The San Francisco call., 1896-10-05

Europe. Germany was under the controi
OF the Iron Chancellor when she demone-
tized silver. OF all the European natons
Germany has been the most STUBBORN
against any policy tending toward the re-
montizatIon of silver.
sI have lust examined the report OF the
monetary conference held at Paris In 1881
by the invitation of the United States to
which President Garfield sent Allen q.
Thurman, William NJ. Evarts, Dana Hor-
ton, Reuben E. Fenton and Mr.. Groesbeck
as delegates.
Germany was invited to participate in
the conference, which was called for the
purpose of establishing international BIZ
metallism. Bismarck positively declined
to have anything to do with it, All the
other European nations sent delegates.
Germany alone refused. Bismarck wants
to try the experiment OF free coinage on
the other fellow, both to see low it works,
as well as TO get the other fellows gold
and unload his old silver on him. he
wants to use the United States just as a
scientist uses dog for vivisection to test
a the DRY.
1.-The burden of all of Bryan's speeches
is the depression of business, which he
pretends to think is due to contraction
of the currency, and with all the
art OF Mephistophees, he charges
that it is conspiracy of the rich
recall the picture that Milton draws of
Satan squatting in Eden in the shape of
toad ana whispering damnable suggestions
into the ear of Eve. Bryan is not only a
quack and oemagogue, but an incendi-
ary. Whoever tries to array one class
against another-the rich against the
poor-is an enemy of society. We all
want to be rich. 1t is doctrines such as
these-the development of the maxim of
Rousseau that property is robbery that
set the gulllotine to work and drenched
Paris in blood. Now Bryan's programme
is simply a grand scheme of confiscation
and spoliatioa.
1.-THE treasury statement shows that on
August l, 1896, the volume of currency was
nearly three times larger than it was in
1878, VIII EN- he said silver was demonetized
(Which is not true), and per capita is
greater than it ever was in the most pros
porous year OF the country. / do not N.Y.
self believe in the per capita theory OF
money.
"Those who ascribe the depression in
business to scarcity of money confound
cause and effect.
1.-THE prevailing depression is not due to
a scarcity OF money. There is more money
in the country than there ever was before.
1t is lying idle and is not circulating
on account OF the alarm created by silver
agitation. 1t is the fear of tampering
with the currency, changing the standard
of value and dropping to a silver basis
that has created distrust, caused q suspen-
sion of business and stagnatlon in trade
why there nave been more silver dol
lars coined this year than were coined
from the beginning of the Government
down TO 1873. The Bryan people call
themselves Jeffersonians. They forget
that Jefferson in 1906 stopped the coinage
OF silver dollars. They ought to call
Jefferson and Jackson, who put US on the
gold standard, go,dbugs. Next to Jack
son, Virginian. r. NJ. I. Hunter, chair
man of the Finance Committee of the
United States Senate, dill more than any
other man to demonetize silver. Under the
act of 1872 all the gold and silver coins
dollars as we'll as fractional pieces
were made full legal tender Tor any
amount. The fractional coins contained
the same proportional amount OF silver
as the dollar, l. e. two half dollars, or four
quarters, contained as much silver aS a
dollar. They were at slight premium
over gold, and hence did not circulate;
were either melted or exported or sold as
bullion.
This produced a scarcity of small
change. To remedy the evil Mr.. Hunter
in 1853 reduced the amount of silver in
the fractional coins, and reduced their
legal tender value to S.. No mention was
peared during fferson's administration,
and was as obsolete as a hint-lock gun.
81 was born IN 1888, and never saw an
American silver dollar until 1873. But
when MIR. Hunter made silver mere token
money he took away the right of free
coinage. The bullion value OF the coins
was less than their face value. II the
owners of silver bullion had been permit
ted the privilege of coming them then
they would have made large profit.
$50 it was provided that these coins
should be issued just as silver is now-on
Government account. e. the Govern
ment to buy the bullion and coin it Any
one presenting $50 worth of these coins at
the treasury can have them redeemed in
gold.
1.-The silver barons now want the Govern
ment to do what the statutes of 1858 said
they sh ouid not do-i. e. coin lie and
certify that so cents Is 100 cents. Bryan
has a great deal OF abuse for corporations
and syndicates. He mas nothing to say
against the silver syndicate that is pouring
out its money to elect him.
Bankers are as much depressed as any
other class. They don't make money by
boarding it in their vaults, but by ex-
changing it. Instead of there not being
enough money for the requirements of
business there is not enough business to
employ the money that is idle. If we had
free coinage, those VINO are rlch now
would still be the rich; those who are
poor would be poorer.
bryan himself admits that his election
will cause a monetary panic, but says
such heroic remedy is necessary 10 cure
the disease from which the country is suf-
fering. l think the remedy he proposes is
worse than the disease. Instead OF
panic, McKinley's election will restore
hope and business confidence TO the coun-
try and start again the wheels of industry.
81 have just received the Index, pub
lished at my old home, Warrenton, Va.
1t is a Bryan free silver paper. 1t has
letter giving an account of the organiza-
ton of sound money club at Marshall,
Fauquier county. The platform adopted
says: That we, members of the Upper
Fauquier Sound Money League, hereby
express our determination to use every
legitimate means TO advance the cause of
sound money by opposing the Chicago
platform and the candidates nominated
thereon" The letter says: 1.-The league
is growing and the woods are full of gold