The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-10

well-meaning people by the new eco
monte conditions created in recent years
by vast improvements in the means and
methods of production and transporta-
ton and the difficulty of adjusting them
selves TO the new order of things.
Honest people in that state of mind
fell an easy prey to the equally honest
financial Quack as well as to the dis
honest manufacturer. Thus they were
easily persuaded that the so-calied de-
monetization of silver was the true
cause of their trouble and that the free
coinage of silver would be the true
remedy, while thorough inquiry and
calm reasoning would have convinced
them that the true cause was the
progress of civilization in production and
transportation. and that the true remedy
can be found only in the adaptation of
husbandry and business methods in that
progress. This is proved by actual ex-
perience.'
The speaker said the Bryan remedy de,
mands Il radical change of the basis of
our monetary system. He then dis
cussed that system somewhat eab-
orately, maintaining that under the
pledge of the government to
keep the silver dollar to all intents
and purposes on a parity with the gold
dollar the silver dollar is virtually an ev-
idence of Indebtedness on the part of the
United States to an amount equal to the
difference between the mercantile value
of the metal in the silver dollar and the
gold dollar, that is to say, to the amount
of 80 cents, if the metal in the silver dol
lar can be bought at 80 cents. To fulfill
this pledge it is necessary to so limit the
circulation of silver dollars and of paper
representing silver and so large a reserve
of gold on hand as to leave no reasonable
doubt of the ability to meet its obliga
ton.
More than three-fourths of the address
from this point to its conclusion was de-
voted to the discussion of what the speak
er calls the Bryan democracy. On this
point he said
Consider what the immediate conse-
quences would be if Mr. Brya.. were
elected president. with Il congress to
match. Even with an extra session of
congress it would be five months after
the election before his policy could be
made effective. Meantime, on the 4th
Of November everybody would know that
the parity of gold and silver would not
be maintained. Nobody would buy bonds
for gold, expecting them to be paid back
in silver. There would be a rush upon
the treasury for gold by persons holding
greenbacks and the gold reserve would
| ne eAiiiusleu Ill tWihkiihS. Ing SUI
zen disappearance OF gold from circuia-
tion Woulu produce the most stringent
contraction of the currency ON record
mo class of society would be spared
the destructive consequences. The
prompt settlement of every account would
be peremptorily demanded. Thus it
would turn out that Mr.. Bryan's election
having driven the gold to Europe, would
leave the European countries more gold
IMAM consistent with tnelr maintaining
the present price OF DlhetaiilsLl ana
would send their silver TO tne United
states ana make blmetalllsm impossiDle
IN Europe as wen as III me Onlted STATES
Mr.. Bryan, III MS new 10rk speech, SAD:
Any pure man who stands ready TO take
the entire supply oil any artlcle u. u GER
tam price can prevent thaI aTticie from
falling below that price. SO the govern
ment can nX price Tor goid ana SILVER
by creatlng demand grealer lhan lne
supply. is TINS TO mean tnat uhuer free
coinage the goiu VIII purchase silver e at
certain PRICE ana pay nAeu price lor
1t! III SO, MI. Bryan the great free
coinage apostie' uoes noe Know what irgt
coinage IS Let us INFORM hlhi. -. II
means thar the owner OF SILVER puiiio1
may take II TO the mint ana nave ~ coin Ecu
ana returned 10 niiii 80 hinns uoii ~ ~, aol
SO mucn weisht Oh pure silver. ~ uo9s
not mean mat tle government. s.alus
ready 10 purcnase the entire sh'er supply
at ,.;1u cer.aln prlce. , . uo,,,s
Inc government ~ uots ~. Purena a;, II
slnsie Uunce u 49, :. ud , natnsns ,i - .
tne Dullloli' s.uihps IL anu le't th aa as
TO nXing pIlce, as soon us me so 1oilan
men. ceases no Up snr S doIlo uo u,;l
uot t' he sU, orth nnnt move Than tho mar
hot pe moree H., zen; LIN, n,Ue nta;no od IN Il
M. t ILL., ~ th .e fno s;,vor "n;ago viii
nG 'nrot anat 49,, a,c s;,rnr lola o6',oi in
,, i, a,io heep id dni,or r uU' ,nnn oh
nu,ue ~ laG Su'I 't wv w. pryon p' noes
soiu ti, nu.n pnr boi;of,,
saht ft Go; tho nrod;tor and dobtor
a.er ur .;tI, ,me 1,, sho , That wo"n
o on,, a VIII 80 b Nv yorv cront ovtnnt
ealnelE are 10 " a" I hoSs os,oc;alIv
Greui'Il J,ass ahI o' ans I hp oSl,S
Sdylss pa t ueo.ot r"sai nv eoro of
LOW III .ne s,aer oi"I P ,uHG ed" dawn w
thesc u tps nti"1 1Oo oontc ~ ono Of "a
eneir uol,1L VI nGI rnGt h., tb T,e Inf to
+" nav hack their investors of 1OO-cent
| dolI,rs in 5O-cnnt dollorspn
Tollowing IN tbis idea no said every
man in active business is both debtor
and = crnditor