The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22

two or three years, and win probably
survive 10 take the new medicine In
abundance. But l say that they admit
themseiyes--nny intelligent speaker upon
that subject admits that the inevitable
and irresistible tendency and result OF
the free coinage of silver In this coun-
try will be TO drive out the gold. NOW
let us see how they propose 10 Obvlate X.
IL has always struck me that one OF
their most enlightened champions was
Mr.. ST John Of New York. lie has been
largely and copiously quoted by them
he was president of a national bank and
was president of the recent silver con.
| vcntion at ST. Louis and by the bill
| which he procured TO be introduced I'm
Congress and which had the endorsement
| OF the silver and Populist sentiment
| there, they proposed 10 bridge over this
yawning chasm which they themselves
admitted would open beneath their feet
by issuing Understanding treasury notes
OF the United States, secured by deposits
OF uncoined silver or gold bullion. or by
deposit of United States bonds TO be is
sued Of course for that purpose. Now let
us look at this coolly aud calmly and fig
ure upon Il n little, like men of sense who
are Infinitely Interested in this matter
as one OF business concern and let us
see how this project would work; wheth-
er II would not merely
skin and film the ulcerous sore,
lnfects unseen
We have 5000. 600. 900 OF gold in the
United States. think more. IL would
disappear at once In the face of free
silver coinage, or even the certainty Of
| ~. Let this election 20 Democratic
Populist. let the American people record
their Will that the coinage of silver shall
he free and unlimited. long before Mr..
| Bryan and his cohorts could place the
| tf la.- ha tuf Hno n
cial fears of mankind, of people here
In this audience and Of people every
where, NJ home and abroad. would draw
that gold from every vault wherein IL
Hes protected and IL would sink into the
earth as the waters which came down
from heaven last night. ! say IL would
disappear nj once. This bill Of Mr.. st.
John so admits, and that disappearance
Is the very ailment which he proposes
10 remedy. But in this universal alb
sconding of gold there would be no gold
bullion TO deposit, people would not take
II out OF hiding to exchange il for any
paper money whatever of the govern
ment which proposed 10 make all these
obligations payable i'm silver. (Applause.)
This remedy is counteracted SO far by
the assumption and admission that gold
will disappear.
Now as to deposits Of silver bullion.
The worlds product of silver in 1894
commercial yalue) was $21G.S92 200.
III we could get the worlds entire pro-
duet Gas we could noD, il would take
three years 10 fill the void Of $620,000-
600 Of vanished gold The nations Of
the world will not melt down their
coined silver to deposit il in the United
States treasury aud receive merely a
silver certificate.
Some OF the Evils.
But the third alternative is one Of
most malign pOrtent. IL is proposed To
use the Understanding bonded debt OF
the United States in order that the miner
or owner of silver may take his bullion
To the mint meanwhile and get evidences
Of public debt two for one--a privilege
not granted TO or claimed by any farm
or. artisan. manufactures or producer
upon Gods heritage. | say il is pro-
posed 10 use the intcrcst-bearng bonded
debt of the United States. Now. what
does this mean? 1t means an increase
Of the bonded debt. People who have
got their bonds as investments TO get
their living from in the way of their AN
nual income, or anyone else, are not
going TO put their bonds on deposit in the
treasury TO get treasury certificate.
And so the chasm could not be filled
In that way. neither by gold. by silver
or by the illimitable issue OF bonds.
So this chasm could not be filled. They
|
will take place meantime. in the very
face of the danger OF itP We are in
the midst of commercial distress almost
unexamplcd in our history; a panic such
as the world has seldom seen. IL would
throw 100000 of men out Of employ
ment. IL would depress and stnrve the
wagc-earncr, and il would deprive him
Of being the best consumer and purchase
or that the American farmer has and
by that reflex action inilict uneNampled
misery upon our agricultural population.
tApplause.)
In that state OF things the abyss must
loo filled. No nation could stand such
n contraction. The most radical remedy
would be absolutely necessary 20 re-
store II. and there would only be two
one is 10 get back To the honest. solid
standard on which all the commercial
nations. including the United States,
stand now, or TO use an irredccmablc
paper money perfectly limitlcss or IL
limitable in its amount And when that
comes 20 pass silver VIII vanish IN the
face OF paper as gold vanished in the
face of silver. (Applause) And then
YOU would have another chasm. another
issue of money The wreck is complete,
and the United States stands entirely
on an jrredeemnblc paper money basis,
precisely the place we occupied before
the war, and from which we struggled
|
love of national honor 20 emancipate
ourselves. DO you want that again
(Crics OF "No. no.D
Rut. my friends, 20 look little deeper
into this subject The misery goes fur
Their that would be inflicted. | have been
talking heretofore about lawful money.
and mean by that money issued by the
governments of the world. the United
States included. But did you ever think
how little OF the business OF this world
or of any community like 81 Paul and
Minneapolis is done on what Is called
lawful money! Statistics would seem 60
show that % per cent. Of the transac-
lions between man and man In civilized
nations. especially In the United States,
Il by way OF checks. In cities they are
balanced against each other IN the clear
ing house. ANA n few thousand dollars
balanced money closes the days trunsac-
tions Where clearing houses do not cx-
ist- I mean in towns and villnges--thc
depositlng of the checks in the banks, and
the collections of the banks adjust bal
anccs I'm the same way.
! a.. =