The San Francisco call., 1896-08-30

Republicanism voted for that resolution, yet
to-day you find the apostles of Wall street and
Lombard street shedding tears of sorrow be-
cause of the do Grimes OF the Democracy. 1t is
needless for me TO refer to subsequent votes in
Congress in the same irection.
AS far as platforms are concerned, in 1880
there was declaration in favor of honest
money in the Democratic platform. That kind
of honest money consists of gold or silver or
paper convertible into paper on demand. In
other words, the Democratic party in 1850 de-
ciared in favor of this find of honest money,
com of silver or gold and paper convertible
into coin. To-day we hear OF another kind of
honest money.
We see some old fellow tottering along under
the weight of accumulated profits. He comes
to us and says: ssDo not make silver again
legal tender. We people who have been loan
ing money have suffered from that kind of
paid in this kind of money. We want honest
money" What is his definition OF honest
money? He means the money which is the
dearest-money the hardest TO GET money for
which the most of human labor must be ex-
pended, and in the procurement OF which
tears must flow with q maximum from the
money. The best money. according to him, is
that which is hardest to get. Is 1t the pest
money for you and 1? We have great deal
OF trouble TO get enough silver to enable US to
pass along the roadway OF life.
Assume, my friends, that our authorizations
of the advantages OF the free coinage OF silver
are indeed unfounded. What harm will be
done7 If we pass law providing for the free
and unlimited coinage of silver, will our Re-
publican friends die in spasm OF woe? VIII
1t not be possible for US, if we have made mis-
take, to change our plan7 Shall our in-ad-
vlsed system at once paralyze the worlds
progresS?
What would they say If we read the res olu-
tions of the California bankers? Now the
bankers are our friends When we want any
thing we interview them, but we seldom get
anything for nothing. When we are absolutely
broke we do not apply to them, because we
would not get anything. Now, our banking
friends have met and they have all resolved
that silver IS wrong Ny friends, whenever
that the other fellow is wrong, look out. 1t is
q combination.
Has anything happened in connection with
our financial history to lead US to think that
the decentralization of silver was fraught with
disaster to the American people? / have be-
fore me quotation from speech by Senator
Sherman. The speech was made on July IL,
1876. He said E'the effect OF the law in Ger
many and as its consequence, the partial de-
monetization of silver, caused an immediate
scramble for the possession of gold, and there
fore what we have observed recently is not so
much the fall Of silver, it is the rise of
the price of gold" Still, as you have n doubt
observed, Mr.. Sherman has lately delivered |
sn address, in which he has said that gold has
never gone up, but that silver has gone down.
Secretary Carlisle, another wanderer from
the ranks of Democracy into the home OF the
gold standard, said in 1888: II know that the
worlds stock Of precious metals is none too
large and see no reason to apprehend that it
will ever become So Mankind will be fortu-
nate, indeed, if the annual production OF gold
and silver will keep pace with the annual In
crease of population and industries" Yet Mr..
Carlisle, as Secretary OF the Treasury, has
changed his views.
have quoted these authorities with the idea
of showing you that as far as the Democratic
party is concerned there is nothing novel or
startling in the principle OF the free coinage |
of silver, and as far as the Republican party IS
concerned there is nothing remarkable in its |
representations of failure.
We are told by the Republicans that the act |
will be wrong, because it will produce for US |
50-cent dollar. Mr.. Mckinley says, in hislei- /
ter of acceptance. that the Democratic party is I
in favor OF the 5o-cent dollar. Why is the /
Democratic party In favor of the 50-cent dol |,
lar? Because the Democratic party is in favor |
rs? First, let us consider five are advocating |
the proposition faVoring the reduction of 8
dollar to so cents. Let me ask what they call
a 50-eent dollar, as they are pleased 10 term
it? Is il not as much of a crime to make q
gold dollar worth 200 cents as it is to make
silver dollar worth but so cents?
Is 1t true that we advocate 50-eent dollarf
As far as California is concerned in my hum
BILE opinion, it has already sounded the death
kneu of the gold standard. l deny that we
would have 50-cent dollar If the Democratic
party is victorious Since 1873 TO this hour
you have legislated against silver. Your rep
resentatives have listened to those who wished !
a gold standard. Silver thus preyed upon, |
thus discredited, has come down in the mar |
ket and now you wish to build q standard |
upon your own iniquities. / ak you If you !
can afford to talk OF ratio between the metals |
until you have raised silver 10 its pristine |
dignity?
They say everybody knew that silver was be- |
Ing demonetized in 1873 If that twas true |
then everybody was a fool. But everybody |
didn't know it. The best proof that the people |
did not know it is shown by the press ex-
pressions OF the time. The great papers of the |
nation contained not word about 1t. More |
than two years had passed before 1t was |
known, and then 1t was found that some of /
the most ardent silver men OF the West had |
voted for it. The papers contained not a word /
about it at the time, and my experience with |
newspaper reporters has taught me that If /
there is anything pubic (and, indeed, was
about to say priyatel they are very apt 10 know
Mr.. Carlisle said recently that Jefferson ad-
vised the cessation OF the coinage OF silver dol
lars Why did Mr.. Carlisle not tell all the
truth? Jefferson did advise that no more sill
yer dollars be coined, but he advised the un-
limited free coinage OF all other forms OF sill
YER. Why did he desire no more silver dollars?
Simply because they were so valuable they
were being exported.
About the time gold was discovered in Cali
fornfa the gold fields were opened up in Aus
tralia. The supply OF gold greatly over
topped that of silver. And so throughout the
whole history of the metals first one has been
up and then the other, but the great system of
bmetallism remained unshaken. Why7 Be-
cause the legislation has been the same.
If you prohibited by law the use of -four
in this City would it affect the value OF Hour
in. this City? If you took gold, and ali the
great countries OF the world demoneuzed gold,
do you tell me that it would not affect the
value OF golQE Ii THIS country aloue SnOulQ
say that gold should not be used as specie of
final redemption, do yon tell me that it would
not affect the value of gold in the markets OF
the world?
We are informed by Mckinley and Harrison
that they don't want much money, but they !
want the best money. In speech delivered |
at San Jose by my friend. Mr.. Estee, he said |
there was not gold money enough to carry on
business, and so we must have silver money. |
suppose he is saying the same thing tonight. |
have no doubt Mr.. Estee viii repeat every /
thing attribute 10 him, but he may do what |
our courts sometime do-labor 10 differentiate. i
Our Republican friends in the st. Louis con-
vention told something of their friendship for /
silver. They said they were in favor of oimet
allism, but held that until the nations OF the |
world united we must stay by the gold stand |
ard. They said it bad thing, but we I
must stay by it until some one gives US some |
thing else.
Mr.. Estee says OF that: '.The gold people |
say we cannot have bimetallism until we have |
an international monetary system. We might I
Just as well wait until We get an international I
government and an International language"
am with you, Mr.. Estee, heart TO heart and |
word for word TO this extent.
Our friends say that if we had,free silver we |
would De giving the silver barouS 81 % for 81. |
The silver baron will have no more rights than /
you or /. He will then be able 10 take his sill |
yer to the mint and have it coined as he pre-