New-York tribune., 1896-08-27
THE GREAT ARGTMENT.

With Republican conventions in several States.
powerful speeches by Mckinley and Reed and
other Republicans, conventions Of gold Demo
Gratis throughout the country. each with its per-
tinent resolutions and speeches and impressive
list Of voters the great speech Of Bourke Cock
ran. and the crushing letter Of ex-Mlnister
Phelps there has been broadslde Of argument
against Free Silver and Free Rioting such as
has not been directed against public enemies
within so short time in any campaign for many
years. 1t comes rightly too, earlier in the con-
test than such important appeals usually APP
pear: for the strength Of errors and prejudices
TO be overcome is appreciated. and campaign
Of education requires time for such addresses
and documents to reach voters throughout the
country. But it is inspiring to see the work be-
gun admirably by great leaders. by the vet
cran Sherman and others who have spoken by
ex President Harrison tonight. and host of
others who have won Republican victories for
many years. seconded now by an army Of the
ablest and most highly honored Democrats,
whose words carry weight with millions TO
whom Republican arguments might be addressed
in vain
II Is not contest ended. but well begun,
though as to the main issue involved the argu-
ment might almost be said to have closed. All
that the silver millonaires could say. employ
anybody to say in their behalf, has been re-
lterated for years in the Senate. in thousands of
speeches elsewhere. and in books and documents
without number Mr. Bryan's speech was only
a condensed review Of all that had been offered
on that side. But what is left Of the silver argyll
ment to-day!
The pretence that silver coinage was secretly
stopped has been completely refuted by Sen
ator Sherman and others that 1t is not surprising
to find Senator Stewart retortng in offensive
language The speeches of Stewart and Jones
themselves prove the untruth Of that pretence,
which has often been exposed conclusively by
extracts from the official records. The history.
printed in "McPhersons Handbook for 1890
page 157, left nothing Of consequence to be add
| ed. The pretence that silver was covertly de-
monetized. the supply OF coined money les
sened. Is fully refuted by official records proving
that only S.O31 23S standard dollars had been
coined in eightyo years prior to the act of
| 1873. while 40 79OO41 have been coined since
that act-more than fifty-three times many.
What is left of the argument that prices have
been depressed by dsuse of silver? Figures show
that It Is not true that silver retains its for
mer purchasing power in India or China: statis-
ties of ocean and rail freight rates and of the
vast increase in the worlds production prove
/ that these causes suffice 70 account for Il very
large share Of the decline in prices; evidence Of
the enormous increase in efficiency Of labor by
| means of inventions covers another large share.
Mr. Bryan's assertion that rail rates had not
| "bcen reduced TO keep pace with the fall in
prices" Is shown TO be false in report TO the
| last National Board of Trade, for the decline In
| freghts from Isl cents per ton per mile In 1870
TO 76 Of | cent in 1893 was greater than the de-
cline in prices Of commodities.
The argument that debtors would gain Mr..
Bryan himself has been forced TO deny, in stating
his belief that free coinage would raise the price
of silver to par in gold But. if men do not feel
| like stalking the prosperity and earnings and
property OF great Nation on this one mans
belief. it has been proved that the vast majority
of the people are creditors and would be robbed
by deprecated dollar. What is left that can
be called argument? The railings of the Anar-
chists. the base appeals of the demagogues TO
| passion and ignorance. are not arguments, and
when the minds Of honest and thinking millions
have been set right. they will know how to take
care Of all such abomlnations.