The advocate., 1897-11-17
TO the Pree siIver Clubs Of Kansas.


in our cause there is yet much vitality
Free silver is the battle-cry Of the peo-
pie. It was good RepubliCanism; 1t is
good Populism and Democracy. Better
than all, 1t is good citizenship, regard
less of party. This paper Is suggested
not so much by this election, as by GER
tain proceedings at the meeting OF the
State Bankers Association, held at Wich-
ita recently. This association Is COM
posed of gentlemen who know what they
want and how to get it. They were prac-
tically unanimous against silver and
greenbacks One stated very frankly
that gold standard man, If ne really un-
derstood himself, should be Cleveland
Democrat.
But l wish to call your attention to
two propositions there enunCiated. The
first was, that there is money enough
now in the country to transact the busi-
ness, to establish which one Of the ablest
bankers in Kansas City stated that, at
the time Of the last reports, there was
$43O,O00,00O in the banks, $l,6OO,OgO,OO0
in the country outside the United
States treasury, and that the banks
held loans of O0,O0O,0OO. The
second was put forth by one styling
himself Populist. He announced that
he had recently been called upon to ad-
dress body of farmers who had met for
the purpose Of organizing silver club.
He stated that he successfully dissuaded
them from the enterprise by saying to
them that there were 100000 voters in
this country, and only 100000 of them
were farmers under mortgage; that the
mOrtgaged farmers wrere the only ones
who would be benefited by free silver,
and that they could not hope to carry
an election. Hence, the organization OF
silver clubs is useless.
Are these gentlemen correct? Let us
briefly analyze their positions.
II there is $1,000, 900, 900 in the country,
and the banks have loaned $4,000, ,OOO,O 900,
they have loaned S3,4OOO 100000 more
than there is in existence If the banks
have S43O.OOO,00O in their vaults and
there is 81, 100000 900 outside the United
States treasury, then, If all this was de-
posited in the banks, they would have
81 ,1TO, 100000 of money to lend. But by
lending 000O00,000 they lend nearly
five times as much money as Is available
for use. These figures prove that on
certain day the people needed $S,4OO, ,OOO,-
900 more than was in existence; that
they needed it so badly that they bor-
rowed the credit of the banks to that
extent and used 1t as money. For 1t Is
not to be presumed that the people paid
interest on this vast sum just for fun.
They must have needed it. If they
needed that amount Of money, then the
government would have to coin SS,4OO,-
O00, 900 more before meeting the demand,
as shown by the banks. AS no one pre-
tends that such an amount can be Sc
cured in gold, we are willing that 1t shall
be provided in silver.
Now as to our Populist banker. At
first blush one would think that IL the
debtors would be favored by free silver
they would be favored only by being en-
abled to save more than under the pres
ent standard, and If the man who is in
debt could save more under free silver,
the man who is out of debt could also
save more. AT second blush this view Is
confirmed.
But the advocates Of free silver do not
rest their case upon the proposition that
it will enable debtors to pay, important
as that may be; nor upon the PROPOSE
tion that it will restore one Of the great
industries of this country, and to this
extent increase the market for the prod
ucts of our farms and factories, Inn
portant as that may be. The great evil
to which we object is the evil Of a cur
rency continually appreciating in value.
When a currency is appreciating in
value the products Of industry are de-
preciating in price. When commodities
are depreciating in price, one with