The record-union., 1895-09-20

1t is not restricted to our own produce
ton. When there is unlimited coinage
of silver, there will not be an ounce Of
silver in the world that cannot find Its
way TO our mint, and in that way 1t will
be prevented from dragging down the
value of our silver coin.
The advocates of bimetallism believe
that. as there is limited supply of gold
and silver and practically unlimited de-
mand for money, there can never be so
much overproduction that the parity be-
tween them cannot be maintained The
advocates OF independent bimetailism be-
lleve that this country is able TO maintain
that parity independent of international
agreement just so long as there is an
unlimited demand for both metals. too.
the relative production OF the two metals
Will not be factor in maintaining their
parity.
The question is often asked, said he,
"How is free coinage going 10 help me ?''
1t Will help those who produce things
to sell, because those who want TO buy
Will have money to buy with, and il there
is no money to buy with there can be no
sale for productions. call want money,
and is it not better TO have it come out OF
our own mines than to wait for some one
over in Europe TO let us have money TO
use? The fruit we raise will rot on the
vines and trees unless other people have
money to buy it with. They tell us we
are suffering from production, but
1t ls not so; we are suffering from under
consumption.
Those who advocate the gold standard
preach the doctrine of despair, he said
and the only remedy they offer is that the
people must accustOm themselves TO
closer economy. He read an extract from
an Oregon paper. which he designated as
M of lH-h
which advocated closer economy in the
people, and which. he said. was written
in one OF the finest marble buildings in
the country.
In bimetallism, he said, there was one
advantage debtor always has the
option of the two metals. He would
naturally try to get the cheaper metal,
and the struggle to get 1t will keep up the
price and lessen the demand for the
dearer. Give the debtor the option and it
will hold the metals together i'll value.
Give the option TO the creditor and he
will make the dearer metal dearer still.
France has the option of paying gold
or silver for its notes, and has no trouble
in maintaining the parity of tile metals,
aud this country is rich enough and
powerful enough to do the same.
In the late bond issues millions of gold
were drawn from the treasury to buy
bonds with, which were sold in order 10
bring gold into the treasury. That is
Eastern flnanclerlng, and the contract
with the Rothschlds was simply widen
ing the ever-increasing circle of rotation.
This thing cannot last, and the only
way to stop it Is to give the debtor class
the option Of metals aud restore the par
ity between them. The financial policy
OF this country is not to do what the peo-
pie VINO pay the taxes want, but to issue
bonds to capitalists who have money
they want to invest. 1t will change when
the Secretary of the Treasury has back
bone enough to do as the mass OF the
people want. and tell the magnates of
Wall street what they must do.
The use of gold in the arts is increasing
much faster than it's production, and
there is no danger of there being too
much gold. The financial question is
very simple and can be solved by the ap-
plication to it of the same principles we
use in every day business. II the silver
money of the world is destroyed the
value of the gold must rise from the in
creased demand. He quoted from Sena-
tor Sherman speech in 1869, in support
OF his position. He wanted TO tell the
bankers who are secretly in favor OF
silver but are afraid TO let it be known,
that their day is just coming, while other
people have been going through 1t. Their
banks are full of paper that was taken
two or three years ago that is worthless
now, and they will soon have to draw on
their capital to pay their depositors.
Confidence can never be restored while
the property of borrowers is decreasing
so that they cannot pay their notes. The
banks had better save themselves by
saving their people and helping to make
them prosperous.
In Sherman's 1869 speech he said that
the only ones who would not suffer from
a contraction of the currency would be
the capitalists out of debt. the salaried
officers and the annuitants, and that al
though the price of products would fall,
the taxes would not decrease.
The salaried officers will have to sub