The Van Buren press., 1895-06-22

NJ
SENATOR J. K JONES.
There u no health or soundness in ,
financial system under which hoardet
dollar Il productive Of increase to ii
possessor, while IN invested dollar
Yields . constantly diminishing return
and under which fortunes are made by
the acretions Of idle capital or destroyed
by . persistent fall In the price Of
commodities and persistent dwindina
In the margin Of profits In almost every
branch Of useful industry. Such 1
system n that which the criminal legis.
latton OF 1873 has imposed upon thil
country.
The bimetallic standard Of silver and
gold has behind Il the experience Of agel
and hse been attested and approved BY
The enlightened and deliberate 1udgmeni
of mankind. The gold standard b 4
departure from the established policy oi
the civilised world with nothing d
commend e but twenty two years ol
0epreas3on and diaaster 10 the people
ard extraordinary accumulation OF wealth
h The hands oe the few.
There are some facts varying upon
t6db question recognised and admitted
By Al candid men, whether advocates
Il of b1meta1lism or Of the single eold
standard. Among these h the fact thai
The very year that marked the change
from tie bimstallic to the single gold
standard b The very year that marked
ths change from . condition Of risina
prices. large psodts. eensral content.
90
Of falling prices. diminishing pro6ts,
insecurity Of investments, unemployed
labor and heevy depression in ell
branches Of trade and industry.
Il u not matter Of dispute, even Ia
the honest advocates Of the gold
standard, that the general prosperity
came to IN end with the destruction Of
The b1metallic system. that hard times,
falling prices, Idle working men and
widespread depression came In with
the gold stansrd and prevails today
wherever the gold standard has been
adopted.
Every international monetary confer.
ence has been called, every demand IN
this country and In Europe for an inter.
national agreement to establish the
bimetallic standard u . confession that
the demonstration system was :
blunder u not . crime that its conse.
qusncss have been disastrous and that
fhe conditions that It has wrought are
full Of menace and OF peril.
The logic Of facts establishes beyond
intelligent question that The destruction
Of silver ~ primary money by . con.
spirncy OF selfish interests Il the cause
OF the widespread depression and suffer.
ing that began with the gold stanard.
There can Be no restoration Of prosper.
ity, no permanent relief from prevail.
ing conditions until the great cause has
been removed BY . complete restoration
Of silver to it, proper place ~ money
metal, equal with gold.
We believe In money Of stable value,
We believe least Of al in an appreciating
standard; II is only through the
practical operation Of bimetallism that
. stable standard Of value can be
secured. A standard Of money con.
stantly increasing In value Is not q
sound, = single nor stable standard,
but 4 constantly changing standard.
The effect Of gold mon0inetallism is to
establish one standard for the creditors
and another for the debtors and there
can be NO more dishonest monetary
system than that which gives short
measure to the borrower and long
measure to the lender. Under the
policy prevailing prior to 1873 there can
Be NO violent change in the relative
value Of the two metals for q rise In
value Of one metal is counteracted by q
decreased demand and fall in value by
the other.
Under the operation Of this beneficent
law stable relation was maintained
retween them in spite Of the most
extreme changes in relative productions.
From the earliest period Of our history
mp to 1873 the right Of the 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 constantly
increase the value Of the dearer metal
and destroy the parity between them.
Believing that Is absolutely necessary
to reverse this iniquitous and ruinous
policy, we therefore resolve:
That we favor the immediate restor.
alton Of silver to its former place az q
full legal tender, standard money equal
with gold, and the free and unlimited
coinage Of both silver and gold at the
ratio Of 10 to and upon terms Of exact
equality.
That while we should welcome the
cooperation Of other nations We believe
that the United States should not wait
upon the pleasure Of other governments
or the consent Of foreign creditors, but
should themselves try to reverse the
grinding process that is destroying
the prosperity Of the people and should
lead by their example the nations Of the
earth.
That the rights OF the American
people, the interests OF American labor
and the prosperity Of American industry
have higher claim TO the Consideration
Of the peoples lawmakers than the
greed Of foreign creditors, or the
avaracious demand made by idle
holders of idle capital. -
The right to regulateits own monetary
Systems In the interests Of its own
people is right to which no free nov