Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-13

I
3 per cent. per annum, II would require
A2, 100000 increased circulation each year
/ to keep pace with the increase or popu-
/ lation: but as the increase In population
Is accompanied by a still greater ratio OF
increase OF wealth and business, II was
thought that an immediate increase of
circulation might be obtained by large
purchases Of silver bullion to an amount
sufficient to make good the retirement OF
the bank notes and keep up with the
growth OF population.
Assuming that $5i, 10000 n year OF addi-
tionaI currency is needed upon this basis,
that amount is provided for I'm this bill by
the issue Of Treasury notes in exchange
for bullion at the market price.
III the United States then needed more
than si2. 600 annually TO keep pace with
population and business. IL now. with a
larger population, needs still greater
annual addition, and the United States -
only one nation among many. Our oppo-
nents make no adequate provision for
the increasing money needs Of the world.
In the second place, change I'm the
ratio is not necessary. Hostile legislation
has decreased the demand for silver ana
lowered its price when measured by gold,
while this same hostile legislation. by IN
creasing the demand for gold, has raised
forms Of property.
GOLD CONTRACTS.
We are told that the restoration of oi-
metalllsm would be a hardship upon those
who have entered into contracts payable
in gold coin. but this is mis- AXE. 1t VIII De
easier 10 obtain the gold with which TO
meet a gold contract when most Of the
people can use silver than II is now, wneh
.,-ar.. QUO Is tvviprr q gepuFp gold.
The Chicago platform expressly declares
I'm favor Of such legislation as may be
necessary TO prevent. for the future, the
demonstration Of any kind of legal-tender
money by private contract
such contracts are objected to. on the
ground that they are against public poll
cy No one questions the right or
legislators TO fix the rate Of interest
which can be collected by law; there IS
far more reason for preventing private
individuals from setting aside legal-ten-
der law The money which Is by law
made a legal-tender must In the course
Of ordinary business be accepted by SO
out Of every 100 persons. Why should
the Tooth man be permitted 10 exempt
himself from the general rule?
Special contracts have tendency 10 in
crease the demand for a particular kind
Of money. and thus force il TO premi-
UNI. Have not the people a right to
say that a comparatively few individuals
shall not be permitted TO endanger the
financial system of the nation i'm order
TO collect a premium In case they sue
coed i'm forcing one kind of money to
premium?
WITHDRAWAL OF LOANS.
There is another argument to which
ask your attention: Some of the more
jealous opponents OF free coinage point
to the fact that certain months must
elapse between the election and the first
regular session Of Congress, and assert
that during that time. in case the peo-
pie declare themselves in favor Of free
coinage, all loans will be withdrawn
and all mortgages foreclosed. If these
are merely prophecies. INDUCED In by
those who have forgotten the provisions
Of the Constitution, IL will be sufficient
to remind them that the President is
empowered to convene Congress in eX-
traordinary session whenever the issue
requires such action. II. in November,
the people. by their ballots. declare them
selves in favor Of the immediate restora-
ton OF bmetallism. the system can be
inaugurated within a few months.
II however the assertion that loans
will be Withdrawn and mortgages fore
closed is made TO prevent such political
action as the people may believe TO be ne
cessary for the preservation Of their
rights. then a new vital issue is raised.
Whenever IL is necessary for the people
as a whole 70 obtain consent from the
owners Of money and the changers OF
money before they can legislate upon
financial questions, we shall have passed
from a democracy TO a plutocracy. But
that time has not yet arrived. Threats
and intimidation will he of no avail. The
people who in 1916 rejected the doctrine
that kings rule by divine right, will not
I'm this generation. subscribe 10 a doc
trine that money is omnipotent.
INTERNATIONAL AGREEMENT
In conclusion, permit me to say a word
I'm regard to international bimetallism. We
are not opposed to an international agree
ment looking to the restoration OF bime-
tallism throughout the world. The ad-
vocates Of free coinage have on all occa-
sions shown their willingness TO co-ope-
rate with other nations in the reinstate-
ment Of silver, but they are not wiling
to await the pleasure OF other govern
monts when immediate relief is needed
by the people Of the United States, and
they further believe that independent ac-
ton offers better assurance Of information
al bimetallism than serVile dependence
wears we have invited the assistance OF
European nations, but all progress in the
direction Of international bimetallism has
been blocked by the opposition Of those
who derive a pecuniary benefit from the
appreciation Of gold.
How long must we wait for bimetallism
to be brought 10 US by those who profit
by mOnometallism? IL the double stand
ard will bring benefits TO our people
who will deny them the right to enjoy
those benefits? II our opponents would
admit the right, the ability. and the duty
Of our people 10 act for themselves on all
public questions, without the assistance
and regardless Of the wishes Of other ma
tons and then propose the remedial
legislation which they consider sufficient,
we could meet them in the field of honora-
BILE debate: but when they assert that this
nation Is helpless TO protect the rights OF
its own citizens we challenge them 10
submit the issue to a people whose pa
triotism has never been appealed to in
vain.
We shall not offend other nations when
we declare the faith of the American peo-
pie TO govern themselves will let no
hlndrance from without decide upon any
question provided for their consideration.
In taking this position, we simply main
tain the dignity Of 100000 citizens who
are second to none i'm their capacity for
government.
TRIBUTE TO CREDITOR NATIONS
The gold standard has compelled the
American people 10 pay an ever-increas-
ing tribute 10 the creditor nations Of the
world-a tribute which no one dares 20
defend l assert that national honor re-
quires the United States to secure justice
for all it's citizens. as well as 10 do justice
10 all it's creditors.
For a people like ours, blest with ma
tural resources OF surprising richness
TO proclaim themselves impotent to frame
a financial system suited TO their own