The herald., 1897-07-06

pie of bimetallism. Why? Because, my
friends, bmtallism is both defensible
In theory and 1t is necessary in fact.
Let me give you the theoretical ad-
vantage of the double standard.
De la Vola has said that If a river
is fed from two sources 1t will oe more
uniform in volume than if fed from
one source, his explanation being that
when one of the feeders is swollen. the
other will be low, or may ba low, and
vice versa. Therefore the volume of
water in the river will change less than
If 1t is fed from one source, and must
change with the change in one feeder.
This illustrates bimetallism. In biInet-
allism the volume of money Ia derived
from two sources, the goli mines and
the silver mines. Sometimes the gold
mines increase in producclon; some
times the silver mines do. In the be-
ginning Of the century we were pro-
ducing So of silver to 81 Of gold. Fifty
years later the world produced " OF
gold to 81 Of silver. Then silver in
creased, and within the last two years,
gold has increased in production. But
II the volume of money is fed from
two sources, that volume is less
changeable, and the value OF the dol
lar is less fiuctuating than II the vol
ume of money is fed from one source,
whether it be gold or silver.
That illustration, my friends, think
Is an apt one, because 1t shows that the
use of two metals derived from vary
ing sources gives more uniform
volume and less changeable unit. On
this point, however, 1 want to remind
you that 1t is necessary that the
debtor shall have the option in order to
maintain bimetallism. I want to prove
1t by an argument so conclusive that
no one will dissent from it, even to
himself. How do we prove that the
debtor should have the option? By
saying that the debtor is a more de-
serving man than the creditor? Not
at all. We put debtor and creditor
upon the same footing. We say that
one is as good as the other; that one
Is as selfish as the other. Then we look
to society to see what the interests of
society are, affirming that the interests
of society are paramount to the in
terests of either debtor or creditor;
aye, the interests of society are greater
than the interests Of both debtor and
creditor. And how is society affected?
WHAT FREE COINAGE MEANS.
Let me show you if we have free and
unlimited coinage at 16 to 1, it means
that by law an ounce of gold is equal
to sixteen ounces of silver. If the
creditor has the option, he can either
demand an ounce of gold or sixteen
ounces of silver. If the debtor has the
option he can pay in an ounce of gold
or sixteen ounces of silver. suppose
the creditor has the option, is he sell
choice, will he take that which is best
for himself? Certainly he will. If an
ounce of gold is worth a little bit
more than sixteen ounces Of silver, the
creditor Will demand gold. If he has
the choice, will he use it for his own
silver can be bought for little less
in the market than an ounce of gold,
he will pay his debt in silver. But what
is the result? Why, If the creditor has
the option and gold Is a little dearer
than silver at the ratio, then the cred
increase the demand for gold, and make
gold dearer still, and the decreased
demand for silver will make silver
cheaper still. If the debtor has
the option and silver is the cheaper
metal, then all the debtors will demand
silver. That is, they will pay in silver
and the demand for silver will raise
the value of silver, and the decreased
demand for gold will lower the value
of gold. In other words, If the creditor
has the option. selfshness, acting
through the creditor, will draw the
metals apart, whereas If the debtor has
the option, selfishness, acting through
the debtor will hold the metals TO-
gether at the ratio fixed by law. That
Is the defense of the debtors option and
~ iS lHulSpeIlSdDle 10 DlmeCaulSm.
[Applause.]
MIR. BRYAN ILLUSTRATES.
Let me illustrate the Importance of
this option. The financial classes are
influential in society. The financial
classes are potent even in politics. The
financial classes are very influential,
both in society and politics. If any
body has any doubt about the influence
of the financial class in politics, 1 can
suggest a way in which he can relieve
his mind of all doubts. Let him run
for President on a free-coinage plat
form, and he neveTmore will doubt the
influence Of the financier in politics.
Laughter and applause.]
Is it well to have this influence used
for the maintainance of the parity be-
tween the metals? Certainly it is
How can you compel the financier tGl
help maintain the parity. By making IL
to his advantage to maintain the par
ity. Give the option to the creditor
and what is the result? Why, you say
to the creditor class that if they will
use their influence to drive the metals
apart and force one metal to a pre-
MUM, that then you will give them the
right to demand the premium and thus
proHt by their action in forcing the
metals apart. But suppose you give
the option to the debtor, then you say
to the financial class that you want
them to help maintain the parity, and
IN order to be sure that they will do
1t, you tell them that If they will use
their influence to force the metals apart
instead of rewarding them by paying
in the dearer metal, you will punish
them by making payments in the
cheaper metal, and thus make it to
their advantage to stand with the
people. [Applause.]
And on this point, let me show YOU
wherein those who demand independ-
ent bimetallism differ from those who
demand international bimetallism.
Those who say that we must have in
ternational bimetallism, that we must
maintain the gold standard until for
eign nations join us, are adopting a..
policy which, in my judgment, will
never result in securing the aid of for
eign nations. You ask why. I saw.
my friends, that great questions Of
state are solved by the application of
the very same principles which we use
In everyday life. There is nothing in
tricate about politics. The biggest
questions that come before the people
are simple in their final analysis. You
ask me why waiting for an international
agreement, and promising to maintain
the gold standard until it comes will
fail to bring bimetallism. And I will
tell you. You send a commission
abroad and what will the commission
say? I will give you about the speech
that must be made, if that platform or
idea Is carried out. If we promise to
maintain the gold standard until those
nations join us, then our commission
a. ~