The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-13
DEMOCRACY AND SILVER.
William Jennings Bryan Declares the Party VIII Not
Turn Back.

thus determined our financial policy as
long as the Republican plan prevails.
MUST BE SETTLED FIRST.
NO one believes that bimetallism will
prove a panacea for all political ills.
but the money question must be set
tied before other questions can be
reached Financial independence is a
condition precedent to reform along
other lines. The power that controls
our financial policy can control the
policy Of our government on every
other subject whenever occasion arises
for the exercise Of that control.
suppose, Tor instance. that the money
question We're dropped and the fight
against the trusts made the main is
sue. Much foreign capital is invested
in trusts, and foreign financiers could
announce that any legislation hostile
to trusts would be followed By the
withdrawal of foreign capital and a.
panic. If they can threaten the with
drawal of foreign capital to prevent
change Of our financial policy, they
can threaten such withdrawal 20 pre-
vent the humiliation of trusts or the
regulation of other corporations. Not
only can this threat be made in regard
to cur domestic policy, but it can be
made to prevent the adoption of any
foreign policy which does not meet
with favor in Europe. We cannot
protect the rights of our citizens,
avenge an insult to the flag, enforce
the Monroe doctrine or express our
sympathy with those who are strug-
Cling to be free if we are to be de-
tered by the threats of foreign invest
ors. The right to legislate for our peo-
pie on the money question involves
the right to legislate on all questions,
and until this right is secured the dis
cussion of other questions VIII avail
nothing When we have released our
selves from the dictation of foreign
financiers and overthrown the local
money trust which controls our finan-
cial policy, We shall be in position to
undertake the determination of other
trusts and the protection of our people
from all forms of monopolistic oppres-
sion.
The other planks of the Chicago plat
form are not abandoned. Those who
favor free coinage at 16 to l advocate
and will carry out all the other re-
forms enumerated in the platform, but
they viii not lessen the emphasis
placed upon the money question by the
party itself in its latest utterances
THE RATIO.
But there are some who admit the
necessity for bimetallism and who
confess that il can only be secured by
independent action, but suggest a
change of ratio. They ask, Why 10 to
/? l answer that there are several
reasons. Sixteen to one is the ratio at
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.
To change the ratio by independent
action, besides changing existing con-
tracts, lessening our currency and in
curing great expense. would put US out
of harmony with other nations; eSpec-
tally would il put us out of harmony
with France, the European nation
most friendly to silver, where the ratio
is 151s to 1. If by international agree
ment we should change the ratio to %
to / for instance, it would necesSitate
the recOinage of more than four bill
lions of silver into coins twice as large
crowded the change was made by in
creasing 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; II
would diminish by one-quarter the en-
tire volume OF metallic money of the
WOTlQ. ouEH Il III tAlC NCANAiAS
of money would, in effect, add billions
of dollars to the debts of the world.
Should so great an injury be done with
out the necessity for il being proven
beyond a reasonable doubt2
Bimetallists contend that gold and
silver have been driven apart by hos
tile legislation and that they can be
brought together by friendly leglsla-
ton They contend that legislation faV-
orable to gold has increased the pur-
chasing power of an ounce of gold
throughout the world and lowered the
general level of prices, while the same
LEGISLATION has lessened the demand for
silver and lowered the gold price of
that metal. They contend that the res
tOration of the free and unlimited COIN
age by a great nation like the United
States will increase the demand for sill
yer to a point where the minis Will
require all the surplus silver OF the
world. and thus, by raising the gold
price of silver and lowering the pur-
chasing power of an ounce of gold, Will
restore the parity at 16 to l and there
after maintain the parity at that ratio.
It is true that some bimetalllsts do
not believe that this nation alone can
maintain the parity at that ratio, but
shall the great majority who do believe
surrender their conviction to the COM
paratively few who doubt2 Upon what
principle can a minority demand of the
majority the right to dictate a plat
form? 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 ra-
ito of 16 to l is surrendered our silver
plank loses its force. Those who OPP
pose the ratio of 16 to l are not agreed
among themselves. No considerable
body of men ask for any other specific
ratio.