The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-04-25
THE AGED STATESMAN FAVORS
THE DECENTRALIZATION OF
SILVER.
''MONEY is PURELY THE CREA
TURE OF LAW"
He Thinks the United States Should Es-
tablish Policy Regardless of Other
Countries-Balance of Trade in
Favor of This Country.


here today Senator Harris, when asked:
"Do you think the Democrats will be able
to organize the senate next December?"
replied: "There will be three political
organizations in the senate when it meets
in December, not one of which will have
majority. The Republicans will have
three or four more votes than the Demo-
Gratis and the Populists will hold the bal
ance of power. In this condition of
affairs neither political party can, of
itself, organize the senate, and while |, as
an individual senator, am resolved to do
full and exact justice to the Populist sen
ators in the organization, yet | will not
consent to compromise Il single Demo-
cratic principle for the purpose of secur-
ing the power to reorganiZe the senate"
What is your opinion as to the
dominance of the free silver sentiment
in the South and West in relation to the
campaign of 1902 asked the reporter.
"The utilization and the rehabilitation
of silver to it's position as Il money metal
and money of ultimate redemption and
in connection with gold, as the regulator
of volume or amount of that thing called
money, is overwhelmingly strong in the
South and West and in my opinion ought
to be strong and conclusive everywhere.
"lf people would recognize the undenia-
BILE fact that money is purely the creature
of law; it is now, always was and always
must be just what the law of its own
country makes it, and when it passes be-
yond the limits of its own country it is
not money, but Immediately becomes n
commodity which goes upon the market
at its market value, just as your bale of
cotton, hOgshead of tobacco or bushel
of wheat goes upon the foreign market at
its value.
II assert and maintain that it is the
duty of the congress of the United States
to establish and maintain a financial sys-
TEN responsive to the necessities and
conveniences of the 70,000,000 of peo-
pie that we represent without regard to
the outside world.
Now as to the question as to whether
the United States should establish its
financial policy in conformity with the
financial policies pf other commercial
countries, or a policy which will meet
the necessities and convenience of its own
100000 of people, | want to suggest
that l got up the statistics in the latter
part of the year 1898 showing the results
of our foreign and interstate commerce
for the 20 preceding years. The balance
of trade with other countries was against
us only four of the 20 years, and aggre-
eating for the four ears less than $70,-
100000, while for the 10 other years of
the 20 the balance of trade was in our
year. | speak in round numbers as
have not the figures before me, but in
four of the 20 years we had balance in
our favor, in round numbrs, Of over
So, 00,000,000.
"This shows that the settlement of
balances between the people of the
| United States and other countries is a
matter of very small concern. While
| the settlement of balances between TO-
100000 of people of the United States,
whose dealings with each other amount
to about $6O,000,0 100000 year is rather
too large q matter to be ignored by an
honest American legislator, and we must
conform our legislation to meet their ne
cessities rather than consult other ma
tionalities as to what our financial poll
cies should be. While / would be glad
to have an international agreement to
utilize all the gold and all the silver of
the world at an agreed ratio, | am ready
to establish a financial system for the
/ United States which does recognize both
metals and makes them legal tender
money for all purposes and admits them
to the same rights of coinage.
| I'm the beginning of civilization silver
and gold were adopted as money metals
and were coined into money as medium
of exchange and settlement between man
and man. Up to 1873 they held their re-
spective places as the money metals of
the world but in 1873 the capitalistic
1 influence, not only of the United
4 States, but of the commercial
world, decided to double the purchasing
power of their capital by demonetizing one
or the other of the money metals, no mat
ter which, so that, by demonetizing either
4 the volume or amount of money would be
reduced one half, which would double the
purchasing power of every remaining
4 dollar.
"Capital has influence, capital has pow.
er, but unfortunately capital has no con.
science. Capital had silver demOnetized
when 412 IL grains of standard silver was
:, worth on the market Of the world 3 cents
more than n gold dollar, and capital and
its cohorts are now rampant in urging
the adoption of the gold standard and re.
ducing everything to that gold standard
| This means a bankruptcy of every man
who is in debt and doubling the wealth OF
the creditors. SO far as / am concerned
. | will oppose such a policy to the last ex'
tremity, and / don't believe it can ever
prevail in the American congress"
BLACKBURN ON SILVER.