The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-09-06

II
ment with the leading commercial nations OF
Vne world, which we pledge ourselves to pro-
mote; that all our silver and paper money
shail be kept, as they are now, at parity with
gold, and thst we will maintain inviolate the
opllg atoms of the United States, and issue
ana deal In all our money according 10 the
the earth?
Is this declaration not wiser than to say that
snS United States will undertake the Tree and
un4mlted coinage OF silver at the ratio Oh 10
70 without waiting for the aid or consent OF
any oLner nat1on-demand that the sldnudro
SILVER dollar, which without the guaranty OF
SnS onlted States is worth to-day put nan OF
soIu dollar, at home or abroad, shall De Dy law
declared TO be full legal tender equally with
the gold dollar for ell debts, pubic and
private and by the same force OF law iorpi .
any puDlle or private contract Whlcn snaIi 10
any extent demonetize silver coin by giving
d preference to gold coin?
LOSS OF FINANCIAL HONOR.
The enormous financial losses of the indi-
Vl4ual which the Republican party belleves
VIII result from Endorsement by the people OF
ene q yer Democrats and Popullsts are OF small
sign aeance in comparison with the Nauonal
noho4, which Will vanish with them. Inc
chances OF honest commerce may make
merchant ten times bankrupt yet ne may as
oiten resume business and retain the con-
noence OF the community In which he nYes
But never was the merchant again trusted
VINO, when able to meeuthem deliberately, put
nImsen IN position TO avoid Satisfying LIS
honest creditors. The rigor OF winter may XIII
the flowers OF the garden and wither the
grasses upon the hills and each Will blossom
anu grow again when springtime comes
ttConhagration may deVastate or the whlrl-
wind PROSTATE commercial city, and 1T viii
rise from It's ruins in new magnlhcence; put
lost National credit deliberately abandoned,
Will never be found again. Reputation, re-
treat from the exact fulillment OF solemn I'M
derteKlngs, expressed or implied, the creation
Oh legal temptation 10 individual dishonesty
will stain with indelible dishonor the National
ensign. The damned spot will never out. The
shameful record will never be expunged from
the pages OF history.
If we had poured upon us the worlds present
accumu Iation OF silver bullion which is not IN
actual use as money, amounting to, say
$40 100000. what could we do with 1t? The
coming capacity OF the United states mlnts
is said 10 be $50, 900 900 per year. the gold
coinage is about $4,000, 900. The United
states minis could then turn out to the owners
OF silver 1orty millions OF silver collars per
year. What would be the effect upon the mar
ket price OF silver of depositing considerable
part OF this vast amount OF the worlds accumu-
lated silver, and that which viii be produced
in our own country, to say nothing of Mexico,
under the stimulus of the free and unlimited
coinage OF silver at the ratio OF Ito TO i, with
out any lfmitupon the manufacture of dollars
but the capacity of the United States minis to
melt ana shape and stamp silver Tor It's oWnersI
Could such coinage OF silver dollars and
such accumulation of silver bullion waiting TO
be coined in the United States minis alone
double the value OF the worlds stock OF silver?
Could the mere force of a statute lift IL at a
bound from 90 cents to 81 % per ounce? The
silver Democrat says yes. The Populists say
yes. Mr.. Bryan says yes. The Republican
party says no. Major Mckinley says no. And
pretty nearly the entire financial world says
no.
If our ships of war, equipped with all the
powers of destruction hitherto known to man.
might safely challenge TO combat the naVies of
allied civilization, and their swift keelS could
whiten in peace or incarnadine in war the
tides that rise and sink on every shore of every
ocean; If they might furl their sails or bank
their fires In every port which the commerce
OF the world makes populous and rich; if our
coasts frowned with Notifications and bristied
with huge artillery from Maine to Texas and
from Alaska to the bay OF San Diego-yet our
Republic, even thus protected, would be de-
tenseless and without hope of perpetuity un-
less by wise and conservative lie islation it
maintained private commercial credit unim-
paired and public financial honor unassailed
and unassailable.
THE PAST AS A PROPHET.
So far as the Democracy is concerned the
best OF prophets OF its future is its past and if
labor is again lured by the present false
hopes which 1T holds out labor viii once more
miss labors way and go headlong into the
ditch of want and anxiety. Who does not now
know that if Mr.. Cleveland had been defeated
in 1892 the country would have continued TO
be as IL has been under every Republican ad-
ministration and all Republican policy prosper
Gus and happy2 ii Mr.. Cleveland had not been
elected in 1892 the wage-earneTs would not
have lost in two years, commencing March 4,
1893, 81, $50, 100000 The savings banks
would not have ceased increasing their de-
posits and would have reported gains instead
of losses. The decline in the value of American
railway shares would not have shown a loss
of 81, 000, 100000. The shrinkage in railway
bonds would not have amounted TO one-quarte
OF their nominal value. Nor would the addi-
lions to the National wealth, which one wear
before amounted to $3.50, 100000, have
ceased and been persistently followed by q
large actual decrease in the value OF all prop
erty, real and personal, while at the same time
the public debt has been swollen to the sum of
81, 222, 100000.
Such an increase of public debt as has oc-
CURED within the last two years is without
parallel in the history of the United States
except, / may say, in the administration OF
that old Democrat James Buchanan, from
1857 to 1861.
The financial disturbances arising from
threatened disunion, the loss of credit which
followed the election of James Buchanan in
1856, and the enormous failure of revenue
under the external tariff act OF 1S48, made
such increase in the public debt that in 1860
the United States owed $65, 900 900, and in
1861 $91, 100000. All public securities of
the United States were at discount. even
though offered to the financial world at rates
OF interest anywhere from TO 10 per cent per
annum.
Then came the War of the Rebellion insti-
gated andiforced on the Nation by the Democ-
-acy OF the South and their allies of the North
men VINO then advocated free trade and de-
tended African slavery, and whose political
heirs and successors are now shouting for free
silver and saying little of tariff for revenue
only-a war which left the United States in
August, 1865, with public debt of $685.
100000.
Yet this colossal burden was borne by sue
cessive Republican administrations, was
funded and refunded at constantly decreasing
rates of interest and paid off in installments
until it was reduced to about 5000, 000, 900,
and the securities of the United States CON-
manded the highest prices in the markets of
the world. But now, including Mr.. Cleveland's
borrowings, the public debt has reached, in
time OF profound peace, the enormous sum of
.222OOO,O 00, equal to the sum of 800 for
each family of five persons in the United
States; and there would have been added to
our National debt during the present summer
another 100000 600, with another addition
OF 81 100000 or So 000, 900 of yearly interest,
IN order TO counterfeit the effects OF the con-
tlnued exports Of gold and the reduction OF the
reserve in the treasury below $100,000,000,
save that to avoid such impending catas-
trophe the New York bankers agreed TO pass
around the hat and raise $1,000 900 in gold
for the use of the Government, taking legal
tenders for 1t and holding them till the Gov
eminent should be ready to take them up.
BRYAN's PROMISES NOT JUSTIFIED
General Barnes spoke of the promises made
by Mr.. Bryan as not justified by any facts. He
also spoke entertainingly concerning the
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