, 1896-09-15

free trade, there would be no employment for these workers.
Those employed i'll factories could not purchase products
of any kind. and the employment of labor engaged in other
Industries must be curtailcd TO the extent Of the lack of On
pl"vmcnt of factory hands.
Fifth-undcr IIarrison's administration we had II pro
tcctvc tariff that has never failed to provide revenue
Enough for the needs of the government. Willie we had a tar
III FOR deficiency under ClcveIand's administration. Thosr
who framed the German Wilson tariff were not experts
they were tariff thinkers.
SiXth-During III" past three years our imports in
creased from SGiT.I15O17 in 1894 up to $779.7lOO2i for the
1896 fiscal year. In the year ending Jun" 30. 1891. our i'm
ports fell away enormously, because importers were wait.
ing for the enactment of the Gorrnan-Wilson tariff with lis
lower duties. Since this went into effect there has naturally
been an increase. Our exports for 1896 were worth $SG3.
2oo47S. as compared with SSGo,05sl5S in 1894. There has
practically been no change in value between these two
years. but we are exporting much larger quantities Of goods
now than We did in 1894 for The same amount Of money.
Since 1892, when our labor WAS busy and in demand making
our own goods. the consumption of wheat in the United
States has fallen from 59l bushels per capita down to Al
bushels in 1885. OF corn. our consumption fell from :W&}
bushels per capita in lS92 down to lGL9S bushels per capita
in 1896. This leaves 4 big surplus on our hands which has
To he disposed Of. weakening the market ana involving the
shipment of more products for Il dollar. with consequently
less profit to tn" farmer. and thus another indirect method
of iujuring general trade.
Scvcnth-Undcr free and unlimited cuirag. of silver
The silver dollar will buy only as much Of the necessities of
life as the gold value of the bullion in the silver dollar. IN
der The present standard the silver dollar Will buy jusr as
much of anything us the gold doIa' will buy. for the reason
that the credit Of the government is behind the silver dollar
now TO keep its value at par with gold, while under free and
unlimited coinage of silver the silver dollar would have no
such pledge Of he government back of it. The present value
of The bullion in thr silver dollar is only about 81 cents. If
the coinage of silver was made free. The value of the bullion
in the silver dollar might advance somewhat. but it would
never be AT par with gold, unless il was 10y an international
agreement, or by a great change in the relative production
of the two metals. Sine" 1881 the average annual pr0duc-
ton of silver has been about S3O.00O.DO0 more than that of
gold. while. at the same time, the demand for gold To be used
in The industrial arts is nearly twice that of silver. In addi-
ton to that. nearly all the commercial! nations of Europ"
have. within tn" last - years. either restricted the coinage
of silver or stopped it entirely. There is no class Of pcoplci in
III" world that will he injured more by fire" and unlimited
coinage of silver than the laboring classes.
Eighth.-Withf free and unlimited coinage of silver. the
silver dollar in this country would be on Il par Will. the sill
yer dollar of other countries whose ratio is the same as ours.
In most European countries the ratio is one of gold to 10 of
silver; in the United States it is one of gold to 1G Of silver;
in Mexico one Of gold to 1G! of silver. Under free coinage,
the Mexican silver coin would be worth in this country a tri-
nc more than the American silver coin, and the American
silver coin would be worth q triic more than the French.
because it contains Il little more silver. Under free coinage
we could not make our silver dollars of he same value as the
gold dollars. but as they would pay as much debts, gold
would 90 to premium and all disappear from circulation as
money. We have at the present time over S60N0NO.00O Of
gold available as money; if Bryan should be elected, within
an hour after the result of the election is made known no
man could get u gold dollar cXcrpting h." bought it at a pre-
MUM. TIL" silver of other countries would come to this
country if the demand for silver was more than it was in
other countries. Or gold would all disappear. because it
would be of NOR" value in other countries than ii would be
here, to be used as money. The silver Of tn" gold standard
countries would be very likely to hr exchanged for our gold.
because gold is he standard of money there while silver is
the standard here. When Germany dcmon"tizrd silver in
1871 the five countries of the Latin union at first restricted
and subsequently entirely stopped the coinage of silver as a
full legal tender. in order to prevent the German silver from
being exchanged for the gold of France and the other coun-
tries belonging to the Latin union. If foreign silver came
into this country il would be exchanged for our gold only at
its bullion value. The holders of foreign silver would have
to pay nearly twice its coinage value for our gold, in order to
get it.
The effect Of free coinage would be:
l. 70 drive all of our gold out of circulation as money.
>. To destroy the public credit.
>. To produce Widespread bankruptcy amongst the
business men Of the country.
/. To change our standard from one of gold worth 100
cents on The dollar to one of silver worth only 3} cents on
the dollar in gold. or 100 cents on the dollar in silver bullion.
The gold coin of The country would he worth nearly 200
cents on the dollar in silver bullion.
). To cause the biggest panic ever known in the history
of he world.
state and savings banks and trust companies. and democrat
ize business in every department..
!. To bankrupt a large portion of the manufacturing
and other industries of the country. and bring out strikes
1I 49, J