Evening star., 1896-08-13
Mr.. BRYAN'S SPEECH
Continued from Tenth Page.)


the silver dollar could be doubled n SIZE,
so that the new silver dollar woul1 weigh
thtrty-two times as much as the present
gold dollar. or the present gold dollar could
be reduced one-half in weight, so that the
p, esent silver dollar would weigh thirty
two times as much as the new gold dollar,
or the change could be made by increasing
the size of the silver dollar and decreas asing
the size of the gold dollar until the new
silver dollar would weigh thiriy-two times
as much as the new gold dollar.
Losses by n Change Of Ratio.
Those who have advised change in
the ratio have usually suggested that the
silver dollar be doubled. If this change
were made it would necessitate the recoin-
age of four billions of silver into two bill
lions Of dollars. There would be an i'm
mediate loss of two billions of dollars
either to individuals or to the government,
out this would be the least Of the injury.
"A shrinkage Of one-half in the silver money
of the world would mean a shrfnkage Of
one-fourth In the total volume of metallic
money. This contraction, by increasing
the value of the dollar. would virtually In
crease the debts of the world billions OF
dollars and decrease still more the value of
property of the world as measured by dol
lars. Besides this immediate result, such
a change in the ratio would permanently
decrease the annual addition to the worlds
supply of money because the annual silver
product. when coined into dollars twice as
large, would make only half as many dol
lars.
''The people Of the United States would
he injured by change in the ratio. not be-
cause they produce silver. but because they
own property and owe debts, and they can
not afford to thus decrease the value of
their property or increase the burden of
their debts.
In 1873 Mr.. Carlisle said: Mankind will
he fortunate indeed il the annual produc-
ton of gold and silver coin shall keep pace
with the annual increase of population and
industry
I repeat this assertion. All of the gold
and silver annually available for coinage.
when converted into coin at the present
ratio. will not. III my judgment, more than
supply our monetary needs
The Sherman Act.
I'm supporting the act of 1890. known as
the Sherman act, Senator Sherman, on
june . of that year, said:
Under the law of February, 1873 the
purchase of $2.G0D0oO worth of silver bull
Hon month has by coinage produced an
nually an average of nearly $3,OOO, 900 per
month for period of twelve years, but
this amount i'll view of the retirement of
the bank notes. Will not increase our cur
rency In proportion to our increasing pop
ulat!on. If our present currency is esti-
mated at 4,4O0GO,G0 and our population
is increasing at the ratio of 3 per cent per
a1inum, 1t would require $42NDO,0CO in
creased circulation each year to keep mace
with the increase of population, but as the
increase of population is accompanied by a
still greater ratio of increase of wealth and
business, 1t was thought that an immediate
increase or circulation might be obtained
oy larger purchases OF silver bullion to an
amount sufficient to make good the retire
ment of bank notes and keep pace with the
growth of population. Assuming that Ssh
"!UD year of additional currency is
needed upon this basis. that amount is pro-
Vlded lor in this bill by the issue of treas
exchange ba
market price
IF the United States then needed more
than Sf:ao.'1l annually to keep pace with
population and business. it now with a
larger population. needs still greater an
nual addition and the United States is ONLY
one hation among nations. Our opponents
mike no adequate provision for the in
creaslnS monetary needs of the world
No Change of Ratio Needed.
In the second place. a change in the
ratio is not necessary. Hostile legislation
has decreased the demand for silver and
lowered its price when measured by gold
while this same hostile legislation, by in
creasing the demand for gold, has raised
the value Of gold when measured by other
forms Of property.
We are told that the restoration of BIZ
metallism would be hardship upon those
gold coin. but this is mistake 1t will
be easier to obtain the gold with which to
meet gold contract when most Of the
people can use silver. than it is now when
every one is trying to secure gold
The Chicago platform expressly declares
N favor of such legislation as may be nee
essary to prevent for the future the de-
monetiZation Of any kind of legal tender
money by private contract. Such contracts
are objected to on the ground that thew
are against public policy. No one questions
the right Of legislatures to fix the rate Of
interest which can be collected by law:
tper
vate individuals from setting aside legal
tender law. The money which is by law
made legal tender must, in the course Of
ordinary business, be accepted by 30 out
of every 100 persons. Why should the one
hundredth man be permitted to EXEMPT
himself from the general rule? Special
contracts have a tendency to increase the
demand for particular kind of money and
thus force 1t to a premium Have not the
people a right to say that comparatively
feW individuals shall not be permitted to
deralse the financial system Of the nation
In order to collect a premium in case they
succeed in forcing one kind of money to a
premium?
Money Not Omnipotent.
There is another argument to which 7
ask your attention. Some of the more
Jealous opponents of free coinage point to
the TACT that thirteen months must elapse
between the election and the first regular
session or Congress. and assert that dur
ing that time, In case people declare them
selves in favor of free coinage, all loans
will be withdrawn and all mortgages fore
closed Ii these are merely prophecies in
dulsed in by those who have forgotten the
privisions of the Constitution, 1t will be
suff1c!ent to remind them that the President
ls empowered to convene Congress In ex-
traordinary session whenever the public
good requires such action. If, in Noyem-
Der. the people by their ballots declare
themselves in favor Of the Immediate res
toration of bimetallism, the system can be
lnaugurated within a few months. If, how
ever, the assertion that loans will be with
drawn and mortgages foreclosed is made
to prevent such political action as the peo-
pie may believe to be necessary for the
preservation of their rights, then a new
and vital issue is raised. Whenever IT is
necessary for the people as whole to
obtain consent from the owners Of money
and the changers of money before they can
legislate upon financial questions, we shall
have passed from democracy to a plutoc-
racy. But that time has not yet arrived
Threats and intimidation will be of no
avail The people who, in 1776, rejected
the doctrine that kings rule by right di-
vine. will not. in this generation, subscribe
to doctrine that money Is omnipotent
International Bime tn lIism.
I'm conclusion, permit me to say word
m regard to International bimetalIism. We
are not opposed to an international agree