Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-03-08
BANKHEAD ON B|METTAL|SM
Rafting Speech by the Seventh
District Congressman.
GOLDBUG BUGABO0S BUSTED
Good Authority for the Faith That Is in Him.
Unconyertod Democracy Cheered Him
to the Echo.

Mr.. John H. Bankhead made as clear
and cogent speech for the old demo-
cratic doctrine of bimetallism as ever
was heard in Birmingham.
An excellent audience of representa-
tive, unconverted democrats was at Frs
well hall to hear him, and he thoroughly
entertained it by his eIear-eut, common
sense views of the VeXing financial ques-
ton, sitting the fallacieS of the objections
of the gold standard people SO completes
ly and happily to the comprehension that
his hearers were delighted not only with
the force of his arguments, but his evil
dent familiarity with the very latest
lights upon the issue.
After pleasing introduction by Elk
Mayor Lane, Captain Bankhead went at
once into his argument. He caught his
audience right at the start, and seemed
to anticipate their anxiety that he would
answer this or that popular goldbug
bugaboo, for the frequent hearty APP
plause demonstrated he knew how to
make hit. He had spoken for more
than an hour and spoke of closing, when
he was cordially urged to go on. His
audience was thoroughly in sympathy
with him and exceedingly enthusiastic.
Speaking of the goldbug contention
that the free coinage of silver would
drive gold out of circulation, he insisted
that no satisfactory reason had ever
been given why 1t would. The same thing
had been predicted when the Bland-Alli-
son act was pending, but when that act
was passed restoring silver to legal ten
der quality the figures soon showed an
inflow of gold, so that from 1878 to 1890,
the time of the passage of the Sherman
act our store of gold grew from $3.50, 0O0,-
900 to $3.50 0OO, 900. He completely dis
posed of the proposition that silver COIN
age would drive gold away.
His discussion of the question of parity
was admraDl simple and effective. The
present policy had been to make an un-
limited demand for gold, and absolutely
to destroy the demand for silver. Until
silver was placed upon terms of equality
as to coinage and debt-payng with gold
1t would be impossible to maintain the
parity The parity must do what 1t
promised.
Captain Bankhead in discussing the
word bimetallism and dwelling with
good deal of humorous force upon the
fact that certain gold standard adyo-
Gates are protesting and claiming to be
bimetallists, defined bimetallism as Sec
rotary Manning of Mr.. Cleveland's first
cabinet had defined it, as provision
for the coinage of gold and silver on
equal terms both with full legal tender
qualities. He then read the concluding
clause of the act repeating the purchas-
ing clause of the Sherman law, which
act has the approval of President Cleve
land. The act Is as follows:
And it Is hereby declared to be the pol
icy of the United States to continue the
use OF both gold and silver as standard
money, and to coin both gold and silver
into money of equal intrinsic and ex-
changeable value, such equality to be
secured through international agreement
or by such safeguards of legislation as
Will insure the maintenance of the parity
in value of the coins of the two metals
and the equal power of every dollar at
all times in the markets and in the pay
ment of debts. And 1t is hereby further
declared that the efforts of the govern
ment should be steadily directed to the
establishment of such a. safe system of
bimetallism as will maintain at all times
the equal power of-every dollar coined or
issued by the United States in the mar
kets and in the payment of debts.
Captain Banknead felictously han
died the stock argument about Mexican
izing this country, asking what about
gold standard Brazil. which had been
many times outstripped by silver basis
Mexico, and about gold standard Libe-
ria, to which we shipped loads of our civ
LIZA ton and for which we get In return
after awhile cargoes of starved negroes.
1t was an admirable speech that would
bear many repetition for its clear logic.
apt Illustration. truth and common sense.
Dr. r. Nj. Cunningham, who was on
the stage. was called for but came for
ward and simply read q list of places
which had been agreed upon by himself
and Mr.. M. A. Porter for their proposed
Joint discussion with the statement that
it would be hardly fair ito debate the
question in his absence, ..r-s, -.
Mr.. Lane read telegram from Decatur
to Mr.. s. e. Blackburn saying Morgan
was conceded to Johnston by over 500
majority and the happy crowd Of demo-
Gratis gave way to enthusiastic cheering
which made the big hall vibrate.