The San Francisco call., 1896-09-13

UtpIECIuEIOu DeVOnU
the United States, bat, strangely philan-
thropic. gives to silver throughout the world
the gold value of 81 % per ounce. What q
singular medley.
There is line in Pope that might assist to
describe the scheme: ''What mighty contests
rise from trivial things" And we can ex-
claim: "What, trivial results from mighty
Is it possible our gold is to be debased and
silver take its place merely to satisfy a theory
shown by its author TO be false? Silver, ac-
cordlng to Bryan, is 10 be kept at 81 90 per
ounce in gold throughout the world. This
makes 1t precisely equal to the present gold
dollar. This standard is as wicked as the de-
tested gold standard. 1t is exactly its coun-
terpart As Mr.. Bryan makes no claim TO a
worldwide halving of gold and confines the
power OF the legislative fat to this country, he
gives us 20O-cent silver dollar and 100-c MT
gold dollar by his process of lowering United
states gold by half and raising the worlds sill
TO $l 20 per ounce measured in the worlds
gold price Here Is another picnic for the
Rothschilds, the syndicates and the crowned
heads of Europe. They will corner silver
as easily as gold, since their Vaccinations are
rendered easy in the United States by this de-
monetiZing OF gold for them to begin with.
But the British and European powers and
conspirators may have few battered remnants
OF conscience. They may object. They may
put in motion the legislative fiat of their coun-
tries which more than equals III potency the
legislative fiat of the United Ste tes. In order
to protect themselves from 200-cent silver
dollar they might illuminate thus: I'VE ordain
and establish that hereafter gold dollar shall
be legal tender at 100 cents and silver dollar
at 90 cents"
Then let opposing jurisdiction clash. Then
would values rise and fall with the appearance
or disappearance OF the British lion or the
American eagle. When the old Titanic battles
of the gods upon Olympus were fierce enough
TO shake the earth how fesrfully would the
war of Giant Fiat against Giant Fiat conyulse
and rend II.
OF course, Mr.. Bryan knows that gold will
take flight TO countries where legislation adds
to It's value, and our devoted country. will be
turned over to the silver standard, which will
be as oppressive, as crushing, as grinding as
the gold standard ever was alleged TO be. Sill
yer monometallism will reign supreme. The
mine-owner will re- joiee, but the poor people
will find their dreams rudely broken and
their idolatry OF the silver goddess suddenly
disturbed. The Mexican people, the Chinese
coolie, the ranch-roof Argentina will rejoice
in the possession OF a silver dollar OF double
its present purchasing power. Everywhere
throughout the globe will be the apotheosis of
Bryan, the alchemist, who, disregarding the
claim of his own people for his benefactions,
scatters his gifts to the silver universe.
Further on Mr.. Bryan says: "a dollar which
increases in purchasing power is as dishonest
as dollar which decreases in purchasing
power" He means to say by this high-sound-
ing expression that both an appreciated and
deprecated dollar are dishonest, but he has
pushed his silver dollar to the high apprecia-
Con of gold. The different stages of wicked
ness have been passed; the culm mating point
has been reached when silver is raised TO the
"bad EN- inence" of q gold dollar. At one bound
he has leaped over all minor evils and reached
the throne where "silver, exalted, sits SUI
preme" in its baneful excellence and power
to the new dispensation, SO is silver to be al
ways appreciating, and Mr.. Bryan stands forth
the upholder OF the standard OF the Roth
schilds and money-changers, "Eho grind the
faces OF the poor"
1 will not notice the impassioned appeals
made by Mr.. Bryan to inflame the poor against
can stoop to the arts of the demagogue, the
cause which he advocates must be poor in
deed. he gives no reason and produces no
proof for the bold position he takes, but makes
up in assertion what lie lacks in reason or
proof.
1t is assumed that prices have deprecated
appreciation of gold. Prices have not de-
preciated abnormalIy. The decline IN the
prices of all commodities from 1873 to 1891,
as found by the authentic report of the Senate
Finance Committee, was only 7.S per cent
from the basic line of 100 taken from the
prices of 1850. the prices during the inflated
period being carefully reduced to gold basis.
According TO that report food products and
lumber advanced and the prices of clothing
fuel, metals, drugs and chemicals ano house
hold goods declined. The rise and fall was not
regular, but seesawing; the markets were al
fected by supply and demand
There have been some 5000 patents since
1873 introducing improved methods OF pro-
duction and manufacture in all branches of
industry. Any one can see at q glance that
new and improved methods have brought
about lower prices by reason of diminished
cost of production. The trend of civilization
is toward lower prices especially for the prime
necessities of life. The decline in the rates of
transportation has more than kept pace with
the lessening cost OF production and manu-
facture, and the human race to-day, with a
gold standard elevated over the industrial
field, is better educated, better fed and clothed
and housed than in all its history.
Labor has demanded and received more and
better wages, and has become more and more
nowhere under Gods heaven has LABOR pros
pered more and Jared better than in tn is
land where gold measures all of earthly
But gold has not appreciated. The demand
has been fully met. and IN ore than met, by
the supply. In 1894 the gold supply of the
world was $179, 900 900. In the period of the
grea test gold production in the world in the
past, from 1851 TO 1860. there was produced
1856 596 000. In the four years from and in
Guiding 1891 TO 1894 $641, ,737 200 was pro
duced. More than twice as much in the four
years as in the ten years and including 1881
TO 1860. Gold deprecated then, and there is
no good reason to show that il has not depre-
ciated OF late years. Besides, the increase of
silver since 1873 has been abnormal. In the
first sixty years of this country the annual
production never exceeded &c, ,000, 900 ounces
After this period the output was increased by
Between 1881 and 1885 the production was
93,003,914 ounces, and in 1886 reached
SO. 297 ,290 ounces, which was an increase of
400 per cent over the average OF each of the
four years preceding. In 1889 the production
rose to los, 1927 ,604 ounces. In 1894 it reached
166, ,601 ,995 ounces. Can any one doubt that
this enormous increase of production, with
possibilities of unlimited supply, together
with lessened and lessening demand drove
silver down below the level of ali other com
N oddities? Here is q scope tor the application
of the law Of supply and demand which Mr.
Bryan is so fond of quoting. BE says Iegisla-
ton placed an artificial demand on gold and
destroyed the natural demand for silver He
is mistaken. Commerce has outgrown silver
as a measure OF value; even as a medium of
exchange it has been supplanted by many
substitutes, by credit ins iruments affecting
prices and transferring values to the same ex-
tent as any coin disk.
The demand, the desire 10 possess, coupled
with ability TO acquire, has gone from silver
The worlds need Is gold. Commerce demands
1t as possessing most value in less bulk and less
variable and huctuating, and before the laws
OF commerce the eloquent appeals of The Ne
braskan are impotent and poWerless.
Sir, at the risk of trespRssing upon your
patience and that of this audience venture
10 assert certain fundamental truths accented
by all the deepest thinkers and most illustrions
political economists of this and former times
Standard money, being device to effect ex-
changes and measure values, must be worth as
much as the commodity it exchanges for. IT
must have, as near as it may be reached, un.
varying value, and must have universal pur-
chasing power. The value o. the money metal
is in the bullion, and not in the mintage. This
value springs from demand and supply and
the estimate placed upon it by the vast throng
OF exchangers and traffickers who swarm ifl