The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-04

| over to the banks the power to eX-
pand and contract the money of the
country, the result would be speedy
/ ruin. The panic of 1893 Was brought
about by the hanks which refused to
allow their deposits 10 get into circu-
| latiOn. Previous to that time we had
! fair degree of prosperity. and here
| we are, living example of the powers
! of bank credit. The banks expanded
! or contracted their funds at pleasure,
was in the control of 1000 or 5000
| bankers.
why not have money in circulation
instead of bank credit? Money in
plenty to maintain the credit of the
nation, controlled only by the nation?
1t is the purpose of the gold power
to force the money of the country in
the hands Of the money power, result
| that will cause continuance of hard
times
IF there is not gold enough, / pre-
| fer to coin silver rather than borrow
British gold. They tell us silver has
not been demonetized. Silver had been
! coined from the foundation of our gov
eminent down to 1873. 1t was in the
markets at premium over geld.
Only a few more than 100000 of the
standard silver dollars had been coined
up to that time. 1t was the money
| conference held at Paris, and which
John Sherman attended, that demon
| etiZed silver, at the beheSt Of British
gold owners. By the action of that
| conference, adopted in the United
[ States, the money function was taken
| away from silver. The act was I'M
! constitutional for the constitution rec
| ognizes silver as we'll as gold as the
nations money, and congress had no
right to strike it down. Now, let US
remonetize it and Increase our basic
money one half, and when we fail to
| have enough, let us issue the paper
note to perform the function of money.
| The gold bugs say such reconciliation
| would be reputation, that the silver
| dollar would be only worth 50 cents.
| They tell us our widows would be
! paid our life insurance money in so
cent dollars, that labor would receive
so cent dollars for wages. No man in
the nation wants to evade payment
of his debts. l want to tell you that
If there is any power on earth that
would repudiate it's debts, it is this
same British money power. When l
was a boy I was taught that en- mills
made cent, ten cents a dime, ten
dimes one dollar-and it didn't say
gold dollar, either. Mr.. Hanna may
have changed the arithmetic since
my time.
What would happen if silver should
be taken to the minis to be coined with
out restriction? Every man who had
silver bullion would take it to the minis
and receive full value in coin for 1t.
Every man who had 41214 grains of
silver the commercial value of which
is less than 81, could take it to mint
and have it coined into one dollar. No
man would foOlishly sell his bullion for
less than he could get for 1t at the
mint. Our enemies tell US the dollar
would be worth only SO cents, but in
the next breath say the silver miners
10 fc Toll
They appeal to a base passion by telling
us the silver miner would make money
by free coinage They forget the miners
are American citizens, that they have
millions invested, that if they make
money under free coinage, it is but
their good fortune and due Suppose
they should tell us that free silver
should be opposed because the farmer
and the laborer would be benefited?
Yet that is the fallacy Of their argu-
ment.
But as an illiterate ignorant Popu-
list, I cannot see where the silver miner
is to make this ~ cents. The dollar
will be worth one hundred cents, the
miner can make one no better; he must
pay it out at the same value. They
tell us they want International bimetal-
lifm, but they forget that if bimetallism
is wrong as to the nation, it is four
fold wrong that such a system should
be imposed upon the world. / tell you,
the moment this government declares
for free coinage, silver will go to $1.29.
| The seal Of the government stamp1Will
| create the value. faf@ 81 E.s 1.ss
THE gold bugs say if you open the
mints to free coinage all the foreign
| countries. will dump their silver upon
us, flooding us with cheap and worth
! less money. If a man should throw
| cart load Of standard silver dollars in
! pr.1 IL
rested? 1 say let them send their sill
YER And if they should, If all the coin
ed silver in the world were dumped
upon us, we should only have about
$50 a head. We have now bank credit
to the amount of $50, and we used to
have more. I wish we had the money
| instead of the credit. sns
a'Such arguments may brighten some
people, but I tell you that a prospect
! of free coinage and plenty Of money in
! circulation will not frighten a Populist
| Republican figures, printed in 1892,
| show that European silver is. coined at
a ratio of Is and 1513 to 1. The loss by
| transportation, by extraction of alloy,
| by abrasion, according to this same
Republican argument, will result in a
| loss Of 81 cents on each foreign dollar.
=! But suppose all this foreign silver
| should be brought here and coined at a
| loss, what will be done with it? Take
| it to the treasury and get gold for it?
| No, there's no law requiring the re-
| demption of silver with gold. If the
American dollars, be taken back to the
| land from whence the silver came, they
| become bullion again three miles from
our shores. But these dollars might be
! invested in our goods, in building fac
| tories, in improving lands, in furnish
| ing employment to our 100000 idle
| men, provide food for hungry women,
buy shoes for naked feet-that's what
would happen il foreign silver should
be dumped in our midst, and l say let
the dumping process begin"
Referring to the Mexican question,
Senator Allen declared the laborer in
Mexico is better off than the starving
millions of the United States, who are
| living off labor organizations. Labor
ers are not coming to this country
| from Mexico, but hundreds and thous-
ands of Americans are going to Mexico,
where there is enormous improvement
| and development in railway building
and in industrial lines. Salaries paid
| to skilled American laborers are higher
| than that paid for the same service in
! America England is not dumping sill
yer on Mexico, though free coinage
| is Mexicos standard There can be
no comparison between Mexico and the
| United States. Men, not coin, make the
alton. Mexico is more prosperous, but
no more enlightened under free silver
| The United States, with all her adj
vancement in civilization is behind
Mexico in prosperity. This country has
no reason to appeal to England or other
| foreign nations, to take this decisive
and important step. The spirit of pa
| triotism that broke the chains of
British despotlsm in 1776 will again
manifest itself this year, when the
people will arise and show their might
| by driving the English money power
1 from the country.