The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1896-08-27

survive to take the new medicine in
abundance. But | say that they admit
themselves-any intelligent speaker upon
that subject admits that the inevitable
and Irresistible tendency and result of
the free coinage of silver i'll this coUn-
try will be to drive out the gold. Now
let us see how they propose to obviate 1t.
1t has always struck me that one of
their most enlightened champions was
Mr.. st. John of New York. He has been
largely and copiously quoted by them
he was president of Il national bank and
was president of the recent silver con-
v%cntion at st. Louis and by the bill
which he procured to be introduced i'll
Congress and which had the endorsement
of the silver and Populist sentiment
there. they proposed to bridge over this
yawning chaSm which they themselves
admitted would open beneath their feet
by issuing interest-bcarinc treasury notes
of the United States. secured by deposits
OF ulcolned silver or gold bullion. or by
deposit of United States bonds to be is
sued OF course for that purpose. Now let
us look at this coolly and calmly and fig
ure upon 1t Il little. like men of sense who
are infinitely interested in this matter
as one OF business concern and let us
see how this project would work: wheth-
err 1t would not merely
Skin and film the ulcerouS sore.
Whilst rank corruption mining all beneath
lnfects unseen.
We have $500. OOO. 900 of gold in the
United States. | think more. 1t would
disappear at once in the face of free
silver coinage, or even the certainty of
1t. Let this election go Democratic
Iopulist. let the American people record
their VIII that the coinage of silver shall
he Tree and unlimited. long before Mr..
Bryan and his cohorts could place the
cdict into the form of law. the just tinan-
clal fears of mankind. of people here
IN this audience and of people every
where, at home and abroad. would draw
that gold from every vault wherein it
lies protected and it would sink into the
earth rs the waters which came down
from heaven last night. I say il would
disappear at once. This bill of Mr.. st.
John so admits. n that disappearance
Is the very ailmcnt which he proposes
to remedy. But in this universal alb
Scondlng of gold there would he no gold
bullion To deposit. people would not take
it out of hiding to exchange it for any
paper money whatever of the govern
mcnt which proposed to make ali these
obligations payable in silver. C.Applause.,
This remedy is c0untcractcd so far by
the assumption and admission that geld
will disappear.
Now aS tn deposits Of silver bullion.
The worlds product of silver in 1891
commercial valued was S216.S92.20 u
If we could get the worlds entire pro-
duct taS we could mott. il would take
three years to fill the void of $3.50. O00.-
00O of vanished gold. The nations of
the world will not melt down their
coined silver To deposit it in the United
States treasury and receive merely a
silver certificate.
Some Of the Evils.
But the third alternative is one Of
most malign portcnt. 1t is proposed to
use the intcrcst-bearing bonded debt of
the United States in order that the miner
or owner of silver may take his bullion
10 the mint meanwhile and get evidences
of public debt two for onc-a privilege
not granted to or claimed 10y any farm
CT. artisan. manufacturer or producer
upon Gods heritage. | say il is pro-
posed to use the Understanding bonded
debt of the United States. Now. what
does this mean: 1t means an increaS.
of the bonded debt. People who hav,
got their bonds as Investments 10 get
their living from VA thu WAY of their am
u'Et! income or }nN"u" "l~o. are mo-
-"iu= I" pm their bonds ,u d"I"~.t i'm TIA,
treasury to "'t - treasury ,'rtlcat,.
And $50 t'', elaf-.n .,..4 -.. FIN. h.',,
ia thtt NAY. ucifl.r nl -u.i. Joy ~ilN,
coy ly the iliiIuijahl'' issue ~ bends
- his cha~n could not be-. hii.I. Iir,
admit it viii last thrc, Years. VIA
viii take place, meantime. in the Vcrl
face ri the danger of it: We are j,
the midst al commercial distress almost
~uncXamplcd in our history: a panic such
as the world has seldom seen. 1t would
throw 100000 q of men out of employ
mcnt. 1T would deprcSS and Starvc the
w~age-earner. and it would deprive him
of being the best consumer and purchas-
or that the American farmer has. and
by that reflex action inflict uneXampled
misery upon our agricultural population.
(-Applause.)
In that state of things the abyss must
be filled. No nation could stand such
a contraction. The most radical remedy
would be absolutely necessary to re-
store it. and there would only be two
one is to get back to the honest. solid
standard on which all the commercial
nations. including the United States.
stand now, or 10 use an i~rrcdccmable
paper money, perfectly limitless or il
limitablc in its amount. And when that
comes to pass silver will vanish in the
face of paper as gold vanished in the
face of silver. t~.Applause., And then
you would have another chaSm. another
issue of money. The wreck is complete.
and the United States stands entirely
on an irrcclecmahlc paper money basis.
precisely the place we occupied before
the war. and from which We struggled
with so much passion Of honesty and
love of national homo To cmancipato
ourselves. DO You want that again:
tCrioS of NO. mo-
But. my friends. +" look il little deeper
into This subject. The misery goes fur
Their thai would be inflicted. | have beeii
talking heretofore about lawful money.
and | mean by that. money issued ly the
ovcrnmen Of the world. the United