The Yale expositor., 1896-08-28

two or three years. and will probably
survive to take the new medicine in
abundance. But ! 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
let us see how they propose to Obviate II.
1t has always struck me that one of
their most enlightened champions was
Mr.. st. John of New York. He has been
largely and copiously quoted by them
he was president of a national bank and
was president of the recent silver con-
vention at st. Louis and by the bill
which he procured to be introduced in
Congress and which had the endorsement
of the silver and Populist sentiment
there. they. proposed to bridge over this
ynwning chasm which they themselves
admitted would open beneath their feet
by Issuing Understanding treasury notes
OF the United States. secured by deposits
OF .unconed 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
'ire upon II little. like men of sense who
are INFINITELY interested in this matter
as one OF business concern and let us
see how this project would work; wheth-
er it would not merely
Skin and film the ulcerous sore,
"hiist rank corruption mining all beneath
lnfects unseen.
We have $500. 100000 of gold in the
United States. | think more. 1t would
disappear at once in the face of free
silver coinage, or even the certainty of
II. Let this election go Democratic
Populist. let the American people record
hn ..atr, nf SiIx ha III
he free and unlimited. long before Mr..
Bryan and his cohorts could place the
e.iict into the form of law, the just fnan-
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 ii would sink into the
earth as the waters which came down
from heaven last night. l say it would
disappear at once. This bill of Mr.. St.
John so admits. and that disappearance
is the very ailment which he proposes
to remedy. But in this universal alb
sconding of gold there would be no gold
bullion to deposit. people would not take
1t 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 counteractcd 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 S216. S32 200.
If we could get the worlds entire pro-
duct las we could not). it would take
three years to fill the void of $500, 00O,-
600 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 a
silver certificate.
Some of the Evils.
But the third alternative Ii one of
most malign portent. 1t is proposed to
use the Understanding bonded debt of
the United States i'm 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
er, artisan, manufacturer or producer
upon Gods heritage. | say it is pro-
posed TO use the Understanding bonded
debt of the United States. Now, what
does this mean? 1t 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
And so the chasm could not be filed
in that way, neither by gold, by silver
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
unexamped in our history; panic such
| as the world has seldom seen. 1t would
throw 3.O0OOOO of men out of employ
| ment. 1t would depress and starve the
wage-earner. and it would deprive him
of being the best consumer and purchas-
er that the American farmer has, and
by that reflex action infiict unexampled
misery upon our agricultural population.
| (Applause.)
In that state Of things the abyss must
be filed. No nation could stand such
n contraction. The most radical remedy
would be absolutely necessary to re-
store il, 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
| Irritable 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 cmancipat e
ourselves. Do you want that again
| (Cries of "NO. no.O
But. my friends, TO look little deeper
! into this subject. The misery goes fur
Their that would be inflicted. have been
talking heretofore about lawful money,
and mean by that. money issued Icy 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 10
show that % per cent. of the transac-
tons between man and man i'm civilized
nations, especially in the United States.
is by way of checks. In cities they are
balanced against each other in the clea r.
ing house, and few thousand dollars
balanced money closes the days transac-
tions. Where clearing houses do not ex-
ist- I mean in towns and villa ges--tbe
depositing Of the checks in the banks, and
the collections Of the banks adjust bal
ances i'm the same way.
Now. this is the greatest currency of
civilization. Numbers are Inadequate TO
express it's infinite superiority in numeri-