The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-10-15

| common sense condemn? The boast that
| the United States is alone able to whip
| England and the rest of the world into
| the free coinage of silver at he ratio of
| rs TO | or TO force the value of silver
up to S1.29 an ounce is mere nonsense.
Those above all others who should be
on their guard against free silver coinage
is the laborer. But will not the farmer
be benefited? viii not they receive n
higher price for their products? May be
higher price but not higher value.
And will the farmer receive even nominal
ly Il much higher price than they do now!
The best market of the farmer is his own
country agd if his own country is i'm
poyerished, if factories are closed. II
la bOrers in cities are penniless, the farmer
will receive but little for his harvest,
Men of salaries will scarcely hope 10 have
their salaries doubled even nominally,
and then their salaries, such as they may
be, will have only half the purchasing
power they have today. Those who owe
debts payable-principal or intereSt-in
gold, will receive the same salaries lS to-
day and their salaries will have but half
the debt-paying power which they have
today. But those who owe debts not
payable in gold. if the country is ruined.
where will they find even silver to pay
their debts with? The only men hene
scarcely worth while TO bring around a
revolution in the country to benefit them
are the debtors who have today gold on
hand and who by free silver coinage will
have their store doubled in nominal value
and will be enabled 10 reduce their debts
by one-half. And for those the question
remains: Is il honest: 1t is dcuSion
To imagine that silver will circulate 50
beautifully that it can be had easily by all.
4 ,l.,,
the lack of value If silver bullion does
not increase in commercial value silver
will not be produced in quantities and as
owners of silver will not part with il eN
cept in exchange for commodities or labor.
which they deem useful and valuable. if
the business of the country is not pros
porous. the people will get very little sill
Yer and obtain no profit from free mint
age. Rut-and here is the popular argu
mtnt in favor of free silver coinace-we
have had hard times under the gold stand
ard. That is true and what is also true is
that under the silver standard We shall
have harder times 1t is the great falacy
of the day 10 be attrihuting our hard
times to the gold standard. The craze for
free silver as cure for hard times is eN
plicahle on the same theory that 4 man
who has bven long time sick. despite
careful attention. will call for Il Quack
VINO auNertlSeS 10 cure all the Ills OF hu-
manity. Hard times have come through !
the severe and reSiStleSS working of ccono-
mic laws, which 20 their way in spite of
legal tnactmentS of parliamentS and con-
crosses. Good times may be expected 10
come back surely. even if only gradually |
The overproduction that glutted our mar
kctS has been used up. capital is anxious
to DO something with its money if il can
be invested safely: our wondrouS natural !
resources invite investments 10 develop
them. and confidence once restored. the |
outlook is bright But the essential thing |
is confidence.
There are Il hundred aspects of this |
question which | do not touch upon. |
merely throw ont some few thoughts !
which show reasons for my own present |
political faith and which may be of bene- |
tit TO others in forming their Judgment.
Il may. of course. be mistaken. But | !
have come 10 look upon the present aGita- |
ton as the greatest of universal suffrage |
and popular sovereignty. Can the peO- |
pie defend public honor and the in>titu- !
tons of the country NJ the polls as they |
have done on the field of battle: Can |
they do so calm and deliberate in their |
Judgment. 80 careful 10 weigh all things !
in the scale of reason and 10 avoid all |
rash experiments that they can be trusted |
with the settlement of grave. social and |
political problems: That is the question |
that is before us n this moment"