The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-04-10
INSUFFICIENT.
A Strong Argument By Hon. John
A. Keyes of Duluth.
Extract From Speech Delivered Be
fore the Central Populist Club
of that City.


condition is therefore to be sought,
not in merely restricting the presi-
dent and his allies, but in changing
the entire financial policy of the ma
tion. The patient is indeed sick. But
the treatment must be Institutional
and not of the surface merely. With
only a limited quantity of gold for
monetary purposes, far insufficient as
all admit for the needs of the nations;
with all the great powers of the world
struggling to maintain their appoint
ed reserved funds and keep themselves
upon war footing; with this small
amount covered over and over again
by national, state, municipal, corpor-
ate and private bond promises to pay
thousand times it's amount, how can
it be expected that financial stability
is to be maintained?
"Under this monOmetallism. fnan-
cial affairs will continue to be in what
the natural philosophers term un-
stable eQuilibrium; In other words, it
is like pyramid standing on its
apex. No one who reasons could
think otherwise. Nobody but
student in Henry Clews' mental
gymnastics university would reason
so sadly as to suppose anything else.
But these acute financial spectators
who hold the leading strings of public
opinion are no fools. They leave that
function to be exercised by their
dupes. They we'll understand that
the least disturbance in the internal
or indust trial affairs Of one of the ma
tions, be it failure of crops, threat of
war, temporary insufficiency of reve-
nue., or whatever else it may be, will
so disturb this unstable equilibrium
of gold that it will flow out of that
country. az
"They are fully awake, also, to the
fact that, if necessary, that tendency
can be easily aggravated by tempOrar-
lily fastening its removal. and, If the
time is ripe to invest some Of the ac-
cruing interest on tbs werld's wealth
held in the form of bond and pledge,
as is at present the case in the
United States. they can force an issue
of interest bearing gold bonds to re-.
lieve the stringency thus artificially
created; and following out this plan
| by alternating among the nations
struggling for gold and attacking the
| weakest spots, can ultimately bond
and bind the world and it's workers
and enslave them forever; and this
they will soon accom- mplish, unless
something is quickly done to pre-
vent it.
"But here new difficulty presents
itself. Five or even three years ago
this could have been easily prevented
and the danger passed, but now the
conditions have materially changed
and nothing less than profound
financial upheaval will, in my opinion,
restore the people Of this country to
their senses.
1.-THE repeal of the purchase clause
of the Sherman act waS the first fatal
blunder, crime or whatever name it
may go by, since the demonstration
of silver. Had Congress and the adj
ministratiOn taken firm stand at
that time and restored silver or re-
habilitated the greenback, shorn of
all it's exception clauses, we should
have repelled the invaders and been
upon the highway to prosperity; but
having weakened and Surrendered at
that point and the demonetization of
silver in India having occurred at the
same time, and bonds having been
procured to be issued. and SubStan-
tial victory, through intimidation,
having every where been gained by the
monometallists, the gold power is now
dominant, oppressive and arrogant,
and will force the country and all its
people into bankruptcy before it will
surrender a single prerogative thus
obtained. More relentless than kings.
having no head to lay upon the block,
it will force upon US, if now attacked
the greatest money stringency known
to this country, II the attempt is now
made to restore silver. A Jermiah
could not Go justice to the folly OF
this nation when it struck down the
white metal.
"You ask me what remedy / pro
pose, and l have none to suggest that
does not carry with it hardships that
we may we'll shrink from enduring. A
genius is demanded one who can hold
such steady hand as to crush out al
opposition and unite the government
in policy that will be aggressive and
effective. I fear it is too late already
but the best that can be done is fol
the old guard to close up it's rank;
and trust to that leadership that viii
develope itself out Of the conditions
that now exist.
"a continued issuance of bond:
even to the extent of returning al
the greenbacks would have no effect
except to get the country more deep
ly in debt and to carry it furthe
away from settled financial cOndi
tion, for, as l have pointed out. the
contest for gold between the differen1
: nations will be SO intense that they
will be in a continued unsettled con
dition. While prices. for labor and al
staple articles Will continue slowly
J but surely to fan. 1t would seen
that three, four or five years of expert
ence might teach the people some
thing, but. possibly they will requir,
still more experience in order to ge
acquainted with the situation.
'The use of money is probably yer.
, little understood Tradition ant
! prejudice have fastened upon gold ant
t silver to perform, the functions Q
t money which are two. A medium Q
3 exchange and a measure OF value. l
' has been argued that Nature hersel
: ordained that these metals should b
l used for money on account OF thei
: scarcity; but the Honometallists sa
J, that nature ts now at fault and o.
e their own theory they cry out agains
y her for producing too much silver an
alleged what the more advance
, thinkers have long known, tina
IS natural production is q very poe
rnOu1atOr and withnut knowing or III