The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-07-23

~ ES~J "S4S@ WIZ "OAAO4 ia hO4N
will not long pay. But if gold disap-
pears because silver becomes cheaper
and takes its place, then gold will dis,
appear whenever the scarcity of money
makes the silver as dear as the gold.
The gold which we have cannot leave
US until the holders of it exchange it
for something which they desire more
than they do the gold. But let me call
your attention to the statement that it
would require fifteen years to coin
enough silver to take the place of the
gold. The ansWe to that proposition
is very simple. If our mints will not
coin silver fast enough to supply the
demand we can make mOr minis, and
until the minis are sufficient for all re-
Qulrements we car issue silver certifi--
Gates and deposit the bullion to be
coined in the minis when the minis are
sufficient, go that there is nothing in
the proposition of Mr.. Carlisle to scare
the people.
Nov let me suggest some PROPOSE
tions which must be considered by
those who are studying the money Ques,
ton, and I think you will agree that
the propositions which / am about to-
state are fundamental propositions,
and cannot be avoided by those who
are charged with the settlement of this
great question.
II. The supply of money must in
crease with the increase of population
and industry. Unless it does so, the
value of each dollar will rise and the
general level of prices will fall.
g. There is not gold enough now in
the world or annually produced to sup
ply the basis for the worlds currency
upon a universal gold standard and to
furnish the money necessary to keep
pace with population and industry.
"3. If the United States, the greatest
nation in the world and the largest pro-
ducer of silver, abandons the bimetallic
standard and throws it's influence upon
the side of gold recommendation. il will
not only increase the strain upon gold.
but will tend to drive other nations
from the use of silver and thus hasten
the day of universal gold monOmetaE-
lism.
~ The destruction of silver as money
and the establishing of gold al the sole
unit of value throughout the world
would result in the appreciation of
gold, because gold would then be re.
Qulred to do the work now done by
gold and silver.
THE appreciation in the value of the
dollar is of pecuniary advantage to
those whom Senator Sherman described
as holders of investments which yield
a fixed return in mOCey,' and whom
Secretary Carlisle described in 1873 as
the idle holders of idle capital, and is
an injury not only to the debtor class,
but u those whom Mr.. Carlisle de-
scribed in 1873 as the struggling masses
who produce the wealth and pay the
taxes of the country
&c The advocacy of the gold stand
are by the
CAPITALIST GLASSES
Is due to the fact that the gold stand
ard will be profitable to them and not
to an unselfish interest in the rest Of
mankind.
q. The plan of the gold standard
advocates includes the retirement Of
the greenbacks and treasury notes by
the issue Of bonds and the limitation of
the legal tender qualities of silver so,
that gold will be the only full legal
tender money, and all other forms of
money will be non-legal tender promises.
to pay gold. This will leave the stand
ard money of so small q volume as to
be capable of control by the capitalist
classes, who will then have the rest of
the people in their absolute control.
"8. The United States has a legal
right to redeem ~greenbacks and treas
ury notes in silver if it so desires, and
until it exercises that right the treasury
is at the mercy of those who desire to
increase the bonded debt of the cOun-
try, and who can at will reduce the.
gold reserve for the purpose of forcing
an issue of bonds.
80. Gold and silver are produced in
limited quantities; and are, therefore,
called precious metals. The govern
ment, by creating a demand for an
article of limited production can raise
the price of that article, and by offer
ing a demand unlimited in proportion
to the supply can fix the bullion price.
of gold and silver at the mint price.
10. International bimetallism Is not
payable at all, and is advC Gated most
by those who, desiring a gold standard,
do not want bimetalllem under any
circumstances.
I'll. A change in the ratio, secured
by increasing the size of the silver dol
lar, would require the re-cOinage of sill
) yer into larger dollars, and therefore,
would result in q reduction in the vol
ume of the money. II, for instance
the ratio should be changed from one
to sixteen, to one to thirty-twO by in
ternatiOnal agreement, and silver coins
should be doubled in weight to CORE
spOnd with the new ratio; it would
cause q shrinkage of One-half of the
silver money of the world, that is,
shrinkage of one fourth of the total.
metallic moo ey of the world, and thus
would increase the burden of debt by"
many millions of dollars and bring g.;
great advantage to the ~Capitalistic
classes.
''12 This nation is great enough to
legislate for its own people on all sub
j9Cte, and cannot afford to surrender
It's people to the legislative control Of
any other government on earth"
MI. Bryan read from authorities to,
| n11nnnrf his nrOnOaikinnn and concluded