The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-08-13

now. but 1t must continue to 90 abroad
F.! as long as the present financial system
/ is adhered to. unless we continue 10
+ borrow from across the oc am. and even
| then we simply postpone the evil; be
( cause the amount borrowed together
with interest upon it, must be repaid
/ in approaching dollars.
There is only one way to stop the
increasing flow Of gold from our
shores. and that is 10 stop falling pri-
| ces The restoration of bmetallism
will not only stop the falling prices,
| but will, to some extent, restore prices
by reducing the worlds demand for
gold
A FIFTY CENT DOLLAR.
perhaps the most persistent mis-
| representation that we have to meet
| is the charge that we are advocating
| the payment of debts in fifty cent dol
| lars At the present time and under
| present laws a silver dollar when melt
| ed, loses nearly half its value, but that
/ viii not be true when we again estab-
! fish the mint prica for silver. and leave
/ no surplus silver upon the market
to drag down the price Of bullion.
! nder bi-metallism silver bullion will
he worth as much as silver coin, just
AS gold bullion is now worth as much
as gold coin, and we believe that a sill
yer dollar will he worth as muchos y
gold dollar.
'rhe charge Of Reputation comes
( with moor grace from those who are
seeking to add to the weigh Of existing
debts by legislation which makes mon
ey dparer. and who conceal their de
SIGNS against the general welfare un-
der the pretense that hey are uphold
ing public credit and national honor.
'sIn reply to the argument that inn
proved machinery has lessened the
cost of producing silver, it is sufficiens
TO state that the same is true of the
production of gold and nothwithstand-
ing that gold has risen in value.
IF it is asserted by our opponents
that the free coinage of silver is intend
ed only for the benefit of the mine
owners it must be remembered that
free coinage cannot restore to the
mine owners any more than demoneti-
zation took away, and it must also
he remembered that the loss which
the decentralization of silver has
brought to the mine owners is insight
ficant compared with the loss which
his policy has brought to the rest OF
the world.
eve are told that the restoration of
bi-metallism would be a hardship upon
those who have entered into contracts
PAYABLE in gold coin, but this is a mis-
take. 1T viii be easier to obtain the
gold with which to meet a gold con-
tract when most Of the people can use
silver, than it is now when we are
trying to secure gold.
FORECLOSURE OF MORTGAGES.
There is another argument to which
ask your attention. Some of the OPP
ponents Of free coinage point to the
fact that 13 months must elapse be-
tween the election and the first regular
session of Congress and assert that
during that time insease people declare
themselves in favor Of free coinage
all loans will be withdrawn and all
mortgages foreclosed. If these are
merely prophecies INDUCED in by
those who have forgotten the proyi-
sions of the Constitution it would be.
SUFFICIENT to remind them that the
President is empowered to convene
Congress in extra session whenever
the public requires ssch action. II in
November the people, by their ballots
declare themselves in favor of the i'm
mediate restoration of bi-metallism,
the system can be inaugurated within
a few months If. however, the asser-
ton that loans will be withdrawn and
mortgages fOreclosed is to prevent
such political action as the people be-
ieve to he necessary for the preserva-
tion of their rights then new and
vital issue is raised. Whenever it is
necessary for the people, as a whole,
to obtain consent from the owners of
money and the changers Of money be-
fore they can legislate upon financial
questions, we shall have passed from
n democracy to a plutocracy. But
that time has not yet arrived. Threats
and intimidation will be of no avail.
I'm conclusion permit me to say a
word in regard to- international money.
We are not opposed to an international
agreement looking to the restoration
Of bi-metallism throughout the world
The advocates of free coinage have on
all occasions shown their willingness
to cooperate with other nations for
the reinstatement OF silver, but they
are not willing to await the pleasure
of other governments when imme-
diate relief is needed by the people
of the United States, and they further
believe that independent action offers
better assurance of international BIZ
metallism than se1vile dependence up
on foreign aid. For more than twenty
years we have invited the assistance
of European nations, but all progress
in the direction of international BIZ
metallism has been blocked by the
opposition of those who derive Pecu-
MARY benefit from the appreciation of
gold.
GREETING FROM THE WEST.
at have travelled from the centre OF
the continent to the seaboard that |
might, in the very beginning of the
campaign, bring you greetings from
the people of the West and South and