The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-10-03

United States undertook 10 revise the coin
age laws. and they passed what II known a.
the law OF 1s73. by which they reduced the
legal tender value OF silver. by which they
made gold the standard
1T was a righteous and proper lew.
and one that was Intended TO put the COM
mercial interests OF this country on a par
i ity with the other great ciyiliEed nations
or the world IL was q law which was
passed after weeks and months OF de-
liberation. and the man who tells you II
| was a crime. or passed surreptitiously. Is
either knave or fool. We got through
the panic OF 1873 and we resumed January
| i. 1873. upon a gold basis.
! but the silver mine owners had taken
alarm at the overproduction OF silver. and
10 protect themselves they raised the cry
that silver was demonetized. and In an
| evil moment, In 1878. there was passed what
was known as tho Bland bill. by which
the government was authorized TO pur-
chase and coin q. 900 OF silver month.
Not content with this, in 1880. they passed
what was known as the sherman law. by
which the government was TO purchase
400, 900 ounces OF silver a month. and to
coin dollars or issue silver certificates for
| the samo. They loaded up the country
with this useless currency. for nobody took
the silver dollars they are In the vaults
| at Washington to-day: but they 30 load
4
| great panic This panic forced the re-
peal OF the sherman law and left us upon
gold basis.
THE panic OF 1898 was caused by our at
| tempt 10 bolster up silver. We had rur-
chased too much. issued too many certin-
Gates. and like many individuals. who
put out too many notes. our creditors be-
came frightened and questioned our credit,
and the result was the panic OF 1898 We
had change OF administration. and my
democratic friends. or rather the popuistic
ring OF that party, concluded they would
make a new tariff law, and they made
one which would not produce enough rev.
enue 70 run the government The result
was that we had deficiency; and when
the geld reserve began to go down. these
| gentlemen refused to pass law that would
aid In the sale OF bonds.
'"rhe populist thought then he saw the
hour TO destroy the credit OF the govern
ment and force his scheme. and had IL not
been for the noble stand or that honest
man, Grover Cleveland, they would have
ruined the credit OF this country ] never
was a great admirer of his. but pay my
tribute TO him since the day when he said
the credit and honor OF this country should
be upheld The moment Mr.. Cleveland
made his bond sale In that fateful Febru-
airy. 1895. business began TO improve. You
men who work In the shops and In the
stores know II.
"rhe spring and summer and fall OF 1895
saw a fairly good business and IL was In
creasing all tho time. What stopped IL?
Why, in the winter OF 1856 this same rev.
enue bill failed TO produce enough rev.
enue: the treasury was getting empty and
the same populist senator's, I'm pursuance
OF the conspiracy that they had made to
ruin this country or force the free coinage
OF silver, refused any remedial legislation.
and the whole world took alarm. and the
result was a panic commenced, which has
increased and IL will increase and grow
until this country settles once for all that
its currency shall be honest.
THE Bryan crowd will tell you that we
cannot prosper on a gold basis: in fact.
the bulk OF all their campaign is made ur
OF assertions without proof, and II IN al
ways hard to prove n negative. but In this
case we have the best proof In the world
OF the falsity OF their statement. In 1873.
they tell you, silver was demonetized.
You all know that on the first day OF Janu-
airy. 1879. this country resumed specie pay
ments upon a gold basis. We have the
census reports OF 1880 and 1890 and there
fore Il Is easy for us TO compare the
progress OF tho country I'm this period OF
ten years when we had this standard OF
value which they tell you is so destructive
TO business.
II have examined these statistics and
you also know from your own observation
that there never was country prospered
as did these United States OF America upon
this gold basis from 1880 10 1890. In the
whole history OF the Anglo-Saxon race,
looking down through centuries, defy any
man 10 show me period when the race
made such advances as II did during that
time. when the workmen had much
work and received such pay for IL I'm good.
honest money. when the trader prospered.
when the ships sailed the seas and brought
home a profit. as in the period from 1880
to 1890, when we were doing business on a
gold standard.
Take the railway business, which Is
more familiar perhaps. to some OF us than
anything else, and which In one OF the
greatest industries OF the country In 1880
the earnings OF the railways OF the United
states were 1915, 0oC. coo, IN 1890 they had IN
creased 10 1854 900. 900. In 1880 46l. 900 men
were employed I'm this business. and I'm
1890 704, 900. Now, my friends. don't let the
populists get you away from this fact. that
all this Increase was upon gold standard,
and II was only stopped by an attempt OF
the silver people TO debase our standard,
and n on November this populistic snake
that IL killing our credit In crushed we
may look for a development In the next
ten years that will even surpass the devel-
opment OF the ten years | have Just been
speaking OF. Give us an honest standard
and good credit and we will outstrip the
world.
II trust have shown conclusiveiy 20
your minds that the result OF Mr. Bryan's
scheme cannot raise the price OF silver.
but that II will drive our gold out OF cir
CulhtlOU, lnal " VIII tOHAihNA Jul
cy and produce panic. that the present
hard times are not caused by the gold
standard. that our greatest developments
IN the past have been when we were on
that standard, and we can only hope for
future Developments by continuing Il.
This. however. Is not the populist idea.
1.-THE talk about raising the price OF sill
yer was gotten up when the populists
thought they had some chance In the east,
and did not care TO disturb capital and In
vested interest. Long since they have
given this up and now they talk about the
large sums due the bondholders and cred
itors and that we must have a cheaper
dollar with which TO pay these debts. Who
are the great creditors OF this country
Not the eastern bondholder that Bryan In
his Wild trip over the country abuses.
THE great creditor In the wage-earner.
The country owes him more each month.
MANIFOLD. than IL due 10 all the bondhvld-
ers. Take the railways OF this country.
for an example; each year nearly $500. 0oo.-
900 is paid out to their employees In wages.
III you adopt the scheme OF the populist and
1.