The herald., 1896-10-11
w I1I1N1VIIN0.
Los Angeles, October 8, 1896.
FREE SILVER AND PROTECTION.

FREE SILVER AND PROTECTION.
|, Editor Herald: In discussing the poll
tical question, after having answered
all the objections that are raised against
the free coinage Of silver and having
presented some facts to my goldbue
friends which they cannot answer, they
invariably end up by saying that they
are In favor of silver too, but that they
believe that the tariff is the most i'm
portant issue before the people today
and that is the reason that they intend
to vote for Mckinley.
NOW l am believer in a protective
tarin, too, and that Is one of the main
reasons I have for favoring silver be-
cause 1t Is one of the most important of
our products and I see 10 reason why
we should protect everything else and
not II TOO. When l consider that there
ls only AZ per cent difference between
the Wilson bill and the Mckinley tariff
l cannot see how this should have such
disastrous effect on the country and
the cause of our troubles lies elsewhere.
Some OF our goldbug friends claim that
under free coinage that the silver dollar
would only be worth SO cents while 9TH
ers admit that 1t might be worth az high
as 75 cents. but no more outside of the
United States. Now If this should prove
70 be fact, what better protective tar
III could we possibly have? It would
give US a protective tariff of, say. 25
cents on every dollar, and If the Euro
pean countries should refuse to receive
our SILVER dollar as claimed, then we
would not buy European goods. but
wouid use goods manufactured at home
ana this would open all the factories of
our own country as 1t has In Mexico and
Japan and give employment to thous-
ands or Workingmen that now cannot
ano anything to do and being on:u H.
n f1as,
troll the markets OF South America and
ASIA. because we could take their silver
at par and they would not have to dis
count it by buying Of gold standard
countries.
Our gold Republican friends FREQUENT
~ claim that all our hard times during
CleVelanTs administration is due to
free trade" but where the free trade
comes IN l cannot see, although have
been Republican myself and last voted
Tor Mck1nley's nomination, believing
him to be in favor of silver from all he
had said in the past. 1 am convinced
that the cause OF the depression is the
system or contraction pursued by the
banks and the wild stories that have
been told by our opponents of the terri
Die Things that would happen ii Bryan
was elected, which is now reacting
against themselves. To anyone that
doubts this. would like to call their at
tention to the following circular, copied
from the little book entitled Money and
Prices:
THE PANIC CIRCULAR OF 1893.
Dear Sir: The interests Of national
bankers require immediate financial
legislation by congress. Silver, silver
certificates and treasury notes must be
retired and national bank notes upon a
gold basis made the only money. This
will require the authorization of from
$500, 100000 to 81, 600, ,00O, 900 of new bonds
as basis Of circulation. You will at
once retire one-third of your circula ton
and call in one-half of your loans. BE
STRINGENCY FELT AMONG YOUR
PATRONS, especially among influential
business men. Advocate an extra ses-
sion or congress for the repeal of the
purchasing clause of the Sherman law
and act with the other banks in your
city In securing large petition to con-
gress for Its unconditional repeal, per
accompanying form. Use personal in
f1uence with congressman and particu-
larly let your wishes be known to your
senators. The future life of national
banks as fixed and safe investments de-
pends upon immediate action, as there
is an increasing sentiment in favor of
government legal tender notes and sill
ver coinage.
4, Now, let any man read this over and
then can he doubt any longer? AS it is
now 1t Is question whether the govern
mentgruns the banks or the banks run
the government, and am sorry to say
that 1t looks very much like the latter.
The idea of our great government being
at the mercy Of q few bankers in New
York City who can dictate what terms
they please, Is very repugnant to me and
to every true lover Of his country that
has his eyes open. The trouble is that
too many rely only on what their papers
say and very few papers today are tell
ing the truth because they do not dare
to- for fear of being boycotted. To my
own personal knowledge I have seen
several instances of this.
The banks did proceed to carry out
their instructions and what was the re-
suit? There were Is, sos failures in that
year. amounting to $3S2, ,153, ,676, business
was stagnated throughout the entire
United States and In our city alone,
two-thirds of the banks had to close
their doors. The Sherman bill was re-
pealed with many promises Of better
times In the future, but unfortunately
we are waiting for them yet and must
continue to wait as long as the gold
standard Is in force. All the tariff bills
In creation cannot make good times
when the people have not the money to
buy with. and 1t makes no,differencs
how low prices are under, such condi-
fr q ~ ovrflo