The herald., 1896-07-08

our system of bimetallism by Republi-
can and Democratic efforts. The Sher-
man bill was swept from the statute
books, the eagerness to rid the country
| Of that Republican incubus being so
| great that no prudent effort was made to
provide a substitute. In the very act of
the Sherman law repeal it was declared
to be the policy of the United States Of
| America to continue to use both gold and
silver as standard money, and coin them
into dollars of equal intrinsic and inter-
changeable value. The Republican party
has now renounced the creed of its plat
form and presented to the country the
issue of higher taxes, more bonds and less
money. 1t has proclaimed, at last
throwing away all disguises, for the
| British gold standard. The money ques-
| tion is the paramount issue before the
| American people, and 1t involves true
| Americanism far more than any other
economic issue that was ever presented
| at an election.
| We are not on any gold standard, but
we have a disordered and miscellaneous
currency of nine varieties, three metals
and six paper, produced for the most
part by Republican legislation and rem
| dered worse by treasury practices be-
| gun by Republican secretaries and un-
| fortunately copied by their Democratic
| successor. (Applause)
Then consider the facts, gentlemen, the
| federal, state and municipal taxes of this
country are assessed and paid by the
| standard of the whole mass of money
| in circulation.
No authority has ever been conferred
by congress for the issue of any bonds
payable in gold. but it has been distinct
ly refused. The provision made by the
Bland Allison act of 1876 added to our
circulation $3.50, 900 of standard
money-silver or paper based upon it
and all that mass of silver money is
sustained in its parity with gold by
nothing whatever on earth but silver
and the legal function impaired to it by
law. CApplause).
We have no outstanding obligations in
the United States except the sum of $44,-
000 900 gold certificates which are speci-
fically payable in gold, and they of course
should be so paid. All our specie obli-
cations are payable in coin, which means
silver or gold at government option, or
in silver specifically and only. There is
more silver and paper based upon silver
in circulation today than there is of gold
or paper based on gold and that he gold
dollar is not the unit of value is demon
strated by the fact that no gold dollar
pieces can under our laws be minted. II
we should go upon the gold standard we
must change the existing bimetallic
standard The payment of all public
debts, taxes and appropriations, saving
alone these specifically payable in gold;
as we have twenty billions of public and
private debts it would take. more than
three times all the gold in this country
to pay even years interest upon it. We
should be compelled hereafter to con-
tract the currency by paying off S5oO,00O-
COO greenbacks and Sherman notes i'll
gold, which would nearly exhaust the en-
tire American stock in and out of the
treasury. The same policy would require
that S344 900, 900 of silver certificates
should be paid in gold also, as foreshad-
owed by the present draft upon the coun-
try's stock of gold. This means an in
crease of the public debt by $500, 900, 900,
The disastrous consequences of such
| policy are appalling to be contemplated
ard the only alternative suggested is free
| coinage of silver at ratio OF 10 10 Lap
plause) and the complete restoration OF
| our hereditary and constitutions! sys-
| tenn of American money. We pray you
no more makeshifts and straddles. NeX
not the country with your prophesies OF
smooth things to come from British Re-
publican Propaganda. (Applause) Ihe
fact that European nations are going to
the gold standard renders it all the more
important we should not do so, as the
limited stock Of the world would have
longer division and smaller share for
each nation
Previous predictions have been punct-
ually refuted. Prosperity was prophe-
sled to come upon the unconditional re-
peal of the Sherman act Instead OF
helping the treasury reserve, as prophe'
sled it would do, an unprecedented RAID
was promptly made on it, and S2e2 ,OOo,-
600 of borrowed gold have been INSULT
cient to guarantee it's security. Instead
of causing foreign coin to flow to us it
has stimulated the flow of gold to Europe
and greenbacks and Sherman notes
whicn are just as much payable in silver
as in gold, have been used to drain gold
out of the United States treasury and
store it in the strong boxes of the lords
of Europe Instead of revivinG business,
this folly has further depressed it. IN
stead of increasing wages this policy has
further decreased them. Instead of null
tiplyirE opportunities for employment
| this policy has multiplied idlers; instead
of increasing the prices of our produce
| this policy has lowered them, it is esti-
mated about 10 per cent in thirty three
years Instead of restoring confidence
| this policy has banished confidence. In
stead of bringing relief it has brought
| years of misery, and for the reason 1t has
! contracted the currency OF the United
| States 81 a head for every man, woman
| and child since November /, 1898; and
| with this vast aggregate of contraction
! the price of land and manufactured
| goods and all kinds of agricultural and
| mercantile produce has fallen. Taxes
| and debts have grown in burden, while
| on the other hand the means of their
/ liquidation has been diminished.
In the meantime, gentlemen CONNER
/ cial failures have progressed with de-
| Vastating effect, north, south. east and
"a. ,1A,a le,, hp, l.