The Portland daily press., 1896-09-01
MIR. WILLIAMs's TODAY AND FOUR
YEARS AGO.

MIR. WILLIAMs's TODAY AND FOUR
YEARS AGO.
Hon. George Fred Williams made his
debut in Maine last night. speaking for
the silver Democracy at Bid6eford. Pre-
sumnbly ne is to speak at other places in
the State. At the present time Mr.. Will
lla1ns is one of the most positive of the
silver orators. He is SIRE that fir
coinage ill be panacea for all our ills,
and the whole hope of salvation, in his
estimation, turns upon the adoption of
this policy. Today he scouts the idea
that free coinage would mean repudia-
ton, or would depreoiRte the wages of
the laboring man. Mr.. Williams was
not always thus, though he has ever
been positive. Four years ago he was
just as positive about free coinage as
he is now, but the things that he was
certain of then are Just the opposite of
the things he thinks he knows now. In
1899 no led the Democratic opposition to
tree coinage in the House of Representa-
uyes, and as member of the committee
on coinage submitted report which
represented the view of the minority of
that committee of which he was one.
The majority had offered report in
favor of the free ooinagee of silver at 10
to one, and Mr.. Williams replied to it in
carefully prepared report for the
minority. 1t was long and very vigorous
protest. against the policy he is sup
porting today. He smote the fres
coinage wing of his party hip and
thigh. Some extracts from that
report will prove interesting and instruc-
tive now. Speaking of the danger OF
free coinage, he said
The peril is not great of an avowed
depreciation by our government of the
value OF its own promises, we shall never
openly repudiate our debts, or corrupt
the medium of payment; the danger lies
In legislation such as this bill proposes
which shall make the government un-
able to maintain Its promises and tokens
on the basis upon which they hay . been
accepted. That basis ia the dollar which
Is ohangeable nowhere, exohangeaDle ev-
erywhere; which does not give up 80
cents Mt our border, nor yield s1ything
to fire or water-the dollar of gold. Sub
stantially all obligations now existing
IN this country are expressly payable in
gold, or have been incurred since this
nation resumed specie payments and has
continued on gold basis. The gold dol
lar is, therefore, not only the best, but
the only honest dollar in which obliga-
tions can now be discharged. But, under
plausible theory or confident prophecy.
the citizens OF this country may be mis-
led into population, which they would
not consciously approve. To make this
Dill understood as a measure of repuCia-
tion is to secure its defeat.
Here 1t will be seen, Mr.. Williams
asserts, and supports his assertion by ar
gulnent, that free coinage means repudi-
ation-and because it meant reputation,
was enough, in his opinion, to secure it's
defeat.
Speaking of the effect of free coinage,
he pointed out that it was the laboring
man and the people of small means who
would suffer most from it. The rich he
thought could protect themselves. Here
is his language:
Men speak lightly and thoughtlessly of
the creditor Glass; For every creditor
there must be debtor, and for every
debtor a creditor. If the industrial
classes of this country are not bankrupt,
but, on the contrary. have acoumu-
lated something from their work, it is
safe to say that their accommodations have
in large part been SO invested that they
stand as creditors within the meaning
of those who assail the creditor class. In
savings banks alone. in which the depos-
its are unusually in small counts, sixteen
hundred millions are said to be deposited
more money than there is in active cir
culation in this country. Every working
man who Is depositor is creditor of the
bank. The volume of deposits in pa-
tlonal banks and other banking tnstitu-
lions is likewise enormous, and every
deposition is creditor of the bank. and the
bank belongs to the debtor GLASS;
CT the deposits in savings banks in
this country thousand millions of dol
lars are said TO be invested in mortgages
The mortgage creditors Of the country
are, therefoe, to this extent the small de-
positors in savings banks who have
vested by these insti buttons Of savings
.. To sdepreciate ty 80 or 40 per cent. the
value of these securities would be to rob
millions of our Industrious citizens of
their hard-sarned savings.
Depreciate the standard of the dollar,
and every pensioner of the country, every
holder of a policy of insurance, every
TluoW duu orpildu ouIoylnS Un6 prOceeu6
IF trust funds will by SO much suffer |
rom this fraudulent reduction of stand |
ard of the country.
The revenues of the government will |
De depreoiated in like manner, and every |
lollar received in duties and other taxes |
will represent about two-thirds Of the |
amount now fixed by law.
The effect Of this reputation upon fu-
lure attempts to borrow money will be |
disastrous to the borrower. Money is |
oaned at rates which accord with the |
k, and reputation will raise the rates
IF interest and fuctuating standard of |
value will burden the borrower until we
have returned again to stable and |
lonest standard OF payment.
Credit secures money. and credit is
liked by a willingness and ability to
Jay. Nor are the poor to gain any bene-
it from the degradation Of our coin. The
iebtors of the country are they who have
aad credit upon which to secure ad
1anoes. As rule, the poor are not in
lebt, and those who borrow have means
If payment. The rich borrow the most,
he poor borrow the least. Reputation
Will benefit the rioh and the money deal
ITS mora than any other class They can
lr0tpct than salvaa