The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-22

| lican party made the first and only attempt
| to retire the greenback. 1t passed what Is
called the resumption act of that year. By
this law the president was authorized to issue
bonds, purchase gold, redeem greenbacks. as
they were presented and cancel them as they
| were redeemed, until the amount outstanding
| did not exceed $500 000. .000 This, l say, was
| the first attempt made by the Republican
/ party to undo the bad work they had done.
and II Is worthy OF all commendation from
u.s. But In 1885 they amended that law, and
they provided by that amendment that the
greenbaeks were not to be cancelled, but
should be reissued, put again into circu-
| iation and again redeemed. This constitutes
| what President Cleveland has so aptly char
/ acterized
THE ENDLESS CHAIN"
The greenbacks are presented paid for In
gold, put into circulation and again re-
deemed, again put in circulation and again
redeemed, and so on and ad infnitum 1t
is like the buckets upon the endless chain,
/ they go into the treasury and dip out its gold
and pass out and go around the circuit, then
tney come in and dip it out again and so on
and on and on. Now, this you see Is kind
Oh redemption which does not redeem; it is
redemption without salvation. Now when the
gold becomes low in the treasury the presi-
dent is required by this law to sell bonds
puy goid Tor the purpose of redeeming these
greenDacks; that Is the system under which
| we are working, and that is the reason why
president Cleveland was obliged to issue
bonds to purchase gold.
Solomons temple was one of the seven
| wonders OF the age and its magnifcence and
! its richness was beyond the power of a poets
description. It was shingled and veneered
| with plates of FURNISHED silver and gold. 1t
/ was sort of bimetallic temple as you might
say There 1t stood upon Mount Moriah,
dazzling like the sun in its brightness, the
glory OF Israel, the envy of the world. A
| standing temptation and standing invita-
tion to all the mercenary hordes of the East
to come and plunder, and come they did. The
AsSyrfan and BabylOnian and Greek and
Egyptian swept down upon Jerusalem and
burnt and pillaged and plundered until all
that remained of Solomon's magnificent tenn
pie was a smouldering heap of monumental
rubbish. So we, under this system, are piling
and collecting in the treasury magnificent
heap of gold. 1t lies there idle and useless,
perpetual temptation to all men and to
every nation to come and take it whenever
they want it. And they come Very much
of the gold that was drawn out in 1892 and
1898 went into the Golfers Of Austria and Hun
gary, and Russia, even this year, has been OBJ
tanning gold in order to redeem her depre-
ciated silver. If she goes to the Bank Of
France for gold they charge her premium.
So, too, in London and Berlin. But she can
come to the United States and simply en-
ploy one man to>turn the crank Of this end
less chain and she can get all the gold she
wants out of our treasury without paying
cent of premium. Whenever trust COM
pany an insurance company has an ac-
emulation of money on hand which it wishes
to invest in bonds, it sets the endless chain
at work, draws the gold down in the treasury
until the president is compelled to issue
bonds then 1t buys the bonds with the very
ROlQ which II mas Drawn out Oh the treasury
Such. gentlemen. is our moneytary system
and it is this law of 1875 not the law of 1873,
which has placed the finances of this govern
ment under the control Of Wall street and on
the money power, but the legislation which
has done that is your work, my Repubi-
friends, not ours. Now what will the
three candidates who are asking for our votes
do with this endless chain system.
WHAT REMEDY
do they propose for the disease? Why, Mr..
SaU thQt hQ yUil r0dnpm
backs with silver, and when they are re-
deemed he will reissue them. Where will he
get his silver? The government owns none,
it must issue bonds to buy silver. This then,
is no remedy 1t is merely the substitution OF
one disease for another, that is all. Tom
Watson, Bryans kicking mate, has char
acteristic way of his own. He would not re-
deem anything now and forever. Put him in
power and he would run this government
without taxation, simply by the activity Of
the printing press. Well, now, what says Lii
Hung Chang of Canton? Hear him as he
trips to the front door steps and welcomes
the same old crowd with the same old smile.
The same old band plays the same old tune
and the old speech is greeted with the
same old cheers and the same old operator
telegraphs the same old story over the same
old wires and in the morning it appears fresh
and dazzling in the same old newspaper.
Now what does he say? What will he do
with this Endless chain" business? Hear
him, fellow citizens: I'VE must raise the
tariff" Raise the tariff. Why, gentlemen, he
raised the tariff six years ago, and he raised
the powers below that preside over the tariff
Raise the tariff. The people are not taxed
enough yet. That is his remedy Why, he
was not always thus. After President Cleve-
land had turned over to Mr. Harrison treas
ury filled with $37500O,O 900 surplus, Mr.. Nc
Kinley said the surplus must be reduced, and
that the way to reduce the surplus was to
reduce the revenues which produced the sur
plus, and the way to reduce revenues was to
increase the tariff and so he brought in little
bill to raise the tariff and it was entitled 'sAn
act to reduce the revenues Now he pro
poses to pick up that bill again and scratch
increase the revenue" Why. what q paradox
ical nostrum this is. 1t kills and cures at the
same time there is no remedy in that But
if we turn to the battle battered veteran from
Illinois, John M. Palmer. we know what he
will do with this endless chain. He will
smash it. He will
RETIRE EVERY GREENBACK
from circulation. He will put this govern
ment upon the basis of a sound money. He
lar the best dollar that the world owns
That is what Palmer will do. And that is
why shall vote; not for Mckinley, but
for Mr.. Palmer. (Applause.) Now one word
about silver. It was in 1873 that silver was,
as they say, "demonetized;" at that time
we had no gold or silver in circulation,
nothing but deprecated greenbacks. In nv
Judgment the act of 1873 not wise Iegis-
latfon at that time. I think that the green
backs ought to have been cancelled and re-
tired first and the coinage reformed after
wards. Since then silver and gold have
parted company, and today the silver in a
silver dollar is worth only about one-half
the gold in gold dollar. Since that time,
too. fifteen of the largest commercial ma
! tons of the globe, including ourselves, have
stopped the free and unlimited coinage of
silver. Now, Mr.. Bryan tells us that this
action OF the nations has caused silver to
decline in value. think he is partly right
IN that. 1t closed demand for silver. it
lessened the demand, and it seems to me
must therefore, have lessened the value;
but there was another element which entered
into it. find by looking at the statistics
that in the year 1873, when silver was. as
tney say, demonet1zed, we purchased five
million six hundred thousand ounces of gold
1875 we purchased ten million ounces of
gold and one hundred and seventy-fve mil
lion ounces of silver. The production of
gold nad doubled while the. production of
much gold in 1895 as we did in 1873, but three
times as much silver. Nowhere was an in
creased production meeting diminished de-
mand for silver, and it seems to me ii is
the true explanation of WHY silver fall II II
the markets. 1t was governed by the law
OF demand and supply. But Mr.. Bryan saws
II does not make any. difference. 1--WE will
overthrow the economic law of demand and
supply by an act of congress-"
l do not think he can do it. Mr. BRYAN
admits that fifteen nations sent silver down
ana now he asserts that one nation can send
1t up. Ihat is If we tumble into fifteen
foot well, we can get out of it with a one
foot ladder. No man yet was able to ar
,complish that feat. daughter and applause.)
IN Ia doiS. tnat same year under free and un-
LIMITED coinage there existed difference of
two cents between the value of the silver
contained in silver dollar and the value
OF the gold contained in a gold dollar Now
ask you In all seriousness If free and un
limited coinage then in full force could NOT
eliminate the two cents difference between
gold and silver at that time how can it
today eliminate fifty cent difference between
fun mo a e.