The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1896-08-20
BRYAN TO THE NATION.
Speech of the Democratic Candidate at Madi=
son Square Garden, New York.

Suh cohpeiieu 10 pay Sl,OUO, although II may
be twice as difficult as formerly 10 obtain
the dollar with which to pay the debt. The
wage-earners have been injured by n gold
standard, and have expressed themselves
upon the subject with great emphasis In
February, 1898. n petition asking for the
immediate restoration of the free and I'M
limited coinage Of gold and silver at 10 to l
was signed by the representatives Of all, or
nearly all, the leading labor organizations
and presented to Congress The farmers and
wage-earners together constitute a consd-
cradle majority of the people of the coun-
try. Why should their interests be ignored
In considering financial legislation?
Our opponents have made q special appeal
to those who hold fire and life Insurance poll
cies, but these pOlcy-hoders know that since
t the total premiums received exceed the total
more benefit to the compaiies than to the
policy =hUlders: Much solicitude has been ex-
pressed by our opponents for the depositors
In savings banks. but these appeals will be
In vain, because savings banks depositors
know that under a gold standard there Is
increasing danger that they will lose their
deposits because Of the inability of the
banks to collect their assets and they still
further know that il the gold standard is to
continue indefinitely they may be compelled
to withdraw their deposits In order to pay
| living expenses.
1t Is only necessary to note the Increasing
number of failures In order to know that
| gold standard is ruinous to merchants and
manufacturers These business men do not
make their profits from the, people from
people to whom they sell their goods. II the
people cannot buy, retailers cannot sell,
and, II the retailers cannot SELL wholesale
merchants and manufacturers must go into
bankruptcy. Salaries In business occupations
| depend upon business conditions, and the
gold standard both lessons the amount and
| threatens the permanency OF such salaries.
| The professional classes, In the main, receive
| their support from the producing classes.
and can only enjoy prosperity when there Is
prosperity among those who create wealth.
1ts Effect Upon All Classes.
| have not attempted to describe the effect
Of the: gold standard upon all classes-in
| fact, have only had time to mention few
but each person will be able to apply the
| principles according to his own occupation.
| 1t must also be remembered that 1t is the
desire Of people generally to convert their
earnings into real or personal property.
This being true, in considering any tenn
| porary advantage which may come from a
| system under which the dollar rises In Its
purchasing power, 1t must not be forgotten
that the dollar cannot buy more than for
merly unless property sells for less than
formerly. Hence It will be seen that a large
portion Of those who may find some pecuni-
ary advantage in n gold standard will dis
cover that their losses exceed their gains.
Jefferson has said that one Of the main duties
Of government Is to prevent men from In
Turing one another and never was that duty
more important than 1t Is to-day. 1t Is not
strange that those who have made profit
by furnishing gold to the Government In
the hour of its extremity favor a financial
policy which will keep the Government de-
pendent upon them.
In 1869 Senator Sherman said: "The con-
traction of the currency Is a far more dis
tressing operation than Senators suppose
Our own and other nations have gone
through that operation before. 1t is not pos
sible to take that voyage without the sorest
distress. To every person, except a capital
ist out of debt or salared officer or annuI-
tant, 1t Is period of loss, danger lassitude
Of trade. fall OF wages. suspension of enter
prise, bankruptcy and disaster. 1t means
ruin to all dealers whose debts are twice
their business capital. though One-third less
than their actual property. 1t means the
fall Of all agricultural production without
any great reduction of taxes. What prudent
man would dare to build a house, a railroad.
factory or barn with this certain fact
before hlm?''
When Mr.. Sherman describes contraction
Of the currency as disastrous to all the peo-
pie except the capitalist out of debt and
those who stand in position similar to his,
he is stating truth which must be apparent
to every person pe,so.,d who VIII give the matter
that time speaking of the contraction of the
volume Of the paper currency. but the prin-
ciple which he set forth applies II there is
q contraction Of the volume of the standard
the same principle In connection with the
demonetization of silver. Speaking In the
House Of Representatives on Feb. Z. 1878,
he SAID: 81 believe the struggle now going on
In this country and other countries for a sin
gle gold standard would, II successful, pro-
duce widespread disaster in and throughout
the commercial world. The destruction of |
silver as money and the establishing of |
gold MS the sole unit of value must have |
ruinOus effect on all forms Of property, ex-
cept those invested which yield a fixed re- |
enhanced in value, and would gain dIspro-
portionate and unfair advantage over every |
other species Of property"
Is 1t strange that the 'hOlders Of Invest |
can regard the destruction of silver with |
cOmplacency? We may not expect tha hold |
ers OF other forms of property to protest |
against giving to money 'disproport!onate !
cies OF property" If the relatively few |
whose wealth consists largely In fixed In
vestments have right to use the ballot to
enhance the value of their Investments,
use the ballot to protect themselves from
the disastrous consequences of a rising |
standardf The people who must purchase
money with the products Of toll stand In a
OF those who own money or receive fixed
income. The -well-being of the nation-ay, Of
civilization II n itseifmdepsnds upon the pros
to have dollar which grows more valuable
every day II such dollar lowers the stand
ard Of civilization and brings distress to the
people2 What shall 1t profit us If trying
to raise our credit by increasing the pur-
chasing power Of our dollar we destroy our
ability to pay the debts already contracted
by lowering the purchasing power Of the
products with which these debts must be
paid2 If 1t is asserted. as 1t constantly is
asserted, that the gold standard will enable us
to borrow more money from abroad. l reply
that the restoration of bmetallism will restore
and thus permit nn era Of prosperity which
Will enable the American people to become
loaners of mo2Ary Instead Of perpetual bor-
rowers Even IL We desire to borrow, how
system which, by lowering the value of
,weakens the foundation upon
which credit rests. If the holders Of fixed
Investments will not listen to arguments
them to consider the interests of posterity.
Not New Experiment.
As against the maintenance of Csid
either permanently or unfit other
nations can be united for its overthrow, the
oht oh1taeo platform presents clear and ni. EN-
tiOn of free and unlimited coinage Of silver
and gold at the present legal ratio Of 16 to
without waiting for the aid or consent Of
my other nation. We are not asking that !
new experiment be tried: we are insisting
upon return to a financial policy approved
by the experience Of history and supported
by all the prominent statesmen of our nation
from the days Of the first President down to
1873. When we ask that our mints be opened
to tie free and unlimited coinage of silver
into full legal tender money, We are simply
nsking that the same mint privileges be ac-
corded to silver that are now accorded to
gold. When we ask that this coinage be at
the ratio OF 16 TO /, we simply ask that our
gold coins and the standard silver dollar
which, be II remembered. contains the same
amount of pure silver as the first silver dol
lar coined at our mints-retain their present
weight and ineneSs.
The theoretical advantage Of the bimctallic
system Is best stated by European writer
IN political economy, who suggests the fol-
lowing illustration: A river fed from two
sources Is more uniform In volume than
river fed from one source, the reason being
that when one of the feeders Is swollen the
,ther may be low; whereas. n river which
las but one feeder must rise or fall with
hat feeder. SO, In the case of blmetallism;
he volume of metallic money receives con-
ributionS from both the gold mines and the
silver mines. and. therefore, varies less, and
he dollar resting upon the two metals is less
.hangeable in its purchasing power than
he dollar which rests on one metal only. IL
here are two kinds of money the option
must rest either with the debtor or with the
'reditor. Assuming that their rights are
,qual, we must look Mt the interests of soci-
,ty in general In order to determine to
which side the option should be given. So
,iety is interested In having the option
by the debtor. Indeed there can
,e no such thing real bimetalism unless