Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1897-07-23
OLYMPIA WASHINGTON: FRIDAY EVENING" JULY g. 1897

done? Why, all the political parties
had not declared for bimetallism, fol
their declarations were substantially
the same, and yet when victory had
been won by one party, an effort was put
on foot to repeal the Sherman law
and to put nothing in its place. 1 call
your attention to the arguments that
were made in behalf of that repeal
Mr.. Cleveland, then President, sent a
message to Congress, and in that
message he said prosperity hcsitated
upon the threshold, and went on tc
explain why it was that prosperity
hesitated; why it was that prosperity
would not come into the house. The
explanation was that we had the
Sherman law that provided for the
purchase of silver bullion, and that il
destroyed confidence and checked
prosperity, and we were tod that from
the time this obstruction was taken
away prosperity would stop hesitating
and come in. They repealed the
Sherman law, but prosperity had got
into such habit of hesitating that
she is doing just as she did before.
"And then what? Did those who
made these prophecies confess that
prophecies had failed? Not at ALL
In one of the speeches made by
Hendricks, of New York, in support
of repeating the law, the speaker
said that it would not be three months
after its repeal before England was
over here asking for cooperation in
maintaining the value OF silver by in
ternational agreement. We took his
word for it. The law was repealed, and
we waited three months, and England
did not come. And then we waited
three more months, and England
did not come, and now, as we have
got in the habit Of waiting, we have
waited three years, and yet England
has not come; and don't believe the
fellow ever shed tear because his
prophecy failed. Why? Becaue he
did not want it to come true.
only mention these to show you
the tactics that are resorted to carry
measures. We come down to our
present time. What is this contest
between the standards to-day? Mono.
metallism on one side and bimetallism
is on the other. 1t is the contest in
which we are engaged. No matter
what mans political opinion may be,
no matter what his party affiliations
may be, it is his duty as an American
citizen to look at this, and to decide
which is best. Is there anything that
will throw light upon the subject? ]
might mention some. Before enter.
tering upon this question of free coin.
age of gold and silver I might call
your attention to some things which
may aid your judgment.
"They say We want to try a new ex'
pertinent. l deny it. Sometimes
they talk silver and speak of it as a
craze, and say that it will soon blow
over. never hear them say that but
that l think of the story of the
Nebraska man building a fence. The
country was very windy, and all
wooden fences would blow down al
times. The man was found one day
building fence of mortar and brick
and, when interrogated about what he
was doing, said he was building fence
The visitor asked if he was not afraid
it would blow over, and he replied
Blow over? Not much, and I dom,
care if it does. This fence is five feet
wide and four feet high, so it will bt
higher when blown over than it is
now.' And so it is with the silver
craze. Tha: is the way it is being
built, so that it is wider than it il
high, and when it blows over it will bt
higher than it is now.
Sometimes they call it a disease
and say you have just got to wait un
til it gets out of the blood. You can
not do anything until it runs it,
course. 1t is not right to call any
financial policy a disease, and yet, il
you are going to apply that kind of {
name to financial policy, we have
more reason to characterize the gold
standard sentiment rs a disease than
they have to characterize the bi
metallic sentiment as disease. Our:
is the time-honored doctrine; their.
the experiment. If I were to call the
gold-standard sentiment a disease,
would call it the yellow fever. 1t car
be said of the old fever that when il
wanted to kill any one, it killed the
man who had the fever; while the
yellow fever kills the men who do moi
have it.
81 say bimetallism is an old
doctrine. The law of 1897 provided
for the free and unlimited coinage o.
silver at the ratio of Is to l, and silver
was given unlimited legal-tendel
qualities with gold. But there are
some who insist that there was time
when Jefferson suspended the coinage
of the silver dollar. That is true
There was time when Jefferson sus
pended the coinage of the silver dol
lar, and he did it at the request of the
banks. They said they had rather
have more half dollars, quarter dollar:
and dimes than to have any more