The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-13


decrease still more the value Of the proper
y OF the world as measured by dollars
BESIDES this immediate result such
change IN the ratio would permanently
decrease the annal addition 20 the world
supply Of money because the annual sill
Yer product. when coined into dollars
twice as large, would make only half as
many dollars.
THE people OF the United states would
be injured by a change In the ratio, not be-
cause they produce silver. but because
they own property and owe debts. ana
they cannot afford 10 thus decrease the
value Of their PROPERTY OF Increase the
burden OF their debts
In 1873. Mr.. Carlisle said: Mankind viii
be fortunate indeed IL the annual produc-
ton Of gold and silver coin shall keep
pace with the annual increase Of Dopula-
ton and industry ] repeat this asser-
ton. All OF the gold and silver annually
available FOR coinage, when converted into
coin at the present ratio, will not, in my
judgment, more than supply our monetary
needs.
I'm supporting the act Of 1890. known as
the sherman act, Senator Sherman. on
June of that year, said: Under the law OF
worth Of silver bullion a month
mas by coinage produced an an
nual average of nearly $780,
900 per month for a period of twelve years.
but that amount, in view Of the retirement
of the bank notes, will not increase our
currency in proportion TO our increasing
population. If our present currency is es-
timated at 81. 400, 100000 and our population
is increasing at the ratio Of 3 per cent. per
annum, fl would require SO, 600, 900 increas-
ed circulation each year to keep pace with
the increase OF population; but, as the in
crease of population is accompanied by a
still greater ratio of increase Of wealth
and business, il was thought that an i'm
mediate increase of circulation might be
obtained by large purchases of silver bull
lion to an amount sufficient to make good
of har
pace with the growth of popula-
ton. Assuming that $54,0O0000 a
year of additional currency
is needed upon this basis, that amount is
provided for in this bill by the issue of
treasury notes in exchange for bullion at
the market price.
IF the United States then needed more
than forty-two millions annually to keep
pace with the population and business, it
now, with larger population and bust
ness, needs a still greater annual addi-
ton, and the United States is only one
nation among many. Our opponents make
no adequate provision for the increasing
money needs of the world. In the second
place, change in the ratio is not neces-
sary Hostile legislation has decreased
the demand for silver and lowered its
price when measured by gold, while this
same hostile legislation, by increasing the
demand for gold has raised the value Of
gold when measured by other forms of
property. We are told that the restOra-
a
upon those who have entered into con-
tracts payable In gold coin, but this is a
mistake. 1t will be easier to obtain the gold
with which to meet a gold contract, when
most OF the people can use silver, than IL
is now, when everyone is trying to secure
gold.
THE Chicago platform expressly de-
clares in favor of such legislation as may
be necessary to prevent, for the future,
the decentralization of any kind of legal
tender money by private contract. Such
contracts are objected to on the ground
that they are against public policy. No
one questions the right of legislatures to
fix the rate of interest which can be col
lected by law, there is far more reason
Tor preventing private individuals from
setting aside legal tender law The mon
ey which is by law, made a legal tender,
must, in the course Of ordinary business,
be accepted by ninety-nine out OF every
hundred persons. Why should the one
hundreth man be permitted to exempt
himself from the general rule Special
contracts have a tendency to increase the
demand for particular kind Of money,
and thus force IL to a premium Have
not the people right to say that a COM
paratively few individuals shall not be
permitted to derange the financial system
of the nation in order to collect a premium
in case they succeed in forcing one kind
of money to a premium?
There is another argument to which I
ask your attention. Some of the more
Jealous opponents of free coinage point
to the fact that certain months must
elapse between the election and the first
regular session of congress, and assert
that during that time, in case the people
declare themselves in favor of free coin
age, all loans will be withdrawn and All
mortgages foreclOsed. If these are mere.
ly prophesies INDUCED in by those who
have forgotten the provisions of the con-
Stitution, it will be sufficient to remind
them that the President is empowered to
convene congress In extraordinary ses-
sion whenever the public good. requires
such action. If, in November the people
by their ballots declare themselves in fav-
or of immediate restoration of bimetaI-
lism, the system can be inaugurated with
IN IN rev months. II, however, the asser-
ton that loans will be withdrawn and
mortgages foreclosed is made to prevent
such political action as the people NAV
believe to be necessary for the preserva-
tion of their rights, then a new and vital
issue is raised.
Whenever 1t is necessary for the peo-
pie as whole to obtain consent from the
owners of money and the changers of
money before they can legislate upon
financial questions, we shall have passed
from democracy to a plutocracy. But
that time has not yet arrived Threats
and intimidation will be of no avail. The
people, who in 1776, rejected the doctrine
that kings rule by right divine will not.
in this generation, subscribe to a doctrine
that money is omnipotent
L conclusion, permit me to say a word
~ regard TO International bimetallism
We are not opposed to an International
agreement looking to the restoration of
bimetallism, throughout the world. The
advocates of free coinage have on all oc-
casions shown their willingness to CO.
operate with other nations in the rein
statement of silver, but they are not will
ing to await the pleasure of other gov
ernments when immediate relief is needed
by the people of the United States ana
they further believe that independents ac-
ton offers better assurance of interna-
tional bimetalllsm than servile depen-
dence upon foreign aid. For more than
twenty years we have invited the assis-
lance of European nations, but all nro-
gresS in the direction of international nj
metallism has been blocked by the onno-
sition of those who derive a pecuniarv
beneht from the appreciation of gold
How long must we wait for bimeta1
ism to be brought to us by those who
profit my monometallism?
If the double standard will bring hon.
etlts to our people, who will DENY them the
right to enjoy those benefits? IF orr on
ponents would admit the right the ability
and the duty of our people to act for
themselves on all public questions with
out the assistance, and regardless Of the
wishes of other nations, and then proDosa
the remedial legislation which thew con.
slider sufficient, we could meet them in the
field of honorable debate; but when thew
assert that this nation is helpless Ia nro