Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1896-08-15
THE SPEECH IN BRIEF.
He Gives His Views Clearly On Sill.
ver and Gold.

VtF anu UoIus
Mr.. Chairman. gentlemen of the commit
tee and fellOw-citizens--I shall, at future
day and in formal terms, accept the nomina-
tion which is rendered by the notification
committee, and shall at that time touch
upon the issues presented by the platform.
We do not underestimate forces arrayed
against US, nor are we unmindful OF the I'M
portance Of the struggle in which we are en-
gagged; but, relying for success upon the
righteousness of our cause, we shall defend
with all possible vigor the positions taken
by our party.
The Chicago platform has been condemned
by some because 1t dissents from an opinion
rendered by the supreme court declaring the
income tax law unconstitutional. Our crit
les go so far as to apply the name anarchist
to those who stand upon that plank of the
platform.
1t must be remembered that we expressly
recognize the binding force Of that decision
so long as it stands as a part of the law Of
the land. There is in the platform no sug-
gestion Of an attempt to dispute the
authority of the supreme court. The party is
simply pledged to use 'all the cOnstitu-
tiOnal power which remains after that de-
csion, or which may come from its reversal
by the court as it may hereafter be const
tuted.' Is there any dislOyalty in that
pledge?
The gold standard has been weighed in
the balance and found wanting Take from
it the powerful support of the money-own-
ing and the money changing classes and 1t
cannot stand for one day In any nation In
the world. 1t was fastened upon the United
States without discussion before the people,
and its friends have never yet been willing
to risk verdict before the voters on that
issue.
There can be no sympathy or cooperation
between the advocates Of universal gold
standard and the advocates of bimetallism.
Between bimetallism-whe independent
or international-and the gold standard
there is an impossible gulf
The same influences which are now opera
ating to destroy silver in the United States
will, IL successful here, be turned against
other silver-using countries, and each new
convert to the gold standard will add to the
general distress. SO long as the scramble
for gold continues prices must fall, and
general fall in prices is but another deflni-
tion of hard times.
The wage earners have been injured by
a gold standard, and have expressed them
selves upon the subject with great emphasis.
Agold standard encourages the boarding
of money because money Is rising 1t also
discourages enterprise and paralyzes indus
try On the other hand, the restoration of
bime tallism will discourage boarding, be-
cause when prices are steady or rising,
money cannot afford to lie idle in the bank
vaults.
The farmers and wAge-earners together
constitute considerable majority OF the
people OF the country. Why should their
interests be ignored in considering financial
legislation?
monetary system which Is peculiarly
advantageous to a few syndcates has far
less to commend 1t than system which
would give hope and encouragement to those
who create the nations wealth.
There is an actual necessity for bimetal-
lism as well as theoretical defense OF it.
During the last 20 years legislation has been
creating an additional demand for gold, and
this law-created demand has resulted in
increasing the purchasing power Of each
ounce of gold.
The restoration of bimetallism in the
United States will take away from gold just
so much of its purchasing power as was ad
ded to it by the demonstration of silver
by the United States. The silver dollar is
now held up to the gold dollar by legal
tender laws. and not by redemption In gold,
because the standard silver dollars are not
now redeemable in gold either in law or by
administrative policy.
We contend that free and unlimited coin
age by the United States alone will raise the
bullion value of silver to its coinage value.
ounce in gold throughout the world. This
proposition is in keeping with natural laws,
not in defiance of them. .. gr..t....
The best known law OF commerce. Is the
law of supply and demand. We recognize
this law and build our argument upon 1t.
We apply this law to money when we say
that Il reduction In the volume OF money
will raise the purchasing power of the dol
lar; we also apply the law of supply and
demand to silver when say that a new de-
mand for silver created by law will raise the
price OF silver bullion,