The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-08-20

question. Mr.. Doyle's interesting letter
was as follows:
AUGUST Is, 1896.
Secretary Sound Moneu Democratic Club of
San FTdnciSco-DEAR SIR: l shall be absent
from the city on Tuesday, and cannot be pres
ent at your intended meeting, but am thank
full to Mr.. Galpin for suggesting my name as
member of the proposed organization, as am
to any gentleman who affords me the oppor-
tunity 10 testify my opposition to any KIND OF
fiat money, of whatever material MADE, anu 10
unite in an effort to avert from our country
such dire calamity as a change in our stand
ard OF values would entail
My first earnest interest in politics. or IN
public affairs was in the Presidential election
of 1882, when "Old Hickory" stood like lion
against the United States Bank on the issue OF
hard money, against bank paper. Ever since
that time the party that elected him has STOOD
for hard money; that is. honest money, or
money worth its face in value, the world
over. The National Convention Whlcn lately
assembled at Chicago has abandoned TINS car,
dinal doctrine of the Democratic faith, and
adopted a platform of brand-new principles
subversive of those that have guided US for
seventy years back, and which ignores the
experience of all nations dncluding. our OWN
on a question deeply affecting the interests OF
every man in the community, whether poor or
rich, gentle or simple. having aDandoneo u
the allegiance of Democrats L Tor one SPIT II
out, and refuse TO accept this crazy lad OF 1ree
silver at lying ratio OF sixteen to one at tae
dictation of any body OF men, however numer-
Gus or enthusiastic they may be. This aban-
donment of principle is the more base, be-
cause obviously made only to eaten votes
and obtain Office and power. The abasement
of the party was the price for the
promise or support from a horde OF Adult
lamites of which Coxey's army that marched
to Washington couple OF years since was
fairly representative The demand for free
silver originates with men who own silver
mines and want customer for their wares,
OF which they are producing more tnan tne
market win take and which have consequently
fallen in price, The rank and file OF their tol-
lowers are, in part, ignorant people who, IKE
their candidate, Mr.. Bryan, believe that prices
can be regulated by act OF Congress, and In
part OF unthinking ones who accept bl1ndly
the political teachings OF some Clique or
committee merely on the strength OF Its name.
The coinage of the precious metals is abso-
lutely nothing more nor less than the certih-
cate of the Government that the particular
piece of money contains particular quantity
OF silver or gold of certain hneness. me
American gold dollar contains 20 $40 grains
of standard gold and our silver dollar 412 $40
grains of standard silver, being just sixteen
times as heavy as that made OF gold. For
eighty years after the foundation Oh me
Government the two metals bore to each other
q value so nearly in this proper ton 10 TO IL
that no inconvenience resulted from the two
dollars being called by the same name and IN
domes tic and retail transactions they became
interchangeable. The relative value did, now
ever, vary from time to time, as is known to all
who have had any occasion to study the subject
and in large transactions and in foreign trade
their market value always controlled. As an
instance of this, l may mention that In 1901
and 1852 was in a position requiring me 10
use considerable sums of silver, amounting 10
between 100000 and 100000. 1 had to
pay a premium of never less than per cent
for every dollar of it, because at that time sill
yer was worth a little more tnan one-slxteenth
of its weight in gold. The discoveries in
Washoe reversed this state OF things, and the
opening of the new mines in the Sierra
Nevada and Rocky Mountains, with improved
methods of reducing ores, has deprecated
silver so that it now takes over thirty ounces
of silver to buy one of gold, and we reallze the
mistake of having called the two coins by the
same name without any legal term to dlstln-
guish them apart; for people are thus led to
assume that there is some natural equality be-
tween them, which has been improperly de,
stroyed by legislation. II one OF them hao
been called by another name, as peso, or
piastre or a ducat, The case would nave peen
quite different. If Congress would now enact
that the gold dollar shall be stamped and
named as such, aud the silver dollar stamped
and named a silver one, and that contracts
may be expressed and enforced in either sort
of money at the option OF the parties, there
would be no opposition on the part
of the advocates of sound money to
the free and unlimited coinage oil ooth
metals. That would be real bimetallism; both
silver and gold would be used for money, and
contracting parties would be free to choose to
suit themselves; their relative values would
vary with that OF the metals, but they would
circulate side by side But the blmetalhsts OF
the silver school will never agree to that.
What they want is to substitute silver stand
ard for the present, which is confessedly a
gold one and such substitution, while PROB
ably profitable to the owners of silver mines,
will certainly entail on the people an amount
of financial suffering and ruin beyond any
thing that the country has ever yet expert
enced since the foundation OF the Government.
The limits of letter forbid any adequate
discussion of these results i'll detail, but let us
take the case OF depositors in savings banks as
an example The Commissioners official re-
port shows that there are in our California |
savings banks over $3.50, 000, 600. These |
funds are the savings OF the industrious |
poor They represent the economies OF |
and frugal people, who are striving |
to lay up from the wages of honest toll some |
little provision for old age, or for dependent |
children or relatives. They are peculiarly |
sacred against spoliation, and the church ex- |
pressly denounces as one of the sins that |
cry to heaven for vengeance that of 'defrapd- |
ing laborers of their wages" These hundred |
and thirty millions are almost entirely the |
wages OF labor, and the proposal to conhscate |
or depreciate them or to pay them in any |
money less valuable than gold is distinctly |
proposal TO defraud laborers of their wages |
They have been all deposited in those banks |
in gold coin. Any small sums that were in |
other currency had the promise of the United |
State Government behind them to redeem in |
gold and so were equal to it. These moneys |
the depositors, and they are represent |
ed by mortgages on real property and |
by bonds OF the Government and OF municipal
tiles and corporations. Twenty-four millions |
are invested in ffstocks and bonds" of which |
probably more than one-half are bonds of the |
United States once deemed the best security |
in the world, now unhappily no longer SO.
What will be the effect these securities of
the election of Mr.. Bryan on his tree-silver
platform? 1t is very easy to foresee. If elected |
he will take Office on March 4. On the follow |
ing LIST of April quarters interest on the |
United States five per cents will become due. |
Either he will be false 10 all his principles, to
his party pledges and platform. and to his own
manhood, or he will pay that interest in silver
and the United States bonds, which now sell
at 100, will go down Immediately on his cleo
ton in anticipation of such action, to some
where below 80. All other American stocks
and securities will go with them, and by this
tumble alone the depositors of California saw
ings banks will lose at single blow from |
SO 100000 to $10,000.O00.
This, however, Will be but the SIN allest part
of their losses; they have invested on mort |
cages on real estate $102. 000, 900, all of which
are doubtless promised in gold coin, as Lowell |
Whites card has informed US. But supposing |
this mongrel candidacy, begotten by Populism |
on Democracy, should succeed at the election |
who can believe that the men who have SO lit |
tie National pride or regard for the honor of |
their country to pay its debts in deprecated |
coin will have any more respect for private |
debts than tor those of the publicf How can !
they justify insisting that the farmer shall be
held to pay in gold when the Government of |
the United States, administered by themselves, |
takes advantage of bubble to pay in silver |