The San Francisco call., 1896-10-12
IRELAND DECLARES
It REVOLUTIONARY
fconttnued from First Paoe.I

chase no more than the half dollar? And
why will farmers receive even nominally
much higher price than they do now? The
best market of the farmer for the produce is
his own country, and if his own country is
Impoverished, if factories are closed, if labor
ers in cities are penniless, the farmer will re-
ceive but little for his harvest.
Men on salaries will scarcely hope to have
their salaries doubled even if nominally, and
then their salaries. such as they may be, will
have only half the purchasing power they
have to-day.
Those who owe debts payable, principal or
interest, in gold will receive the same salaries
as to-day and their salaries will have but half
the debt-paying power which they have to-day.
But those who owe debts not payable in
gold? Well, if the country is ruined where
will they find even silver to pay their debts in
silver? The only men benefted-and they are
few to-day, and it is scarcely worth while to
bring around revolution in the country to
benefit them-are the debtors who have to-day
gold on hand and who by free silver coinage
will have their store doubled in nominal value
and will be enabled to reduce their debts by
one-half.
And for those the question remains-is it
honest? 1t is a delusion to imagine that sill
yer will circulate SO plentifully tnat it can be
had easily by all and that the quantity will
make up for the lack of value. II silver bull
lion does not increase in commercial value
silver will not be produced in quantity, and
as owners of silver will not part with it, ex-
cept in exchange for commodity or labor
which they deem useful and valuable, if the
business of the country is not prosperous the
people will get very little or no prctit from
mintage. But-and here is the popular argu-
ment in favor OF free coinage-we have had
hard times under the gold standard. That is
true, and what is also true, that under the
silver standard we shall have much harder
times. 1t is the great fallacy of The day TO be
attributing our hard times to the gold stan
dard
The craze for free silver as a cure for hard
times is explica BILE on the same theory that a
man who has been g long time sick despite the
attentive care of expert physicians Will call
for any quack who advertises to cure all the
ills of humanity. Hard times have come
through the severe and resistless working of
economic laws-whieh go their way in spite
OF legal enactment OF parliaments or con-
crosses. Our hard times have come from the
general competition with the countries of the
whole globe into which we are forced by
cheapness and facility of transportation, from
over production in past years, from extrava-
gance during good times and from our own
social and political agitations. One of the
chief causes of hard times to-day is this agi.
tation for a radical change in the currency of
the country. II the American people put
down by an overwhelming majority this agi-
tation-bury it out OF sight--one of the chief
causes of hard times will be out of the way.
Other causes may remain more or less. That
OF general competition with all the nations of
earth must remain. Good times. however,
may be expected to come back surely, if only
gradually. The overproduction that glutted
our markets has been used up. Capitalists
are anxious to do some ethiug with their money
if it can be invested safely. Our wondrous
natural resources invite investments to de.
velop them, and confidence restored the out
look is bright. The essential thing is con a.
dence. To-day it is confidence that is needed
more than an increase in the volume of the
currency. The volume of the currency is large
enough. To increase it fctitiously certainly
will not help us. Ninety per cent OF the busi-
ness is done without currency-by checks and
dr. afts-of which the foundation is confidence
Those who suffer from hard times-and there
are many-must hearken to reason, silence
passion, turn away from delusive remedies
and the country will be again put on the road
to prosperity.
I ask is IT honest to try to pay debts with
half the money We received when we con-
tracted them? The Nation al and private debts
contracted upon financial system, such as
those who loaned money gave it at q certain
commercial value and believed, as they could
n lot at the time have helped doing, that they
would receive it back at the same commercial
value, should be paid in values of that same
financial system. That the great American
Republic will, as Nation, declare to the
world that it viii now make a law compelling
its creditors to be satisfied with half or little
of the money they loaned, goes on record in
the eyes of the world as broken-down, bank
rupt, repudiating Nation, it Is not possible to
believe. No one will say in justification of
such possibility that America is compelled
by National poverty to do so; then no one
should be able to say she thinks of doing So
There are hundred aspects of this question
which do not touch upon. / merely throw
out some few thoughts which show reasons
for my present political faith, and which may
be of some benefit to others in forming their
own judgment. Imay, of course, be mistaken.
But have come to look upon the present agi-
tation as the great test of universal suffrage
and popular sovereignty. Can the people de-
fend public honor and the institutions of the
country at the polls as they nave done on the
field of battle? Can they be so calm ana de-
liberate in their Judgment SO careful to weigh
all things in the scale of reason and to avoid
all rash experiments that they can be trusted
with the settlement OF grave social and politi-
cal problems? That is the question. tn at is be-
fore US at the present nom ent. IRELAND.