Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-07-08

too. that the gold standard means con-
traction and the organization of dis
aster. What hope is there for the coun-
try and what hope for the Democracy
unless the views Of the majority here
shall be adopted? Do not the people
know that it was not silver legislation,
hut legislation dictated by the advocates
of the gold standard that has caused
and now continues the financial depr5s-
sion? Do they not know that when
their demands upon Democracy were
complied with in 1893 and the Sherman
law repealed without substitution,
that the very sections of the east that
demanded il turned against the Democ-
racv who granted it and swept away
their majorities in torrent OF ballots.
Had the silver men had their way then,
instead of the gold monometallists,
what storms of abuse would here to-day
he emptied upon thsir heads; but the
people. applying the power OF memory
and analysis alike TO
DISCOVER THE CAUSES
Of their arrested prosperity, need not
go far to find them. They do not Tor
get when Democracy came TO power IN
1sq3 II inherited from its Republican
predecessor the tax system and the cur
rencv system of which the Mckinley
law and the Sherman law were the cui-
minating atrocities. 1t came TO power
amidst a panic which followed upon
their enactment with strikes, lockouts'
or civic connections while the
scenes of peaceful industry in
Pennsylvania had become military
camps. Besides manifold oppres-
i've features. the Mckinley law mad
thrown away fifty millions Of revenue
derived from sugar under the spectral
plea OF a free breakfast table and mad
substituted bounues TO sugar planters,
thus decreasing revenue and increasing
expenditure. thus burning the candle at
both ends and making the people pay
twice for their alleged free breakfast.
From the joint operation of the NC
Kin,ey law and Sherman law and ad-
verse balance of trade was forced against
us in 1893. A surplus OF one hundred
millions of dollars in the treasury was
converted into a deficit of $4,000, 600 in
1894 and engraved bonds prepared by
A REPUBLICAN SECRETARY
TO borrow money to support the govern
meme were the Ill omens OF the Qre-or-
ganized ruin that awaited the incoming
Democracy and depleted treasury.
More significant still, the very authors
of the il!-starred Sherman law make
shift were already upon the stool Of pen
ance. and were begging Democrats 10
help them put out the confiagration of
disaster tina, they themselves had kin
died.
So far as the revenue to support the !
government is concerned, the Demo-
cratic party with but a slender majority |
in the Senate. was not long providing it !
and had not the Supreme Court of the
United States reversed its settled doc
trine Of 1C0 years, the income tax incor-
porated in the tariff bill would long
since have abundantly supplied it.
Respecting finarce, the Republicans,
PoDulists and Democrats, while differ
ing upon almost all other subjects, had
united in 1892 in declaring for the res
toration of the American system of BIZ
metallism. BY Republican and Demo-
cratic efforts alike, the Sherman law
was swept from the statute books, the
eagerness to rid the country Of that Re-
publican incubus being so great that
no prudent effort was made to provide
a substitute. In the very act OF the
Sherman law repeal it was declared 10
be the policy of the United States CT
America to continue the use of both gold
and silver as standard money, and to
coin them into dollars of equal Intrinsic
and exchangeable value. The Repub-
lean party has now renounced the
creed of its Platform and of our natinoal
pledges and presented to the country
the issue Of higher taxes, more bonds
and less money. 1t has proclaimed at
last, throwing away the DISCUSSES, the
BRITISH GOLD STANDARD.
We can only expect, should they sue
coed, my countrymen, a season OF panic
and eng protracted period OF depres-
sion. DO not ask us then to join them
in any of their propositions. Least OF
all ask US to join them upon the money
question and fight sham battle over
settled tariff, for the money question is
the paramount issue before the Ameri-
can people, and it involves true Am
ericanism more than any economic is
sue that ever was presented to a presi-
Dental election THE existing gold
Standard Whence comes the idea
that we are upon it,
Consider these facts gentlemen: The
federal. State ard municipal taxes IN
this country are assessed and paid by
the standard of the whole mass CT
money in circulation. No authority has
ever been conferred by Congress for
the issue of any bonds. payable in gold
but it has been distinctly refused. The
specie resumption in 1875 made the sur
nus revenue in the treasury, not gold
only. the money of redemption. Pro
vision made by the Bland-Allison act OF
1878 added to our circulation some three
hundred and fifty millions of standard
silver money CT paper based upon II, ana
all that mass of silver money IS sustain
ed at parity with gold by nothing what
ever en- earth but the silver in II ana
the legal tender functions impaired TO
It by law. (Applause).
We have no outstanding Obligations
in the United States. except the small
sum of forty millions OF gold certlf-
Gates, which are
SPECIFICALLY PAYABLE IN GOLD
and they, of course, should be so paid.
All of our specie obligations are paya-
BILE in coin, which means silver or god
at the government option, or in silver
specifically and only. There is more
silver and paper based upon silver, in
circulation to-day than there is Of gold
or paper based on gold, and that the
gold dollar is not the unit Of value is
| demonstrated by the fact that no gold
dollar pieces can now, under our laws,