The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-08-20

"Mr. Sherman was ut that time speak.
ing of the contraction of the volume Of
paper currency. but the principle which
he set forth applies If there is Il COntrac-
ton of the volume of the standard money
of the world.
Mr. Bland discussed the same princi,
pie in connection with the dcmonctZa tiOn
of silver. Speaking in the house of rep
rcscntativcs on February I, 1883, he
said: i believe the struggle now going
on in this and other countries for gold
standard would if successful produce
widespread disaster in and throughout
the commercial world. The destruction
of silver as money and the establishing
of gold as the sole unit of value must
have n ruinOus effect on all forms of
property except those invested which
yield fixed return in money. These
would be enormously enhanced in value
and would gain disproportionate and
unfair advantage over every other
species of property.
SIS it strange that the holders of in
vcstmcnts which yield Il fixed return in
money can regard the destruction of sill
yer with complaccncyE We may not
expect the holders of other forms of
property to protest against giving to
money Il 'disprOportiOnate and unfair
advantage over every other species of
property If the relatively few whose
wealth consists largely in fixed invest
mcnt have right to use the ballot TO
enhance the value of their investments
have not the rest of the people the right
to use the ballot to protect themselves
from the disastrous consequences of II
rising standard? The people who must
purchase money with the products of toll
stand IN n position entirely different from
I l. Is.f EI,,,
or give Il fixed income. The wcll-bcing
of the nation: aye. Of civilization itself
depends upon the prosperity of the
masses. What shall it profit us to have
ii dollar which grows more valuable
every day if such dollar lowers the
standard of civilization and brings dis
trcss to the people? What shall it profit
us if in trying to raise our credit by in
crcaSing the purchasing power of our
dollar we destroy our ability to pay the
debts already contracted by lowering the
purchasing power of the products in
which these debts must be paid? If it is
asserted th9t the gold standard will en-
able MS to borrow more money from
abroad. ! reply that the restoration of
bimctallism will restore the parity be-
tween money and property and thus per-
NIT an era of prosperity which will en-
able the American people to become
lOancrs of money instead of perpetual
borrowers. Even if we desire to borrow,
how long can we continue borrowing
under II system which, by lowering the
value of property, wcakcns the founda-
ton upon which credit rests? If the
holders of fixed investments. though they
gain an advantage from the appreciation
of the dollar. credit the justice of the
legislation which gives them advantage
over those whose income depends upon
the value of property and products: If the
holders of fixed investments will not
listen to arguments based upon justice
and equity, | appeal to them to consider
the interest of pOStcrity. We do not live
for ourselves alonc-fOr those who come
after uS-but we can not protect our
children beyond the period of our lives.
Let those who are now rcaping advant-
age from vicious financial system re-
own children and their childrcn's child
rem, through the operation of this same
system, be made to pay tribute to
the descendants of those who are
Yrongcd today. AS against the main
.enancc of gold standard, either per-
or until other nations can be
United for its overthrow, the Chicago
platform presents clear and emphatic
lcmand for the immediate restoration of
he free and unlimited coinage of silver
md gold at the present legal ratio of 10
o / without waiting for the aid or con-
sent of any other nation. We are not
lsking that Il new experiment be tried;
We are insisting ON Il return to Il imam
'ial policy approved by the experience OF
history and supported by all the promi-
rent statesmen of our nation from the
lays of the first president down to 1873.
When we ask that our mints be opened
o the free and Unlimited coinage of silver
nto full legal tender money we are SIM
,ly asking that the same mint privileges
~ accorded to silver that are now ac-
ordcd to gold. When we ask that this
oinage be mt the ratio of IL to ] we
imply ask that our gold interests and
he standard silver dollar, which, be it
cmcmbercd, contains the same amount
# pure silver as the first silver dollar
oincd ut our minis, retain their present |
weight and iinenCss.
",Thc Theoretical advantage of the hi
Metallic system is hest stated Inv y Euro |
con writer on politicol economy, who |
ugrcsts the following illustration |
iv"r fnd from two sonrccs is more mi |
orm than river fed from one source |
he reason beinr thnt if ono of the feed |
RS is swollen tho other may hc low |
rhcrr ms a river which has but ono |
ccdcr must rise or fail with that |
codcr So, in the case Of bimetnllism
he volume of metallic money receives |
from Moth tho void and sill |
or mines and, therefore. varies less and |