The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-05

or three years. Mr. St. John, of New York,
has been largely and copiously quoted by
them-president of a national bank until re-
Gently and all that and by the bill which
he procured to be introduced in congress,
and which had the Endorsement of the silver
and Populist sentiment there, they proposed
to bridge over this yawning chasm which
they themselves admitted would open be-
meath their feet by issuing interest bearing
treasury notes of the United States, secured
by deposits of uncoined silver or gold bull
Ion, or by deposit of United States bonds to
be issued, of course, for that purpose
We have $500, 100000 of gold in the United
States, | think more. 1t would disappear at
once in the face of free silver coinage or even
the certainty of it. Let this election go Demo-
cratic-Populist, let the American people re-
cord their will that the coinage of silver shall
be free and unlimited and long before Mr..
Bryan and his cohorts could place the edict
into the form of law the Just financial fears
of mankind would draw that gold from every
vault wherein it lies protected and it would
sink into the earth as the waters which came
down from heaven last night. This bill of
Mr.. ST. John admits, and that disappear
ance is the very ailment which he proposes
to remedy. But in this universal absconding
of gold there would be no gold bullion to
deposit, people would not take it out of hid
ing to exchange 1t for any paper money what
ever of the government which proposed to
make all these obligations payable in silver.
| lApplause) This remedy is counteracted SO
far by the assumption and admission that
gold will disappear
worlds product of silver in 1894 commercial
value) was $216, 1872 200. If we could get the
worlds entire product las could not it
would take three years to fill the void of
$500 600 of vanished gold The nations
of the world will not melt down their coined
silver to deposit it in the United States
treasury and receive merely silver GER
| tificate
But the third alternative is one of most ma
lign portent 1t is proposed to use the interest
bearing bonded debt of the United States in
order that the miner or owner of silver may
take his bullion to the mint meanwhile and
! get evidences of government debt two for one
"a privilege not granted to or claimed by
any farmer, artisan, manufacturer or pro-
Queer upon Gods heritage. l say it is proposed
to use the Understanding bonded debt of
the United States. Now what does this
mean? 1t means increase of the bonded
debt People who have got their bonds as
investment to get their living from in the
way of their annual income, anyone else,
are not going to put their bonds in deposit
in the treasury to get treasury certificate.
And SO the chasm could not be filled in
that way, neither by gold, by silver, or by
the illimitable issue of bonds. So this chasm
| could not be filled They admit it will last
three years. What will take place meantime,
in the very face of the danger of it? We
are in the midst of commercial distress al
most unexampled in our history-a panic
| such as the world has seldom seen. 1t would
throw 100000 men out of employment 1t
would depress and starve the wage-earner,
and it would deprive him of being the best
| SOuSuuleT anu purchaser I1dI the American
| farmer has. and by that reflex action inflict
unexampled misery upon our agricultural
population (Applause.)
| In that state of things the abyss must be
| filled No nation could stand such a con-
| traction. The most radical remedy would be
| absolutely necessary to restore 1t. and there
would be only two-one is to get back to the
honest, solid standard On which all the COM
mercial nations, including The United States,
stand now, or to use irredeemable paper
money, perfectly limitless or illimitable In
its amount. And when that comes to pass,
silver will vanish in the face of paper as gold
has vanished in the face of silver. Gap
plause.) And then you would have another
chasm. another issue of money. The wreck
is complete, and the United States stands en-
tirely on an irredeemable paper money basis
precisely the place we occupied before the
war, and from which we struggled with SO
much passion of honesty and love of national
honor to emancipate ourselves Do you want
that again? Cries of mo. no.')
Senator Davis then took up the
volume of the worlds business, which
Is carried on by means of checks, the
relation of money values to the rise and
fall of wages and wheat prices, and
the result that would follow the en-
deavor to pay off the Indebtedness Of
the nation in cheapened dollar.