The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-25

'N = VI inv VI - 10
contravened. if not in language, at least in
the spirit Of the Chicago and st. Louis
Platforms. Against these wholesome and
sound doctrines the candidates of the Chi
cago and St. Louis platforms have trans
crossed:
FIRSTLY endeavoring to excite the pas
sions of our people against foreign nations
without any Just provocation.
Second-They have proposed, in violation
OF the doctrine of economy and simplicity
i'll government, wild schemes for buying
and operating railroads and telegraphs and
for improvements of rivers and harbors and
the construction of canals as an excuse for
the use of fiat money.
Third-They have advocated a system of
finance which would result at least in a
partial reputation of debts. both public and
private. which would inevitably result in
the violation of the public faith and honor.
Fourth--They have pledged themselves TO
g-overnnent. Which, if maintaiaed. would would
rob it of its dignity and leave it almost as
helpless and as pitiful as it was under the
federation.
If these things are true that party has no
claims upon the suffrages of the followers
Democracy.
OBJECTIONS TO BRYANISM.
Let us then take up and briefly consider
some of the objectional features of this
Chicago and ST. Louis combination. They
are:
Tirst-Free silver.
Second-Irredeemable paper money.
Third-Mobocracy.
Fourth-State socialism.
Fifth-Sectionalism.
SfXth-Class prejudices.
M. Bryan and his followers insist unon
the free and unlimited coinage of silver at
80 to 1. Mr.. Bryan says: Ratios are a
question of law" Mr.. Jefferson says: .aThe
proportion between the values Of gold and
silver is a mercantile problem altogether"
Mr.. Bryan has said and pretends to believe
that free coinage by this government alone
will make the silver dollar equal to the
sold. He is a very Sanguine man, and he
may believe it; 1 do not. If it should not
do so, if the attempt was made and it
should fail, We would lose our gold not only
from circulation, but it would go abroad.
All of our paper money would depreciate
yer in the dollar. 1t would become neces-
sary for us to pass through a period of re-
adjustment, in which business would be
suspended, enterprises postponed and labor
unemployed.
The provocation for this extraordinary
sacrifice on the part Of the American peo-
pie is the belief. industriously cultivated.
that some relief will be given TO the debtor
class. l do not believe that such would be
could be scaled by law. where in all the
history of the Democracy is there any
sanction of such an immoral and dishonest
purpose?
PETER ON PRICES.
The farmer is told that to the de%rnoneti-
cation of silver must be charged the cause
of the depreciation of the products of his
labor. This is not true. The cause of the
decline of every article of commerce can
be accounted for Independently of the al
legged appreciation of gold. In the five years
following 1869 the annual average of wheat
production in the United States was go, &c.,
GOO bushels, while in the last seven years
it is slightly above 500, 900, coo bushels. L
hold in my hand a report OF the Senate
committee On agriculture. prepared by Sen
ator PETER, upon the agricultural depreS-
sion, it's causes ard remedies. in which he
shows as deduced from testimony taken be-
fore that committee that the cost of the
production of wheat in the DakotaS is
30 cents a busiel and in California only %
cents q buShel OH an average crop. In this
report he says:
THAT since 1867 the production of wheat
and corn has been about doubled; that oats
has increased about 125 per cent, and that,
taking all the cereals as one, the increase
of production has been about 12J per cent
In accounting Tor the decline IN the price
of wheat the report says: In 1899 Califor-
MIA PRODUCED over 4o.0o0,000 bushes of
wheat. of which at least 30, 000,00 bushels
We're exported. This amount. added TO pa
kotaS' surplus. gives a total of 60,0U0, $50
bushels of surplus wheat. more than two
fifths of our average annual export. If the
DakotaS' 80, 600, 900 bushels of thirty-dve-
cent wheat affects Il general leNeling OF
wheat prices it is easy TO see that the adj
dition of an equal quantity of twenty-five
cent wheat from California mus pue that
much more weight on the price to push it
down."
In speaking further of the causes of the
decline in the price of wheat the report
says: Under the old methods OF farming
in California the cost of producing an acre
of wheat was from S. TO So, while now it is
done for half that amount, and the cost of
producing q bushel of wheat has been re-
duced accordingly to about Y cents on an
average crop"
MIR. Bryan himself, in a speech which he
made in the House of Representatives on
March 16, 1892, in e~ndeavoring to account
for the decline in the price OF some manu-
featured article said: But you must at
tribute it rather TO the inventive genius
that has multiplied a thousand times in
many instances the strength of the single
arm and enables people to do to-day with
one man what nifty men could Go fifty years
ago"
/ have not time to enter into a lengthy
discussion of this question for at this late
day we cannot do more than sum up and
schedule the reasons for our action.
BRYAN AND FIAT MONEY.
OF not less Importance than free silver is
the dangerous fallacy to which Mr.. Bryan
has committed hin1self-of fiat money. The
views of the Populists upon this subject are
well known. They were embodied in the
Omaha platform i'll 1892. In that platform
they speak OF the power to issue paper
money as the power 20 create" In an
other part of that platform they fix the
amount of this money to be so created at
$50 per capita.
Mr.. Bryan voted for General Weaver,
who was at that time the nominee of the
Populist party upon this Omaha platform.
He is therefore pledged to this dangerous
and undemocratic policy of government
issues of paper money.
He also believes in the poular fallacy that
government can create money and that the
stamp of the government can supply val
ues. Let me read you from a speech which
he delivered upon this subject in the House
OF Representatives on June 5, 1854, in speak
ing OF the methods which might be en-
ployed to put this kind of money in circula-
ton. He says: The money can be used
to pay the expenses of the government, as
the SreenbackS now in circulation were
used to pay the expenses of the war.
If Congress decides to increase the cur
illustration, fifty millions u year. it can re-
duce the tax levy to that extent, and the
people viii receive the benefit OF the issue.
just in proportions as they pay taxes, for
they will save 10 that extent the taxes
which they would otherwise pay. If the
people do not desire TO reduce taxation.
government paper can be used to pay for
deem desirable. Harbors may be deepened
and rivers can be improved in that way.
l have introduced a bill now before the
committee on interstate and foreign COM
merce which provides for the issue of
United States notes like those authorized in
1862, now called greenbacks. to an amount
not exceeding seventy millions, 10 pay for
the construction of the Nicaraugua canal.
/ have mentioned this one canal, but there
We find that the currency needs to be
increased, We can, by the issue of a few
millions per year. construct q ship ca
nal from Buffalo TO the Hudson river. We
might, by the issue of a few millions per
year. connect the Mississippi river with
Lake Michigan"
BRYAN AND COXEY.