The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-05-06
Il TYPICAL PLANK.

The Democrats OF Pennsylvania
adopted the other day the following
plank on the money question. Here
the voice Of Wall street speaks out
loud:
1--WE are in favor of firm, unvary-
ing maintenance of the gold standard.
While we favor the nest liberal use
OF silver consistent with the enforce
ment OF gold standard we are abso-
lutely opposed to the free coinage Of
silver and to the compulsory purchase
We believe that the interests of the
people demand that the earnings of
trade, agriculture, manufactures
and commerce, and especially the
wages of labor should be paid in
money Of the greatest intrinsic value
and Of the highest standard adopted
bv the civilized nations Of the world.
THAT is money 50 precious that
the least possible fraction of it shall
be given for the productions of the
farmer or the toll of the workman
We are. therefore, unalterably op-
posed to all devices and schemes for
the debasement of our currency and
to all evasions and compromises OF a
question SO closely affecting indiyid-
ual and national credit and honor"
Observe this:-they are in favor of
IAN unrarging maintenance of the gold
standard" Then they throw very
small tub to the whale.
while we favor the most liberal
use Of silver consistent with the en-
forcement of a gold standard we are
absolutely opposed to the free coinage of ST.
cer, and to the compulsory purchase Of
silUer bullion By the government"
That is to Say-they are in favor Of
the most liberal use of silver coin, but
they are opposed to the creation of
any more silver coin! ArtemuS Ward,
once wrote to friend:-" Enclosed
you will please find ten dollars-J you
cdn!' They are in favor Of silver be-
ing used but opposed to it's being
coined so it can be used. There is
very little demand for silver except to
convert it into money; and when they
| say the government shall neither per-
| NIT the holders Of bullion to have it
coined. nor will buy the bullion to coin
| it on it's own account,y you emphatically
end silver. II China, Japan and In
| dia can be brought into the game
and they certainly will be if the gold
| ties win in the coming campaign in
| the United States. silver bullion
| would not be worth IL cents an ounce,
where it was once worth $l.29, an
ounce. Then howl would go up about
| "ten cent dollars" And the present
| supply Of silver in the world would be
| speedily driven out of existence; then
| the green backs would follow suit; and
there would be nothing left but bank
notes; and those could not get into
| circulation until some one went to
national bank and borrowed them and
agreed to pay interest upon them;
and as long as they were out they
would bear interest; and If they did
not they would be returned to the
bankers and the people be without
| currency Of any kind. If for instance
the First National Bank of Skeesicks-
vile loaned John Jones 81, 900 at eight
per cent, on good security, for three
months; and John paid the debt in
national bank notes OF the towns of
Bumville and Hardscrabble, land
there would be nothing else but ma
| tional bank notes in which to pay the
! dcbt,-for gold would be boarded as it
is now, then the bank Of Skeesicks-
| vile would loan out that 81 900 once
more, in the notes of the other Two
| towns, and would collect interest on
| them as if they were their own.
| Hence we say we would have no cur
| rency save one that bore continuous
! and perpetual interest, and which
in a country where the earnings Of
the people average but three per cent
per annum it would be impossible ito
long pay interest on all the business
transactions Of the country, at eight or
ten per cent per annum; and the end
would be the ruin Of the Republic. A
| few thousand men would devOur all
the rest; and the multitude would at
last fall under deSpotism, or rise in
revolution against their oppressors.
The people are entitled to supply
of money, adequate for all the busi-
ness of the country, and that does not
belong to private parties, and that is
| not got into use by the creation OF debt.
| Heretofore when the m.ners of gold
and silver took their bullion to the
| minis they had it coined into dollars:
there was no mortgage or noteSbe-
| hind those dollars; they carried no in
| terest; the miners paid them to their
employees and the employees paid them
to merchants and millers for food and
clothes, and SO they passed from hand
to hand. But now they have closed
the minis against the silver bullion.
and propose to destroy the govern
ments greenbacks, and turn the
whole people into debtors for the use
! OF that which is as necessary for the
body politic-currency-as blood is for
the body physical.
| Are you going to help fasten this