The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-29

| abundance. But / say That they aumI'
themselves-any intelligent speaker upon
that subject admits that the ineNitnois
and irresistible tendency and result oil
the free coinage of silver in this coun'
try will be 10 drive out the gold. Nor
let US see how they propose 90 obviate IL.
/ IL has always struck me that one OF
| their most enlightened champions was
| Mr.. 81. John ~ New York. lie has been
largely and cOpiOusly quoted by them
he was president Of a national bank ana
was president of the recent silver con.
ventiOn nj ST. Louis and by the Dill
/ which he procured 10 be introduced IN
| Congress and which had the endorsement
/ OF the silver and Populist sentiment
| there they proposed 10 bridge over TINS
/ 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 10 he IS
sued Of course for that purpose. Now let
us look at this coolly aud calmly ana hg-
ure upon il a 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 il would not merely
skin and ilm the ulcerous sore.
| Whilst rank corruption mining all beneath
| lnfects unseen.
We have 10000. 600 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
/ II. Let this election go Democratic
| Populist. let the American people record
their will that the coinage of silver shall
| be free and unlimited. long before Mr..
Bryan and his cohorts could place the
edict into the form Of law, the just imam
cial fears of mankind, Of people here
in this audience and Of people every
where. at home and abroad. would draw
| that gold from every vault wherein II
lies protected and il would sink into the
earth as the waters which came down
| from heaven last night | say IL would
| disappear at once. This bill of Mr.. 81.
John so admits, and that disappearance
| is the very ailment which he proposes
To- remedy. But in this universal alb
sconding Of gold there would be no gold
bullion 10 deposit. people would not take
II ont of hiding 10 exchange il for any
| paper money whatever of the govern
ment which proposed 10 make all these
obligations payable in silver tApplause)
| This remedy is counteracted so far by
the assumption and admission that gold
will disappear.
Now ms 10 deposits Of silver bullion.
The worlds product of silver in 1891
commercial valueD was S216, S92-2oO.
Ii we could get the worlds entire pro-
duct (as we could not). II would take
three years TO nil the void of $500 Co.,
600 of vanished gold. The nations of
the world will not melt down their
coined silver 10 deposit il in the United
States treasury and receive merely
silver certificate.
Some Of the Evils.
But the third alternative is one of
most malign portent. Ii is proposed to
use the interest-bearing 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. manufacturer or producer
upon Gods heritage. | say il is pro-
posed TO use the Understanding bonded
debt of the United States. Now. what
does this mean! IL 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 anyose else, are not
going 10 put their bonds on deposit in the
treasury 10 get a treasury certificate.
And so the chasm could not be filed
in that way, neither by gold by silver
or by the illimitable issue of bonds.
So this chasm could not be filed. They
admit il will last three years. What
will take place meantime, in the very
face of the danger of il? We are in
the midst of commercial distress almost
uneXampled in our history; a panic such
as the world has seldom seen. IL would
throw 100000 of men out of employ
ment. Ii would depress and starve the
wage-earner. and il would deprive him
nf "a ~ rhaa
or that the American farmer has and
by that reflex action inflict unexampled
misery upon our agricultural population.
(Applause.)
In that state of things the abyss must
be filed. No nation could stand such
a contraction. The most radical remedy
would be absolutely necessary TO re-
store il. and there would only be two
one is TO get back TO the honest, solid
standard on which all the commercial
nations, including the United States.
stand now, OF to use an irredeemable
paper money. perfectly limitless or H.
limitable in its amount. And when that
comes to pass silver will 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 irredeemable paper money basis.
precisely the place we occupied before
the war, and from which we struggled
with so much passion Of honesty and
love of national honor to emancipate
ourselves. Do you want that again?
Cries Of "No. no.")
But my friends, 10 look n 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 st. Paul and
Minneapolis is done on what il called
lawful money! Statistics would seem "a
show that % per cent. of the trans,c
lions between man and man in civilized
nations, especially in the United States
is by way of checks. In cities thew are
balanced against each other i'm the clear
ing house. and few thousand dollars
balanced money closes the days transnc.
tons. Where clearing houses do NOT ex.
ist- | mean in towns and villages-tba
depositing of the checks in the banks ond
the collections Of the banks adiust hal.
ances in the same way.
Now, this is the greatest currancv -,
civilization. Numbers are inadeou,:a 90
express its infinite superiority i'm nnmer;'
cal relation to the lawful money 80,
which we have been talking. This il ,ha
currency that no statutory fiat ron ar
pand although il can contract il P,, !,