The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1900-09-29

" and probably keep mp their COM
merce. Let me illustrate that: / have
made for the purpose some figures
which viii call to your attention.
.-nppose a New York merchant Is trad
ing with Shanghai. one of the great
ports OF China. Now the unit of meas
ure In China Is Chinese weight OF
silver known as the tael. There are
various sorts OF taels: that which il
most usually referred to Is the tael
which. at original parity. was, think.
equal to $i.A of American money In
gold, Now suppose that a New York
merchant fits out a cargo which he
starts to Shanghai He figures now,
when the tael Is worth $I.a, that II
he can sell his cargo in Shanghai for
nifty thousand taels he will get enough
return TO all his expenses Of OPP
Grafton, the original cost OF his goods
and n fair and reasonable profit. He
must get fifty thousand taels. Now,
II when his goods get to Shanghai the
tael is still worth dollar and thirty
four cents, he will get in dollars, IL he
gets nifty thousand taels. fifty thous-
and times 3l.34, or. SCI, 200. This rep
resents what he must get in order to
make profit. Now suppose that when
he sends this cargo to Shanghai he
ninety days against his correspondent
in Shanghai for the amount OF these
goods, and suppose that during the
ninety days silver falls 10 per cent.
When these goods arrive and are sold
and when the hill OF exchange is paya-
BILE in shanghai the tael Is no longer
W nth $l.Si but only $3.50. At that rate
fifty thousand taels would be $50 800.
In other words, the tael having fallen
IN value 10 per cent ne gets fewer dol
lars for his fifty thousand OF them In
other words, he has lost on his traESac-
ton by the fall in silver exchange the
difference between So 600 and $50, 800.
or $500. How long will your New
York merchant continue In business
when losing or likely to lose 5000 on
every cargo? On the other hand, take
the case of a Shanghai merchant ship
ping to New York; and suppose that
he will get his expenses back and the
necessary profit IL he sells his cargo for
$4,000, and that ne draws his ninety
day bill OF exchange in the same way
II silver remains worth $l.34 per taeI
he will get, when he sells for $50. 900 In
New York. 1910 taels; but suppose
silver falls so that a tael is only worth
$l.eo6 then $4,000 will bring Al. $50
taels. In other words he gets ALSO taels
more for the gold value OF his cargo
than he would have gotten il silver
had remained at par. so that his profit
has been increased 400 taels and he
will keep in business so long as silver
continues to fall But your gold ex-
porter from New York. who lost $500
on the cargo. will go out of business
unless by some kind of gambling on
the market he can forestau the prob
Oh 81 IDa-
my friends. IL comes to this to be as
brief as possible. that you cannot open
up China, you cannot continue to de-
velop the silver using countries of the
world, unless you either put them all
on the gold standard or you restore the
par OF exchange so as 10 leave out the
gambling element in commerce be-
tween the gold-using and the silver
using nations. (ApplauseD But you
cannot. my friends, you cannot put the
whole world on the gold standard with
the present supply OF the worlds gold
There are four times as many people
not on the gold standard as there are
go that basis To make the present
output Of gold then serve four times
as many people would be 70 reduce
prices almost in that awful proper
ton. and that calamity the world could
tl-
only alternative, is to hestroe the. pari-
ty between gold and silver and you
can only do that by opening up the
minis of great nation or several great
nations. as the case may be so that
commerce will. by giving employment
10 the silver that will seek the mint
make it worth as much as gold: and
then you will have restored the parity
between gold and silver and you can
draw bill of exchange on any part
of the world and know precisely how
much II will bring when IT comes to be
paid. Our friends who have been GO
ing over TO the gold standard during
the past four years, after quitting II
in 1886. have jumped at the wrong
time.
Now. my friends. briefly. I have re-
fsrred In passing to the legislation of
last March. I want to call your atten-
ton to the fact that the Republican
party has contaminated what 1t start
ed out to do four years ago. or has
nearly contaminated it. We were then
afraid that the statement in their
latform. that they proposed to try to
get an international agreement for the
free coinage of silver was not an hon
est one. Now we know 1t was not.
WILL A MAN WHO VOTED
AGAINST THE PERPETRATION OF
A TRICK FOUR YEARS AGO VOTE
TO SUSTAIN 1T NOW THAT HE
KNOWS 1T WAS \ TRICK? In 1896
the national platform OF the Republi-
can party said: We are therefore OPP
posed to the free coinage Of silver ex-
cept by an International agreement
among the leading commercial nations
OF the world, which we pledge ourselves
to promote. and until that can be Sc
cured the existing gold standard must
be maintained" What did that mean
' meant that they wanted. IL they
were honest, international bimetallism:
that they would only put up with the
gold standard temporarily as a neces-
sary evil. The principle of the gold
standard was not indOrsed or they
would not have said their desire was
or bimetallism. The Republican
platform adopted in June 4. Philadel-
phia says: We renew Ou- allegiance
to the principle Of the gold STANDARD
Now. my friends. you don renew a
thing that never existed. You iOE't re-
affirm a thing that never was firmed
at least nobody bus ;Ic Republican
party does. The Republican party says
II reaifrms the principle" Of ths gold
standard. When did It ever afIrn 1t ?
Never in the world The W p.1tfoI N
was for the principle Of bimetallism. 1t
has never yet, until this year. de-
Clared for the gold standard. There
fore, my distinguished friend in this
community or any other. who went O'.t
with MS in 1896, because the leade shin
of the Republican party repudiatal tire
time hnnored doctrine of bimetdl''s f1