The San Francisco call., 1896-07-23

the limited amount of gold approximating
$500, ,000, 900, which an adverse balance of
trade is constantly depicting with all the at
tendant evils OF continuing bond issues.
The Democratic party has declared for the
free and unlimited coinage OF silver at the
ratio of 10 to l without waiting for inter-
national action. Whilst it has made other
declarations in its platform 1t has announced
that the silver question is the paramount issue
OF the day and that to it all other questions
TO be subordinated. It has nominated can
didate of unimpeacha Bile Character of exalted
ability, of inhexibe in tegrity, OF high purpose.
who he's never faltered for moment in his
devotion to the cause of bimetallism. Firm,
but not headstrong; confident, but not self
sufficient near to The people, but not dema-
gogic; determined for reform, yet without a
single ineeno1ary speech or private utterance
to mar his record; possessing happy combin-
alton OF the oratorlcal and logical qualities;
young, courageous and enthusiastic, yet delib-
crate and wise he stands as the ideal candidate
OF movement which, though termed move
ment for reform. really means a return to the
wise conservatism of our fathers.
The issue has been presented by q party
which has been recently discredited before
the country by the financial and industrial
disturbances which it has created through
the repeal of the sherman act and by
threatening and actual tariff legislation.
Dragged into financial agitation by the deter
mined will of an executive whom it has since
repudiated, Il proposes not merely to reverse
legislation already enacted, but TO 20 further
and 10 declare for the tree and unlimited
coinage of silver, and besides it proposes to
guarantee the country against further indus
trial disturbance and any agitation for further
changes in the tariff law, except such as are
necessary to make up the deficit of revenue
This latter announcement is particularly
gratifying to many Of Us who believe that the
silver question and moderate protection are
twin issues; that the former means protection
10 the American farmer against the disastrous
competition of silver countries; that the latter
means protection TO the American manu-
faeturer and his employees against the
disastrous competition OF cheap foreign labor,
and that it is only by the union of
1rNNaT Tra saf
the field or the factory, for mutual protection
that the remorseless power of monetary con-
traction can be stayed. While 1t would have
been wiser TO confine the Democratic platform
to issues concerning which bimetallists would
not differ, thus securing the complete unifca-
ton of all the silver forces, yet q simple cues
tion is presented to sincere bimetaflists
throughout the country, and that is whether
they will permit differences as to non-essential
issues to divide them-thus insuring the defeat
OF the common cause-or whether preserving
their independence of conviction and action
as TO non-essentials they shall accept the brill
liant leader whom the Democratic party has
named, and, uniting all the silver forces wner-
ever organized into one invincible army march
TO victory in November next. 1 spprehend
that the singleness of purpose which has thus
far characterized this organization win be ap-
parent in our deliberations here, and that its
action will be inspired by the highest patriot
ism and by an earnest desire for the advance
ment OF the great cause which means so much
to humanity.
And now, gentlemen, before entering upon
the consideration of the platforms of the re-
spective parties let me correct misapprehen-
sion INDUCED in so largely by the Eastern
press as TO the purpose of this movement. 1t
is not intended TO pay debts with 50-cent dol
lars. or TO drive away gold or TO debage our
currency. Our purpose simply is, by increas-
ing the coinage and use OF silver and by giving
1t equal privileges with gold 10 raise its value,
and by diminishing the strain on gold hich
gold monometallism has caused, to take away
its unjust appreciation, and thus by putting up
the value OF silver and pulling down the velue
OF gold to restore the old ratio. SO that sixteen
ounces OF silver will be worth lin bullion, as
well as in coin) one ounce of gold. Thus the
gold unit Of value-the dollaI-based on both
metals, instead OF one, will be restored and we
shall have gold dollar worth 100 cents in
silver and silver dollar worth 100 cents in
gold.
If we are asked why this rate is determined
upon, our answer is not only that that has
been the customary ratio for years, but also
that the total stock of silver coin in the world
is 81 ,oO0, 100000; that the total stock of gold
coin is approximately the same, and that If
the total stocks of silver and gold were each
melted into a solid mass the silver mass would
be about sixteen times as great in weight as
the gold mass. We also answer that to-day the
relative production OF the two metals is
approximately in the same proper ton. We
must establish by law some relation of value
between the two metals Andwe propose 10
value silver as II will stand after restoration to
equality Of privileges with gold, and not while
1t is discredited by unequal laws,
The restoration Of bimetallism is apparent.
1t viii not only give the world an increasing
sSesse o q IT one TO the in
business, commerce and enterprise, but 1t will
do away with tie dislocation of exchanges
that has existed between the gold-stand ard
and siiver-stGndard countries, q dfslocation
which has immensely stimulated the produc-
ton OF silver-sandard countries in farm prod
ucts and which is about TO stimulate their
manufacturing production, to the injury OF
the gold-standerd countries. Our wheat6elds
and our cotton-felds have already felt the
force Of silver-standard competition for the
prices of Oriental and other sIlver-standard
eountries-aiways stable in silver-have de-
clined in gold, just as gold has appreciated.
The Indian wheat-grower receives to-day
just as he did twenty years ago. an ounce OF
silver for bushel of wheat; he sells it for that
price to the Liverpool importer, who also offers
TO The American wheat-grower an ounce of
silver, which, formerly worth 81 % in
gold, is to-day worth only 65 cents. The re
suit is that the American wheat-grower re
ceives in gold half OF what he received in
1878. And so ii is with cotton and other farm
products with which we pay our debts has con-
stantIy declined, in gold the balance of trade
is against us. and ii must be paid IN gold. We
propose by restoring the old gold price Of sill
yer TO restore old gold price of our farm
products, and TO change the balance of trade
with favorable instead of an adverse balance.
That this ought to be accomplished every one
admits
the Republican party by its plea for inter.
national adjustment admits that the gold
standard is bad thing and that of bimetaf
lism good Ahing, but it claims that bimetal-
ism can only be restored by international ac-
tion. shall not dwell long on this aspect oil
the question. It is sufficient 70 say that the
Republican party limits our negotiation 70
the leading commercial nations, and those oi
course are known TO be England, France and
Germany. While the agricultural and manu-.
featuring classes OF those countries are friendly
to bimetallsm, and while parlie meutsry reso-
lutionS favoring bimetallism have been passed
in each, there is no indication that the execu-
tive department OF any OF those governments
is in any way using its diplomatic powers to
accomplish it. The fact is that the executive
department OF i'm mportance. including our own,
is directed in its financial policy by the gold
monopoly. While France indicates & friendli-
ness for btmetallism, and while Germany in q
measure has relaxed its hostility, both declare