The times., 1898-02-07

can confront a nation. namely, the right
of the people to legislate for them
selves. The Republican platform is the
first platform which ever declared IN
favor of repeating the Declaration Oh
Independence. That platform express
ly transfers from America to Europe
the right to determine the nnanciaf
p6licy OF the United States. According
TO that nlatform, the American people
should seek international cooperation
in restoring bimetallism, but must
maintain the gold standard until that
co-operation is secured. The Repubii-
can plan is to invite foreign assistance,
but while we may invite, European
nations are at liberty to refuse the in
yitation. and they have thus far done
so The Republican platform, there
fore means that we must have the gold
standard. as long as European nations
favor the gold standard, and can have
bimetallism only when they consent to
il.
Recent events have demonstrated
that Europe has. turned the money
question over to England, and England
seems TO have turned it over to the
English financierS, who, on the 22d or
last September, met at the clearing
house. pledged themselves to secrecy,
decided upon the gold standard, and
thus determined our financial policy
as long as the Republican plan prevails
mo one believes that bimetallism viii
prove panacea for all political ills,
but the money question must be settled
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 eSer-
else Of that control. Suppose. Tor m
stance 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
financiers could announce that any
legislation hostile to trusts would be
followed by the withdrawal OF foreign
capital and panic. If they can threat
en- the withdrawal of foreign capital to
prevent a change of our financial
palicy, they can threaten such with
drawal to prevent the annihilation OF
trusts or the regulation of other cor
porations. Not only can this threat De
made in regard to our domestic policy.
but il can be made to prevent the adop-
ton OF any foreign policy which does
not meet with favor in Europe. we
cannot protect the rights OF our clti-
Zens. aNenge an insult to the flag, en-
force the Monroe doctrine. or express
our sylnpafhy with those who are
struggling TO be free if We are to be
deferred by the threats of foreign in
vestors. The right to legislate for our
people on the money question involves
the right to legislate on all questions.
and until this right is secured the dis
cussion of other questions will avail
nothing. When we have released our
selves from the dictation of foreign
fiuaneiers 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 peo-
nile from all forms of monopolistic
The other planks OF theChicago plat
form are not abandoned. Those who IA
vor free coinage at IS to ! advocate and
viii carry out all the ether reforms emu
merated in the platform, but they viii
not lessen the emphasis placed upon
the meliey question by the party itself
i'm its latest utterances.
Tha Ratio Discussed.
But there are some who admit the
necessity for bimetallism and who con-
fess that il can only be secured by in
dependent action. but suggest a change
of ratio. They ask Why l6 To /: ] an
syrer that there are several reasons.
Sixteen 10 ] is the ratio at which We
had free coinage from 1854 TO lsi5. IL
II The ratio now existing between the
gold and silver coins IN circulation, and
ID is more favorable 10 gold than the
ratio now existing I'm most European
countries.
.sTa change the ratio by independent
action. besides changing existing con-
tracts. lesseninE our currency and in
curing great expense, would put us out
Vi harmony with other nations. espe-
CiaIly would IL put us out ef harmony
with France. the European nation most
friendly 10 silver. where the ratio ~
I5i. tu l. IT. by international agree
ment. ave should change the ratio L. y
70 T. Tor instance. IA would necessitate
the recuinage of more than four bill
ions of silver into cuins twice as large
tprovided the change was made by in
creasing the size Of the silver coinsp.
To double the size Of the silver coin of
ths world would diminish by onc-half
the silver money OF the world; il would
diminish by One-quarter the entire vol
ume Of metallic money Of the world
Such a shrinkage in the volume 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 it being proven
beyond a reasonable doubt?
'Bimetallsts contend that gold and
silver have been driven apart by hos
tile Legislation, and that they can be
brought together by friendly legisla-
tion. They contend that legislation ia
vorable 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
restoration Of the free and unlimited
coinage by great nation like the
United States will increase the demand
for silver to a point where the mints
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 IS to /, and there
after maintain the parity at that ratio.
Ii is true that some bimetallists do not