The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-07-08
HILL TURNED DOWN
Continued from Second Page.

tional neither does 1t stand for any priv
iIege of class legislation. The active busi-
ness men of this country, Its manufacturers,
merchants, farmers, sons OF toll In count
ing rooms, factory, field and mine, know that
CONTRACTION OF CURRENCY
sweeps away with the silent and resistless
force of gravitation the annual profits OF
their enterprise and investments. They know.
too, that the gold standard means contrac-
ton and the organization of disaster. What
hope is there for the country and what nope
for Democracy unless the views OF the ma
jority here shall be adopted? Do not the peo-
pie know that 1t was not silver legislation.
but legislation dictated by the advocates OF
the gold standard, that has caused and now
continues, the financial depression! DO they
not know that when their demands upon
Democracy were complied with In 1893 and
the Sherman law repealed, without sub
stitute, that the very states Of the East that
demanded it turned against Democracy and
swept away their majorities in torrent OF
ballots?
Had the silver men had their way, then,
instead of the gold monometallists, what
storms of abuse would here today be emptied
upon their heads; but the people applying
the power OF memory and analysis allke, 10
discover the causes of their arrested pros
perity. need not go far to find them. They
do not forget when Democracy came to
power in 1898 it inherited from its Republican
predecessor the tax system and the currency
system Of which the Mckinley law and the
It came to power amidst panic, which fifty
followed upon the enactment. with strikes,
lockouts, riots and civic connections, While
the scenes of peaceful industry in Pennsyl-
vania had become military camps. Besides
manifold oppressive features, the Mckinley
law had thrown away $50, 000. 900 of revenue,
derived from sugar under the special plea
of a free breakfast table. and had substituted
bounties to sugar planters. thus decreasing
revenue and increasing expenditures, thus
burning the candle at both ends and making
the people pay at least for the alleged free
breakfast
"From the joint operation of the Mckinley
law and the Sherman law, an adverse bal
ance of trade was forced against us in 1888,
q surplus of 500, 600. 900 in the treasury was
converted into deficit of SIC, 600, 600 in 1894,
and engraved bonds prepared by Repub-
Mcan secretary to borrow money to support
the government, were the
ILL oMENS OF RUIN
that awaited the incoming Democracy, and a
depleted treasury. More significant still, the
very authors of the ill-starred Sherman law
makeshift were already at confessional upon
the stool of penitence and were begging
Democrats to help them to put out the con-
fagration of disaster that they themselves
had kindled.
eminent is concerned, the Democratic party,
with but a slender majority-in the senate,
was not long providing 1t, and had not the
supreme court of the United States reversed
tax, incorporated in the tariff bill, would
long since have abundantly supplied it. Re-
speeding finance, the Republicans, Populists
and Democrats, while differing upon almost
all other subjects, had united in 1892 in de-
clarng for the restoration of our American
system of bimetallism. BY Republican and
Democratic efforts alike, the Sherman law
was swept from the statute books, the eager
ress to rid the country of that Republican
incubus being so great that no prudent effort
was made to provide a substitute.
In the very act by which the Sherman
law was repealed, 1t was declared to be the
policy of the United States of America to
continue the of both gold and silver as
standard money and to coin them into dollars
OF equal intrinsic and exchangeable value.
The Republican party has now renounced
the creed of its platform and it's national
pledges, and has presented to the country the
issue Of higher taxes more bonds and less
money. 1t has proclaimed at last throwing
away DISCUSSES, the British gold standard.
We can only expect, should they succeed my
countrymen, specimen of panic and a long
prolonged period of depression. Do not ask
US, then, to join them in any Of their propo-
sitions. Least of all, ask us not to join them
upon the money question and fight a sham
Dattle over settled tariff, for the money
question is the paramount issue before the
American people, and it involves true Amer
lcanlsm more than any economic issue that
ever was presented to the people at a presi-
Dental election.
1.-The existing gold standard-whence comes
the idea we are upon it-has been, not from
the last enactment of congress on the subject.
which, in repeating the Sherman law, pledged
the whole country to the continuance of the
double standard; not from any statute what
soever now in force in the United States. No;
have q
DISORDERED CURRENCY
of nine varieties, three metal and six naner
the product, for the most part, of Repub-
lican legislation, rendered worse by fine
treasury practices begun by Republican, sec
retarles, and unfortunately copied by their
democratic successors. (Applause)
consider these facts gentlemen: The fed
eral, state and municipal taxes in this
country are assessed and paid by the stand
ara OF the whole mass of money in circula-
tlon. No authority has ever been conferred
sSlo congress ;r Ior tne issue of any bonds pay
AoIe IN gold, but distinctly refused The
specie resumption act Of 1876 made the sur
Plus revenue in the treasury, not gold onIv
the money Of redemption.
PROVISION made by the Bland-A Allison art
OF 1873 added to our circulation some s350 :
vO0,OO0 of standard silver money. or naner
passed upon 1t, and all that mass of silver
!nohey is sustained at parity with gold by
Hot1Ing but the silver in it, and the legal
lender functions Impaired to it by law. (Ap-
pIause.) we have no outstanding gold ohii
gauons IN the United States, except the small
sum OF S44, 900, 900 of gold certificates whioh
are specifically payable in gold and tbe 49, ~
course should be paid. All of our snecie
oDhgauons are payable in coin which moan
81 or gold, at the government option or
IN silver specifically and only There 10 mora
SILVER and paper, based upon silver in CIR
GuIauon today than there is of gold or nanar
t 8asea on gold and that the gold dollar is not
that un M o. xalge is demonstrated by the fact
our laws be minted. If we should on ,Inon
tile gold standard, We must change The axist
r 1ng ;oitnetaIhc standard of payment of ali
puolc oeDts, taxes and appropriations Say;n
alone those specifically payshIe In $50 2" wing
AS "e>have twenty billions of pnblic and
private debt, 1t would take more thon +hnao
olanes al! the gold in this country to paw even
one year interest upon it. We should ha
compelled hereafter to contract the 80, oe
Dy paying off $500, 900, 600 of greenbacks onJ
sherman notes in gold, which would naari,,
e1,H tne entire American stock in and
oul u the treasury, and the same nolicv
would require that $345, 600 900 of silver cor
tIncates should be paid in gold. also as tore
shadowed by the present draft unon tba
oOun.ry STOCK OF gold. This means an in
crease Oh the public debt by $500 ZOO. 900 with
the prospect of $S45 000, 900 more The disas-
uous consequences of such a policy are on
pailng to contemplate, and the onIy aIterna-
u i've suggested to fight for before the people,
IS the 1ree coinage Of silver at the ratio OF
10 TO (cheers), and the complete restora
ton OF our hereditary and constitutional svs-
tenn of American money.
we pray you. no more
MAKEsHIFTS AND sTRADDLEs
Vex not the country with your prophecies ot
smooth things to come from the British Re-
publican propaganda (Applause) The fact
that the European nations are going to the
standard renders it all the more Impractical
that we should do so, for the limited stock of
gold In the world would have longer diyi-
son ana a smaller share for each nation.
Previous predictions have been punctually re.
futed when prosperity was prophesied To
come upon the unconditional repeal of the
Sherman law. Instead of protecting the
treasury reserve as was prophesied n worId
do, an unprecedented raid was promptly
made on it. and $780,, 600 600 Of borrowed gold
have been insufficient to guarantee its secur-
ttY. Instead of causing fnraisn nori.a1 =.