The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1895-11-08

mas gone up 10 dOOuI 10 C0AIS pei
ounce? Besides, cur ratio being 16 to
l, Europe 1919 to and India 10 to
1 makes any such thing impossible.
They would loose 8 cents per ounce
from the east here, and 4 cents from
Europe here to say nothing Of cost Of
transportation.
Then would they leave it here with
out consideration? No! They would
buy something with it-prOducts we
have to sell. The proposition is SO alb
surd that only the simpleton that the
honorable ~ gentleman is would en-
terrain it for one moment.
He assumed in his talk that the price
of bullion would still remain at so or
go cents per ounce when we get back to
free coinage. Anyone knows it would
go back to 51.29 per ounce where it
stood prior to 1878. He takes the peo-
pie for pack of fools.
Besides, the limiting of silver coin
age to the American product would de-
priVe US of the trade Of China, japan,
Mexico, the Central and South Ameri
can countries. Mr.. Ellis, in his even,
ing speech, even advocated high tar
if against the importation Of Mexican
cattle. When we go to absolute free
coinage we will get tho trade of all
these countries, whereas now we get
only 20 per cent and Europe 80 per
cent.
Where is your broad American
policy? James G. Blaine advocated
not only reciprocity" but the coinage
of an inter-American silver dollar.
What was the trade dollar coined
(ostensiblyl for? To stimulate trade
with China and Japan.
They used it to fool the American
people with. But it was not the fault
If the dollar but the fault of the act of
1878 demonetizing silver.
Mr.. Ellis laid the fault of the panic
upon the Democratic administration
and policy. 1t was caused he said by
lear and uncertainty as to the Demo
cratic policy upon the subject of
the tariff. People began to hoard
money and withdraw it from the chan
nels Of trade. This caused the panic.
This is all very well from his stand
point. Everything is fish that comes
to my net" The Democratic party is
no more responsible than the,Bepubli
can party for the panic, and not so
much so. The causes that brought
about the panic had been operating for
years and was the policy Of contraction
of the circulating medium. See report
of the comptroller of the currency for
1888 page 4, "Continued contraction in
the volume Of circulation has been the
most prominent feature in the history
of the national banks during the last
10 years" On page go of the same re
port he gives the decrease for five
years, from Oct. 81, 1888, to Oct 81, 1885,
The total decrease of national bank
circulation for this time was S163,653,-
998. The only agency to counterfeit
this tendency to contract the currency
was the Bland law, a Democratic meas
ure, that was in force u years, from
1873 to 1890, and coinage Of gold.
The Sherman law followed, and its
subsequent repeal. Both these meas
ures, the Bland and Sherman laws,
were compromise measures to prevent
the passage of free coinage law. And
if these half measures operated to
counteract contraction, the full meas
ure would have been more efficient
still.
Here is the secret of the panic his
tory: The national banks had worked
the contraction racket; but it would
not go because of silver coinage even
i'll limited amounts. They said in the
panic bulletin: "Silver, silver certif-
Gates and treasury notes must be re-
tired and the national bank notes upon
a gold basis made the only money. = !
You will at once retire one third of
your circulation and call in half Of
your leans. SIS Advocate an extra
session of congress for the repeal of
The purchasing clause of tbr Sherman
law, etc" They followed his up with
the "extrs session letter" iu which they
said, "The repeal Of this clause IS de-
manded in the interests Of those fav-
oring the gold standard Here We
have it 1t was conspiracy of gold
bugs of both old parties.
Under the Bland Law the gold re-
serve had increased 100000 in u
years. Under both laws every dollar
il coin and all the bullion, except
seienorage, was in circulation through
silver certificates and United States
treasury notes. This would not do.
The panic bulletin said, THE future
! life of the national banks. as fixed aud
safe Investments depends upon imme-
date action, as there is an increasing
sentiment in favor of governmental
| legal tender notes and silver coinage.
Mr.. Ellis, of course, had to unfold
the glOries of MeKiuleyism. We have
not the space for a review Of that ssum
of all vilianies, . the Mckinley bill, It
is the root of the goldbug upss tree.
The Wilson bill, with the income tax
section, put there by Populist votes. is
cloth of gold compared to it. We