The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-13
BRYHN'S OPINION.
New York JOurnal.)

some Of the reasons which lead me to
believe that the money question presents
an issue which is still paramount i'll
Importance. In the platform adopted
at Chicago the Democratic party said:
nec0gniZing that the money question
Is paramount to all others at this time,
we invite attention to the fact that tEne
Federal Constitution named silver and
g0Id together as the money metals or
the United States, and that the hrSt
Coinage law passed by Congress under
the Constitution made the silver dollar
the monetary unit and admitted gold
to free coinage at a ratio based upon
the silver dollar unit
After thus elevating the question TO
the place of supreme importance, the
platform proceeded TO point out the eff
feet of an approaching dollar, and de
clared the unalterable opposition of the
party to the gold standard, characteriz-
ing 1t as both un-American and anti
American. The platform specifically
demanded:
Fir>t-Thc free and unlimited coinage
of both silver and gold at the present.
legal ratio of 1G to /.
Second-That the standard silver dol
lar be made Il full legal tender. equal
ly with gold, for all debts, public and
private
Third-The enactment of such legisla-
ton as will prevent for the future the
characterization OF any kind of legal
tender money by private contract.
Fourth-That the United States shall
not surrender its right to redeem it's OBJ
legations in either gold or silver.
Fifth-That the government shall not
issue interest bearing bonds in time OF
peace.
Sixth-That the government shall not
surrender to national banks the right
to issue paper money.
While the declaration against nation
al hank notes is not part Of the SILVER
plank, the division line between those
who favor independent bimetallism anu
those who oppose it is almost identical
with the line which separates the ad-
vocates of government paper from the
supporters of national banks of ISSUE
and the two questions will be settled to
gether Nothing has happened since tn"
election to lessen the real or leatlye
Importance OF the money question. IL
the gold standard was bad in 1896, IT IL
still bad; if our present financial sys-
tenn was un-American and anti-Amerl-
can in 1885, it has not become natural
lied since that time.
In 1896 independent bimetallism was
pointed out as the only remedy for the
gold standard, and the failure of our
Monetary Commission to secure inter
national bimetallism strengthens our
contention The Senate has recently
nut itself upon record in favor of that
plank of our platform which declares
that the silver dollar shall have debt
paying power equal to the gold dollar,
and that the government shall not sur
render its right to redeem coin obliga-
tions in either gold or silver. and the
House has declared against the prOpC-
sition. The effort Of the Secretary of the
Treasury to secure authority to issue
more bonds and his demand for the re
tirement of the greenbacks are in direct
opposition to the positions above stat
ed. Thus it will be seen that events.
not free silver agitators, are keeping
the money question before the country.
The evil effects of the gold standard
are 50 apparent that the Republican
party refuses to become sponsor for the
system, it is SO indefensible that even
Secretary Gage. in his recent speech ut
Philadelphia, took occasion to say that
the President is in favor of international
bimetaltsm and has the support of all
his cabinet in his effort to secure the
cooperation Of other nations in getting
rid Of the gold standard.
But while the Republican party,
through the Chief Executive, still holds
out the hope OF international bimetal-
hsm. none Of the party leaders say q
word in defence of the double standard,
independent or international. Why noti
Because international bimetallism can
only be defended on the theory that the
existing gold standard is unsatisfactory,
and the Republican leaders know that
the Republican party has no real inten-
ton of abandoning the present gold
standard, and they cannot, therefore,
afford to say anything which would
make the people dissatisfied with ii.
Neither do they, as n rule, say anything
in favor of the gold standard, because
to do so would at once raise the ques-
tion: Why, then, is international BIZ
ntetallism desirable? Occasionally a
speaker will be found who will take
both sides OF the question. as did Mr.
Gage at Philadelphia. After trying TO
show that the gold standard had been n
great blessing to the laboring man, he
declared it to be the intention Of the
Republicans to substitute another sye-
TEN. The question at once arises, If
the gold standard has been Il blessing
! TO the laboring man, why does not the
Republican party advocate It's reten-
ton, rather than its abandonment? In
ternational bimetallism will have exactly
the same effect as independent bimetal-
lism in raising prices. If fall in prices
is an advantage, then a rise in prices
cannot be desirable; and if, on the 9th
or hand. a rise i'll prices, whether OBJ
tanned through Independent bimetallism
or through an international agreement.
is good. then the fall in prices caused by
THE gold standard must be admitted to
have worked an injury. The fall in
nrices. extending over the last twenty
five years. has, in fact, been disastrous
IN the producers of wealth in every
cold standard country Of the world.
France now desires to abandon the
gold standard: the German Reichstag
declared for international bimetallism
in 1895: the farmers and laboring men
of England are now protesting against
the gold standard. Can any Democrat
dnnv that relief from the gold standard