People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-09-03

Of money, because he annual silver pro-
duct when coined into dollars twice as
large would make only half as many
dollars. The people Of the Uni ed states |
would be injured by a change in the ratio, |
not because they produce silver, bur be- /
cause they own property and owe debts /
and they cannot afford to thus decrease 1
the value of their property or increase the
burden Of their debts In 1873 NJ. Carlisle !
said: Mankind will be fortunate indeed /
II the annual production Of gold and sill
yer coin shall keep pace with the annual |
Increase Of population and industry ! |
lpeaJ this Gsselt lion. AllOf the gold and |
Silver annually available for coinage Wnen |
converted into coin at the present raio !
Will not, in my judgment, moe than SUP |
ply our monetary needs
In supporting The act of 1890, known a |
the sherman act Sena OF Sherman on |
June OF that year said: Under the new |
law of February 1875. the purchase Of 81
W $50 worth of silver bullion month /
has by coinage produced annually an |
average Of 100000 per month for a |
period of y years, buy this amount in |
view Of the retirement of bank notes viii !
not increase our pre- -cnt cuTr, ncy in pro- |
portion to our increasing population. If
our present currency is estima ID az s14,- !
OOO,OJOOOO, and our population is inc cas-
ing at the ratio of per cent per annum
1t would require S4?,000.0OO incsea.e ed cir
cula'ion each yea 70 keep pace with the
increase Of population, but as the increase
OF population Is accompanied by a still
greater ratio of wealth and business, 1t
was thought thai imme date increase Of
circulation might be obtained by large
purchases Of silver bullion 10 an amount
Sufficient to make good the retirement of
bank notes and keep pace with the
growth OF population. Assuming S5l-
100000 a year of additional currency
needed upon this basis that amount
is provided for in this bill by
the isSl;y Vi easuIy notes in exchange for
bullion az the market price" If the United
States then needed more than $40 0C0OO0
annually TO keep pace with population
and business, 1t now, with larger pOpu-
lation, needs still greater annual addi-
ton; and the United States is only one
nation among many. Ousopponents make
no adequate provisions for The increasing
money needs of the world. In the second
place change in the ratio is not Unnecessary.
Hostile legislation has decreased the de-
mand for silver and lowered its price
when measu ed by gold, while this same
hostile legislation, by increasing the de-
mand for gold, has raised the value Of gold
when measured by Other forms of prop
erty We are told that the restoration of
bimetallism would be a hardship upon
those who have entered into contracts pay
able in gold coin, but this is a mistake. II
will be easier to obtain the gold with
which to meet gold contract when mot
of the people can use silver than it is now
when everyone is trying to secure gold.
Legislation to Prevent Decentralization.
The Chicago platform expressly declares
in favor of such legislation as may be nee
essayy to prevent Tor the future the de-
monetization OF any kind of legal tender
money by private contract. Such CON
tracts are objected to on the ground that
they are against public policy No one
questions the right of legislatures 10 fix
the rate of interest which can be collected
by Law. There is far more reason for pre-
venting private individuals from setting
aside legal tender law. The money which
! is by law made legal tender must in the
course of ordinary business be accepted by
80 out of every 100 persons Why should
the Tooth man be permitted to exempt
himselffrOm the general rule? Special con-
tracts have a tendency to increase the de-
mand for particular kind of money and
thus force it to premium. Have not the
people right to say that a comparatively
few individuals shall not be permitted 10
derange the financial system of the nation
in order to collect a premium in case they
succeed in forcing one kind of money to
Premium
There is another argument to which
ask your attention. Some OF the more
Jealous opponents of free coinage point to
the fact that IL months must elapse be-
tween the election and the first regular
session Of congress and assert that during
that time in case people declare them
/ selves in favor of free coinage, all loans
will be withdrawn and all mortgages fore
closed. II these arc merely prophecies in
! dulged in by those who have forgotten the
/ provisions Of the constitution 1t will be
! sufficient to remind them that the presi-
dent Is empowered TO convene congress in
/ extraordinary session whenever the pub
: ic good requires such action. If in Nov
ember the people by their ballots declare
( themselves in favor Of the immediate res
I tOration of bimetallism, the system can
be inaugurated within few months.
If, however, the assertion that the loans
will be withdrawn and mortgages fore
! closed is made to prevent such political
action as the people may believe to be
necessary for the preservation of their
] riThtc .hnn a and wiz u
Whenever ii is necessary for the people as
a whole to obtain consent from the own
ers of money and the changers of money
before they can legislate upon financial
questions we shall have pissed from a
! Democracy TO a plutOcracy. But that time
has not yet arrived. Threats and intim-
idstion will be Of no avail. The people
who in 1776 rejected the doctrine that
kings rule by right divine will not in
this generation subscribe to a doctrine
that money Is omnipotent.
International Bimetallisn.
In conclusion permit me to say word
in regard to International bimetallism.
We are not opposed to an international
agreement looking to the restoration of
bimetallism throughout the world. The
| duNOCdlSo VI liCO COludSc nave OU all OCCa-
sions shown their willingness to cooperate
with other nations in the reinstatement of
silver, but they are not willing to wait the
pleasure of other governments when i'm
mediate relief is needed by the people of
the United States, and they further
believe that independent action offers
better assurance of international bimetal.
ism than servile dependence upon foreign
aid. For more than 20 years we have in
vited the assistance of European nations,
but all progress in the direction of inter-
national bimetallism has been blocked by
the opposition Of those who derive a De
cuniary benefit from the appreciation of
gold. How long must we wait for BIZ
metallism to be brought to us by those
who profit by monometallism? If the
double standard will bring benefits to our
people, who will deny them the right to
enjoy these benefitsi If our opponents
would admit the right, the ability and the
/ l,kxv 80 Ia -, ~ g.