Evening journal., 1896-10-31

below the usual standard. That is a
foundation principle. From that we
have another proposition. When a
metal is selected as a measure Of value.
money OF final redemption. IL must
be one of which there is sufficient to
supply the needs OF business. For If
there is not enough OF the money of
ultimate redemption, the evils Of insult
hcient money must follow and curse
the country.
III there is gold enough inthe world
10 answer the purposes OF the business
OF the world, then the gold monomotal
Is good thing Business must be ac-
tive, competition As eager and prices
for products and labor arc increased
II there is enough gold tie gold stand
ard has all OF the argumei ls with il.
III II can be shown to me that there
Is a su1iciency Of gold ! am ready to
concede that the position / take is
wrong and ! will recede from IL. The
fundamental fact on which the cause OF
bimetallism rests is the necessity for n.
The great God OF nature has not placed
on the earth enough gold to do Che
business OF the earth
II have said that II there is a suffi-
cheney Of gold I am willing TO recede
from my position. Now | understand
that there are those present who do
not agree with my views. II / show
you that there is not sufficient gold
will you recede from your position9
That is a fair proposition. do not in
tend to speak a word disrespectful to
the political belief OF any man who
may be here, and / will hurt no ones
feelings.
What are the reasons why we can
not maintain a gold standard? 1t must
be admitted that any man who has de-
clared in favor OF bmetallism declares
against the gold standard Now there
is scarcely a public man In this land
who has not, in the last ten years. de-
clared that he opposed the gold stand
ard or favored silver. II matters not
what his politics were. Democrat or
Republican. John Sherman has de-
clared In favor OF silver so many times
that l could make a pile six inches
nigh OF single sheets OF paper contain
ing his declarations. William Nc
| kinlcy himself has not only said Il Is "A
good thing, but has actually voted in
the Congress of the United States for
free coinage OF silver Not only have
we the testimony OF the political lead
ers, but we have the testimony OF the
political parties themselves. There has
not been a national party platform
adopted in twenty years which has not
favored the restoration Of silver I'm one
way or another All political leaders
have given us their opinion that there
Is an insuificiency OF gold.
These are only opinions, but they
are buttressed by facts Statistics is al
most an exact science in these DAYS.
We know how much gold there is In
the world. Has the world, taking II
nation by nation, enough gold? Their,
are seven great powers in the world
tae United States, Great Britain Ger
many Austria. Russia, Italy an,
France. These are powers which. b,
their concerted action. could wipe on
all the others without trouble. III the,
should declare their intention OF chang.
ing the map Of the earth no power
could stand before them. What they
! haven't done in spite OF urgent effort
no power can do Each of these gov
/ ernments is trying to remain on gold
standard Only two OF them are ON a
real gold basis. When they can't do it,
il is a plain proposition that thew
haven't the gold. Great Britain and
Germany are the only two nations
which are actually on a gold standard
basis. Everybody in the United States
knows we haven't any gold. What little
we get we have to buy at a high price
and pay interest for.
Austria Is on a paper basis Italy
uses shin-plasters. France. which has
| the greatest hoard of gold Of any ma
tion Of the earth, remains on a gold
basis by refusing to pay il out. These
/ are the commercial nations OF the
! earth. the very greatest. and it cannot
/ be said that their failure to be on a
/ gold basis is due to lack Of resources
| These seven nations have three-quar-
/ ters of the worlds gold II these seven
/ nations control three-quarters OF the
| gold and only two of them are able Ia
remain on gold basis is there any
! hope~to prevent the falling prices. the
| paralysis Of industry and the stagna-
/ tiOn OF business by remaining under a
! gold standard? There can be no ma
/ terial increase in the value Of gold
coin. All the increased output is used
in the arts, and this use for the metal
! is growing every year"
Senator Bacon here quoted eminent
statisticians to prove the correctness
/ OF his statement that there can be nc
material increase in gold coin, and
that since 1873 there has been an in
crease of only 100000 600.
He continued: what falling prices
and low wages mean. this community
knows. Every voter should. before vot-
ing, ask himself this question: Am ]
ready to vote to contribute toward the
maintenance Of the gold standard with
decreasing wages and falling prices
when there is not enough gold in the
world to maintain it?'
III it is a well-founded fact that
there is not enough gold there is nc
course FOR the patriot to follow, but
that which will restore silver to the
currency"
Senator Bacon here read an extract
from the London Statist, a great fnan-
cial organ, which admitted that Eng.
land made 4OO.OOO,OOO a year off the
! United States, which would be practi.
cally saved to the latter by a double
standard.
He continued: "Are we prepared tC
say that we will do that which i'm
! poverishes us and enriches England
Mulhall, the great statistician, says