The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-08-01
Jay Cooke on Bimetallism.
A dispatch from Pbiladelnb;a savs.

A dispatch from Philadelphia says: jay
Cooke, (Republiean) the vetern fnancier.
who successfully placed millions of govern
ment bonds during the civil war, was inter
viewed last week on the money question.
1.-The opposition to the free coinage of
silver, he said, is crime, miserable
crazy notion. If had the doing of it
there would be no room for gold bug in
this country. The single gold standard
would ruin this country; positively ruin 1t.
| have seen in my time silver superior in
value to gold and its depreciation has been
caused by its decentralization The silver
dollar was the unit of value until 1873.
when there was three per cent. premium
on the metal At that time the value Of
silver was three per cent. more than that
of gold i = = There was no bullion
presented for coinage except that which
the government was compelled to buy to
furnish subsidiary coin. That had been
adulterated
Mr.. Cooke then picked up book and
said Let me read you what Mr. Car
Isle said in 1873 before he was allied to
Cleveland and the gold bugs
According to my view of the sub
jeet, says Mr.. Carlisle, the conspiracy
which seems to have been formed in this
country and Europe to destroy by legisla-
ton or otherwise one-half of the metallic
money of the world is the most gigantic
crime of this or any other age. The con-
summation of such scheme would ulti-
mately entail more misery on the human
race than any war, pestilence and famine
that ever occurred =
Mr.. Cook said '1What more could
you want than that? 1t was true then,
it is true now,'' he said emphatically.
Continuing he read from Carlisle: ''The
absolute and instant destruction of half of
the movable property of the world includ-
ing horses, ships, railroads and all other
appliances for commerce, would not pro-
duce anything ike the prodigious distress
and disorganization Of society that must
result from the humiliation OF one-half Of
the metal money of the world -
..These remarks of Carlisle were made
on February u, 1878, said Mr. Cooke,
and they are perfectly correct. Why is
this so Why has it come to pass? We
already have begun 10 get its bad results,
and unless it is righlcd promptly the Ca
lamity will be great. In the first place
the stiffness Of this great nation, with its
vast industries. is nothing less than re
markable in refusing to make silver the
equal in monetary influence to gold
There would have been none of the dis
turbances that have lately happened but
for the break down in silver. x !; =
We are growing and have been growing
rapidly and we need all that we can get
as a basis of value We need both gold
and silver The government credit, the
business credit, both are based on their
metallic ability to pay. The most terrible
thing of all was in 1873, when silver was
demenetized. which was done under de-
lusion You will find that most of the
senators and Representatives did not dream
that they were about 10 demonetize silver.
They had had no such desire. Then, in
stead of righting the mistake, they passed
the Bland bill. They were to buy 81,
900, 600 of bullion a month. They al
ways bought only 81, 900, 600 worth a
month. Everything was done to keep
down silver. The whole history of it is
vile and outrageous.
Just think Of the fearful danger the
farmers stand in. IF they knew it they
would rise in their might and sweep away
these dcyi!ish politicians and gold bugs.
But Mr. Cooke. in case of free coinage,
what about the ffty-three cent dollar p
That all humbug Wash silver
dollar worth 81. 03 before they demone-
tized silver? As have said, have seen
time when silver was worth more than
gold. The world onward march is rapid
If gold shall be the only basis of exchange,
the progress must stop. We must have
more money to oil the machinery of ex-
change believe we must get back to
bimetaIlism before we reach prosperity.