The morning times., 1896-10-23
ON THE STUMP
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have been persuaded that there is not a
sufficient amount OF money In the country.
Their third proposition, which appears 10
he a compromise between the other Two,
is that Tree coinage Will not increase lne
value of the SILVER dollar to an equality
with the present value of the gold dollar,
but that IL Will raise the value OF silver
and bring the value OF gold DOWN, 80
that the Two metals Will meet at some In
termediate point and Consequ enty es-
tabiIsn parity AT The ratio oil . TO l. ms
argument is addressed to those VINO are
supposed 10 be in favor of deprecated
currency, but who are not quite ready 10
accept dollar worth only 90 cents.
..,.-.>E wIpH tiAIiSM.
Driven away from the advocacy of the
Proposition in many parts oil the country by
some reason of its manifest and gross
injustice to the laborinB man, To depoSltors
in savings banks and other institutions,
and to creditors generally, and forced by
the unanswerable arguments oil their op-
ronenls in other parts of the country TO
demonstrated absurdity, they have resorted
10 the third as n compromise between the
advocates OF absolute fiatism and the all
vocates oI partial fiatistn, but tsaid secre-
tary Carlislel the contention that tnc
United states alone can, by the iTce coin
age of silver, increase the value OF lhal
metal and also reduce the value ol S'iu
simply doubles the difficulties winch our
CusSion.
10 believe that free coinage by the
Cnted States alone wouid accomplish elsner
OF these results requires "A iiiIth III iiat.
| ism which would remove mountains. bul
| 10 believe II would accomplish Goth rS,
hibits 6eEree OF crcdulity unparalleled
| in the annals of human aI1alrs:
| Taxing up in ,etail each OF these three
propositions, Mr.. Carlisle went on TO snow
! how the law Of supply and Heiniihd anu
! the recorded experience OF the woflG Iu:
| at least slN centuries rcfGtcd each OF them.
| The natural law On tie subject, when
| we could ethCr repeal nor alter, sechleu
to he that when the production ana coinage
| of ether geld or silver into legal tender
| money were increased i'll propnruon to lic
production and coinage OF the OTHER metal.
| The relative value of the COINS thus niS-
| proportionatc!y added To the circulation
| Gecrea Sc: and the rule was the same
whether the increase consisted OF Ecid
! coins or silver coins.
SILVER com AGE SUSPENDED.
To protect themselves against the evil
effcCtS OF Il threatened depreciation OF thcir
money. and To enable them To maintain the
parity of their silver nd gold coins already
in use. Holland. France, Belgium, Italy,
switzerland. GrCeCc ana Venezuela have
all tecn compelled since the year 1879 Ia
suspend the coinage of legal tender silver
Spain WAS forced also To stop the coinage
in SI,S, except ON government account dhl
in S93 the government of British India,
silver mOnumCtallic country, after an rX-
| haustiye examination OF the SUBJECT IN al
diyiduai accounO for the avowcd purpose OF
preventing the further fall of the silver
rupee and established a fixed par OF rX-
change with London and other financial
Centrrs in Europe.
Bat, according 10 the free silver advo-
Gates, the statesmen ana flnanClers Oi al
theS. countries moved III exactly the WRONG
direction. ana II the had wanted To man
tain parity, Urto esta Dlish parity they ought
To have opened their mints to the free coin
age of all the silver III the world, instead
of closing them.
The increased coinage OF legal tender
Sllv"r a. ratio which overvdlued the
| metal relatively Ia gold Would not diminish
the demand for gold anywh here, or termin
ate the struggle for its possession, but
would greatly increase the demand and
| intenSify the struggle because, II two Kinds
of money Of the same denomination. but
OF unequal value we're i'll existence. every
body uuIi strive to g.t the most valuable;
aud. as the number Of silver dollars in
creased, their value relatively TO gold
IT" Mr. Carlisle continued, I'VE want to
increase the prices OF food and clothing
| aud thu other n.tesSaricS ut u" "nh",
increasing the demand for them or di-
miuishing the supply. We must put on more
taxes and erect more barriers hetw e,n
the producer and consumer. and We must
turn back the advancing tide OF scientific
aud industrial progress.
RETURN TO PRIMITIVE METHODS
We must aba ndon our railroads. steam
ShiuS trlrgraphS and teller bones. and go
back to the old road wagon and stage
coach on land: To the sailing vessels on
the water. and conduct our social and
business intercourse through the slow AMI
expensive process OF n mail carried On
horseback over mud roads.
I'VE must remove the machinery from our
mills and factories and mines, banish
mowers and reaperS and thrcsnerS and drills
and steel plows from our farms and return
to the primitive netbo Is OF our forcfatherS,
when every pin anu nail. every plow aud
horseshoe, every shlnCle and plank. every
thread of cotton flax and wool. and every
form of iron anl steel was made by hand,
and when every grain Of wheat and oats
and rye was planted 10y hand and every
straw was slowly and laboriously gathered
in the fields by human labor alone"
In opposition TO any such policy as that
proposed 10y the Chicago and Pupulist CON
veniionS lie urged that by holding fast to
the best money the people would always
have the best things money could buy.
Let US, he said. preserve the credit and
honor of our country, and We viii always
ha We the respect an confidence of the world
| and can command its surplus capital On
| the most favorable terms for the develop
| III cnt of our resources ana the Improvement
| OF our social conditions
Let us keep the currency used by the
peoul' M to Ire hIehcSl str ufaTd of rJlrr
| recognized in the commercial world and
ourinfeTHationaltrade Will bring us streams
| of gold from foreign lands in exchange
| for the products Of our farms and shops
| and mines.
PROTECTION OF LABOR.