The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-08-20

in favor of such legislation as may be
necessary to prevent for the future the
demonetization of any kind of legal
tender money by private contract Such
contracts are objected TO on the ground
that they are against public policy. No
one questions the right of legislatures to
fix the interest which can be collected by
law. There is no reason for prevent
ing private individual from setting
aside a legal rate of interest.
There is another argument to which
| ask your attention. Some of the more
Jealous opponents of free coinage point
to the fact that thirteen months must
elapse between the elections and the first
regular session of congress, and assert
that during that time. in case the people
declare themselves in favor of free coin
age. all loans will be withdrawn and all
mortgages foreclosed If these are mere
ly prophesies INDUCED in by those who
have forgotten the provisions of the con-
stitution it will be sufficient to remind
them that the present president is en-
powered to convene congress i'll extra
session whenever the public good requires
such action. If in November the peo-
pie. by their ballots. declare themselves
in favCl of immediate restoration of hi
metallism the system can be inaugural
ed within Il few months. IT, however,
the assertion that loans will be with
drawn and mortgages forccloscd is made
to prevent such political action as the
people may believe to be necessary for
the preservation of their rights. then II
new an! vital issue is raised. Whenever
it is necessary for the people as Il whole
to obtain consent from the owners of
money and the changers of money before
they can legisatc upon financial qucs-
tons, we shall have passed from Il
democracy to II plutocracy. But that
time has not yet arrived Threats and
intimidations will he of no avail The
people who in 1876 rejected the doctrine
that kings ruled by divine right will not,
in this generation. subscribe to II doc
trine that money is omnipotcnt.
I'm conclusion, permit me to say
word in regard to international bimctal-
lism. We are not opposed to an internal
tional agreement looking to the restora-
ton of bimctalism throughout the world.
The advocates of free coinage have on
all occasions shown their willingness to
cooperate with other nations in the re-
Measurement Of silver. hut they are not
willing to wait the pleasure of other gov
ernments when immediate action is
needed by the people of the United States,
and they further believe that independent
action offers better assurance of inter
pendence upon foreign aid. For more
than twenty years we have invited the
assistance of European nations, but all
progress in the direction of international
bimetalism has been blocked by the OPP
position of those who derive pecuniary
benefit from the appreciation of gold
How long must we wait for bimetallism
to be brought to us by those who profit
by recommendation? If the double stand
ard will bring benefits to our people who
will deny them the right to cpjOy those
benefits? If our opponents would adj
nit the right. the ability ana the duty of
our people to act for themselves on all
public questions, without assistance and
regardless of the wishes of other nations,
and then propose the remedial legislation
which they considered sufficient. we
could meet them in the field of honorable
debate. But when they assert that this
nation is helpless to protect the right of
its own citizens. we challenge them to
submit the issue to the people, whose
patriotism has never been appealed to
in vain.
I'VE shall not offend other nations
when we declare the right of the Amer
lean people to govern themselves and
without let or hindrance from without
decide upon every question presented Tor
their consideration. In taking this po-
sition we simply maintain the right of
seventy millions of people who are see
ond to none in the capacity for self gov
eminent The gold standard has com
PEELED the American people to pay an
ever increasing tribute to the creditor
nations of the world; tribute which no
one darcs to defend. | assert that ma
tional honor requires the United States |
to secure justice for all its citizens as well |
as to do justice to all its creditors. For |
Il people like ours blessed with natural |
resources of surprising richness. to pro-
claim themselves impotent to frame Il |
financial system for their own needs is |
beyond the power of language |
to describe. We can not enforce re-
spect for ourselves so long as we con-
foss ourselves unable to frame our own |
financial policy. Honest differences of |
opinion have always existed and ever |
will exist as to the legislation best calcu- |
lated to promote the public wealth, but |
when it is seriously asserted that this |
nation must bow to the dictation of 9th |
or nations and accept the policies which |
they insist on, the right of self govern
ment is assailcd. and until that question
is settled all other questions are insig-
niticant.
"Citizcns of New York, l have Travelled |
from the center of the continent to the
seaboard that | might in the very begin
ming of the campaign bring you greetings |
from the people of the west and south |
and assure you that their desire is not |
to destroy but to build up. They invite
you to accept the principles of Il living
faith rather than listen to those who
preach the gospel of despair and advise
the endurance of the ills you have. Adj
vocates of free coinage believe that in
striving to secure the immediate resto-
ration of bimetallism they are laboring
in your behalf as well as in their own
A few of your people may prosper under
present conditions, but the permanent
welfare of New York rests upon the COM
merce of the nation and must suffer if
that commerce is impaired. You can
not sell unless the people have money
with which to buy. and they can not OBJ
tain the money with which to buy unless
they are able to sell their products at re-
prices. Production of wealth
goes before the exchange of wealth: those
who create must secure profit before
they have anything to share with others
You can not afford to join the money
changers in supporting a financial policy
which. by destroying the purchasing pow
nr of the products of toll, must in the end
discourage the creation OF wealth.
Il ask, / expect your cooperation. 1t
IS true that few of your tinanciers
would fashion Il new figure representing
Columbia her hands bound fast with fet- |