The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1897-05-27
"FINANCIAL RELIEF >
SPEECH OF HON. w. d. BYNUM,
OF INDIANA.
The Gold Chairman COnfesses That
Something Should be Done to Pro
vide More Money-Presents
Plan and Discusses 1t.

vide More MOney-HreScnJs
Plan and Discusses 1t.
The Hon. w. D. Bynum, who ran
the Republican annex last fall and
contributed to the defeat of William
Jennings Bryau, and the election of
VIM. Mckinley to the presidency OF
the United States, attracted several
hundred people to the courthouseTues
day night, May is including, about, 150
OF our colored population. There was
considerable curiosity to see and hear
the man who, like Carlisle aud others
the Democratic party had trusted and
honored, betrayed the trust.
Mr.. Bynum is a tall, rather fine
looking and remarkably well preserved
gentleman OF As or so years. His de-
livery is easy and impressive and his
manner far from ostentation. He was
accorded respectful hearing and his
concluding remarks generously ap-
plauded.
The assemblage was called to order
by Mr.. j. l.. Patterson, who in few
graceful words intoduced the speaker
down from the Judges to the floor
stand and in part said
1t is with no common pleasure that
l visit your city and State for the first
time, to meet your people socially and
to discuss with them great question
that involves our very existence. The
State of North Carolina is inseperably
and indissolubly connected with In
diana in my earliest recollections. 1t
is theState in which my ancestors lived
and in my Indiana home l was taught
- anf hnr ff,
promote or retaru the fortunes OF
single individual, not even my own,
but TO assist the people, if that be
possible. in reaching way to solve
our difficulties. l do not disagree
with any one present as to the unsat-
isfactory state Of affairs. Legislation
for years has been in the interest OF
capital and monopoly and prejudicial
to the industrial and producing cias-
ses, and the evils arising from our
present system are so great and bur-
denSome that they have given rise TO
a radical difference OF opinion as to
the cause and the proper remedy TO be
applied. One class of our people be-
lieve the remedy is in free silver, an
other that it can be found only in
gold, and still another that in re-
formation Of our system of taxation
we shall find deliverance. | do not
agree with either class. No govern
ment can tax its people into riches. 1t
would be better to reduce the expenses
of government, which have grown
profligate, than seek relief in a high
tariff.
Here Mr.. Bynum entered into a de-
fence Of the single or gold standard.
He argued well in behalf OF his posi-
tion, and refraiued from saying any
thing offensive about silver. His
arguments our readers are familiar
with, unless they have forgotten the
late presidential campaign. He con-
tended coin could not be made the
standard of any country, as it is the
commercial value of the coin that is
the standard in all the markets Of the
world. Gold forms the standard, said
he, and is the only one in existence,
and when they settle one with another
the balance of trade they do so by this
| standard. Many countries have nc
gold, but gold standard regulates their
values. If by the free coinage of sill
yer, at the present ratio, we could
| make the commercial value of silver
in a silver dollar equal to the value OF
[ the gold in a gold dollar the world
| over, no harm could result. But we
| can't do that. The market value o1
the silver in silver dollar is less thar
| Al cents, If the mints are opened tC
| free coinage the commercial value OF
| the silver in a dollar must rise to Ion
| cents, or the value of the gold in q
| gold dollar come down to Al cents IL
order to obtain parity. The bullior
| value and the money value OF silVe
dollar would remain the same. There
| are nearly six more grains of silver il
| Mexican dollar than in the Ameri
can, yet the former can be bought IL
NY. for AZ cents, aud one of ours will
buy two of them. Why? The Mexi
can dollar here is valued as bullion, a
is our dollars there. 1t takes 210 sill
yer dollars to buy in the city of Mex
leo a 800 draft on New York. TIL
silver is taken as bullion and tn
draft issued on gold standard basis
which prevails in Mexico, despite tn
fact that the country is on silve
basis. You can't bring the two metal
in their commercial value.
Labor carries the standard Of valu
and when you compel the producers
accept standard that has no ffxe
market value you degrade and rui
them. You can't give stability
the value of silver; 1t is too cumbel
some, too abundant. We can't d
business with either silver or gold
we have it piled up In our streets
|, l
markets, produce reaction and rui
values.
After further argument on this liz
Mr.. Bynum asked, "What is the rem,
dy ?" and said: Something has got
: be done, and the time has come Il
not only intelligent, but honel
r action. Why is it that in some Sc
!, | tions money is plentiful and in Othe
scarce? Why is it that in Mass
! chusetts there Is S341 in idle capit
per capita, S299 in New York, ar
: only S5 in North Carolina? The mon,
f is boarded away In the North al
/ East;there is very little boarded in I'll
g South and West. This unequal di
tribution is due to our system of Gu
rency, which is based upon the veal
instead of upon the productive |
dustries of the country. That Is wi
! you can easily sell your city bonds
= the North or East, but can't get
i dollar TO start up your idle factori.
d to develope North Carolina's gre
J. mineral resources. The prOducil
J, sections haven't got money TO produ
with. That's the trouble.
You want a system OF banking th
: will bring you working capital inste
of forcing you to go to the North a
East and pay high rate of intere
2. No patton ever had a sufficient v0lul
= of metallic money to carry on
% trade. What is needed is stability
% credit-in fine, credit money.
It, have none, so far as the product
Of classes are concerned, and have b
none since the tax on State banks v
imposed. We want credit mon
!. based upon our productive resourc
le Our system of currency is sound, |
. oh n