The San Francisco call., 1896-08-16

party declares for the free, unlimited and IN; N
dependent coinage of silver at the ratio OF @ 10 10
| 10 1. What does this declaration mean! 1eey
| tell us it means bimetallism, and they Qenne nc
this to mean tnat silver is not only 10 pc lIeely
coined, but that 1t is to be no longer reueeln-
able in gold, but is to be itself money OF re-
demption. If their policy prevails ana you
have paper dollar and want II reueemeu III u
coin you will be compelled 10 accept silver, IL
silver is offered. We deny that bimet talilsm,
in the sense that both gold and silver snali
circulate together as moneys OF ultimate re-
demption, can be brought about by any sucn
methods. We, on the contrary, assert that
what the Democrats propose will give US not
bimetallism, but silver monometallism. The
the cooperation of other nations, enter upon
policy of free coinage of silver at the ratio OF
16 to l, as the Democrats propose, the United
States will pass to a silver basis
If we would undertake 10 maintain 1t at par
with gold by redeeming it in gold 1t would be
impossible for us to do It. There would
be too much of it. But as already
stated it is not proposed under free coinage to
redeem silver in gold, but on the contrary that
is inconsistent with the whole idea of free
coinage. The theory OF free coinage is silver
if money of redemption there would be no
more propriety in redeeming silver in gold
than there would be In redeeming gold in Sill
yer.
Silver, therefore, must under free coinage
stand alone upon its own merit, and its value
must be measured by its intrinsic value. that
intrinsic value of geld. We would consequent
ly have two metal coins OF unequal value, but
moneys of redemption. COLO would go IN
stantly to a premium, and the moment 1T
would go to premium it would go out OF cir
culation. -
When man has dollar to pay he will pay
it with the cheapest dollar at his command
With gold out of circulation we would have
only paper and silver money, and inasmuch as
all the paper and all the bonds and all the
other obligations of the Government are re-
do mi able in n0in thew WOuld be redeemed only
III silver.
We would at once step down and out from
the class in which we stand with Englano,
France, Germany and other great commercial
nations of the earth into the class with japan,
China and Mexico.
To that step the Republican party will not
contribute. So long as we control this Govern
ernment the American people Will rank Win
the fTst-class nations of the earth. Our nag
shall be everywhere respected and our money
everywhere bonored. Ii you want practical
Illustration of what we would avoid look at
the Mexican dollar. 1t contains more. pure
silver than our silver dollar, and yet one OF
dollars
This is so because our dollar is redeemable
in gold, while the Mexican dollar is not They
have free silver in Mexico. They are on sill
yer basis In that country silver is money
of redemption-justw what the Democratic party
proposes to make it here Payment i'll silver
| is the end of business transaction.
AS q currency, the silver dollar is worth just
what the bullion it contains makes it worth,
that is worth whatever silver may be worth in
| the market for commercial purposes. The
same is true in substance and effect in every
| other silver country and as it is elsewhere, so
| will 1t be here. 1t is for this reason that we
deny that free coinage means bimetallism and
| assert thati 1t means only silver monometallism,
and we are oppos ed toit. Until we can have BIZ
metallism, we prefer the gold standard to the
| silver standard. We want to continue the use
| of the best money of the world. We want to
maintain it in the future we have in the
| past, the highest monetary standard known
! among civilized nations. We want to pre-
serve the use of gold, together with silver
| and paper, ana are opposed 10 policy that
would drive 100000, 900 OF gold out of circu-
| laIion and thereby correspondingIy contract
our currency, derange our business and leave
! us with no other metal except silver. We are
| opposed TO free coinage because its ayowed
| purpose is to have cheaper money with
| which to pay debts. We are not repudiators
| We believe in an honest discharge OF an honest
| obligation.
tits not the demonetization of silver that
has hurt the farmer, but the demonetization
of his markets. The repeal OF the Mckinley
| law carried with it the repeal of our recipro-
| city treaties. In consequence the export of
our agricultural products fell off ior the year