The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-09-19
PILGRIMAGE TO
THE SHRINE

TContfated from First Pdoe.I
really ratification OF the many triumphs
that have been achieved by the Republican
candidate since he began receiving those who
call to congratulate him and themselves upon
the work of the Republicans in their National
convention. am sure that all of US can say
that we are glad to be so near our candidate
and to contribute a little more to the busy po-
ntical life of this city of Canton.
The all-absorbing issue in this campaign I'D
to this time has been that of the present none
tary system as opposed to the free and I'M
limited coinage OF silver proposed by the
Democrats in their Chicago convention.
The necessity of utterly defeating the Demo-
cratic proposition must be apparent to you all.
The free and unlimited coinage of silver by
the independent action of this Nation would
bring financial disaster and general distress
such as we have never before known. The
maintenance of the present monetary system
is the policy of honor, and to that the Repub-
hcsn party is committed now, as it always has
been in the past.
Governor Bushnell was heartily APP
plauded. and when he introduced Senator
Cullom of Illinois there was a storm of
cheers. Senator Cullom said:
MI OL9 ID Ill Jul duQ Oub AcC-LIEQSE dS
well as for free silver. Can we stand free sill
yer and free trade +? don't want either. We
have had four years. experience of what we
may expect all the time under free trade. God
alone knows what will become of the country
if we try the experiment of the free and I'M
limited coinage of silver at 16 to 1.
Fellow-citizens feel as sure of what 1 am
going to say as 1 am that there is an all
wise overruling Providence-that If the people
n the TTnitpd States will at Ia naYt a1aotioY,
place the Government back into the hands of
the Republican party, with William Mckinley
as President and with Congress in harmony
with him on financial and tariff questions
prosperity and confidence will come again to
the people. Do you not believe it so Will
you do IL +? have faith that you will.
What period of distress for the past three
years. Plenty of money, but locked up-no-
body, in fact wanting it or daring TO invest it.
1 am reminded of the lines: ''Wster, water ev-
erywhere, but not drop to drink. Water,
water everywhere, but all the boards did
shrink"
Fellow-eitizens, the Republican policy of
protection is still O living issue-it will remain
An issue until the Wilson-Gorman bill is re-
pealed and a measure framed on protection
lines is adopted and approved by President
Mckinley. We reaffirm our belief in the doc
trine of protection to American industries and
industrial workers, whether in the shops, on
the farm or in the factories, in the mines
wherever they are.
Now, tellow-citisens let US see about the So
called silver question. They say that gold is
growing scarcer and increasing in value; that
gold is approaching ms tead of silver depreciat-
ing, all of which makes it more Durdensome
to the debtor. Let us see how this is. During
the last 100 years the quantity of gold pro-
duced in the world has increased from about
$33, 0OO, 900 annually to $1,000 900, while
the population has simply doubled. Let Us
see further. OF the gold produced in the world
100 years ago SO per cent was coined. Now
Go per cent is coined. Therefore the amount
of gold in the world per capita is four times as
much as 1t was 100 years ago.
The total money in the world-gold, silver
end paper-has increased 400 per cent during
the last 100 years. OF the money in the world
100 years ago Do per cent was of gold; 1t is
now 80 per cent. AS to the increase of bank
checks, drafts, etc., which go to take the place
of money, the banking facilities of the world
have increased 100 per cent.
Let us refer again to the proposition of
Bryan and Altgeld and their followers. They
say that gold is dearer than it was in 1873,
and that we need more money. The truth is,
for very many years the price of money has
been getting cheaper. The legal rate of in
terest on money is less in our State than It
US ed to be. 1t has fallen from 10 to per
cent, and I think men do not pay more now
than or per cent and the Government is
able to get it for 3 per cent and sell its bonds
at premium, while before the war 1t paid
per cent and sold its bonds at a heavy dis
count. On the basis of 100 for wages in 1860,
wages in 1892 were 1881 per cent-an in
crease OF nearly 20 per cent, while the pur-
chasing power of wages increased about 80
per cent.
Mr.. Altgeld and other Popocratic leaders
say the present dollar is a 2OO-cent dollar,
while the dollar before 1878 was q 100.cent
dollar. In the first place the statement is not
correct, but if ii were which would you rather
have, a dollar worth 200 cents or . dollar
worth 80 cents? They say nobody ever saw a
50-cent dollar. Nobody ever saw an American
dollar In coin that would not circulate any
where In this country and in many foreign
countries at its nominal value.
suppose 1t is true that our dollars are ZOO
cent dollars. How many of these have we in
circulation According to the last treasury
, statement we have more than 1900 900, 600.
consisting OF gold, silver and paper, one dollar
just as good as another. per capita circula-
ton of nearly $50. II Bryan, Altgeld and their
associates are right. then our money In circu-
| lation is equal to So 600 900 900, or about $44
per capita. As their platform only calls for
roo per capita they ought to be satisfied with
sysn LeS us see what |9 f happen as IN IN me
Chicago convention. Our gold would leave
us, to be hoarded-that is certain-a contrac-
ton OF $500, 900 600.
The remainder of orr money will shrink in
purchasing power equal TO the difference be-
tween the par value of the dollar and the
bullion price of silver. The difference is now
about AZ cents. So that our circulation will
be contracted TO that extent and we will have
less than 50 per capita in circulation of actual
money where we now have $22.
Mr.. Bryan says we would, no doubt, have q
panic at first after the adoption of free COIN
age. He admits that much. He doesn't say
whether it will be just a little wave which
will wet the toes and scare the timorous or
whether 1t will be tidal wave which will en-
gulf the Nation. We are not children in expe-