The representative., 1900-10-11
SCIENTIFIC HONEY
As POPULlSTS DE1AND

fCont3nueA EroA Page f.
one of the metals upon which 10 base
paper money. Now, my friends. did
you ever think where that will Head
us to? It will Head to the issue OF bonds.
The Democratic platform says that all
paper money issued by the government
shall be redeemable In cpin. The gov
ernment owns no mines from which to
obtain the coin with which to redeem
it with, how then will It secure the
coin?
Just rs it always has done-by the
sale of bonds. Bonds were sold by
John Sherman to establish the reserve
fund in the treasury and by Cleveland
to replenish that fund. That fund was
placed there as the metallic base for our
greenbacks. Sherman sold 100000, 900
worth Of bonds to get 1t. We have paid
$1O9, geo In interest ON these bonds
since they were issued. Cleveland sold
$262, ,000, 900 of bonds to protect that re-
serve-the metallic basis. We are pay
ing about $4,000, 600 annually as in
terest on that. When the bankers and
bullionists want to force the issue OF
more bonds all they have to do is to
gather some of CUR coin redemption
money and make q raid On the basis
the reserve fund in the treasury. Wa
are absolutely at their mercy That is
what the metallic basis means-bonds
to secure the coin upon which to base
the paper money. That is the sum and
substance OF the coin RECEPTION theory.
In proof of-this l want to refer you to
= very distinguished uthority-Senator
James X. Jones, OF my state, a man who
is at the head Of the Democratic party
as its National Chairman.
On the 23d OF January. 1895. Senator
Jones introduced q bill in the United
States Senate which provided for the
issuing and sale Of $500, 600 600 of bonds
and the retirement of the greenbacks
and incidently extending more privilege
to the national banker. The Republi-
cans have since passed a similar measure.
This sounds little strange, but it is
matter of record and cannot be denied.
In his speech in favor Of that bill, which
can be found In the Congressional Re-
cord dated January %, 1895. pages 1248
and 1249, Senator Jones said:-
THE truth is the silver certificates
are today performing the oflice OF the
paper money Of the country. The green
backs are not performing it. On the
contrary, they are held by the banks tor
the purpose Of taking the coin out of the
treasury whenever they choose to In
crease their holdings In the last six
has been more than fifty millions Il
dollars so drawn out OF the treasury ami
Of the ffty million OF dollars only fifteen
million was drawn out for export. The
to be hoarded-to be held in banks-and
will continue so as long as We allow this
convenient means of depicting the treas
ury to remain in their hands. Whenever
they choose to force bend sale they
can do it by drawing out the gold to the
limit which the president considers dan
gerous. and after the bonds are bought
the gold paid for them can be imme-
dlately drawn out of the treasury to be
boarded in the banks as stated by the
treasurer. And we are no nearer re-
neved after it has been repeated dozen
times, and one hundred million or two
hundred million or three hundred mill
lion Of bonds have been issued than
we were when we began"
This Is the Democratic idea of our pres
snt redeemable in greenback clarrency
in 1895, as expressed by the present Ma
tional Chairman of that party. It bears
out nay idea that coin redemption means
bonds. and as the Democratic party, in
Guiding William Jennings Bryan, is in
favor OF coin redemption paper currency
1t follows thai it is favor of issues
OF bonds to buy the basis ON which that
currency Is to rest. Only recently most
Of the Democrats voted against bonds
and in favor of!greenbacks. Now let US
compare that vote with their vote when
In power. In 1895 the Finance Commit
tee in the Senate reported a bill for
the free and unlimited coinage of silver,
and Senator Allen offered the following
amendment:
Provided. that after the passage OF
this act the Secretary Of the Treasury
shall be deprived OF the power to issue
bonds or other interest bearing obliga-
tOns of the Government unless Congress
shall first declare the necessity therefor,
any act Of congress now in force to the
contrary notwithstanding"
II the above amendment and a substi-
tute had been passed 1t would have pro-
vided for the free and unlimited coinage
OF silver at the ratio OF 16 to with the
provision that the secretary OF the
treasury should have no power to sell
bonds except by express act Of Congress,
and then only in accordance with the
act. That was In the time OF peace.
II the Democrats are opposed to the Is.
sue of bonds then would have been a
good time to go on record. The follow
ing Democrats voted for the amendment.
Bacon, Berry, Blanchard, Call Hill,
Irby, Lindsay and Roach-S.
The following Democrats voted against