Omaha daily bee., 1896-05-16

tho miner was selfish and would be glad at
the opportunity for profit the restoration Of
silver would give him. He also admitted
that the man who owned dollars was glad at
the opportunity to profit by the rise In value
OF such possessions lie declared he wanted
HE opponent to admit that the demonetiza-
tion Of silver was largely in the interests Of
tho capitalistic classes He said that on such
admission the people could decide whether
their interests lay with the mine owner or
with the money lender He affirmed that
the people Of Nebraska would be best bene-
ftel by the restoration Of silver to the place
II held before the crime Of 73."
Mr.. Bryan asked his opponent to define
bimetaism For his part he was willing to
stand by the definition given in 1883 by the
royal commission, composed Of both mon
omeetallsts and bimetalsts. That definition
included a provision that there were to be
open mints ready to coin any amout Of gold
or silver at a ratio fixed by law and al2o
the right on the part OF the debtor to use
either metal. In conclusion, he argued that
gold had been given the monopoly in the
coinage Of the government mints since 1873
and that was what the free silver advocates
deprecated
The applause that followed Mr. Bryan's
opening statement was intensified as Judge
Gregory introduced Mr. Rosewater as the
champion OF the negative Of the question.
DELuSIONS CONCERNING MONEY.
In beginning Mr.. Rosewater said that in
entering the arena of this debate he was
conscious of the fact that he was no match
in oratorical powers for the silver-tongued
champion of free coinage. He realized that
he was sadly lacking In that irresistible mag
netism which enabled his opponent to sway
the emotional multitude. But he was thrice
armed whose quarrel was just. Imbued with
the conviction that the menace of unlimited
coinage Of silver was a most potent factor
In the prevailing commercial distress and
industrial depression he felt confident that
the most fervid appeals to passion and preju-
dice could not overcome the incontrOvertible
logic of stubborn facts.
Continuing, Mr.. Rosewater remarked that
In all ages of the world there had been de-
lUsions with reference to money, and in
spite of uniform disastrous results, many
were ever ready to listen to the teachings
of the financial charlatan who claimed that
he had discovered a short route to wealth
They refused to apply to money that hard
common sense which they exercised in deal
ing with the everyday affairs of life. The
best definition Of money was that of Henri
Cernuschi, the most eminent champion of
bimetallism who said at is by the ordeal
of fire that money may be tried. The coins
which, being melted down, retain the entire
value for which they were legal tender be-
fore they were melted, are good money.
Those which do not retain it are not good
money"
Referring briefly to the fat money de-
lusion of quarter Of a century ago, Mr..
Rosewater said that at that time millions of
the American people were befogged by the
sophistry OF the greenbacker. and actually
pinned their faith to the doctrine that money
was the creature of law and intrinsic value
mere fiction of diseased brain And now
we had the doctrine Of the silver galvan-
lied fatists, declaring against the fiscal
policy of a government that had given to
the people of the United States the most
stable currency the nation ever had. A great
hue and cry was raised about the alleged
violation of the constitution OF our fathers
and the so-called demonetizaton of the
American money unit, and the demand was
made that the hands of the dial Of time be
turned backward twentythree years in or
der that we might take a fresh start and
place our entire financial and commercial
fabric in the position Of Mohammed's coffin
when it was suspended in midair without
support from above or below But the day
of miracles is past. Joshua had once COM
manded the sun to stand still 80 that he
would have time to thresh the Amaekites
end his behest was obeyed. But he doubted
whether the apostle, William Hope Harvey
with big II on the hope-or all the apostles
of free silver, including the intellectual Co
lossus who had just spoken could perform
such feat at the end of the nineteenth
century.
HISTORY OF AMERICAN COINAGE.
In regard to the argument of the silver
ties that legislation in regard TO money !
was a dangerous infraction of the American
the speaker said that no in |
ever devised by man had ever re- |
ma!nei perpetual and Interchangeable. No hui |
man mind had ever devised a form of gov |
ernment that was not subject to periodic |
change The constitution had scarcely been |
when the fathers Of the republic |
had been compelled to submit to the people |
for their ratification the ten amendments |
which are known as the bill of rights. And |
within our own generation three other con- |
stitutional amendments had been found es- |
sential to the perpetuation of free govern |
ment. |
Speaking of the history of coinage in this |
country Mr.. ROsewater declared that no. |
where in the constitution was there pro- |
vision for the free and unlimited coinage |
of any money metal The first coins were |
designed as nearly as possible to have a |
coinage value equal to the commercial value |
Of the metal. All honest money coined mus, |
necessarily conform to that idea. The ratio |
was fixed at Is to 1 by Alexander Hamil- |
ton, the first secretary of the treasury, be |
cause fifteen pounds of silver were eX- |
in the worlds markets for one |
pound Of gold And any ratio that varied |
from the commercial exchange |
ratio of the money metals was a delusion |
and fraud. Up to 1853 all American silver
coins were legal tender for an unlimited /
sum. In that year the quantity of silver
In all coins below the dollar was dlmin-
sled. The coin consequently became Se-
based and its function as a legal tenaer
for the payment of debts was limited to
So. Did this change and the change of
tho ratio to 16 to l constitute Grind
against the American people?
Mr.. Rosewater declared that the PROPOSE
ton that this country should coin silver for
all the world In unlimited quantities at
double it smarket value was contrary to the
common sense of mankind. II congress
should decree that two quarts shall equal a
gallon, or twenty ounces a pound or sixty
inches yard, 1t would be regarded as an
act OF folly. But If it should convert so
cents worth OF silver into a dollar by the
mere touch OF government stamp and make
his coin legal tender for all debts 1t would
be justly regarded as an act OF national
lepravity and dishonesty.
We are confronted by condition, said
The speaker, not a theory. No nation today
had the silver standard from choice. 1t was
1nly because they were weak and poweress
10 remedy the evil that they remained on
| silver basis. 1t was now proposed that
he United States, the most progressive ma
ion on earth in intelligence and energy
should abandon the standard OF civilization
md commerce and cOnsort with half civ
lzed, half clad people, who were weak and
gnorant, who had little or no commerce.
where bull fights abcunded and schools did
lid not, where human labor was in sharp
'omjctiton with the meek and lowly jackass
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