mankind. The gold
standard is a departure from the es-
tablished policy of the civilized world,
with nothing TO commend il but twenty
two years of depression and disaster TO
the people and extraordinary accumula
ton of wealth in the hands of the few.
There are some facts bearing upon
this question recognized and admitted
by al candid men, whether advocates
of bimetallism or the single gold STAN
dard Among these is the fact that the
very year that marked the change from
the binetaIlic to the single standard
of gold is the very year tht marked the
change from condition OF rising
prices, large profits, general content
ment and great prosperity, to condi-
ton of falling prices, diminishing pro-
fits, insecurity of investments, unem-
pleyed labor and q heavy depression
in al branches of trade and industry.
1t is not a matter of dispute, even
among the honest advocates of the
gold standard. that general prosperity
came to an end with the destruction
of the bimetallic system and that hard
times, falling prices, idle workingmen
and wide spread depression came in
with the gold standard and prevails
today wherever the standard has been
called, every demand in this country
and in Europe for an international
agreement to re-establish the bimetal-
lie standard is a confession that the
of silver was blunder,
if not crime, that its consequences
have been disastrous and that the con-
ditions that it has wrought are full of
menace and of peril.
The logic of facts establishes be-
yond intelligent question that the de-
struction of silver as primary money
by a conspiracy Of selfish interests is
the cause of the widespread depression
and suffering that came with the gold
standard. There can be no restoration
of prosperity, no permanent relief from
prevailing conditions until the great
cause has been removed by complete
restora ton of silver to its proper place
as a money metal, equal with gold.
I'VE believe in money of stable val
lie. We believe, least of all, in an ap-
precisting standard. 1t is only through
that a stable standard of value can be
secured. \ standard constituted of
money constantly increa sing in value
is not a sound, a single. nor a stable
standard, but a constantly changing
standard. The effect of gold monomet-
allism is to establish one standard for
the creditor and another for the debtor;
and there can be no more dishonest
system than that which
CHI ~ 20 no -a,.
and long measure to the lender. I'm
der the policy prevailing prior to 1873
there can be no violent change in the
relativ value of the two metals. for
a rise in value of one metal is counter
acted by a decreased demand and a fall
in value by an increased demand.
Under the operations of this benefi-
Gent law a stable relation was main
tanned between them in spite of the
most extreme changes in relative pro-
auctions. From the earliest period of
debtor to choose whether he should
pay his debts in silver or gold coin
was always recognized. The subsequent
policy has been to transfer this right
to the creditor, thus tending to con-
stantly increase the value of the dearer
metal and destroy the parity between
them.
believing it is absolutely necessary
to reverse this Ubiquitous and ruinous
policy, we, therefore. resolve:
That we favor the immediate restora-
ton Of silver to its former place as a
full legal tender standard money equal
with gold and the free and unlimited
coinage of both silver and gold at the
ratio of 16 to 1 and upon terms of ex-
act equality.
That while we should welcome the
cooperation of other nations we believe
that the United States should not wait
upon the pleasure of foreign govern
nnsnts, or the consent of foreign cred
itors. but should themselves proceed
to reverse the grinding process" that
is. destroying the prosperity of the peO-
pie. and should lead by their example
the nations of the earth.
That the rights of American people
the interests of American labor and the
prosperity of American industry have
a higher claim 10 the consideration of
the peoples lawmakers than the greed
of foreign creditors or the avaricious
demands made by idle holders of idle
capital" The right 10 regulate its own
monetary system in the interests Of its
own people is a right which no free
government can barter. sell or surren-
der. This reserved right is art of ev-
cry bond. OF every contract and of
every obligation. No creditor or claim
ant can set up a right that can take
precedence over a nations obligations
to promote the welfare of the masses
of Its own people. This is debt higher
and more binding than all other debts
and one which II is not only dishonest
but treason TO ignore.
Under the financial policy that now
prevails we see the land filled with
idle and Disconnected workingmen and
an ever growing army OF tranps. men
whom lack of work and opportunity
have made OutcastS and beggars. At
the other end we find that few thou
sand families own one half the wealth
Of the country. The Capitalization Of
wealth has gone hand in hand with the