The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-10-03
To Farmers.

international agreement for the use of silver
as well as gold for standard or redemption
money.
Notes are not money, hut promises to pay
money. Some are redeemable in silver and
some in coin. This means that the govern
ment has a silver dollar in the treasury for
every note calling fer silver, and has silver or
gold dollars for every note calling for COIN
Not government bond is payable in gold,
but in coin, but the practice OF the govern
ment is to pay interest and principal in gold
when demanded and to redeem all coin notes
in gold when demanded. This policy has
given power to banking syndicates to deplete
the treasury of gold and force bond issues,
thus increasing the debt of the government
and adding to the volume of interest that must
be semi-annually paid.
Mr.. Bryan's platform declares for the res
toration of silver as redemption money and
for the free coinage of silver just as gold is
granted free mintage. The platform declares
that the ratio shall be 10 to l, which expert
ence has established as the proper one and
the one that is and has been in force by law
for many years. And the platform declares
for the free coinage of silver without waiting
for the aid or consent of any other nation,
thus asserting an independence in keeping
with the dignity, the power and the greatness
of the United States. Mr.. Bryan stands for
independence of England, France and Ger
many, and the whole world, and throwing
off the yoke of the money changers of Lon
don and New York. He stands against an
increase of the public debt. He stands for
an income tax, whereby the wealth Of the
country can be made to bear just proper
ton of the public burden. He stands for the
constitutional right of the government alone
to issue paper money, and against the dele
CATION of that power to banks.
The Mckinley platform declares that BIZ
metalIism is good for the people, but has not
faith in the power Of the United States to
maintain it alone, although we had it for
nearly sixty years after England adopted the
single gold standard. Bimetallism, the free
coinage of gold and silver is good for the
country and people. but Mckinley says we
| cannot have it until the nations of Europe
| consent.
The Bryan platform says bimetalism is
good for the country and the people, and
that the people should have it at once, with
out awaiting the consent or aid of Europe.
This is the difference between the platforms
of Mckinley and Bryan.
Silver was stricken down by act of Congress
in February, 1873. There had been no de-
mand for it by the people and no discussion
of it by the press. Few members of Congress
knew the effect of the act and fewer still knew
that silver was being demonetized. Gen.
Grant, who signed the act az President of the
United States, said that he did not know it
would cut off silver and destroy One-hllf of
the volume of currency.
About six months after the ''crime of 1873, y
as the demonstration act is denominated,
there came panic, precipitated by gold specu-
lation and gambling, confidence was destroyed,
| failures were numerous and some banks closed
their doors For FIVE years there was bust
ness depression and stagnation, which was
relieved by the Bland act, requiring the coin
age of about fifty millions of silver dollars a
year. Confidence gradually returned and
gold flowed back to this country, no less than
1921 200, 900 in gold coming. The Bland act
was repealed in 1890, and the Sherman act,
requiring the purchase of about fifty millions
of ounces of silver year, was passed This
was not coined, but paper issued upon it.
The gold spectators were at work, and an
other financial panic was precipitated. The
gold standard people, who had absolute con-
troll of both parties, repealed the Sherman
act, in 1898, but made no provision for the
coinage of silver. Since then we have had
hard times and business depression. The
value of all farm products have declined, and
have reached point that makes farming I'M
profitable and thereby depressed the value of
farming lands to about one-half their former
price.
In 1873 farming paid, but ever since there
has been almost steady decline in the price
ofwheat, corn, cotton and tobacco Measured
as high, debts have been trebled and interest
also.
To pay taxes nearly three bushels of wheat
are required to pay what one would have
paid in 1873 and it takes three times as much
corn or oats or cotton or tobacco.
All of these commodities have fallen in
value Just as silver bullion has fallen in price.
The demand for silver having been cut off, the
price has fallen.
The silver in silver dollar will buy as
much of these farm products as it did in 1873.
The gold in gold dollar will buy more than
twice as much.
When the volume of currency is decreased,
prices fall; when it is increased, prices rise.
This is law that all writers upon finance recog-
nize. When silver was denied free mintage
the volume of currency was cut down one
half and We have seen the value of farms and
farm products fall one.half
We are on gold basis, and there is not a
sufficient amount of gold for the business of
the country. McKinley's platform admits
this, but believes the United States cannot re-
lieve the situation without the aid of Europe.
Mr.. Bryan's platform says there is not
enough gold to base sufficient volume OF
currency upon, and proposes to make silver a
basic money, and declares we can do it with
out waiting for the consent of Europe to al
low us TO regulate our own affairs.
Bismarck, the great German statesman, says
bimetallism should prevail and there is grow
ing sentiment in Europe for a return to it, and
that if the United States leads be has no doubt
our action would have great influence upon the
nations of Europe.
There is one thing certain, England will
never consent to bimetallism by international
agreement, and if she does not neither will
France nor Germany. But if the United
States takes the lead there can be no doubt
Europe will have to follow
There is another thing that is certain-when
the United States adopts free coinage of silver
and gold at the ratio of Is TO l, and coins sill.
yer at the value of $1.29 an ounce. sl.29 an