Birmingham state herald., 1896-06-17
WHAT FAIRBANKS SAID
When He Took the GayeI-Gold and Protection Was the Burden of His
 Message.

his profound gratitude for the expression of generous confidence which the conven- | tion had bestowed upon him, MT. Fair banks devoted the first half hour of his remarks to a contrast of the record Of the republican party with that Of the democratic party as viewed from the standpoint of a protectionist Incidental 1 to this discussion MT. Fairbanks made l the assertion that the republican party l had made sound money, and that IL also made an honest protective tarin 10 go with it.
 "Sound money and honest protective tariff" he said, Ego hand in hand-not one before the other"
 He continued: "The republican party | has not been unfriendly to the proper use | of silver. It has always favored, and Ia yors today the use of silver as part or | our circulating medium. But It favors | that use under such provisions and safe- guards as shall not impair the present na- l tional standard. The policy of the repup- 1 lican party is to retain both gold and sil- | yer as a part of our circulating medium,
 while the policy of the free coinage or l silver leads to certain silver monometal- | lism It is an immutable law that two | moneys of unequal value will mot circu- 1 late together, and that the poorer always | drives out the better
 "The republican party, desiring fairly
 to secure a large use of silver, pledged it. | | ment MT. Harrison, true to the pledge l of the party, took the initiatory steps | and invited an international monetary | conference at Brussels, at which the true | object of an international coinage agree | ment was ably and profitably discussed. | The democratic party was also committed | to international bimetallism but when 1t | came into power the work which had been I so euspiciously begun by the republican | party was abandoned. It was so ab- l ~o1 i,, off fnrtq n l Mckinley law and empty the treasury | that it had no time to promote hnterna- 1 tional bimeta allism.
 l 'Those who profess to believe that this | government can, independently of the l other great commercial powers, open it's hints to the free and independent coinage of silver at a ratio of 16 10 l, when the | commercial ratio in all the great markets l is 30 to 1, and at the same time not drive 1 every dollar of gold out of circulation, 1 but deceive themselves.
 Great and splendid and powerful as | our government is, 1t cannot accomplish
 the impossible. It cannot create value. l It has not the alchemists' subtle art of | transmitting unlimited silver into gold. | Nor can 1t by omnipotent fiat make 50 cents worth 100 cents. As we'll undertake | by a resolution of congress to suspend the 1 laws of gravitation as attempt to compel | an unlimited number of 50 cent dollars | to circulate with 100 cent dollars at l D1rltY W1In edCu OlIeI. All dllSlnpt u l compel unlimited dollars of such unequal | value to circulate at parity is bad in l morals and vicious in politics. Sound l thinkers upon the great question or the l currency knew from the beginning of
 | the experiment how miserably and cer-
 | tainly 1t would fail. The commerce of
 the country would be again thrown upon the sea of uncertainty and the spectre of
 | want would continue for years to haunt us.
 l Upon opening our hints to the inde- | pendent free coinage of silver foreign l credits would be greatly curtailed. More I than this, there would be a sudden and | certain contraction of our currency by
 | the expulsion of $620, 900 of gold, and
 | our paper and silver currency would in-
 stantly and greatly depreciate in pur- | chasing power. But one result would fol-
 low this-enterprise would be further em- 1 barrassed, business demoralization
 | would be increased and still further and | serious injury would be inflicted upon
 the laborers, the farmers, the merchants l and all those whose welfare depends upon wholesome commerce.
 l A change from the present standard | to the low silver standard would cut down the recompense of labor, reduce the
 value of the savings in savings banks | and building and loan associations sal | aries and incomes would shrink, pensions | would be cut in two; the beneficiaries of
 life insurance would suffer; in short, the | injury would be so universal and far | reaching that radical change can be l contemplated only with the gravest ap- 1 prehension.
 l A sound currency is one of the essen- | tial instruments in developing our com | merce. It is the purpose of the republi- l can party not only to develop our domes4 1 tic trade, but to extend our commerce l into the uttermost parts of the earth. | We should not begin our contest for
 commercial supremacy by destroying our l currency standard. All the leading pow | CTS with which we must compete sus- | pended the free coinage of silver when 1 the increased production of silver forced | the commercial ratio above the coinage 1 ratio of gold Shall we ignore their rip ened experience? Shall we attempt what l they have found utterly impossible? | Shall 1t be said that our standard is be- | low theirs?
 You cannot build prosperity upon a | base of fiuctuating currency; as well un- 1 dertake to build upon the changing sands l of the sea. A sound currency defrauds | no one. It Is good alike in the hands of
 the employe and employer, the laborer | and the capitalist. Upon faith in it's