The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-17

principle of tariff for revenue only is
/ denuded of its democratic force by drop
ping the word only thus leaving Il wide
margin for republican heresy to creep
into this cardinal tenet.
You and the public know the deadly
J thrusts made in the Chicago platform at
/ the supreme court: mt the presidents s
| power to suppress riot, affecting federal
property or authority and at freedom of
| contract
II will briefly. sir, sketch the steps that
ed up to the attempt, boldly made at
Chicago. TO degrade the standard of
value, rcpudate national obligations and
strike mt the right of private contract.
| when the war ceased. the country
was on paper basis. Greenbacks issued
rs wGr measure, were the standard of
value and media Of exchange. They had
run out of gold and silver. They were
of doubtful cOnstitutiOnality. In 1879 an
act of congress was passed providing for
| the resumption of specie payment, the
| date fixed i'll the act being the year 1879
| To the end that the paper issues should
| be called in and Cancelled, bonds of the
| government were authorized To he sold
and the proceeds applied to their eXtin-
! guishment. In 1873 the silver dollar was
| dropped from the coinage. The country
! had practically been on Il gold mono
| metallic basis from 1884. by and through
| democratic statutes deliberately adopted
to accomplish that end. The greenback
| has done what all inferior money will
| always do, suppant metallic money of
| all kinds, and the act was only dCCaIa-
tory of what had been done heretofore
| 1t only confirmed or did directly what
| the act of 1881 has done indirectly. The
| act of 1884 was passed with full knOwl-
| edge of the recognized rule that cheaper
! coin at the ratio of rs to /. Silver was
/ Mt premium, but the purpose of the
| democratic congress, in passing the act of
1881. was expressly avOwcd TO be to place
| the United States on Il gold basis, as best
suited to the needs of an expanded and
an expanding commerce. This basis last
ed until the civil war broke out, necesi-
! tating the issue of paper money.
"Thc republican party, to which is due
all praise for passing the act of 1919,
grew weary of well doing, became
alarmed mt the clamor over restricting
the currency by retiring the greenbacks.
and in 1878 adopted law compelling
! treasury. This last act going still
further in the direction of imitation, pro-
vidcd for the purchase of silver bullion
| and the coinage per month of not less
! than 100000 of silver dollars of full
! legal tender power.
again in 1880. there was 9. further
: Ereiuil% or the dominant republican par
/ ty to the demands OF the silver mine own
crS ana lhnatlohlstS IN the passage OF the
( sherman act, proyIdlng Tor the monthly
purchase OF 4,oO0,OUO ounces OF silver.
/ Under the operation of these acts, silver
was coined and certificates issued to the
extent of nearly $600.000,000 This con-
| tinued swelling of the volume of silver
and paper money precipitatcd the fnan-
eau palilc OF 1875. Inc nation became
alarmed lest us power TO carry, paper
issues OF GreenDacks, treasury notes and
| uepreciMant3edd Mn3 do SliNGr money, .,aggresatlng
over HoOO'OoO'oOo' should IAN.
"Ihe nominee of the Chicago platform
propounds that the free coinage in the
| United States alone of silver at the ratio
Of 1G TO / with gold will take away from
gold lust so much of its purchasing
power rs was added to it by the demon
citation of silver by the United States
lie further says: We contend that
free and unlimited coinage by the United
states alone will raise the bullion value
of silver to its coinage value, and thus
make silver bullion worth $1.29 per
! ounce throughout the world. We have
here two propositions. which together
form the keystone of the bimctallic arch.
Take away from gold in the United
States just so much of its purchasing
power as was added to it by the demone
tlZation of silver, and still the Utopia is
not realized. With silver worth S1.29
per ounce throughout the world and with
gold lowered in the United States alone,
bimctalliSm is further off than ever. As
the enhanced value given to gold by leg
islation for the last twenty-three years
still exists in Europe and will beyond
all question continue to exist, the mighty
Nebraskan creator and destroyer of val
ues proposes to give us Il 50-cent gold
dollar in America and a S1O0-cent gold
dollar in London. He does not extend
gold depreciation beyond the United
States, but strangely philanthropic gives
to silver throughout the world the gold
value of SID. per ounce.
What Il singular medley? There is n
line in Pope that might assist to describe
the scheme: What mighty contests rise
from trivial things! and we can oXclaim,
What trivial results from mighty causes
spring
rs it possible that our gold is to be
dcbased and silver to occupy its place
merely to satisfy theory shown by its
author to be falset Silver, according TO
Mr. Bryan, is to be kept at SID per
ounce in gold throughout the world.
This makes it precisely equal to the pres.
ent gold dollar. This standard is as
wicked as the detcstcd gold standard.