The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-07-08

every Democratic platform of 1892 and
the promise 10 hold both gold and silver
| has been not from the last enactment
of congress on the subject, which in
repeating the Sherman law pledged the
whole country to the continuance of the
double standard! not from any statute
whatsoever now in force in the United
States. No, We are not upon any gold
Standard but we have disordered and
miscellaneous currency of nine varie-
ties, three metals and six paper, the
product for the most part of Republic
can legislation, rendered worse by the
treasury practices begun by Republic
cans and unfortunately copied by their
Democratic successor. (Applause)
Then consider these facts, gentlemen,
The federal state and municipal taxes
in this country are assessed and paid
by the standard of the whole mass of
money in circulation
GOLD BONDS.
No authority has ever been conferred
| by congress for the issue of any bonds
payable in gold, but distinctly refused.
! The specie resumption aot of 1875 made
! the surplus revenue in the treasury, not
gold only, the money of redemption
provision made by the Biand-Allison
act of 1873 added to our circulation
some $3.50, 900 Of standard silver mon
ey. or paper based upon it, and all that
mass of silver money is sustained at
parity with gold by nothing whatever
on earth but the silver in it and the
legal tender function impaired TO it by
law. CApplause) We have no ont
Standing obligations in the United States
except the small sum of S44, 900, 900 Of
gold certificates, which are specifically
payable in gold, and they, of course.
should be so paid. All of our specific
obigations are payable in coin, which
means silver or gold at the govern
ment's option or in silver specifically
and only. There is more silver, and
paper based upon silver, and that the
gold dollar is not the unit of value is
demonstrated by the fact that no gold
dollar pieces can now, under our laws,
be minted.
NOT GOLD ENOUGH TO DO IT.
If we should go upon the gold stand
ard we must change the existing bimet-
allie standard of payment of all public
debts, taxes and appropriations, saw
ing alone those specifically payable in
gold. As we have twenty billions of
public and private debt. it would take
more than four times all the gold more
than the country can even pay in years
in the principal. We should be cOmpell-
ed hereafter 10 contract the currency
by paying off $500 OO0, 900 of the bank
and Sherman notes in gold, which would
nearly exhaust the entire American
stock in and out OF the treasury and
the same policy would require s104.o00.-
600 of certificates 10 be paid in gold,
also foreshadowed by the present draft
CT NJ
PUBLIC DEBT INCREASE.
This means an increase Of the public
debt by $500, 900 900 with the prospect Of
$344, OO0. 900 more. The disastrous conse
quences Of such a policy are eppalhngly
contemplated and the only alternative
suggested rs the free coinage of silver
at the ratio of 16 TO l (Applause), and
the complete restoration of our herid-
tary constitutional right Of American
money. We pray you make no more
shifts and straddles. Voted not the
country with your prophecies Of smooth
tongues TO change propaganda Gap
plause) the fact that the European ma
tons in the gold standard, renders il
all the more impractical that we should
do so. limited 10 gold in the world have
a longer division and a smaller share
for each nation. Previous predictions
have been punctually refuted when pros
perity was prophesied in the country
upon the unconditional repeas Of the
Sherman act.
TREASURY RAIDED.
Instead of protecting the treasury re-
serve. as II was prophesied ii would do. |
an unprecedented raid was promptly
made on II and The late S200.000.00O OF
borrowed gold have been sufficient 10 |
guarantee its security. Instead OF caUs
ing foreign coin 10 come 10 US i has
stimulated the flow Of gold 70 Europe !
and greenbacks and the Sherman notes, |
which are just as much payable in silver |
as 81 gold. have been used % dip the |
gold out Of the treasury Of the United !
States and TO store il in the gold boxes
Of Europe. In this business. this is
folly. Instead Of multiplying oppOrJuni- |
ties for employment this poo.cy has null |
tiplied idlers.
Instead Of increasing the prices q our
produce. this policy has lowered them. /
il is estimated. about Is per cent in /
three years. Instead of restoring conf /
dence this policy has baniShed conf |
denCe.
NOT RELIEF But MISERY.
Instead OF bringing relief Il has
brought years % misery. and Tor It's |
reason i has contracted the currency Of I
the United States 81 n head for every /.
man woman and child since 1850. and I
with this vast aggregate con -rac-tlr /
the price % land. OF manufactured goods |
and q all kinds % agriculture and me |
chanical oro6uce has fallen. Auc csxes 1
ans debts have grown II bu-5s1 w-iia /
m the other hand the means o. ..e
liquidation has been diminished.
In the msa mime. geatlemE1. CONNER /
Sal failures have progressed wl-l d. 4
Wasting effect, north. s5cal. essst and 4
-5st = tbs nsclon- The L5vi6en5s % 4
,z1k Scccks have shrulksn- Tdre r.
iolrfhs q the railway mileage n = 4
linked States Is now n ne hands o. /
receivers and the country has received =