The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-15
JAY COOKE TALKS
ON BIMETALLISM
Would Like TO Drive Gold Bugs From
the Earth.
BUT WILL VOTE FOR Mckinney
The Veteran Financier Points out the
Evils Ofthe Decentralization Of Sill.
yer and Hopes that Relief May
Come from the Republican Party.

Philadelphia, July l4.-Jay Cooke. the
veteran financier, who successfully
placed $7O0O,00O of government bonds
during the civil war. was interviewed
today on the money question.
What is your opinion on free silver?
was the first question asked.
1.-THE opposition to the free coinage OF
silver" he replied, lis "a crime. miser-
able crazy notion. If | had the doing
of II there would be no room for gold
bug i'm the country. The single gold
standard would ruin this country, posi-
lively ruin 1t. / have seen in my time
silver superior in value to gold, and its
depreciation has been caused by It's de-
monetization. The silver dollar was the
unit of value until 1873. when there was
a per cent. premium on the metal. AT
that time the value of silver was three
per cent. more than that Of gold.
What effect did this have on the
COINAGE"
There was no bullion presented for
coinage except that which the govern
ment was compelled to buy to furnish
subsidiary coin. That had been adul-
terated."
Mr.. Cooke then picked up book and
said: Let me read you what Mr.. Car
lisle said in 1873 before he was allied to
Cleveland and the gold bugs.
According to my view of the sub
ject. says Mr.. Carlisle, the conspiracy
which seems to have been formed in
this country and Europe to destroy by
legislation or otherwise half Of the metal
money of the world is the most gigantic
crime of this or any other age. The
consummation Of such a scheme would
ultimately entail more misery on the
human race than any war. pestilence
and famine that eyer occurred"
What more could you want than
that" said Mr.. Cooke. 1T was true
then. it is true now." he said, emphat-
ically. shaking his forefinger on the re-
porters knee
Continuing. he read from Carlisle:
THE absolute and instant destruction
of half the movable property of the
world, including horses. ships. rail-
roads and all other appliances for com
merce. would not produce anything like
the prodigious distress and disorgan-
iZation of society that must result from
the annihilation of one-half of the metal
money of the world
CARLISLE WAS CORRECT.
These remarks of Carlisle were made
on Feb. Il, 1873" said Mr.. Cooke, land
they are perfectly correct. Why Is this
SO? why has 1t come to pass? We
already have begun to get its bad re-
suits. and unless 1t Is righted promptly
the calamity will be great In the first
place. the Stiffness of this great nation.
with its vast Industries, is nothing less
than remarkable in refusing to make
silver the equal in monetary influence
to gold. There would have been none
of the disturbances that have lately
happened but for the break in silver"
How do you figure that out?"
Because we are growing and have
been growing rapidly and we need all
we can get as a basis of value. We
need both gold and silver The govern
ment. the business credit, both are based
on their metallic ability to pay. The
most terrible thing of all was in 1873.
when silver was demonetiZed, which
was done under delusion. You will
find that most of the senators and rep
resentatives did no: dream that they
We're about to demonetiZe silver. They
righting the mistake. they passed the
Bland bill. They We're to buy S4,O0O.0O0
of bullion month. They always bought
only s2,0OO.O00 worth month. Every
thing was done to keep down silver.
The whole history Of it is vile and out
rageous. Just think of the fearful dan
ger the farmers stand in. If they knew
1t they would rise in their might and
sweep away those devilish politician
gold bugs"
"Rut. Mr.. Cooke. In case of free coin
age. what about the SO cent dollar?"
That's all humbug" he replied.
Wasn't silver dollar worth S1.03 be-
fore they demonetiZed silver? as 1
have said l have seen a time when sill
Yer was worth more than gold. At the
time Of the enormous California out
puts of gold ii was feared that that
metal would be placed in the same
position that silver is in now
"The worlds onward march is rapid
If gold shall be the only basis of ex-
change, the progress must stop. We
must have more money to oil the ma
chine of exchange. l believe we must
get back to bimetallsm before we reach
prosperity"
Then you will vote for Bryan and
Sewall?" said the reporter.
mo. / will vote for Mckinley with
the hope that ne and the Republican
party will see their error of the gold
standard and Immediately put silver
back in the place 1t belongs