The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-02-07
w. J. Bryan Insists That the
Currency Question
Must Be Settled Before Any
thing Else Can Be Settled.
THE AME GOLDPOWER
Which Would Prevent a Return
to BimetalliSm.
Would Prevent the Eradication
of the Trusts.

mun1cat1on to the New York j Journal VIII
liam J. Bryan defends the Democratic po-
sition in regard to free silver coinage and
contends that the money question must
first be settled by the people of this coun-
try before anything can be accomplished
and before disposing of the trusts and
trades cOnspiracies. While the communi-
cation does not appear as an answer to
the recent letter published by Mr.. Arthur
MeEwen, editor-in-chief of the Journal,
it is apparent that Mr.. Hearst has sought
this letter from Mr.. Bryan. 1t is semi
officially announced that the Journal does
not tndorse, as a newspaper, the recent
stand taken by it's editor-in-chief
In assigning his reasons for insisting
upon the settlement of the money question
first, Mr.. Bryan says;
THE power that controls our financial
policy can control the policy of our gov
eminent on every other subject when
ever occasion arises for the exercise of
that control.
Suppose, for instance, that the money
question were dropped and the fight
against the trusts made the main issue.
Much foreign capital is invested in trusts,
and foreign fnanciers could announce that
any legislation hostile to trusts would be
followed by the withdrawal of foreign
capital and panic. If they can threaten
the withdrawal of foreign capital to pre-
vent a change of our financial policy, they
can threaten such withdrawal to prevent
the humiliation Of trusts the regula-
ton of other corporations. Not only can
this threat be made in regard to our do
nestle policy, but it can be made to pre-
vent the adoption Of any foreign policy
which does not meet with favor i'll Eu-
rope. We cannot protect the rights of our
citizens, avenge an insult to the flag,
force the Monroe doctrine or express ouI
sympathy with those who are struggling
to be free if we are deferred by the
threats of foreign investors. The right to
1egislate for our people on the money
question involves the right to Iegislate
on all questions, and until this right is
secured the discussion of other questions
will avail nothing. When we have released
ourselves from the dictation of foreign
financiers and overthrown the local money
trust which controls our financial policy
we shall be in a position to undertake the
determination OF other trusts and the pro-
lection of our people from all forms of
nonopolistic oppression"
In reference to the gold Democrats Mr..
Bryan takes an equally emphatic position
and insists that it will be the height of
folly to make any compromise with error
in order to gain what some people be-
ueve to be temporary advantage
THE other plans of the Chicago plat
FORM" Mr. Bryan writes, ARE not aban-
doned. Those who favor free coinage at
Is to 1 advocate and will carry out all
the other reforms enumerated in the plat
form, but they will not lessen the en-
phasis placed upon the money question by
the party itself in its latest utterances.
But there are some who admit the ne
cessity for bimetalIism and who confess
that it can only be secured by independent
action, but suggest a change of ratio.
They ask, Why Is to 1? I answer that
there are several reasons. Sixteen to one
is the ratio al which we had free coinage
from 1884 to 1873 1t is the ratio now
existing between the gold and silver coins
in circulation, and it is more favorable to
gold than the ratio now existing in most
European countries.
ITO change the ratio by Independent &C
ton, besides changing existing contracts,
1essening our currency and mourning
great expense, would put US out of har-
Tnony with other nations; especially would
it put US out of harmony with France,
the European nation most friendly to sill
yer, where the ratio is 1515 to l. If by
international agreement we should change
the ratio to 80 to 1, for instance, it would
necessitate the recoinage of more than
four billions of silver into coins twice as
large Crowded the change was made by
increasing the size of the silver cOins).
To double the size of the silver coins of
the world would diminish by one-half the
silver money of the world; it would dimin-
ish by one-quarter the entire volume of
the metallic money of the world. Such
a. shrinkage of the volume of money
would, in effect, add billions of dollars to
the debts of the world. Should so great
an injury be done without the necessity
for it being proven beyond a reasonable
doubt?
1T is true that some bimetallists do not
believe that this nation alone can main
tain the parity at that ratio, but shall the
great majority who do believe surrender
their conviction to the comparatively few
who doubt? Upon what principle can a
minority demand of the majority the
right to dictate a platform? Those who
are opposed to the gold standard must act
together and the plan of action must be
determined by the majority. The moment
the ration of 16 to 1 is surrendered our
silver plank loses it's force Those who
oppose the ratio of 16 to 1 are not agreed
among themselves. No considerable body
of men ask for any other special ratio.
ITO abandon the ratio would be wrong
in itself and as impolitic as it would be
wrong If the Democratic party were to
allow its policy on this question to be de-
termined by a few doubling Thomases, or
by the deserters who supported the enemy
in the great struggle between Democracy
and plutoeraey, it would lose the respect
and confidence of those who now look to
1T as an efficient means of restoring gov
eminent to the people. To turn from its
clear and courageous enunciation to wal
low again in the mfre of ambiguity and
deception would be to ALLEVIATE those who
have been drawn to it by the platform of
1885,