The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

In 1892, for the first time in thirty
years we got control of the government,
and proceeded TO revise the tariff, | do
not pretend to insist that the Fifty-third
Congress accomplished all that should
have been done in the way of tariff re-
form. But | do say it accomplished
great deal 1t has lessened the cost OF
! the necessaries of life to the people all
along the line; and we are today realizing
the great benefits following from its ac-
ton How was the tariff revised? We
! had to have some standard of value by
which to estimate the amount Of revenue
necessary to run the government. 1t was
not revised on silver, but ON a gold
basis We estimated how much gold 1t !
would take to run the government. The |
whole was based on the idea that every |
dollar we had in circulation was equal to |
gold, Suppose we passed an act for the |
free and unrestricted coinage of silver !
at the ratio of 16 to !; then the silver |
standard would take the place of the gold,
and instead of having a standard dollar
with purchasing power Of 100 cents,
we would have standard dollar with
Il purchasing power of 52A cents. Is it
not clear that the revision of the tariff
by the Fifty-thrd Congress could not
stand, but that it would have to be again
revised and the rates increased, so as to
raise a sufficient amount of silver eur
rency to carry ON the government!
The producers of the country, as |
have already shown, are compelled to sell
their surplus products in foreign mar
kets: and for this reason the Democratic
] II, ;pgigtnl tho npnplp
should have the right to buy i'll markets
where they are compelled to sell, ana II
is the grossest injustice to compel them
to sell In n free trade market ana to buy
in a restricted and protected market,
Therefore tariff reform and sound money
, the money of commerce-go hand III
hands they are mutually dependent. l
can see why Senator Cameron, of Penn
sylvania. champion of high protection,
should advocate the free coinage of sill
yer, but | do not see why tariff re-
former should do 50. The truth is, If
Senator Cameron can succeed in forcing
the country to u silver standard, he will
have completely thwarted the Democratic
? party in its efforts to reduce taxes
We cannot hold on to that which we
have accomplished in the way of tariff
reform unless we can hold on to the
standard of value in use when we made
:, the revision. Therefore that legislation
:, will share the fate of sound money.
:, would Destroy the Chances.
4 And finally. if we were to pass an act
a for the free and umestrictec coinage OF
\, silver, thereby excluding gold from the
i United States and forcing the country to
y silver basis we would, instead of ad-
n vancing, materially cripple the cause of
Il bimetallism. The bimetallists Of Europe
/, are agreed that the blmetallic standard
g can only be established and maintained
=, through the cooperation of the CONNER
# cial powers not one of them insists that
!, any individual nation of Europe should
attempt it. The question there discussed
- is whether the European governments
! should adhere to the gold standard, or,
- by inviting cooperation of all the en-
:" lightened powers, attempt to establish the
y bimetallic standard. Whereas, the advo-
- Gates of free coinage in this country in
. sist that we should attempt it alone,
-e while those of us WHO would adhere to
- the gold in preference to the silver stand
4 dIu are NlulnB W Cb-OlIClulC III bIlhSih
y about an international agreement. The
:. President, just befo:e the adjournment OF
-, the last Congress, approved an act au
- thorizing the appointment of delegates tC
a. an international conference.
he Probabilities of BimeralIic Standard
10. 1t is my purpose to deal with my fel
IS, low-Democrats in spirit Of entire frank
in ness; and it would not be entirely franz
'o on my part if did not give expression t
IS, the apprehension that the commercial
powers will be slow to take action il
wv this matter. Mr.. Benton was right whel
lis he said there was "a natural prediction
is Of all mankind for gold" This predec
I'D ton is manifested on all sides by all tn
If people in all the walks of life, and /
n grows out of the fact that silver is an in
Oh convenient and expensive money to han
re. die in large quantities. A farmer canno
en- carry $500 in silver to his home tel
M miles in the country without inconven
Us fence, and such inconvenience as wou
SO cause him to prefer gold. When i
lot comes to the larger transactions of com
in merce the inconvenience and expense al
Ter tending the handling of silver are YER
considerable. You cannot control thi
NY natural prediction for gold by legisla
nv, ton; and as it has operated to cause tn
he enlightened powers to adopt the gol
lis standard, it will operate to prevent ther
As from taking steps that might jeopardiz
sa- it.
lot There is very lage body of statesme
,ry and scientists in the world who insis
ity that the nations cannot by combined az
ton overcome this natural predilectio
of and restore silver as standard none,
fhe Again, as the world is drawn closer t,
,de gether by steam and electricity and til
es. commercial ties become stronger, a grea
in er volume of business can be transacte
,ci- with the same quantity of money. Bill
ing of exchange, drafts, checks, promssor
SO notes, and all other forms of commercii
her paper, take the place of money, and De
in form its functions About 80 per cen
nlv of all the business in the banks is no
md transacted in this way, and the result
ior- that smaller volume of metallic none
r n will suffice for the purposes of commerce
the Then the improved facilities for I'll
in treatment of gold ores, the newly-disco
md cred gold fields in various quarters
mr.. the world and the greatly increased DR.
,er- duction of gold resulting therefrom, a
ind calculated TO remove all doubt as to Il
suf6ciency of gold for monetary pu
90 poses The world has produced sin
the discovery of America in 1892 s.
.,.4 800 S24, 1000 in gold; and of this amour
wv il has produced S5.201 .601. 700 sinca fl