Indianapolis Journal, Indianapolis, Marion County, 13 August 1896 — Page 2

THE INDIANAPOLIS JOURNAL, THURSDAY, AUGUST 13, 1893.

drtake. You have been tried In public station. You have always done your entire duty. "While you are a. Democrat, and have, during: your political career, been an ardent advocate of Democratic principles, you are now the official head of an organization compriing not only those who have hitherto been Democrat, but also including within its membership numerous othtr patriotic Americans who have abandoned their former partisan associations, finding in our platform and candidates a policy and leadership adequate to save the Republic from Impending dangers. Your conduct has been such that you can. In this crisis, without doing: violence to any opinions heretofore expressed, advocate the interests of the people. The profound satisfaction which we experience at your candidacy is of minor importance when compared with the knowledge that your election nians the maintenance of an honest government, administered for the benefit of all and controlled only by intelligence, conscientiously directed. "The conflict now upon us has for years been foreshadowed. Its importance cannot be questioned. The prevalence within party lines of .vitally divergent views, especially upon financial issues, has long been apparent. The vain hope has been Indulged that fortuitous circumstances would develop conditions rendering definite action unnecessary. Unmeaning platforms, words imsceptlble of interpretation according to the preferences of the speaker or the auditor have been employed by the political parties of the United States. The supposed expediency has prevented the use of plain and positive language until political duplicity has excited universal distrust. "In this campaign the Republican party pledges Its adherence to the gold standard and commits the destiny of the United States to the keeping of foreign financial syndicates and their agents here, and rests confident In the belief that the sordid selfishness by which It Is controlled cannot be overcome. Its platform admits the evils of a gold standard, but confesses the party's Inability to afford relief, and announces supine submission to a policy which It pretends to condemn. Patriotic courage Is more than a reminiscence. The Democratic party declines the unmanly suggestion that the people of the United States cannot escape oppression save at the will of the oppressor. Its declaration of principles not only evinces faith in the bimetallism of the Constitution, but proclaims that this government Is competent to declare and maintain Its own policy without reference to the caprices or wishes of any other power. It denounces as un-American the theory that we are not independent in matters financial, and contends that there cannot be any .freedom here If fiscal policies are to be dictated from abroad. To doubt your election Is to deny the manhood of our electors; to concede that the producers of the United States, those who toll, those who add to the wealth of the land, will vote to perpetuate alien domlnancy is to assume. In the face of conclusive proof to the contrary. Ignorance and degradation. We are convinced that victory awaits the people and their Just cause, and. assure you of the earnest support of an overwhelming, majority of your fellow-citizens. "Arthur Sewall. of Maine: You were nominated by the nattonal Democratic convention which assembled in Chicago on July 7 for Vice President of the United States, and the notification committee appointed by the convention is here to apprise you of such nomination. This honor was conferred upon you not merely in acknowledgement of admitted personal worth, but because you also possess in a marked degree the specific qualities essential to the proper discharge of responsibilities which you will be called upon to assume. In this season of candid expression, of unequivocal avowal, no more appropriate choice could have been made. Your sympathy with the principles announced in our platform Is not of recent date. You have proven your fealty to Demcracy under trying conditions. Residing In a community intensely Republican, with no hope of political preferment, and asking no favors from an adverse dominant majority, you have loyally sustained your position and have never hesitated to profess the doctrines of a faithful Democrat. Upon the absorbing financial issue as presented by our convention you have been round when the hour of triumph seemed remote, and when arrogant money-changers throughout the world boasted that the conquest of the American masses was complete. In thus inferming you of the convention action we take occasion to assure you that we -do not doubt that you will in public station utilize your abilities and energies In the effective and upright manner which has attended your exertion in private station." "When Mr. Bryan took the parchment there was a wild burst of applause, and while it was still filling the hall Chairman Danforth said: "Fellow-citizens The next speaker needs no introduction at my hands, for his name is a household word throughout the land. I have pleasure in presenting to you tho Democratic notnlnee for President of the United States, the lion. William J. Uryan." (Applause and cheers.) The applause continued for some time and was renewed again and again, Mr. Bryan standing and waiting for an opportunity to begin his speech. Finally National Chairman Jones said: "I appeal to this crowd to bo In order. Please be in order." No attention was paid to the appeal. Mr. Danforth in turn said: "Will the audience be in order? Let the audience be in order." '

MR. DUYAX'S SrEGCII. Views of the Democratic Candidate on the Income Tax Question. Finally Mr. Bryan himself managed to still the applause, and began his speech amidst comparative silence. He said: "Mr. Chairman. Gentlemen of the Committee and Fellow Citizens I shall, at a future day and in a formal letter, accept tho nomination which is now tendered by the notification committee, and I shall at that time touch on the Issues presented by the platform. It is fitting, however, that at this time, in the presence of these hero assembled, I speak at length in regard to the cafnpaign on which we are now enter inc. We do not underestimate the forces arrayed against us. nor are we unmindful of the Importance of the struggle in which we are engaged, but. relying for success upon the righteousness of our cause, we shall defend with all possible vigor the positions taken by our party. We ure not surprised that some of our opponents, in the absence of better argument, resort to abusive epithets, but they may rest assured that no language, however violent, no invectives, however vehement, will lead us to depart a single hair's breadth from the course marked out by the national convention. The citizen, either public or private, who assails the character and questions the patriotism of the delegates assembled in tho Chicago convention, assails the character and questions the patriotism of tho millions who hav arrayed themselves under the banner there raised. "It has Ixen charged by men standing high in business and political circles that our platform Is a menace to private security in! public safety: and it has been asserted that those whom I have the honor for the time being to represent, not only meditate an attack on the rights of property, tut are the foes of social order and national honor. "Those who stand on the Chlcarro platform are xrpar-d to muko known and to defend every motive which Intluenccs them, every purpose which anlmatrs them, and every hope- which inspires them. They understand the genius of our institutions; they are stanch supporters of the form of government under which we live, and they build their faith upon foundations laid by the fathers. Andrew Jackson has stated with admirable clearness and with un emphasis which cannot bo surpassed both the duty and the sphere cf government. lie said: 'Distinctions In society will alwnvs er:st under every lust government. Kuualttv of talents, of education or of wealth cannot Ih produced by human Institutions. In the full enjoyment of the gifts of heaven and the fruits of superior lndustrv. economy and virtue, every man Is equally entitled to protection by law.' SOCIETY NOT TO HK OVERTURNED. We yield to none In our devotion to the doctrine Just enunciated. Our campaign has not for its object the reconstruction of he fruits of a virtuous life: we would not nvade the home of the providtnt In order to supply the wants or th spendthrift We do not propose to transfer the rewards of Industry to the lap of Indolence. Property Is and will remain the stimulus to endeavor and the comiH'nsatloil for toil. e believe. as asserted in the Declaration of Independence, that all men are created equal, but that docs not mean that all men are or can be equal in possessions or merit: it means that all shall stand equal before the law, and ths;t government officials shall not, in making, construing or enforcing the law. discriminate between citizens. "I assert that property rights, as well as the rights of persons, are safe in the hands ef the common people. Abraham Lincoln, in his message to Congress in December. 1S01. said: 'No men living are more worthy to be trusted than those who toll up from poverty; none.less inclined to tako or touch aught which they have not honestly earned I repeat his language with unqualified approval and Join with him in the warning, he added, namely: 'Let them beware of surrendering u. political power which they already posses and which oower. if surrendered, will surely be used to close the doors of advancement against such as they and to fix new disabilities til burdens on them, till all of liberty

shall be lost Those who dally follow the injunction: 'In the sweat of thy face shalt thou eat bread.' arc now. as they ever have been, the bulwark of law and order the source of our Nation's greatness in time of peace and its surest defenders in time of war. "Rut-1 have, only read a part of Jackson's utterance. let me give you his conclusion: 'Rut when the laws undertake to add to those natural and Just advantages artificial distinctions; to grant titles, gatutltles and exclusive privileges; to make the -rich richer and the potent more powerful, the humble members of society the farmers, mechanics and the day laborers who have neither the time nor the means of securing like favor3 for themselves have a right to complain of the Injustice of their government.' Those who support the Chicago platform indorse all of the quotation from Jackson, the latter part as well as the former part. "We are not surprised to find arrayed against us those who are the beneficiaries of government favoritism: they have read our platform. Nor are we surprised to learn thajt we must in this campaign face the hostility of those who find a pecuniary advantage in advocating the doctrine of noninterference when great aggregations of wealth are trespassing on the rights of individuals. We welcome such opposition: It Is the highest Indorsement which could be bestowed upon us. We are content to have the co-cperation of those who desire to have the government administered without fear or favor. It Is not the wish of the general public that trusts should spring Into existence and override the weaker members of society: It Is not the wish of the general public that these trusts should destroy competition and then collect such tax as they will from thosr? who are at their, mercy; nor Is it the wish of the general public that the instrumentalities of government have been so often prostituted to purposes of private gain. WHAT POPOCRATS BELIEVE. "Those who stand upon the Chicago plat

form believe that the government should not only avoid wrong doing, but that it should also prevent wrong doing, and they believe that the law should be enforced alike against all enemies of the public weal. They do not excuse petit larceny, but they declare that grand larceny is equally a crime; they do not defend tho occupation of the highwayman who robs the unsus pecting traveler, but they include among tho transgressors those who, through the more polite and less hazardous means of lelglslatlon. appropriate to their own use the proceeds of the toil of. others. The commandment. 'Thou shalt not steal.' thundered from Sinai and reiterated in the legislation of all nations. Is no respecter of persons, it must be applied to the great as wreli as the small, to the strong as well as the weak, to the corporate person created by law as well as to the person of flesh and blood created by the Almighty. No government is worthy of the name which s not able to protect from every arm up lifted for his injury the humblest citizen who lives beneath the flag. It follows as a necessary conclusion that vicious legisla tion must be remedied by the people who surfer from the effects of such legislation, and not by those who enjoy its benefits. "The Chicago platform has been con demned by some because it dissents from an opinion rendered by the Supreme Court declaring the income-tax law unconstitu tional, our critics even go so far as to apply the name Anarchist to those who stand upon that plank of the platform. It must be remembered that we expressly rec ognize tho binding force of that decision. so long as it stands as a part of the law of the land. There Is in the platform no sug gestion of an attempt to dispute the au thority of the Supreme Court. The party is simply pledged to use all the constitu tional power which remains after that decision, or which mar come from its re versal by the court as It may hereafter be constituted.' Is there any disloyalty in that pledge? For a hundred years the Supreme Court of the United States has sus tained the principle which underdes the in come tax. Some twenty years ago this same court sustained, without a dissenting voice, an income-tax law almost identical with the one recently overthrown. Has not a future court as much right to return to the judicial precedents of a century as tho present court has to depart from them? hen courts allow renearings they admit that error In possible. The late decision against the Income tax was rendered by a majority of one after a rehearing. While the money question overshadows all other questions in importance I deslr it distinctly understood, that I shall offer no apology lor the income tax plank of the Chicago platform. The last Income tax law sought to apportion the burdens of the government more equitably among those who enjoy tne protection of the govern ment. - i present me eiiwnses oi mc ieueral government, collected through Internal revenue taxes and Import duties, are es pecially burdensome upon the poorer classes of society. A law which collects rrom some citizens more than their share is simply an indirect means of transfer ring one man's property to another man's pocket and while the process may be quite satisfactory to the men who escape Just taxtion, it can never be satisfactory to tnose who are overburdened. The last in come tax law, with its exemption provi sions, when considered in connection with other methods of taxtion in force was not unjust to the possessors of large incomes. because they were not compelled to pay a total federal tax greater than their share. The Income tax is not new nor is it based upon hostility to the rich. The system is employed In several of the most impor tant nations or t.urope and every Income tax law now upon the statute books in any land, so far as I have been able to as certain, contains an exemption clause. While the collection of an income tax in other countries does not make it necessary ror this Nation to adopt the system, yet it ought to moderate the language of those who denounce the income tax as an as sault upon the well-to-do. "Not only shall I refuse to apologize for the advocacy or an Income tax law bv the national convention, but I shall also refuse to apologize for the exerci?o by it of the right to dissent frcm a decision of the Supreme Court. In a government like ours every public offlclal is a public servant. whether he holds oinee by election or by appointment, whether he serves for a term of years or during good behavior, and the people have ?i right to criticise his offlclal acts. Confidence is everywhere the parent or despotism; rrec government ex sts in jealousy and not In confidence' these are th words of Thomas Jefferson, and I sub mit that, they present a truer conceDtlon ot popular government than enterta ned bv those who would prohibit an unfavorable comment upon a court decision. Truth win vindicate ltseir; only error fears free speech. .No public official who ccnsclen. tlously discharges his duty as he sees it will desire to deny to those whom he serves tne right to discuss his official conduct. Tlin 3IOXEV QUESTION. Argument In Fnvor of Unlimited and Free Coinage of Silver. "Now let me nsk you to consider the paramount question of this campaign the money question. It is scarcely necessary to defend the principles of bimetallism. No national party during the entire history of the United States has ever declared against it and no party in this campaign has had the temerity to oppose it. Three parties, the Democratic, Populist and Sil ver parties, have not only declared for bimetallism, but have outlined the specific legislation necessary to restore silver to its ancient position by the side of gold. The Republican platform expressly declares that bimetallism is desirable when it pledges the Republican party to aid in securing It as soon as the assistance of cer tain foreign nations can be obtained. Those who represented the minority sentlment in the Chicago convention opposed the free coinage of silver bv the United States by Independent action on the ground that In their Judgment it 'would retard or entirely prevent the establishment of international bimetallism, to which tne efforts or the rrovenrment should be steadily directed.' When they asserted that the efforts of the government should be steadily directed toward the establish ment of international bimetallism thev condemned monometallism. The go.d standard has leen weighed In tho balance and found wanting. Take from it the Iwcrful support of the money-owning and money-changing classes and it cannot stand for one day in any nation in the world. It was fastened upon the United States without discussion before. the people and its friends have never yet been willing to ri.sk a verdict before the voters upon that Issue. "There can be no sympathy or co-opera-uon between tne advocates or a universal gold standard and the advocates of binietallium. Retween bimetallism whether independent or International and the gold standard there Is an Impassable gulf. Is tins quaqremuai agitation In favor of International bimetallism conducted in good faith, or do our opponents really desire to maintain the gold standard permanently? Are they willing to confess the superiority or a uouDie standard when joined In bv the leading nations of the world, or do they still Insist that gold is the only metal suitable for standard money among civilized nations? If they are in fact desirous of securing bimetallism, we may expect them to point out the evils of a gold standard and defend bimetallism as a system. If, on the other hand, tney are bending their energies toward the permanent establishment of a gold standard under cover of a declaration in favor of international bimetallism. I am Justified in suggesting that honest money

cannot be exacted at the hands of those

who deal dishonestly with the American people. What is the test of honesty in money: Jt must certainly be found in the purchasing power of the dollar. An absolutely honest dollar would not vary in its gen eral purchasing power; it would be absolutely stable when measured by average prices. A dollar whicn increases in pur chasing power is Just as dishonest as a dollar which decreases In purchasing power. Professor Laughlin, now of the University of Chicago, and one of the highest gold-standard authorities, in nis worK on bimetallism not only admits that gold does not remain absolutely stable in value, but expressly asserts that there is no such thing as a standard or value ror iuture payments, either In gold or silver, which remains absolutely invariable. He even suggests that a mulltple standard, wherein the unit is based upon the selling price of a number of articles of general consump tion, would be a more just standard tnan either gold or silver or both, because a long-time contract would thereby be paid at its maturity by the same purchasing power as was given in the beginning. NO STANDARD ABSOLUTELY JUST. 'It cannot bo successfully claimed that monometallism or bimetallism, or any other system, gives an absolutely just standard of value. Under both monometallism and bimetallism the government fixes the weight and fineness of the dollar, invests it with legal-tender qualities and then opens the mints to its unrestricted coinage, leaving the purchasing power of the dollar to be determined by the number of dollars. Bimetallism is better than monometallism, not because It gives us a perfect dollar that Is. a dollar absolutely unvarying in its general purchasing power but because it makes a nearer approach to stability, to honesty, to justice, than a gold stanaaru possibly can. Prior to 1873 when there were enoush onen mints to permit all the gold and silver available for coinage to find en trance into the world s volume or stanuara money, the United States might liave main talned a gold standard witn less, injury iu the neonie of this eountrv: but now. when each step towards a universal gold standard enhances the purchasing power of gold, depresses prices and transfers to the pockets of the creditor class an unearned Increment, the influence of this great Nation must be thrown upon the side of gold un less we are prepared to accept tne natural and legitimate consequences or sucn an act. Any legislation which lessens the world" stock of standard money increases the exchangeable value or the donar. therefore, the crusade against silver must Inevitably raise the purchasing power of money and lower the money value of all other forms of property. "Our opponents sometimes aamu luaV was a mistake to demonetize silver, but Insist that we should submit to present conditions rather than return to tne bi metallic system. They err in supposing that we have reached the end of the evil results of a gold standard: we have not renrhed the end. The injury Is a continu ing one. and no person can say how long the world is to sutler irom me aufmin to make gold the only standard money. The same influences which are new operating to destroy silver in the United st.itra will, if successful here, be turned against other silver-using countries, and each new convert to the goia sianaaru win add to the general distress. So lotig as the scramble for gold continues, prices must fall, and a general fall in prices is but an other definition of hard times. "Our opponents, while claiming enure disinterestedness for themselves, have ap pealed to the selfishness of nearly every class of people. Recognizing the disposi tion of the individual voter to consiaer me effect of any proposed legislation upon himself, we present to the American peonle the tlnanclal policy outlined in the Chicago platform. belieUng that it will re sult in the greatest good to tne greatest number. FARMERS AND WAGE EARNERS. "The farmers are opposed to the gold standard because they have felt Its ef fects. Since they sell at wholesale and buy at retail they have lost more than they have gained by falling prices and besides this, they have found that certain fixed charges have not fallen at all. Taxes have not been perceptibly decreased, although it requires more of farm products now than formerly to secure the money with which to pay taxes. Debts have not fallen. The farmer who owed $1,003 is still compelled to pay $1,000, although it may be twice a? difficult as formerly to obtain the dollar with which to pay the debt. Railroad rates have not been reduced to keep pace with falling prices and besides these items there are many more. The farmer has thus found complaint against the gold standard. "The wage earner have been injured by a gold standaid and have expressed them selves upon the subject with great emphasis. In February, 1S'J3. a petition ask ing for the immediate restoration of the free and unlimited coinage of gold and sil ver at 15 to 1 was signed by the repre sentatives of all or nearly all the leading labor organizations and presented to Congress. Wage earners know that while a gold standard raises the purchasing power of the dollar It also makes it more difficult to obtain possession of the dollar; they know that employment is less permanent. los3 of work more probable and re-employment less certain. A gold standard encourages the hoarding of money because money is rising; n aiso tnscourages enterprise and paralyzes Industry. On the other hand the restoration of bimetallism will discourage hoarding, because when prices are stead v or rising, money cannot afford to lie idle In the bank vaults. The farmers and wage earners together constitute a considerable majority or tho people of the country. Why should their interests be ignored in considering financial legislation. A monetary system which Is pecuniarily advantag eous to a iew synuicates has far less to commend it than a system which would give hope and encouragement to those who create the Nation's wealth. Our opponents have made a snecfal an neal to those who hold lire and lifo insur ance policies, but these policy holders know that since the total nremlum re ceived exceed the total losses paid, a rls ing sianaara must be of more benefit to the companies than to the policy holders. "Much solicitude has been exnressd bv our opponents for the depositors in savings banks. They constantly parade before inese oeposuors tne advantages of a gold standard, but these appeals will be in vain, because savings bank depositors know that under a gold standard there is in danger that they will lose their deposits be cause or tne inability of the banks to col lect their assets: and thev still further Know tnat if the gold standard ! to con tinue indefinitely they may be compelled to wiinaraw tneir aeposits in oraer to pay living expenses. "It is only necessary to note the increas ing number of failures in order to know that a gold standard is ruinous to mer chants and manufacturers. These business men do not make their prottts from the people from whom they borrow money, but irom tne people to whom thev sell their goods. If the people cannot buy retailers cannot sen. ami if retailers cannot sell. wholesale merchants and manufacturers must go into bankruptcy.DESTROYS EARNING POWER. "Those who hold, as a permanent invest ment, the stock of rai'roads and of other enterprises I do not Include those who speculate in stocks or use stockholdings as a means of obtaining an Inside advantage in construction contracts are injured by a gold standard. The rising dollar destroys the earning power of these enterprises without reducing their liabilities, and as dividends cannot be paid until salaries and fixed charges have been satisfied, the stock holders must bear the burden of hard times. "Salaries in business occupations depend on business conditions, nnd the cold stand ard both lessens the amount and threatens the permanency of such salaries. "Official salaries, except the salaries of those who hold office for life. must, in the leng run. be adjusted to the conditions of those who pay the taxes, and if the present financial policy continues we must expect the contest between the taxpayer and the taxeater to increase in mtterness. "The professional classes, in the main. derive their support from the producing classes, and can only enjoy prosperitv when there Is prosperity among these who cre ate wealth. "I have not attempted to describe the effect of the gold standard upon all classes in fact. 1 have only had time to mention a few but each person will be able to apply the principles stattd to his own occupation. It must also be remembered that It is the desire of people generally to convert their earnings into real or personal prop erty. This being true, in considering any temporary advantage which may come from a system under which the dollar rises in its purchasing power. It must not be forgotten that the dollar cannot buy more than formerly, unless property sells for less than formerly. Hence it will be seen that a large portion of those who may find some pecuniary advantage in a gold stand ard will discover that their losses exceed their gains. "It is sometimes asserted by our oppo nents that a bank belongs to the debtor class, but this is not true of any solvent bank. Every statement published by a solvent Mnk shows that the assets exceed the liabilities. That is to say. while the bank owe a large amount or money to its depositors it not only has enough on hand In money and notes to pay its depositors, but In addition thereto, has enough to cover its capital and surplus.

When the dollar is rls'ntr in value slowly

a bank may. by making short-time loans and taking good security, avoid loss, but. wnen prices are railing rapidly, me uan is apt to lose more because or nan turns than It can gain by the increase in the purchasing power of Its capital and surplus. It must be admitted, however, that some bankers combine the business of a bond broker with the ordinary banking business and these may make enough in the negotiation of loans to offset the losses arising In legitimate banktng business. "As long as human nature remains as it Is there will always be danger that, unless restrained by public oninlon or legal en actment, those who see a pecuniary profit for themselves in a certain condition may yield to the temptation to bring about that condition. Jefferson has stated that one of the main duties of government is to prevent men from inlurinc one another, and never was that duty more important than it is to-aay. it is not strange that tnose wno have made a profit by furnishing gold to the government in the hour of Its extrem ity, favor a financial policy which will keep the government dependent upon them. i neueve, nowever, that I speaK tne sentiment of the vast majority of the people of the United States when I say that a wise financial policy administered in behalf of the people would make our government independent of any combination of financiers, foreign or domestic. SHERMAN AND BLAINE QUOTED. 'Let me say a word now in regard to certain persons who are pecuniarily bene fited by a gold standard and who favor it, not from a desire to trespass upon the rights of others, but because the circumstances which surround them blind them to the effect of the gold standard upon others. I shall ask vou to consider the. language ;of two gentlemen whose long public service and high standing in the party to which they belong will protect them from adverse criticism bv our opponents. In JSC!) Senator Sherman said: The contraction of the currency is a far more distressing operation than Sen;itnr suppose. Our own and other nations have Bone mrougn tnat operation before. It is not possible to take that voyage without the sorest distress. To every person, except a capitalist, out of debt, or a salaried officer, or annuitant, it is a period of loss, danger, lassitude of trade, fall of wages, suspension of entmrf ii.intninAv disaster. It means ruin to all dealers whose ucuis are twice the r hiiMn. though one-third less than their ntuoi property. It means the fall of all agricultural production without any great reduction of taxes. What prudent man would iu uuua a nouse, a railroad, a factory or a bam with thi him?' . -. unuie "As I have said before. thr cihrl cer referred to must be the man whose salary la fixed for life, and not the man whose salary depends upon Business conditions. W hen Mr. Sherman describes contraction of the currency as disastrous to all People, except tho capitalist out of debt and those who stand in a position similar to his. he is stating a truth which must be apparent to every uerson who win iriv matter careful consideration. Mr. Sherman was at that time speaking of the contraction Of the VOlum flf nn?i.p otfrronm. the principle which he eet forth applies if there is a contraction of the volume of tho standard money of the world. ui. xMume discussed the same pinclple In connection with the demonetization of silver. Speaking In the House of Representatives on the 7th of February. 1873. he said: 1 believe the struggle now going on in this country and other countries for a single gold standard would. If successful, produce widespread disaster in and throughout the commercial world. The destruction of silver as money and the estnhiihinr rr tmiA as the-sole unit of value must have a ruin ous ei eci on an rorms of property, except those invested which yield a fixed return in jiivutfj.. Aiiese wouia he enormously enhanced In value and would rain portionate and unfair advantage over every other species of property.' u oiuuigB nun me noiuers or investments which yield a fixed return in money can regard the destruction of silver with complacency? We may not expect the holders of other forms of property to protest against giving to money a disproportionate and unfair advantage over other species of property. If the relatively jtw iviiusp weann consists largely In fixed investments have a right to uso the ballot to enhance the value of their investments, have not the rest of the neonle thn rie-ht to U3e the ballot to protect themselves from the disastrous consequences of u rising standard? The people who must purchase money with tho product of trn stand In a position entirely different from the position of those who own money or receive a fixed income. The well-being of the Nation aye. of civilization itself depends upon the prosperity of the masses. "WHAT SHALL IT PROFIT US?" "What shall it profit us to have a dollar which grows more valuable every day if such a dollar lowers the standard of civil ization and brings distress to the people? What shall It profit us if in trying to raise our credit by increasing the purchasing power of our dollar we destroy our ability to pay the debts already contracted by lowering the purchasing power of the product? with which these debts must be paid? If it is asserted that the gold ttandard will enable us to borrow more money from abroad. I reply that the restoration of bi metallism will restore the parity between money and property and thus nermit an era of prosperity which will enable the American people to become loaners of money instead of perpetual borrowers. Kven if we desire to borrow how long can we continue borrowing under a system which by Iqwering the value of property weakens the foundation upon which credit rests? "Even the holders of fixed investments. though they gain an advantage from the appreciation on the dollar, certainly see the injustice or the legislation which gives them this advantage over those whose incomes depend upon the value of nronerty and products. If the holders of fixed lnestments will not listen to arguments based upon Justice-' and equity, I appeal to them to consider the Interest of posterity. We do not live for ourselves alone our labor, our self-denial and our anxious care, all these are for those who are to como after us as much as for ourselves, but we cannot protect our children beyond the period of our lives. Let those who are row reaping advantage from a vicious financial system remember that in the years to come their own children and their children s children may, through the opera tion of this same system, be made to pay triDute to tne uescendants or tnose who are wronged to-day. "As against the maintenance of a gold standard, either permanently or until other nations can be united ror its overthrow. the Chicago platform presents a clear and emphatic demand for the immediate restoration of the free and unlimited coinage of silver and gold at the present legal ratio of 1J to 1, without waiting for the aid or consent of any other nation. We are not asking that a new experiment be tried; we are insisting unon a return to a financial policy approved b3' the experience of his tory and supported by all the prominent statesmen of our Nation, from the days of the tlrst iTesldent down to 1S73. W hen we ask that our mints be opened to the free and unlimited coinage of silver into full legal-tendtr money we are simply asking that the same mint privileges be accorded to silver that are now accorded to gold. W hen we ask that this coinage be at the ratio of 1G to 1 we simply ask that our gold coins and the standard silver dollar, which, be it remembered, contains the same amount of pure silver as the first silver dollar coined at our mints, retain their present weight and fineness. THEORETICAL ADVANTAGE. "Tho theoretical advantage of the bi metallic system is best stated by a European writer on political economy who suggests tho following illustration: 'A river fed from two sources Is more uniform in volume than a river fed from one source. the reason being that when one of the feeders is swollen the other may bo low; whereas a river which has but one feeder must rie or fall with that feeder. So in the case of bimetallism; the volume of metallic mony receives contributions from both the gold and silver mines and therefore varies less; and tho dollar, resting upon two metals is less changeable in its purchasing power than the dollar which rests upon one metal only. "If there are two kinds of money the option must rest either with the debtor or with the creditor. Assuming that their rights are equal we must look nt the interests of society in general in order to detetnilne to which side the option should be given. Under the bimetallic system gold and silver are linked together by law at a fixed ratio, and any person or persons owning any quantity of cither metal can have the same converted Into full legal tender money. If the creditor has the right to choose the metal in which payment shall be made. It is reasonable to suppose that he will require the debtor to pay in the dearer metal if there is any perceptible difference between the bullion values of the metals. This new demand created for the dearer metal will make that metal dearer still, while decreased demand for the cheaper metal will make that metal cheaper still. "If, on the other hand, the debtor exercises the option. It Is reasonable to supItcse that h will pay in the cheaper mtal if one metal is perceptably cheaper than the other; but the demand thus created for the cheaper metal will raise Its price, while the lessened demand for, the dearer metal will lower its price. In other words.

w-here the creditor has the option, the metals are drawn apart; whoreas when the debtor has the option the. metala arc heJd together approximately at a ratio fixed by law. provided the demand created Is sufficient to absorb all of both metals pre ?nted at the mint. Society is. therefore, interested in having the option exercised by the dtbtor. Indeed, there can be no such thing as real bimetallism unless the option is exercised by the debtor. The exercise of the option by the debtor compels the creditor classes, whether domestic or foreign, to exert- themselves to maintain the parity between gold and silver at the legal ratio, whereas, they might find a profit In driving one of the metals to a premium if they could then demand the dearer metal. The right of the dbtor to choose the coin in which payment shall be made extends to obligations due from the government, as well as to the contracts between individuals. "A government obligation is simply a debt due from all the people to one of the people and It is impossible to justify a policy. which makes the interest of one person who holds the obligation superior to the rights of the many who must be taxed to pay for it. When." prior to 1573. silver was at a premium it was never contended that national honor required th pajment of government obligations in silver, and the Matthews resolution adopted by Congress In 1S73 expressly asserted the right of the United States to redeem coin obligation in standard silver dollars as well as in gold coin. Upon this subject, the Chicago platform reads: 'We are opposed to the policy and practice of surrendering to the holders of the obligations of the United States the option reserved by law to the government of redeeming such obligations in either silver coin or geld coin. THE DRAIN ON THE GOLD RESERVE. "It Is constantly assumed by some that the Unit?d States notes, commonly called greenbacks, and the treasury notes Issued under the act of 1S0O. are responsible for the recent drain on the gold reserve, but this assumption is entirely without foundation. Secretary Carlisle appeared before the House committee on appropriations on Jan. 21, 15, and I quote. from the printed report of his testimony before the committee: " 'Mr. Sibley I would like to ask you (perhaps not entirely connected wlthhe matter under discussion) what objection there could be to having the option of redeeming either .in silver or gold lie with the treasury Instead of the noteholder? " 'Secretary Carlisle If that policy had been adopted at the beginning of resumptionand I am not saying this for the purpose of criticising the action of any of my predecessors or anybody else but if the policy of reserving to the government the option of redeeming In gold or silver all its paper presented, had been adopted at the beginning of resumption. I believe it would have worked beneficially, and there would have been no trouble growing out of it, but the Secretaries of the Treasury from the beginning of resumption have pursued a policy of redeeming in gold or silver, at the option of the holder of the paper. If afterwards they had attempted to chang that policy and force silver upon a man who wanted gold, or gold upon a

man who wanted sliver, and especially If they made that attempt at such i critical period as we have Mad in the last two years, my judgment is it would have been very disastrous.' "1 don't agree with the Secretary- that it was wise to follow a bad precedent, but from his answer it will be seen that the fault dos not lie with the greenbacks and treasury notes, but rather with the executive officers who have seen fit to surrender a right which should have been exercised for the protection Of interests of the people. This executive action has already been made the excuse for the issue of more than $250,000,000 In bonds, and it is impossible to estimate the amount of bonds which may hereafter be issued if this policy is continued. We are told that any attempt upon tho part of the government at this time to iedeem its obligations in silver would put a premium upon gold, but why should it? The Rank of France exercises the right to redeem all bank paper in either gold or silver, and yet France maintains the pirity between gaid and silver at the ratio of InH to 1, and retains in circulation more sltver per capita than we do in the United States. , "It may be further answered that our opponents have suggested no feasible Plan for avoiding the dangers which they fear. The retirement of the greenbacks and treasury notes would not protect the treasury because the same policy which now leads the Secretary of the Treasury to redeem ail government paper In gold when gold Is demanded will require the redemption of all silver dollars and silver certificate in gold if the greenbacks and treasury notes are withdrawn from circulation. More than this, if the government should retire Its paper and throw upon the banks the necessity of furnishing coin redemption the banks would exercise the right to furnish either gold or silver. In other words they would exercise the option, just as the government ought to exercise it now. The government must cither exercise the right to redeem its obligations in silver when silver is more convenient or it must retire all the silver and silver certificates from circulation and leave nothing but gold as legal tender money. Are our opponents willing to outline a financial system which will carry out their policy to its le gitimate conclusion or will they continue to cloak their designs in ambiguous phrases? A NECESSITY FOR BIMETALLISM. "There is an actual necessity for bimetallism as well as a theoretical defense of It. During the last twenty-three years legislation has been creating an additional demand for gold and this law-created demand has resulted In increasing the purchasing power of each ounce of gold. The restoration of bimetallism in the United States will take away from gold just so much of Its purchasing power as was added to it by the demonetization of sliver by the United States. The silver dollar 's now held up to the gold dollar by legaltender laws and not by redemption in gold because the standard silver dollars are not now redeemable in gold, either in law or by administrative policy. "We contend that free and unlimited coinage by the United States alono will raise the bullion value of silver to its coinage value and thus make, silver bullion worth $1.29 per ounce in gold throughout the world. This proposition is in keeping with natural laws, not in defiance of them. The best-known law of commerce is the law of supply and demand. We recognize this law and build our argument upon it. We apply this law to money when we say that a reduction in the volume of money will raise the purchasing power of the dollar; we also apply the law of .supply and demand to silver when we say that a new demand for silver erected by law will raise the price of silver bullion. Gold and silver aro different from other commodities in that they are limited in quantity. Corn, wheat, manufactured products, etc., can be produced almost without limit, provided they can be sold at a price sufficient to stimulate production, but gold and silver are called precious metals because they aro found, not produced. These metals have been the objects of anxious search as far back as history runs, yet, according to Mr. Harvey's calculation, all the gold coin In the world can be melted into a twenty-two-foot cube and all the silver coin in the world Into a sixty-six foot cube. Because gold and silver axe limited both in the -quantity now In hand and in tho annual production, it follows that legislation can fix the ratio between them. Anv purchaser who stands njady to take th entire supply of any given article at a certain price can prevent that article from falling below that price. So the government can fix a price for gold and silver by creating a demaJid greater than the supply. "As to international bimetallism. I believe that several nations, by entering into an agreement to coin at a fixed ratio all the gold and silver presented, can maintain the bullion value of the metals at the mint ratio. When a mint price is thus established, it regulates the bullion price, because any person desiring coin may have the bullion converted into coin at that price, and any person desiring bullion can secure it by smelting the coin. The only question on which international bimetallisms and independent bimetallists differ is can the United States, by the tree and unlimited coln.ige of silver at the present legal ratio, create a demand for silver which, taken In connection with the demand already in existence, will be sufficient to utilize all the silver that will be presented to the mints? They agree in their defense of the bimetallic principle, and they agree in unalterable opposition t? the gold standard "International bimetallism cannot comjmuiii umi iree coinage gives a benefit to the mine owner, because international bimetallism gives to the owner of silver all the advantages offered by independent bimetallism at the same ratio. International bimetallism cannot accuse the advocates of free silver of being 'bullion owners who desire to raise the value of their bullion or debtors who deslro to pay thif debt in cheap dollars, or 'demagogues who desire to curry favor with the people.' They must rest their opposition upon one ground only, that the supply of silver available for coinage is too large to be utilized by the United States. OUR CAPACITY TO USE SILVER. "In discussing the question we must' consider the capacity of our people to use silver and the quantity of silver which can come to our mints. It must be remembered that we live In a country only partially developed, and that our people far surpass any equal number of people In the world ia

their power to consume and produce. Our extensive railroad development and enormous Internal commerce must also hz taken into consideration. Now. how much silver can come here? Not the coined silver of the world, because almost all of it Is more valuable at this time in other lands than it will be in our mints under free coinage. If our mints are opened to free and unlimited coinage at the present ratio merchandise silver cannot come here, because the labor applied to it has made It w-orth more in the form of merchandise than it would be worth at our mints. We cannot even expect all of the annual product of silver, because India. China. Japan. Mexico and all the other silver-using countries must satisfy their annual needs from the annual product: the arts will require a large amount and the gold-standard countries will need a considerable quantity for subsidiary coinage. We wlil be required to coin only that which Is not needed elsewhere; but if we stand ready to take and utilize all of it other nations will be compelled to buy at the price which we fix. "Many fear that the opening ot our mints will be followed by the enormous increase In the annual production of silver. This is conjecture. Silver has been used as money for thousands of years and during all of that time the world has never suffered from nn overproduction. If for any reason the supply of gold or sliver In the future exceeds the requirements of the arts and the needs of commerce, we confidently hope that the Intelligence of the people will be sufficient to devise and enact any legislation necessary for the protection of the public. It is folly to refuse to the people the money which they now need for fear they may hereafter have more than they need. 1 am firmly convinced that by opening our mints to free and unlimited coinage at the present ratio- we can create a demand for silver which will keep the price of silver bullion at $1.29 per ounce, measured by gold. "Some of our opponents attribute the fall in the value of silver when measured by gold to the fact that during the last quarter of a century the world'c supply of silver has increased more rapidly than the world's supply of gold. This argument is entirely answered by the fact that during the last five years the annual production of gold has increased more rapidly than the annual production of silver. Since the gold price of silver has fallen more during the last five years than it ever fell In any previous five years in the history of the world, it is evident that the fall is not due to Increased production. Rrices can be lowered as effectually by decreasing the demand for an article as by increasing the supply of it, and it seems certain that the fall in the gold price of silver is due to hostile legislation and not to natural laws. THE EFFLUX OF GOLD. "Our opponents ctunot Ignore the fact that gold is now going abroad In spite of all legislation intended to prevent It and no silver is being coined to take Its place. Not only is gold going abroad now, but it must continue to go abroad as long as the present financial policy is' adhered to unless we continue to borrow from across the ocean, and even then we simply post-

pone the evil, because the amount bor rowed, together with interest upon it, must be repaid in appreciating dollars. The American people now owe a large sum to European creditors and falling prices have left a larger and larger margin between our net national income and our annual interest charge. There is only one way to stop the increasing flow of gold from our shores and that is to stop falling prices. The restoration of bimetallism will not only stop falling prices, but will, to some extent, restore prices by reducing the world's demand for gold. If it is argu?d that a rise in prices lessens the value of the dollars which we pay to our creditors, I reply that, in the balancing of equities, the American people have as much right to favor a llnancial system which will maintain or restore prices as foreign creditors bave to insist upon h financial system that will reduce prices. But the interests of society are far superior to the Interests of either debtors of creditors and the lterests of societj' demand a financial system which will add to the volume of the standard money of the world and thus restore stability to prices. "Perhaps the most persistent misrepre sentation that we have to meet is the cnarge that we are advocating the payments of debts in 50-cent dollars. At the present time and under present laws a sil ver dollar when melted loses nearly half its value, but that will not be true when we again establish a mint price for silver ana leave no surplus silver on the market to drag down the price of bullion. Under bimetallism silver bullion will be worth as much as silver coin, just as gold bullion is now worth as much as gold coin, and we believe that a silver dollar will be worth as much as a gold dollar. "The charge of repudiation comes with poor grace from those who are seeking to add to the weight of existing debts by lejdslatlon which makes money dearer and who conceal their designs against the general welfare under the pretense that they are upholding public credit and national honor. "In answer to the charge that gold will go abroad it must be remembered that no gold can leave this country until the owner of the gold receives something in return for it which he would , rather have. In other words, when gold leaves the country those who formerly owned it will be benefited. There Is no process by which we can be compelled to part with our gold against our will nor Is there any process by which silver can be forced upon us without our consent. Exchanges are mutUrs of agreement and if silver comes to this country under free coinage it will be at the invitation of some one in this country, who will give something in exchange for it. GREATER THAN MEXICO'S. "Those who deny the ability of the United States to maintain a parity between gold and silver at the present legal ratio without foreign aid point to Mexico and assert that the opening of ourv mints will reduce us to a silver basis and raise gold to a premium. It is no reflection upon our sister republic to remind our people that the United States is much greater than Mexico in area, in population and in commercial strength. It Is absurd to assert that the United States is not able to do anything which Mexico has failed to accomplish. The one thing necessary Jn order to maintain the parity is to furnish a demand great enough to utilize all the silvtr which will come to the mints. That Mexico has failed to do this is no proof that the United States would also fall. "It Is also argued that since a number of the nations have demonetized silver nothing can be done until all of those nations restore bimetallism. This Is also Illogical. It is. immaterial how many or how few nations have open mints provided there are sufilcient open mints to furnish a monetary demand for all the gold and silver available for coinage. "In repry to the argument that Improved machinery has lessened the cost of producing silver, it is sufficient to say that the same is true of the production of gold, and yet, notwithstanding that, goM has risen in value. As a matter of fact the cost of production does not determine the value of the precious metals, except as it may affect the supply. If, fcr instance, the cost of producing gold should be reduced TO ier cent, without any Increase n the output the purchasing power of an ounce of gold would not fall. So long as there is a monetary demand sufilcient to take at a fixed mint price all the gold and silver produced the cost of production need not be considered. "It is often objected that the prices of gold and silver cannot be fixed In relation to each other because of the variation in the relative production of the metals. This argument also overlooks the fact that if the demand for both metals at a fixed price is greater than the supply of both relative production becomes immaterial. In the early part of the present century the annual production of silver was worth, at the coinago ratio, about three times as much as the annual production of gold, whereas soon after li43 the annual production of gold became worth about three times as much at the coinage ratio as the annual production of silver; and yet. owing to the maintenance of the bimetallic standard, these enormous changes in relative production had but a slight effect upon the relative values of the metals. WILL BENEFIT MINE OWNERS. "If it Is asserted by our opponents that the free coinage of silver is Intended only for tho benefit of the mine owners it must be remembered that free coinage cannot restore to the mine owners any more than demonetization took away, and It must also be remembered that the loss which the demonetization of silver has brought to the mine owners is Insignificant compared to the loss which this policy has brought to the rest of the people. The restoration of silver will bring to the people generally many times as much advantage as the mine owners can obtain from It. While It is not the purpose of free coinago to especially aid any particular class, yet those who believe that the restoration of silver Is needed by the whole people should not be deterred because an Incidental benefit will come to the mine owner. The erection of forts, the deepening of harbors, the Improvement of rivers, the erec tion of public buildings all these confer in cidental bonetlts upon individuals and com munltles, and yet these incidental benefits uo not deter u& from making appropriation

for these purposes whenever such appropriations are necessary for the public good. "The argument that a silver dollar l heavier than a gold dollar, and that therefore silver Is Icks convenient to carry In large quantities, is completely answered, by the silver certificate, which is as easily carried as the gold certificate or any other kind of paper money. "There are some who. while admitting the benefits of bimetallism, object to coinage at the present ratio. If any are deceived by this objection they ought to remember that there are no bimetallists who are earnestly endeavoring to secure It at any other ratio than 11 to 1. W are opposed to any change In the ratio for two reasons: First, because a change would produce great injustice, and second, because a change in th ratio is not necessary. A change would produce Injustice because, if effected in the manner usually suggested it would result in an enormous contraction in the volume of standard money. If for instance it was decided by international agreement to raise the ratio throufchuot the world to 22 to 1 the change might be effected in any one of three ways: The sliver dollar could be doubled In size so that the new silver dollar would weigU thlrty-tw times as much as the present gold dollar; or the present gold dollar could be reduced one-half In weight so that the present silver dollar would weigh thirty-two times as much as the new gold dollar, or the change could be made by increasing the sire of the sliver dollar and decreasing the site of the gold dollar until the new silver dollar would weigh thirtytwo times as much as the new gold dollar. Those who have advised a change In tho ratio have usually suggested that the silver dollar be doubled. If this change wero made it would necessitate the recoinage of four billions of silver Into two billions of dollars. There would be an immediate loss of two billions of dollars, either to Individuals or to the government, but this would be the least of the Injury. A shrinkage of , one-half in the silver money of the world, would mean a ehrinkage of one-fourth in the total volume of metallic money. This contraction, by Increasing the value of tho dollar, would virtually increase the debt of the world's billions of dollars and decrease still mpre the value of the property of the world as measured by dollars. Resides this immediate fesult such a change in the ratio would permanently decneaso the annual addition to the world's supply of money, because the annual silver product when coined Into dollars twice as largo would make only half as many dollars. "The people of the United States would be Injured by a change in the ratio not because they produce silver, but becauso they own property and owe debts, ana they cannot afford to-thus decrease the value of their property or increase the burden of their debts. WANTS PLENTY OF MONEY. "In 18TS Mr. Carlisle said: 'Mankind will be fortunate Indeed if the annuel production of gold and silver coin shall keep paco with the annual Increase of population and industry. I repeat this assertion. All of the gold and silver annually available for coinage when converted Into coin at tho present ratio will not, In my Judgment, more than supply our monetary needs. "In supporting the act of 1S?0 known as the Sherman act Senator ' Sherman, on June 5 of that year, said: 'Under the law Of February. 1S75, the purchase of J2.000.000 worth of silver bullion a month has by coinage produced annually, an average. of nearly three million dollars per month for a period of twelve years, but this amount, in view of the retirement of the bank notes, will not Increase our currency In proportion to our increasing population. If our present currency Is estimated at 1,400.0a.. uOO and our population is increasing at tho ratio of 3 per cent, per annum It would require $42.0uO.OOO Increased circulation each year to keep pace with the Increase of population, but ns the increase of population is accompanied by a still ereater ratio of increase of wealth and business. It was thought that -an Immediate Increase of circulation might be ootained by larger purChases of sliver bullion to an amount sufficient to make goon the retirement of bank notes and keep pace vith the growth of population. Assuming that $04,000,000 a year of additional currency is needed upon this basis, that amount is provided Jor in this bill by the issue of treasury no.es In exchange for bullion at the market price. "If the United States then needed mora than ?42.tW,Oi0 annually to keep pace with population and business, it now, with a larger nooulatlon. needs a still greater annual addition; and the United States is only one nation among many. Our opponents make no adequate provision for increasing monetary needs of the world. "In the second place, a change In too ratio Is not necessary. Hostile legislation has decreased the demand for silver and lowered its price when measured by gold, ehii thU s.-ime hostile legislation, by in

creasing the demand for gold, has raised the value of gold, wnen measureo. uy vm:forms of property. - "We are told that the restoration of bimetallism would be a hardship upon thoso who have entered into contracts payable in gold coin, but this is a mistake, it win be easier to obtain the gold with which, to meet a gold contract when most of the people can use silver than it is now. when every one is trying to secure gold. Th Chicago platform expressly declares in favor of such legislation as may do necessary to prevent, for the future, the demonetization of any kind of legal-tender mor.ev bv nrivate contract. Such contracts are objected to on the ground that they are against public policy, o one questions the right of Legislatures to fix the rate of lnteiest which can be collected by law. there Is far more reason ror preventing private Individuals from setting aside legaltender law. The money which Is by lawmade a leeal tender must, in the course of ordinary business, be accepted by nine ty-nine out or every one nunarea persons. Why should the one hundredth man bo permitted to exempt himself from the gen eral rule? Special contracts have a tendenc to Increase the demand for a particular kind of money and thus force it to a premium. Have not the people a right to say that a comparatively few individ uals shall not be permitted to derange tno financial system of the Nation In order to collect a premium in case they succeed in forcing one kind of money to a prem ium? EXTRA SESSION THREAT. "There Is another argument to which I ask your attention. Some of the more zeal ous opponents of free coinage point to the fact that thirteen months must elapse between the election and the first regular session of Congress, and assert that during that time, in caso people declare themselves in favor of free coinage, all loans will be withdrawn and all mortgages foreclosed. If these are merely prophecies Indulged in by those who have forgotten the provisions of tho Constitution, It will be sufficient to remind them that the President is empowered to convene Congress in extraordinary session whenever the public good requires such action. If. in November, the people by their ballots declare themselves In favor of the immediate restoration of bimetallism the system can be inaugurated within a few months. "If. however, tho assertion that loans will ho withdrawn and mortgages foreclosed Is made to prevent such political action as the people may believe to bo necessary for the preservation of their rights then a new and vital Issue is raised. Whenever it is necessary for the people as a whole to obtain consent from the owners of money and the changers of money before they can legislate upon financial questions, we shall have passed from a democracy to a plutocracy. Rut that time has not yet arrived. Threats and intimidation will be of no avail. The people who, in 1776. rejected the doctrine that kings , ruled by riht divine, will not. In this generation, subscribe to a doctrine that money Is omnipotent. "In conclusion permit me to say a word In regard to International bimetallism. We are not opposed to an International agreement looking to the restoration of bimetallism throughout the world. The advocates of free coinage have on all occasions 6hown their willingness to co-operate with other nations in the reinstatement of silver, but they are not willing to await the pleasure of other governments when Immediate relief is needed by the people cf the United States, and they further brieve that Independent action offers better assurance of International bimetallism than servile dependence upon foreign ala. For more than twenty years we have Invited the assistance of European nations, but all progress in the direction of International bimetallism has been blocked by the opposition of those who derive a pecuniary benefit from the appreciation of gold. How long must we wait for bimetallism to be brought to us by those who profit by monometallism? If the double standard will bring lencfits to our people, who will dny them the right to enjoy those benefits? If our opponents would admit; the right, the ability and the duty of our people to act for themselves on all public, questions without assistance and regardless of the wishes cf other nations, and then propose the remedial legislation tvhlch they considered sufficient, we coulA meet them In the field of honorable debate; but when they aspert that this Na.tion Is helpless to protect the rights of its town citizens we challenge them to submit the Issue to the people whose patriotism, has never been appealed to In vain. "We shall not Offend other nations when we declare the r;ight of the American people to govern trjemselv and. without let or hindrance frofn without, decide upon every question presented for their consideration. In taking this position, we simply maintain the djlgnlty of 70.000,000 cltlxens (Contlnafcd on TUlrdTracej J

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