The representative., 1895-01-02
BIMETALLISM.
ADDRESS OF THE AMERICAN
BfMETALLIC LEAGUE.
Hard Work Will Down the Gold
bugs.

1t is an indisputable fact that the
monetary revolution inaugurated In
1873, by changing the moneys tandard
from gold and silver to gold alone, has
resulted, in twenty years, in doubling
the value of money and reducing the
general level of prices so per cent, or
to Onehdlf the former scale. 1t is al
so fact that cannot be denied that
the repeal of the sO-called Sherman
law, following the closing of the
mints Of India to silver, instead of re-
storing prosperity to the country, as
was promised when it's repeal was de-
landed. has res ulted in an average
tall or prices in the United States, of
ID per cent in single year-a fall un-
precedented in the annals of trade.
This change in the relation of money
to commodities, debts and taxes. is
fast destroying the independence of
American farmers and other indus
trial classes, and reducing to a condi-
tlon of dependence and Serfdom the
entire producing and laboring popula-
tion of the country, and will, if not ar
rested undermine the foundations of
civil liberty.
When, therefore, the far.reaching
and immeaSurable consequences to
the civilized world of this change in
the money standard are cOnSidered-a
change clandestinely begun in a con-
spiracy of the producing. banking
and bondholding classes, under the
hypocritical pretence of honest mon
ey, to plumber the world by doubling
its vast debts, just then enormously
increased by unfortunate wars, and to
enable conspratOrS, their aiders and
abettorS, to command the products of
life and labor at a lower rate than
would permt-when these facts and
their effect upon mankind are consid-
cred, and the records of the last
quarter Of the Nineteeth century are
made up, this change in the money
standard must stand as among the
most monstrouS of public crimes in
the history of the human race.
Nor is the end yet. The apprecia-
tion of gold and the fall Of prices, un-
der existing conditions, must 90 on in
definitely as population increases and
the gold standard is extended to still
other countries. There is no remedy
for the evils attending this condition
OF things but to remove the cause The
proposition. there fore, to cure existing
evils that are worldwide, and restore
prosperity by changing tariff
schedules, is so purerile as to merit
only contempt.
Nor can the gold standard be main
tanned by issuing bonds and borrow
ing gold: and we denounce the issue
OF bonds in time of peace and for the
purpose for which they are being is
sued, as not only without authority of
law but utterly indie enSible as pub
lie policy: and we call upon Congress
to Immediately put stop to this un-
lawful and reckless use of the public
credit. What is needed now is more
standard money to carry on business
and pay debts and taxes with and not
more promises to pay gold.
We denounce also the proposed
policy OF delegating to banking insti-
tutioLs, organized for private gain.
paper currency of the country, a soy.
ereign power which the general gov
ernment alone should exercise. The
policy of permitting the issue and
regulation of currency by banks, or
corporations of any kind, has been dis
carded by every enlightened nation on
the earth, and it would be disgrace
for this country to return to it, and
thus to turn over this, one of the SUI
preme function of government, in
separable from the power to coin mon
ey, to thousands of banking corpora
tions.
We are debtor nation, and must
pay what we owe other countries an
nually with gold or with other COM
modities, and under existing condi-
tionS, there is no way to pay with
commodities and maintain the gold
standard. but to contract the cure n
cy, restrict bank credits, and put
down prices till our creditors will take
commodities of us rather than buy
elsewhere, and thus leave our gold
here. That this policy leads to indus
trial ruin Is too manifest to need
argument. but it is the policy we have
entered upon, and the sooner the peo.
pie understand what it means the
better for them.
Issues are not made to order: they
rise out Of conditions, and in view OF
the foregoing facts, who will say that
the money question is not now the
dominant issue in this country. and
the one before which all others, even
the highest considerations of party,
pale to nothing. Nor can this issue
be displaced by any other. nor can
prosperity be restord to the country
till this issue is settled, and settled
rightly.
To accomplish this great result in
the face of the powerful international
gold-combination which now domi-
mates the governments of the civil
lied world, and none more than ours,
requires something more than contin-
ued discussion. 1t requires organiza-
tion and action. 1t requires heroism
and self-Sacrifice. 1t requires un-
ceasing devotion to principle and a
vast amount of unrecompensed work.
But In no other way can the battle be
won. and this work must be done if we
would not be slaves.
Therefore, without attempting to
take other steps now, or until expert
ence shall have proved other lines of
action to be necessary, this conference
calls uDOn the advocates of monetary
reform everywhere to make this the
paramount issue in every state and
territory in the Union, and to subordi-
nafn tn avnrv nf hor iccno opI ~