davidaulloa/AmericanStories huggingface dataset:
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14

the liability. That is to say, while the
bank owes a large amount Of money to its
depositors, il not only has enough on hand
in money and notes to pay its depositors,
but in addition thereto has enough to
cover its capital and surplus. When the
dollar is rising in value slowly, a bank
may, by making short time loans and tax
ing good security, avoid loss; but when
prices are falling rapidly, the bank is apt
to lose more because Of bad debts than 1t
can gain by the increase in the purchasing
power of its capital and surplus.
1t must be admitted, however, that some
bankers combine the business Of a bond
broker with the ordinary banking bust
ness, and these may make enough in the
negotiation Of lolns to offset the losses
arising in legitimate banking business.
1t Is not strange that those who have
\ made n profit by furnishing gold to the
government in the hour of its extremity,
favor a financial policy which will keep
the government dependent upon them l
believe, however, that l speak the Senti-
ment of the vast majority of the people OF
of the United States when l say that a
wise financial policy administered in be-
half of all the people would make our
government independent of any cOmbina-
ton Of tinanciers, foreign or domestic.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
be utilized by the United. States.
The Supply of Silver.

In discussing this question we must con-
slider the capacity of u people to use sill
yer and the quantity of silver which can
come to our minis. 1t must be remem-
bered that we live in a country only par
TALLY developed, and that our people far
surpass any equal number of people in the
world in their power to consume and pro-
duce. Now, how much silver can come
here? Not the coined silver of the world,
because almost all of it Is more valuable
at this time in other lands than it will be
at our min under free coinage. If our
minis are opened to free and unlimited
coinage at the present ratio merchandise
silver cannot come here because the labor
applied to 1t has made it worth more in
the form of merchandise than 1t will be
worth at our minis. We will be required
70 coin only that which Is not needed else
where; but, If we stand ready to take and
utilize all OF 1t, other nations will be COM
Pelied to buy at the price which we fix.
many Tear that the opening of our minis
VIII On followed by the enormous increase
IN the annual production of silver. This
is conjecture.
Due to Hostile Legislation.
Some of our opponents attribute the
fall in value by silver, when measured by
gold, to the fact that during the last quar-.
ter of a century the worlds supply of sill
yer has increased more than the worlds
supply OF gold. This argument is an
swered by the fact that during the last
nve years the annual production of gold
mas Increased more rapidly than the an
production of silver. Since the gold
price OF silver has fallen more during the
last 1--WE years than it ever fell in any five
previous years in the the history of the
world, 1t Is evident that the fall is not
due to increased production. Prices can
be lowered as e~ffectually by decreasing
the demand for an article as by increasing
the supply of it, and it seems certain that
the fall in the gold price of silver is due to
hostile legislation and not to natural
laws.
Our opponents cannon deny the fact
that goldis now going abroad in spite of
all legislation intended to prevent it, and
no silver is being coined to take it's place.
Regarding the F.fty-Cent Dollar.
Perhaps the most persistent misrepre-
sentation that we have to meet is the
charge that we are advocating the pay.
ment Of debts in 50-cent dollars. At the
present time and under present laws a
silver dollar when melted loses nearly half
Its value, but that will not be true when
we again establish IA mint price for silver
and leave no surplus silver upon the mar
ket to drag down the price of bullion.
Under bimetallism silver bullion will be
worth as much as silver coin, just as gold
bullion Is now worth as much as gold
coin, and we believe that a silver dollar
will be worth as much as a gold dollar.
The charge of liquidation comes. with
poor grace from those who are seeking to
add to the weight Of existing debts by
legislation which makes money dearcr,
and who conceal their designs against the
general welfare under the euphonious
pretense that they are UNFOLDING public
credit and national honor.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
WOULD HELP THE PEOPLE.
Says the Benefit to Mine Owners Would
he Comparatively Small.

Says the Benefit to Mine Owners Would
He Comparatively Small.
If 1t Is asserted by our opponents that
the free coinage of silver Is intended only
for the benefit of mine owners, IL must be
remembered that free coinage cannot re-
store to the min owners any more than
demonstration took away and 1t must
also be remembered that the loss which
the demonstration of silver has brought
to the mine owner is insignificant COM
pared to the loss which this policy has
brought to the rest of the people. The
restoration of silver will bring to the peo-
pie generally many times as much advan-
tags as the mine owners can obtain from
1t. While 1t Is not the purpose Of free
coinage to especially aid any particular
class, yet those who believe that the res
toration Of silver is needed by the whole
people should not be deferred because an
incidental beneft will come to the mine
owner.
There are some who, while admitting
the benefits of bimetallism, object to coin
age at the present ratio. If any are de-
ceived by this objection, they ought to re-
member that there are no bimetallists
who are earnestly endeavoring to secure it
at any other ratio han Is to /. We are
opposed to any change in the ratio for two
reasons: First, becaus a change would
produce great injustice, and, second, be-
cause a change in the ratio Is not neces-
sary. A change would produce injustice
because IL effected in the manner usually
suggested, it would result in an enormous
contraction in the volume of standard
money.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14

demned by some because it dissents from
an opinion rendered by the supreme court
declaring the income tax law ~unconstitu-
tional. Our critics even go so far as to
apply the name of anarchist to those who
stand upon that plank of the platform.
1t must be remembered that we expressly
recognize the binding force Ofthat dccis-
ion so long as it stands as IA part of tho
law of the land. There is in the platform
no suggestion of an attempt to dispute
the authority of the supreme court. The
party is simply pledged to use "all the con-
stitutional power which remains after
that decision, or which may come from
its reversal by the court as it may mere
after be cOnStituted.'
Is there any disloyalty in that pledReS
For 100 years the supreme court of the
United States has sustained the principe
which underlies the income tax. Some 20
years ago this same CO;rt sustained,
without a dissenting voice, an income tax
law almost identical with the n over
thrown. Has not "a future cGrrt as much
right to return to the judicial presidents
of a century as the present court had to
depart from them? When courts allow
rchearings they admit that error is posi-
piS, the ldte ucClSlon against tHe iiSoilS
tax was rendered " IA majority of one
after a r~ehearing. While the money ques-
ton overshadows all other questions OF
Importance l desire 1t distinctly under
stood that l shall offer no apology for the
income tax plank of the Chicago platform.
The last income tax law sought to APP
portion the burdens of government more
equitably among those who enjoy the
protection of the government.
AT present the expenses of the federal
government, collected through internal
revenue taxes and import duties, are es-
pecially burdensome upon the poor classes
of society.
A law which collects from some citizens
more han their share of the taxes and
collects from other citizens less than their
share is sinply an indirect means Of
transferring II mans property to an
other mans pocket, and, while the process
may be quite satisfactory to the men who
escape just taxation, it car never be salts
factory to those who are overburdened.
The last income tax law, with its ex-
emptiOn provisions, when considered in
connection with other methods of taxa
ton in force, was not unjust to the pos
SCISSORS of large incomes, because they
were not compelled to pay a total federal
tax greater than their share.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
mints-retaiu their present weight and
fineness.
Par fv of tho MnfaIa

Par ty of the Metals.
If there are two kinds of money the OPP
ton must rest either with the debtor or
with the creditor. Assuming that their
rights are equal, we must look at the in
terests OF society in general in order to de-
termine to which side the option should
be given. Under the bimetallic system
gold and silver are linked together by law
at a fixed ratio, and any person or persons
owning any quantity of either metal can
have the same converted into full legal
tender money. If the creditor has the
right to choose the metal in which pay
ment shall be made, it is reasonable to
suppose that he will require the debtor to
pay In the dearer metal il there Is any per-
ceptible difference between the bullion
values of the metals. This new demand
created for the dearer metal will make
that metal dearer still, while the decreased
demand for the cheaper metal will make
that metal cheaper still.
If, on the other hand, the debtor exercis-
es the option, If 1t Is reasonable to suppose
that he will pay in the cheaper metal, If
one metal is ~perceptibly cheaper than tho
other; but the demand thus created for
the cheaper metal will raise It's price,
while the lessened demand for the dearer
metal will lower it's price. In other words,
when the creditor has the option, the met
ais are drawn apart, whereas, when the
debtor has the option the metals are held
together approximately at the ratio fixed
by law, provided the demand created Is
sufficient to absorb all of both metals pre-
sented at the mint. Society is, therefore,
interested in having the option exercised
by the debtor.
Would BE Real Bimetallism.
Indeed, there can be no such thing as
real bimetallism unless the option is exer-
cised by the debtor. The exercise Of the
option by the debtor compels the creditor
classes, whether domestic or foreign, to
exert themselves to maintain the parity
between gold and silver at the legal ratio,
whereas they might find a profit in driv-
ing one of the metals to a premium If they
could then demand the dearer metal. The
right of the debtortO choose the coin in
which payment shall be made extends to
obligations due from the government as
well as to contracts between individuals.
A government obligation is simply a debt
due from all the people to one of the peo-
pie, and it is impossible to justify a policy
which makes the interests of the one per-
son who holds the obligation superior to
the rights Of the many who must be
taxed to pay it. When, prior to 1873, sill
yer was at u premium, it was never con-
tended that national honor required the
payment of government obligations in
silver, and the Matthews resolution,
adopted by in 1868, expressly as
serted the right Of the United States to
redeem coin affiliations in sta nierd silver
, dollars as well as in gold coin.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
OPPOSITION TO TRUSTS.
Chicago Platform Does Not Believe In
Government Favoritisln.

AZ
Government Favoritism.
We are not surprised - find arrayed
against us those who are the beneficiaries
of government Notwithstanding have read
our platform. Nor are we surprised to
learn that We must in this campaign face
the hostility of those who find pecuniary
advantage in the doctrine of ~non-interfer-
ence when great aggregations Of wealth
are trespassing upon the rights of individ-
uals.
We welcome such opposition. 1t is the
highest endorsement which could be be-
slowed upon us.
1t is not the wish Of the general public
that trusts should spring into existence
and override the weaker members of so
ciety; II Is not the wish of the general
public that these trusts should destroy
competition and then collect such tax az
they will from those who are at their
mercy, nor is it the fault of the general
public hat the instrumentalities of gov.
eminent have been SO often prostituted
t o purposes Of private gain. Those who
stand upon the Chicago platform believe
hat the government should not only
avoid wrong doing, but that it should also
prevent wrong doing; and they believe
that the law should be enforced alik.
against all enemies Of public veal. The,
do not excuse petit larceny, but they de
clare grand larceny to be equally a crime
they do not defend the occupation of tn,
highwayman who robs the ~unsuspectin,
traveller, but they include among tn
transgressors those who through the NOR
polite and less hazardous means of legisla
ton appropriate to their own use the pre-
ceeds of the toll of Others.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
THE MONEY QUESTION.
Declares 1t Is the Paramount Issue Of
the Campaign.


Now let me ask you to consider the par
amount question of this ca~mpaign-the
money question. 1t Is scarcely necessary
to defend the principle Of bimetallism.
No national party during the entire his
tory Of the United States has ever declared
against it, and no party in this campaign
has had the temerity to oppose it. Three
parties-the Democratic, Populist and Sill
yer parties-have not only declared for
bimetallism, but have outlined the specific
legislation necessary to restore silver to
its ancient position by the side of gold.
The Republican platform expressly de-
clares hat bimetallism is desirable when
it pledges the Republican party to aid in
securing it as soon as the assistance of GER
tain foreign nations can be obtained.
Those who repre- sented the minority
sentiment in the Chicago convention op-
posed the free coinage of silver by the
United States by independent action on
the ground that, in their judgment, it
would retard or entirely prevent the
establishment of international bimetal-
lism, to which the efforts of the govern
ment should be steadily directed" When
they asserted that the efforts of the gov
eminent should be steadily directed
toward the establishment of international
~bimetallism they condemned monOmetal-
lism.
The gold standard has been weighed in
the balance and found wanting. Take
from it the powerful support of the
money-owning and mOney-changing class
es, and it cannot stand for one day in any
nation in the world. 1t was fastened
upon the United States without any dis
cussion before the people, and it's friends
have never yet been willing to risk a YER
dict by the voters upon that issue.
impossible Gulf Between Them.
There can be no sympathy or co-opera-
ton between the advocates of a universal
gold standard and the advocates of bimet-
allism. Between NEUTRALITY-SUSPICIOUS.
independent or internatiOnal-and the
goldstandard, there Is an impossible gulf.
Is this quadriennial agitation in favor
Of international bimetallism conducted
in good faith, or do our opponents really
desire to maintain the gold standard per-
manently? Are they willing to confess
the superiority Of a double standard when
joined in by the leading nations Of the
world, or do they insist that gold Is the
only metal suitable for standard money
among civilized nations? If they are in
fact DESTROYS of securing bimetallism, we
may expect them to point out the evils Of
a gold standard and defend bimetallism
as a system. If. on the other hand, they
are bending their energies toward the per
manent establishment of "a gold standard
under cover of a declaration in favor of in
ternational b~imetallism, l am justified in
suggesting that honest money cannot be
expected at the hands of those who deal
dishonesty with the American people.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
TEST OF HONEST MONEY.
1t Will He Found in the Pun chasing
Power of the Dollar.

IL Will he round In the Pun chasing
Power of the Dollar.
What Is the test of honesty in money?
1t must certainly be found in the pur-
chasing power of the dollar. An abso-
lutely honest dollar would not vary In its
general purchasing power; 1t would be
absolutely stable when measured by aver
age prices. A dollar which increases in
purchasing power Is just as dishonest as a
dollar which decreases in purchasing
power.
Professor Laughlin, now of the Univer-
sity of Chicago and one of the highest
gold standard authorities, in his work on
bimetallism not only admits that gold
does not remain absolutely stable In value,
but expressly asserts that there Is no
such thing as a standard of value for flu
ture payments, either in gold OF silver.
which remains absolutely invariable."
He even suggests that a multiple stand
ard, wherein the unit IL Chased upon the
selling prices of n number Of articles of
general consumption" would be a more
just standard than either gold or silver, or
both. because "a long time contract would
thereby be paid ut it's maturity by the
same purchasing power as was given in
the beginning"
Bimetallism Better Than Monometaliis,n
1t cannot be successfully claimed tina,
monometallism or bimetallism, or any
other system, gives an absolutely jus,
standard Of value. Under both mono
metallism and bimetallism the govern
ment fixes the weight and the fineness d
the dollar, in, ests it with legal tender
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
FREE COINAGE OF SILVER.
Chicago Platform Presents an Emphati
Demand for It's Restoration.

Demand for It's Restoration.
AS against the maintenance of a gold
standard, either permanently Or until
other nations can be united for its over
throw, the Chicago platform presents a
clear and emphatic demand for the imme-
date restoration of the free and unlimited
coinage of silver and gold at the present
legal ratio of IL to / without waiting for
the aid or consent Of any other nation. We
are not asking that a new experiment be
tried; we are insisting upon u return to
a financial policy approved by the expert
ence of history and supported by all the
prominent statesmen Of our nation from
the days of the first president down to
1873. When we ask that our mines be
opened to the free and unlimited coinage
Of silver into full legal tender money, we
are simply asking that the same mint
privileges be accorded to silver that are
accorded to gold. When we ask that this
coinage be at a ratio Of Is to / we simply
ask that our gold coins and the standard
silver dollar-which, be 1t remembered,
contains the same amount Of pure silver
as the first silver dollar coined at orr
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
APPEAL TO NEW WORKERS.
Asked to Vote Against the Money Chang
ers' Policy.

Asked to Vote Against the Money Chang.
ers' Policy.
Citizens of New York: l have travelled
from the center Of the continent to the
seaboard that l might, in the very begin
ming Of the campaign, bring you greeting
from the people out West and South, and
assure you that their desire is not to de-
stroy, but to build up. They invite you to
accept the principles Of a living faith,
rather than listen to those who preach the
gospel OF despair, n advise endurance of
the ills you have. The advocates Of free
coinage believe that in striving to secure
the immediate restoration of bimetallism
they are laboring in your behalf as well as
in their own behalf. A few of your peo-
pie may prosper under present conditions,
but the permanent welfare Of New York
rests upon the producers Of wealth. The
great city is built upon the m Of
the nation and must suffer II that COM
merce is impaired. You cannot sell un-
less the people have money with which to
buy, and they cannot obtain the money
with which to buy unless they are able to
sell their products at remunerative prices.
ask, l expect, your cooperation. 1t Is
true that q few of your ~financiers would
fashion q new f1gure-a figure represent
ing Columbia, her hands bound fast with
letters of gold and her face turned toward
the East, appealing for assistance to those
who live beyond the sea, but this figure
can never express your opinion of this ma
ton. You will rather turn for inspira-
ton to the heroic figure which guards the
entrance to your city-a statue as patriot
ic in conception as it is colossal in pro-
portions. That figure-Liberty Enlight-
ening the Worlds emblematic of the
mission Of our nation among the nations
of the earth.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
In Relation to Banks.

class, but this Is not true Of any solvent
bank. Every statement published by a
solvent bank shows that the assets exceed
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14

OMAHA, Aug. IA special to The
Bee from Superior, Neb., says: The
interstate g. A. r. encampment OF Ne
braskans opened with 5000 veterans
present. Hon. John J. ingalls, II ex-
pected to address the assembly.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
THE INCOME TAX LAW.

No Disloyalty In the Platform R~fereucs
- b Supreme Court.
The Chicago platform has been con-
The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1896-05-08

tire Is a necessity. wheelmen have lone
held this idea but is was not until a
man was arrested for violating the Sun
day law by repairing a puncturo that
the court finally rendered judgment on
this important question. In Jersey
City an ordinance has been passed
which provides for the imposition Of
4 S2j fine on any person who throws
lacks. pieces Of glass or other like ma
terlal in the public highways. The oh.
ject Of the ordinance Ia to prevent the
puncturing Of bicycle tires The board
OF education of Montclair n. j.. has
,aken formal recognition Of bicycles "a
a means Of going to and from school.
A. a recent meeting the fact that be.
tween seventy-nve and 100 children
rode 10 school every morning on BIZ
cycles and that some accommodation
should be provided for the wheels was
considered. The board then ordered
that racks for the wheels be put In the
different schools-Exchang
The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1896-05-08

senor Domlnguez. acting minister
from Argentina. males a speciality OF
gathering antique pieces of furniture.
and at his home has some exquisitely
carved old chests and desks that were
made in Spain hundreds OF years ago.
Some OF his paintings are so old that
they ere dimmed by times touch. but
there Is no price to be put on their
value.
Mrs. Sheridan Is keeping the arms
Of her famous husband. and his swords
rcposo IA a large glass case in her pref
~ home Mrs. George u. Mcclellan,
VIII OF the young congressman from
New York. has the many swords be-
longing to General Mcclellan mounted
IN the library OF her home. Mrs Grant
Is faeplnF some sacred mementoes OF
the dead general. and so Is Mrs. Gener-
al JOIN a. Logan. who has erected a
large hall In which all relating to her
husband Is preserved. One OF our most
prominent senator's has goodly array
Of canes from all the famous places In
the country.