The Coconino weekly sun., 1896-08-27

abundance. But I say that they admit themselves--any intelligent speaker upon that subject admits that the inevitable and irresistible tendency and result of the free coinage of silver in this coun- try will be to drive out the gold. Now ,et us see how they propose to obviate 1t: II mas always struck me that one of MT. St. John of New York. He has been largely and copiously quoted by them ne was president of . national bank and was president of the recent silver con vention at St. Louis and by the bill Which ne procured to be introduced in congress and which had the endorsement or the silver and Populist sentiment there. they. proposed to bridge over this yawning chasm which they themselves admitted would open beneath their feet Dy issuing interest-bearing treasury notes ot the United States, secured by deposits or uncoined silver or gold bullion, or by deposit of United States bonds to be is. sued of course for that purpose. Now let us LOOK at this coolly and calmly and fig ure upon it little, like men of sense who are lnnniteiy interested in this matter as one or business concern and let us see now this project would work; wheth- CT it would not merely
 Skin and film the ulcerous sore.
 whist rank corruption mining all beneath
 meets unseen.
 We have $620OOO.OOO of gold in the United States think more. It would disappear at once in the face of free siiver coinage, or even the certainty of It. Let this election go Democratic populist let the American people record their will that the coinage of silver shall be free and unlimited, long before Mir. nn m Is Al. edict into the form of law, the just finan- cial fears of mankind, of people here in this audience and of people every where, at home and abroad. would draw that gold from every vault wherein it lies protected and it would sink into the earth as the waters which came down from heaven last night. I say it would disappear at once. This bill of Mir, St. John so admits, and that disappearance is the very ailment which he proposes to remedy. But in this universal ab- sconding of gold there would be no gold bullion to deposit, people would not take it out of hiding to exchange it for any paper money whatever of the govern ment which proposed to make all these obligations payable in silver. (Applause.) This remedy is counteracted so far by the assumption and admission that gold will disappear.
 Now as to deposits of silver bullion. The worlds product of silver in 1894 Commercial value) was $21G, ,S92. POO. If We could get the worlds entire pro- duct las we could notl, it would take three years to fill the void of $620, ,OO0.- 900 of vanished gold. The nations of the world will not melt down their coined silver to deposit it in the United States treasury and receive merely . silver certificate.
 Some of the Evils.
 But the third alternative is one of most malign pOrtent. It is proposed to use the interest-bearing bonded debt of the United States in order that the miner or owner of silver may take his bullion to the mint meanwhile and get evidences of public debt two for one--a privilege not granted to or claimed by any farm CT. artisan, manufacturer or producer upon Gods heritage. l say it is pro- posed to use the interest-bearing bonded debt of the United States. Now. what does this mean? It means an increase of the bonded debt. People who have got their bonds as investments to get their living from in the way of their an nual income. or anyone else, are not going to put their bonds on deposit in the treasury to get treasury certificate.
 And so the chasm could not be filled or by the illimitable issue of bonds. So this chasm could not be filled. They admit it will last three years. What will take place meantime. in the very face of the danger of it? We are in the midst of commercial distress almost unexampled in our history; a panic such as the world has seldom seen. It would throw 100000 of men out of employ ment. It would depress and starve the wage-earner. and it would deprive him of being the best consumer and purchas- CT that the American farmer has, and by that reflex action infict unexampled misery upon our agricultural population. (Applause.)
 In that state of things the abyss must be filled. No nation could stand such a contraction. The most radical remedy would be absolutely necessary to re- store it, and there would only be two one is to get back to the Honest. solid standard on which all the commercial nations. including the United States, stand now, or to use an irredeemable paper money. perfectly limitless or il- limitable in its amount. And when that comes to pass silver will vanish in the face of paper as gold vanished in the face of silver. (Applause.) And then you would have another chasm, another issue of money. The wreck is complete. and the United States stands entirely on an irredeemable paper money basis. precisely the place we occupied before the war, and from which we struggled with so much passion of honesty and love of national honor to emancipate ourselves. Do you want that again? (Cries of "No. nO,w
 But, my friends, to look little decper into this subject. The misery goes fur ther that would be inflicted. have been and mean by that, money issued by the governments of the world, the United States included. But did you ever think how little of the business of this world or of any community like St. Paul and Minneapolis is done on what is called lawful money? Statistics would seem to show that 0J per cent. of the transac- tions between man and man in civilized nations, especially in the United States, is by way of checks. In cities they are against each other in the cenr- ing house, and few thousand dollars money closes the days transac- tions. Where clearing houses do not ex- ist-- mean in towns and villages-the of the checks in the banks, and the collections of the banks adjust bal ances in the same way.
 Now. this is the greatest currency of Numbers are inadeoua:e to express it's infinite superiority in numeri- cal relation to the lawful money of which we have been talking. This is the currency that no statutory fiat can ex- pand, although it can contract it, But if Is currency which will contract instan-