The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-08-15

i THIS amount view IIlessTeliEGIneuIOl
the bank notes. wiz not increase our cur
4 rency in proportio to our tnor asings popu-
alton If ourspresent CURRENCY Is estima ted
ereaaing at The rd OF per aafn
! mum, It would require $4,000, 900 lpgreaged
l circulation each year to keep pace with the
/ Of ypopula tion is accompanied by O.. still
greater ratio OF Increase Of wealth and busi-
ness. it was thought that an immediate in
ierease Of circulation might be obtained by
Large purchases OF silver bullion to an
i amount sufficient to make good the retire
ment Of hank notes and keep pace with the
I coo, 900 q year of additional currency is need
! ed upon this basis, that amount is pro-
liyided for In this bill by the issue Of treas
ury notes in exchange for bullion at The mar
iket price,
# the United States then needed more than
600 annually to keep pace with pop
1'ulation and business, it now. with "a larger
1 population, needs a still greater annual
| addition; and the United States is only one
natoa among many Our opponents make
monetary needs of the world
| in the. second place, change in the ratio
! is not necessary. Hostile legisla ton has de-
creased the demand for silver and lowered
its price when measured by gold has raised
/ the value of gold when measured by other
We are told that the restoration of BIZ
metallism would be hardship upon those
who have entered into contracts payable
gold coin, but this is a mistake. 1t will be
easier to obtain the gold with which to
meet a gold contract, when most of the peo-
/ pie can use silver than tits now when every
one is trying to secure gold.
The Chicago platform expressly declares
| III favor of such legislation as may be neces-
sary to prevent. for the future: the demone-
| by private contract. Such contracts are
objected to, on the ground that they are
against public policy. No one questions the
! est which can he collected by law; there is
far more reason for preventing private in
aividuaas from setting aside 5; legal tender
/ legal tender must, in the course Of ordinary
| business, be accepted by 90 out Of every 100
persons. Why should the Tooth man be per-
! rule? Special contracts have a tendency to
| increase the demand for a particular kind of
compar lively few individuals shalt not be
permitted to derange the financial system
of the nation in order to collect premium
/ in case they succeed in forcing one kind of
| FORECLOSURE OF MORTGAGES =
your attention. Some of the most jealous
opponents Of free coinage point to the fact
| that Is months must elapse" between the
gress, and assert that during that time, in
| case the people declare themselves in favor
OF free. coinage, all loans win be withdrawn
and all mortgages foreclGsed. II these are
merely prophecies INDUCED in by those who
have forgotten the provisions OF the con-
stitution, it will be sufficient to remind them
| that the president is empowered to convene
congress in extraordinary. session whenever
the public good requires such action II, in
November, the people 60 by their ballots de-
! restora ton Of bimetallisn. the system can
! be inaugurated within q few. months: If,
however the assertion that Loans vii be
made to prevent such political action as the
people may believe to be necessary for the
RI Wit tai iS
necessary for the people, as a whole to OBJ
tain consent from the owners Of money and
| the changers of money before they can leg
lslate upon financial questions. we shall
| have passed from democracy into plutocra-
cy. But that time has not yet arrived
| Threats and intimidation will be Of no avail
The people who in 1916 rejected the doctrine
that kings rule by right. divine will not
in this generation subscribe to a doctrine
that money Is omnipotent
! In conclusion. permit ME to say a WORD IN
regard to international bimetallism We
are not opposed to an international agree
! ment looking to the restoration of bimetal-
lism throughout the world, The advocates
Of free coinage have on all occasions shown
their Willingness to eo-operate with i,, other
they are not willing to await the pleasure
! of other governments when immediate RELIEF
and they further believe that Independent
| action offers better assurance OF interna-
tional bimetallism than servile dependence
! upon foreign aid. For more than 20 years
we have invited the assistance of European
ma lions, but all progress has been blocked
! by the opposition of those who derive a
gold How long must we wait tor binet-
| allism to be brought to us by those VINO
profit by 1ndnoInetallisna?
| If the double standard will bring oennts
! to our people, who will deny them the right
| to enjoy those benefits?- If our opponents
would admit the right, the ability and the
all public questions, without the a assistance
and regardless of the wishes OF ether g. ,s ma
tions and then propose the remedial legls-
| lation which they consider sufficient, we
could meet them in the field Of honorable
! debate: but when they assert that TINS ma
ton is helpless to protect the rights OF us
| own citizens we challenge them to submit
the result to people whose patriotism mas
never been appealed to- In vain
declare the right Of the American people
! to govern themselves, and without let or
hndrance from without decide upon ~ e t;n
| In taking this position. we simply MAINTAIN
the dignity Of 7o,ooo,ooo citizens who are
second to none in their capaclsy To- Tor sell
PEELED the American people to pay an eveI 9
increasing tribute to the creditor nations OF
the world-a tribute which no one aa ar!s 20
the United States to secure Justlce 1oi al a ias
citizens as we'll as do Justice to all its cred
tors For people IKE onrS og rchn ness
| to proclaim themselves impotent 70 .trane a
| financial system suited to their own needs,
! is Illuminating EeVOuN llc p'I"SA w
describe. We cannot enforce the respect Tor
! our foreign policy so long as we CONFESS
ourselves as unable to frame our own imam
| cial policy.
Honest difference of opinion have always
| existed and ever will exist, as to the legls-
| lation best calculated to promote the puD-
| Tic veal; but when it is seriously assetted
| that this nation must bow to the dlctatlon
Of other nations and accept the ipohcies
! government is assailed and until that ques-
! zion is settled. all other questions are IN
signiicant.
THE wIND-UP.
! citizens of New York; have Travelled
! from the center of the continent to the
| seaboara that might, in the very beginning
| the people out west and south to assure you
| that their desire Is not to destroy but 20
| build ,1p They invite you to accept the
1 5principles of faith rather than listen to
! those who preach the gospel of despair ana
i advise endurance to the ills you have. Inc
advocates of free coinage believe that, In
| striving to secure the immediate restoration
i behalf as well In their own behalf A few
| of your people may prosper under present
! conditions, but the permanent welfare OF
\ New York rests upon the producers OIL
wealth The great city is built on the COM
| merce Of the nation and must suHer II tina
Econnerce is impaired. You cannot sell I'M
| less the people have money with which to
| Will, which to buy unless they are able 70
sell their products at remunerative prices.
Production of wealth goes before the ex-
/ change of wealth; those who create must
secure :, profit before they have anything
| to share with others You cannot afford to