The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-09-23
CARL SCHURz SPEECH.
Continued from first page. ]

back for moro profitable use. Gold will there
fore quickly rise to premium, and we shall
be on the silver basis long before free coin
age law can be enacted. What does 1t mean to
be on the silver basis2 The word "ooin," wher-
ever it appears in the law, will no longer mean
gold, as 1t was so far understood but silver
alone. The greenbaoS or treasury note re-
deemble in "coin' will no longer be redeemed
In gold as heretofore, but only in silver. The
United States bond payable in coin, no matter
whether gold was paid for it or whether it had
been sold for the very purpose Of buying gold
for the treasury, will be paid, principal and
interest, in silver-repudiation as fragrant as
the world ever witnessed. Our daily trans
actions in buying and selling, In paying and
receiving wages, will no longer be carried on
upon the basis of the gold dollar worth 100
cents, but of the silver dollar worth so cents
or thereabout, for the government will no
longer hold up the silver dollar to the value of
the gold dollar. That is what the silver basis
means. You can study in Mexico how it
works
The quantity of gold vanishing from circula-
ton will amount to about $500, 900 900, the dis
appearance of which will make tremendous
hole in the volume of our currency. Nearly
one-third of 1t will be gone, and what remains
will be reduced nearly one-half in purchasing
power. But, says the silver man. there will be
free silver coinage to fill the gap promptly
with coined silver or silver certificates. Oh,
no, my fellow sufferers. The disappearance of
gold will happen promptly after The election
Of Mr., Bryan and there will not possibly be
any free coinage of silver for at least six
months, and 1t will require great many more
months to fill gap of 0O.0OO, Co.,
The Free Coinage Panic.
What will happen meanwhile2 The st. Louis
Globe Democrat reports Mr.. Bryan to have
said some time ago. 81 think it, meaning the
victory of the free coinage movement, twill
cause panic. But tho country Is In a deplor-
able condition, and it will take extreme meas
ures to restore it to q condition of prosperity"
Whereupon the st. Louis paper pointedly re-
marks, Evidently Mr.. Bryan has heard Of the
doctor who always threw his patient into fits
before administering any curative medicine"
just so.
How, then, would Mr.. Bryan's "ft' work3
The sudden disappearance of our gold from
circulation would produce the most stringent
contraction OF the ctNrency on record. Busi-
ness men who owe money and ut the same
time have money due them will be forced to
collect that money by every means at their
disposal Nobody will be inclined to lend out
any money except upon extraordinary secu-
rity. The banks will naturally consider 1t their
duty to keep themselves strong, and there
fore to call in loans and to restrict their dis
counts and advances to business men with the
utmost caution Business establishments
manufactures, mercantile houses, unable to
get the money for meeting their obligations
will by the hundreds suocumb to their embar-
rassments and tumble down like a row of
operations to the narrowest possible limit, and
wage earners by the thousands will lose their
employment and be turned into tho street.
No class Of society will be spared the de-
structive consequences Every frightened
creditor, pressed by his own creditors and APP
prehensive Of growing loss by every days
delay, will eagerly pounce upon his debtors.
The prompt settlement of every account Will
be pereInptorily demanded. Our farmers who
have mortgages their property and who
g.. ...sHn
things exceedingly easy for them will have
some unexpected experiences. Every mortgage
debt that Is due will be quickly called in. The
mortgageor who tries to have his bond extend
cd will find an unwilling ear. He who seeks
TO borrow money In order to replace the old
mortgage with now one will be told that this
is no time for loans, except, perhaps, upon ex-
orbitant conditions. The mortgageor may find,
too, that his bond is payable in gold coin. and
he will have TO buy the gold at the premium
then ruling. foreclosures will be the order Of
the day. The mortgageor who seeks shelter un-
der the laws delay will at any ratio further
burden his property with the cost Of legal pro-
ceedings. Everywhere anxiety, embarrass
ment, sacrifice, loss and distress, even before
Mr.. Bryan could ascend the presidential chair
Rryan's BimetaIlism.
After Ave or six months OF such deadly
crisis, Mr.. Bryans extra session of congress-
would begin and give us free coinage. Them
as Mr. Bryan solemnly promised MS In his
great Now AOrK OrAtlonI Tree coinage Will give
us bimetallism, bimetallism will give us an
abundance OF money, and all will be right
Bimetallism2 What is bimetallism7 It Is q
monetary system in which the two metals cir
culate together for all the purposes of money
on parity with each other upon q fixed legal
ratio, which in our case is 10 to l. Evidently
to have bimotallism gold must DO ON hand
rs well silver.
How will Mr.. Bryan get the gold back from
the money powerT Evidently no must offer
an inducements What inducomentp To DO
sure, the Inints will be open to gold Us we'll rs
silver. But who will offer gold bullion to have
IL coined into dollars for circulation when no
can have silver dollars with the same legal
tender power at half the price2 Only an idiot
would do TINT. OF course, gold will be offered
only when the silver dollar IL up again b the
gold standard. There Is the rub. But here
Mr.. Bryan steps In with theory which Is a
curiosity. In statesmanship. He said In his
New York speech "Any purchaser who stands
ready to take the entire supply of any article
at n certain price can prevent that article from
falling below that price. SO the government
can fix price for gold and silver by creating
demand greater than the supply" And
again, when a mint price Is thus established,
1t regulates the bullion price, because any per-
son desiring coin may have the bullion CON
verified into coin at that price, and any person
desiring bullion can secure 1t by melting that
ooin."
Would BE Silver Recommendation.
age the government will purchase silver bull
lion and pay certain fixed price for itY II
30, then Mr.. Bryan, the great FREQ coinage
apostle, does not know what free coinage Is
Lot us remind him. II means that the owner
of silver bullion may take 1t to the mint and
have 1t coined and returned to him In coined
pieces, 10 many dollars for so much weight Of
pure silver. 1t does not mean that the govern.
ment Islands ready to purchase the entire
supply of silver at a certain price" The gov
eminent does not purchase single ounce Of
1t. 1t merely receives the bullion, stamps 1t
and returns 1t. And as to fixing price, as
soon as the government stops holding up the
silver dollar to the gold standard as 1t would
with Mr.. Rryan,s election, tho silver dollar,
measured BY Its purchasing power. will be
worth not ~ cent more than the market value
of the silver contained In ii. If the market
value Of that quantity Is 80 cents, and you
present at the mint 50 cents worth OF bullion,
You got back, not u gold dollar. but silver
dollar worth Just 80 cents. You might, instead
Of taking your bullion to the mint, sell 1t In
the market for Just the same amount Of non
ey. Indeed, bullion owners, unless they have
some special reason for taking their bullion to
the mint, will take 1t to the market and soil
1t there, as they very extensively do in all
countries I'm which there Is free silver coinage.
Why should they notP Because. II they have
their bullion coined they get legal tender dol
lars for 1t. Why, II they sell II In the market
they get there legal tender dollars likewise.
1t will therefore be more question of special
convenience whether they take IL TO the mint
or to the market. And In the market, accord
ing to all human reason and experience, its
price WILL temporary fluctuations notwith-
standing, remain ON the whole very near to
the figure Of the cost at which It can in large
quantities be produced, Mr.. Bryan's strange
imaginings have therefore proved only that
when he speaks Of government purchases of
silver and fixing prices and creating de-
mand greater than the supply, he simply does
not know what free coinage is.
Every sensible person. trust, will now ad.
init that free silver coinage in tho United
States alone will make bimetallism, the equal
use of both gold and silver as money, utterly
impossible. here us well AS abroad. 1t win
confirm Europe in gold recommendation and
condemn US to silver monometallism-the OK
elusive use OF silver as money and of paper
based upon silver. No doubt this is what the
silver men are really aiming at.
How Free Silver VIII Work.
Let US now consider how it viii affect the
various interests of the people. The first
blessing we promised to flow from free
coinage is general rise of prices. This means
that the silver dollar will buy less than the
gold dollar did. and this for the reason that
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