Newspapers / Henderson Gold Leaf (Henderson, … / Aug. 20, 1896, edition 1 / Page 1
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Ixmi3, Mo. ..::: -We s.ui last year, CM tatties of ' ' - TASnil.KSS CHILI. TON'C am! buvo :-..r-y i:r':i!rcndy thutvear. In a':l iar ' f I ':irs. in the dmtj business, havo ! : -a article thai pivc Mich universal sati vur 'i'.iuic Vuurstnilv, AKtv, Cake 4 CO anarauleca ly all Braigists. IUt IE KiTill'St Ki:X. ;;-er4Iy t: the these tXIseases v n i t o- ; i-i nary . !(!! IJ 1 --C.1 11 O o" iicr. Care In 1 to 3 15 a i.a v. '.Hi., . .'l.l.'.lll i. , inly ly r - 1 1 11! ain -puck- is l.oo. Ftr sale liy PMl H. Thomas. Henderson f! e s sa m n S3 ! 1 i ll Hsai!Sga 1 81 &u BRIAN'S ADDRESS The Democratic Candidate' Formal Acceptance of the Presidential Nomination. The Full Text of His New York Speech. Mr. CnAir.MAN-, Gkxtlemen of the Committee and Fellow Citizexs I shall at a future day and in a formal letter accept the nomination which is now ten dered by the notification committee, and I shall at that time touch upon the issues presented by the platform. It is fitting, however, that at this time, in the presence of those here assembled, I speak at some lenh in regard to the campaign upon which wc are now entering. We do not underestimate the forces arrayed against us, nor are wc unmindful of the impor tance of the struggle in which we are en gaged; but, relying for success upon the righteousness of our cause, we shall defend with all possible vigor the positions taken by our party. We are not surprised that some of our opponents, in the absence of better argument, resort to abusive epithets, but they may rest assured that no lan guage, however violent, 110 invectives, however vehement, will lead us to depart a single hairbreadth from the course marked out by the national convention. T ho citizen, either public or private, who assails the character and questions the pa triotism of the delegates assembled in the Chicago convention assails the character and questions the patriotism of the mil lions who have arrayed themselves under the banner there raised. It has leeii charged by men standing high in business and political circles that our platform is a menace to private secur ity and public- safety, and it has leen as sorted that those whom I havo the honor forthetimo being to represent not only meditate an attack upon the rights of property, but aro the foes both of social order and national honor. Those who stand upon the Chicago plat form aro prepared to make known and to defend every motive which influences them, every purpose which animates them and every hoie which inspires them. They un derstand the genius of our institutions, they are standi supporters of the form of government under which wo live, and they build their faith upon foundations laid by t ho fathers. Andrew Jackson has stated, with admirable clearness and with an em phasis which cannot be surpassed, lx)th the duty and the sphere of government. He said: "Distinctions in society will al ways exist under every just government. Equality of talents, of education or of wealth cannot be produced by human in stitutions. In the full enjoyment of the gifts of heaven an ' the fruits of superior industry, economy and virtue every man is equally entitled to protection by law. " We yield to none in our devotion to the doc trine just enunciated. Our campaign has not for its object tho reconstruction of so ciety. We cannot insure to the vicious tho fruits of a virtuous life; wc would not in vade the home of the provident in order to supply the wants of the spendthrift; wedo not propose T:o transfer the rewards of In dustry to tho lap of indolence. Property is and will remain tho stimulus to endeavor and the compensation for toil. Wc be lieve, as asserted in tho Declaration of In dependence, that all men are created equal, but that does not mean that all men are or can bo equal in possessions, in ability or in merit. It simply means that all shall stand equal before the law, and that gov ernment, officials shall not, in making, con struing or enforcing tho law, discriminate between citizens. Ouotes From President Lincoln. I assert that property rights, as well as tho rights of persons, jire safe in the hands of the common people. Abraham Lincoln, in his message sent to congress in Decem ber, 1S01, said, "Xo men living aro more worthy to bo trusted than those who toil up from poverty, none less inclined to take or touch aught which they havo not honestly earned." I repeat his language with unqualified approval and join with him in tho warning which ho added namely, "Let them beware of surrender ing a political power which they already possess, and which power, if surrendered, will surely be used to close t he doors of ad vancement against such as they and to fix new disabilities and burdens upon them till all of liberty shall be lost," Those who daily follow the injunction, "In the sweat of thy face shalt thou cat bread." are 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 timo of war. But I have only read a part of Jackson's utterance. Let me give you his conclusion, 'But when the laws undertake to add to those naturaland just advantages artificial distinctions, to grant titles, gratuities and l exelusivo privileges, to make the rich rich er and the potent more powerful, the hum ble mcmlH'VS of society, tho farmers, me chanics and tho day laborers, who have neither the time nor tho means of securing like favors for themselves, havo a right to complain of the injustice of their govern meiit." Those who support the Chicago nlatform indorse all of the quotation from .Taekson. the latter nart as well as the former nart. We are not surprised to find arrayed against us those who arc the I)encficiaries of government favoritism. They have read our platform. Kor are we surprised to learn that 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 i wealth are trespassing upon the rights of ' individuals. We welcome such opposition ; It is tho highest indorsement which 1 could lie bestowed upon us. We are content to have the co-operation of those who desire to have the government administered with out 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 sucn triv ns thevwill from those who are at their mercv. Nor is it the fault of tho gen eral public that the instrumentalities of govem:::e::t have been so often prostituted to purposes of private gain. Those who stand upon the Chicago platform believe that the government should not only avoid wrongdoing, but that it should also pre vent wrongdoing, and they believe that the law should 13 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 the occupation of the high wayman who robs tho unsuspecting trav eler, but they include among the transgress ors those who, through the more polite ani less hazardous means of legislation, appro priate to their own use the proceeds of tht Soil 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 ap plied to tho great as well as the small, tc the strong as well as the weak, to the cor porate person created by law as well as tc the person of flesh and blood created bj the Almighty. No government is worthj of the name which is not able to protect from every arm uplifted for his injury th humblest citizen who lives beneath the flag. It follows as a necessary conclusion that vicious legislation must be remedied by the people who suffer from the effects ol such legislation and not by those who en joy its benefits. The Income Tax Decision. 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 t ional. Our critics even go so far as to ap ply the name anarchist to those who stand upon tluit plank of the platform. Ifr wast be remembered, that we. expressly recog nize the binding force of tliat decision' so long as it stands as a part of the law ol the land. There is in the platform no sug gestion of an attempt to dispute the au thority of the supreme court. Tho party is simply pledged to use "all the constitu tional power which remains after that de cision or which may come from Its reversal by the court as it may hereafter be consti tuted." Is there any disloyalty in that pledge? For a hundred years the suprem court of tho United States has sustained the principle which underlies the income tax. Some 20 years ago this same court sustained without a dissenting voice an in come tax law almost identical with the one recently overthrown. Has not a future court as much right to return to the judi cial precedents of a century as the present court had to depart from them? When courts allow rehearings, they admit that error is 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 desire it distinctly understood that I shall offer no apology for tho income tax plank of the Chicago platform. The last income tax law sought to apportion the burdens of government more equitably among those who enjoy the protection of the govern ment. At present the expenses of the fed eral government.collected through internal revenue taxes and import duties, are espe cially burdensome upon the poorer classes of society. A law which collects from some citizens more than their share of the taxes and collects from other citizens less than their share is simply an indirect means of transferring one man's property to an other man's pocket, and while the process may be quite satisfactory to the men who escape just taxation it can never be satis factory to those who are overburdened. The List income tax law, with its exemp tion provisions, when considered in con nection with other methods of taxation in force, was not unjust to the possessors of large incomes, because they were not com pelled 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 tho most important nations of Europe, and every income tax law now upon the stat ute books in any land, so far as I have l)cen able to ascertain, contains an exemp tion clause. While the collection of an in come tax in other countries does not make it necessary for this nation to adopt the system, yet it ought to moderate- tho lan guage of those who denounce the income tax as an assault upon the well to do. Not only shall I refuse to apologize for tho advocacy of an income tax law by the national convention, but I shall also refuse to apologize for the exercise by it of the right to dissent from a decision of tho su preme court. In a government like ours every public official is a public servant, whether lie holds office by election or by appointment, whether ho serves for a term of years' or during good behavior, and the people havo a right to criticise his official acts. ' ' Confidence is everywhere the parent of despotism. Free government exists in jealousy and not in confidence." These are the words of Thomas Jefferson, and I sub mit that they present a truer conception of popular government than that entertained by those who would prohibit an unfavor able comment upon a court decision. Truth will vindicate itself. Only error fears free speech. No public official who con scientiously discharges his duty as he sees it will desire to deny to those whom he serves the right to discuss his official con duct. The Paramount Question. Now let mo ask you to consider tho para mount question of this campaign the money question. It is scarcely necessary to defend the piincipleof bimetallism. No national party during the entire history of the Cnited 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 Silver par tics have not only declared for bimetal lism, but have outlined the specific legisla tion necessary to restore silver to its an cient nosition by the side of gold. The Bepubliean platform declares that bimetal lism is desirable when it pledges the Re publican party to aid in securing it as soon as the assistance of certain foreign nations can be obtained. Those who represented the minority sentiment in the Chicago con vention opposed tiie free coinage of silver by the United States by independent ac tion on the ground that, in their judgment, it"vould retard or entirely prevent the establishment of international bimetal lism, to which the "fforts of tho govern ment should lie stejidily directed." When thcvasseittd thntthocfiortsof the govern ment should be steadily directed toward the establishment of international bimetal lism, they condemned monometallism. The gold standard has been weighed in the balance and found wanting. Take from it 4he powerful support of the money owning and the money changing classes, and it can not stand for one day in any nation in tho world. It was fastened upon the L nited States without discussion before the peo ple, and its friends have never yet been willing to risk a verdict before the voters upon that issue. There can le no sympathy or co-operation between tho advocates of a universal gold standard and the advocates of biniet allism. Between bimetallism, w I. ether in dependent or international, and the gold standard there is an impassable gulf. Is this quadrennial agitation in favor of in ternational bimetallism conducted in good faith, or do our opponents really desire to maintain the gold standard permanently? Are they willing to confess the superiority of a double standard when joined in by the leading nations of tho world, or do they still insist that gold is the only metal suitable for standard money among civi lized nations? If they are, in fact, desirous of securing bimetallism, we may expect them to' oint out the evils of a gold standard and defend bimetallism as a sys tem. If, on the other liand, they are bend log their energies toward the permanent tstablishmcnt of a gold standard undei rover. of a declaration in favor of interna tional bimetallism, I am justified in sug gesting that honest money cannot be ex pected at the hands of those who deal dis honestly with the American people. What is the test of honesty in money? It must certainly be found in the purchasing power of the dollar. An absolutely honest dollar would not vary in its general pur chasing power. It would be absolutely stable when measured by average prices. A dollar which increases in purchasing power is just as dishonest as a dollar which decreases in purchasing power. Professoi T -" 1 . m i , T. t f m t 1 juaugmiii, now 01 sne -cmversity 01 .:ni; cago and one of the highest gold standard authorities, in his work on bimetallism not only admits that gold does not remain absolutely stable in value, but cxpresslj asserts that "there is no such thing as a standard of value for future payments, either in gold or silver, which remains ab solutely invariable." He even suggests that a multiple standard wherein the unit is "based upon the selling prices of a num ber of articles of general consumption" would be a more just standard than eithei gold or silver, or both, because "a long time contract would thereby 1 paid at its maturity by the same purchasing power ai was given in the beginning." - Pnrehaslng Power of the Dollar. It cannot be successfully claimed tliat monometallism or bimetallism or any other-system gives an absolutely just stand ard of value. Under both monomctallin.) and bimetallism the government fixes the weight and fineness of the dollar, im ests it with legal tender qualities and then opens the mints to its unrestricted coinage, leaving the purchasing power of the dollai to be determined by the number of dollars. Bimetallism is letter 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, tc honesty, to justice, than a gold standard possibly can. Prior to 1873, when there were enough open mints to jermit all the gold and silver available for coinage to find entrance into the world's volume of stand ard money, the United States might have maintained a gold standard with less in jury to the people of this country, but now, when each step toward a universal gold standard enhances the purchasing power of gold, depresses prices and trans fers to the pockets of the creditor class an unearned increment, the influence of thi great nation must be thrown upon the side of gold unless we are prepared to accept the natural and legitimate consequences o sucli an act. Any legislation whicli lessens the world's stock of standard money in creases the exchangeable value of the dol lar. Therefore the crusade against silver must inevitably raise the purchasing pow er of money and lower the money value o( all other forms of property. Our opponents sometimes udmit that it was a mistake to demonetize silver, but insist that we should suhmit to present conditions rather than return to the bi metallic system. They err in supposing that we have readied the end of the evil results of a gold standard. Wc have not reached the end. The injury is a continu ing one, and no person can say how long the world is to suffer from the attempt to make gold the only standard money. The same influences which are now operating to destroy silver in the United States will, if successful here, l. turned against other silver using countries, and each new con vert to the gold standard will add to the general distress. So long as the scramble for gold continues prices must fall, and a general fall in prices is but another defini tion of hard times. Our opponents, while claiming entire disinterestedness for themselves, have ap pealed to the selfishness of. nearly every class of society. Fecognizing the disposi tion of 'the Individ r: -v oter to consider the effect of any projiosed legislation upon himself, we present to the American peo ple the financial policy outlined in the Chicago platform, believing that it will result in the greatest good to the greatest number. The farmers arc opposed to the gold standard because they have felt its effects. Since they sell at wholesale and buy at re tail they have lost more than they have gained by falling prices, and besides this they hae found that certain fixed charges have not fallen at all. Taxes have not been perceptibly decreased, although it re quires more of farm products now than formesly to secure the money with which to pay taxes. Debts have not fallen. The farmer who owed $1,000 is still compelled to pay $1,000, although it may be twice as difficult as formerly to obtain the dol lars with which to pay the debt. Kailroad rates have not been reduced to keep pace with falling prices, and besides these items there are many more. The farmer has thus found it more and more difficult to live. Has he not a just complaint against the gold standard? Kffect on Wage Earners. The wage earners have been injured by a gold standard and havo expressed them selves upon the subject with great em phasis. In February, 1895, a petition ask ing for the immediate restoration of the free and unlimited coinage of gold and sil ver at 16 to 1 was signed by the represent atives of all, or nearly all, the leading la bor organizations ajid presented to con gress. Wr.ge earners know that while a gold standard raircs tl c purchasing power of the dollar it also 1 takes it more diffi cult to obtain posset sion of the dollar. They know that employment is less per manent, loss cf v( 1 k more probable and re-employment los en tain. A gold stand ard encourages the l.oaidirg of money be cause money is rising. It also discourages enterprise and paralyzes industry. On the other hand, the restoration of bimetallism will discourage hoarding because when prices are steady or rising money cannot afford to lie idle in tho l ank vaults. The farmers and wage earners together consti tute a considerable majority of the i oplc of the country. Why should their interests be ignored in considering financial legis lation? A monetary .system which is j-ecun iarily advantageous to a few syndicates has far less to commend it than a .system which would give hope and e ncouragement to those who create the nation's wealth. Our opponents have made a special ap peal to those who hold fire and life h: Fr ance policies, but these policy holders know tliat, since the total premiums received ex ceed the total losses paid, arising standard must be of more benefit to tho companies than to the policy holders. Much solicitude has len expressed hy our opponents for the depositors in savings banks. They constantly parade before these depositors the advantages of a gold standard, but these appeals will be in vain because savings bank depositors know that under a gold standard there is increasing danger that they will lose their deposits lo calise of the inabUity of the banks to col lect their assets, and they still further know that, if the gold standard is to con tinue indefinitely, they may be compelled to withdraw their deposits In order to pay living cxpensea 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 profits from the people from whom they borrow money, but from the people to whom they sell their goods. If the people cannot buy, retailers cannot sell, and, if retailers cannot sell, wholesale merchants and manufacturers must go into bankruptcy. Those who hold as a permanent invest ment the stock of railroads and of other enterprises (I do not include those who speculate in stocks or use stock holdings 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 with out reducing their liabilities, and, as divi dends 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 upon business conditions, and the gold standard 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 long run, be adjusted to the conditions ol those who pay the taxes, and if the present financial policy continues we must expect the contest between the taxpayer and the tax cater to increase in bitterness. The Professional Classes. The professional classes, in the main, de rive their support from the producing classes and can only enjoy prosperity when there is prosperity among those who create wealth. I have not attempted to describe the ef fect of the gold standard upon all classes in fact, I have only had timo to men tion fear but each person will he able to apply the principles stated to his own oc cupation. It must also be remembered that it isthe desire of people generally to convert their earnings into real or personal property. This being true, in considering any tem porary advantage which may come from a system under which the dollar rises in its purchasing power it must , not I forgot ten that the dollar cannot buy more than formerly unless property sells for less than formerly. Hence it will he seen that it large jxirtkm of those who may find son.c pecuniary advantage in a gold standard will discover tliat tlieir losses exctn-d their gains. It is sometimes asserted by our oppo nents tliat a liank belongs to the debtor class, but this is not true of any solvent bank. Every statement published I y r. solvent bank shows that the assets cxctcd the liabilities that is to say, while the bank owes a largo amount of money to it depositors it not only has enough on hand in money and notes to pay its tiej os itors, but in addition thereto has euotig). to cover its capital and surplus. When the dollar is rising in value slowly, a luiuk may, by making short time loans and taking good security, avoid loss, but when prices are falling rapidly the bank is apt to lose moro because of bad debts than it can gain by the increase in the purchasing power of its capital and surplus. It must lie admitted, however, that some bankers combine the business of a liond broker with the ordinary lianking busi ness, and these may make enougli in the negotiation of loans to offset the losses arising in legitimate lianking business. As long as human nature remains as it is there will always be danger tliat, unless restrained by public opinion or legal en actment, those who see a pecuniary profit for themselves in a certain condition may yield to the temptation to bring about tliat condition. Jefferson has stated tliat one of the main duties of government i to prevent men from injuring one another, and never was that duty more important than it Is today. It Is not strange that thoso who have made a profit by furnishing gold to the government in the hour of its extremity favor a financial poliey which will keep the government dependent upon them. 1 believe, however, that I speak the sentiment of the vast majority of tho peo ple of tho United States when I say that a wise financial policy administered in be half of all the i-cople would make our gov ernment inuiH-ndeut of any combination of ilixanciers, foreign or domestic Contraction of the Currency. Let me say a word now in regard to cer tain persons who are pecuniarily benefited 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 ol the gold standard upon others. I shall ask you to consider the language of two gentle men whose long public service antl high standing in the party to which they belong will protect them lrom adersc criticism by our opponents. In 1800 Senator Sher man said: "The contraction of the cur rency is a far more distressing operation than senators suppose. Our own and other nations have gone through that oper ation iieiorc. it is not possinie to take tnat voyage without the sorest distress. To ev ery person, except a capitalist out of debt or a salaried officer or annuitcnt, it is r. period of loss, clangor, lassitude of trade, fall of wages, suspension of enterprise, bankruptcy and disaster. It means ruin to all dealers whose debts are twice their business capital, though one-third less than their actual property. It means the fall of all agricultural production without any great reduction of taxes. What pru dent man would dare to build a house, a railroad, a factory or a Imrn with this cer tain fact before him?" As I have said be fore, the salaried officer referred to must be the man whose salary is fixed, for life and not the man whose salary depends upon business conditions. When Mr. Sher man descrilies contraction of the currency as disastrous to all the people except the 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 per son who will give the matter careful con sideration. Mr. Sherman was at that time speaking of the contraction of the volume of paper currency, but the principle which he set forth applies if there is a contrac tion of the volume of the standard money of the world. Mr. Blaine discussed tho same principle in connection with the demonetization of silver. Speaking in the house of represent atives on the 7th of Feburary, 1878, he said: "I 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 establishing of gold as the sole unit of value must have a ruincr.s effect on all forms of property except those invested whieh yield a fixed return in money. These would be enormously enhanced in value and would gain a disproportionate and unfair advantage over every other species of property." Is it strange that the "hold ers of investments which yield a fixed re turn in money" tan regard the destruction of silver with complacency? May we not expect the holders of other forms of prop erty to protest against giving to money a "disproportionate and unfair advantage over every other species of property?" If the relatively few whose wealth consists largely in fixed investments have a right to use the ballot to enhance the value of their investments, have not the rest of the Ieoplc the right to use the ballot to pro tect themselves from the disastrous conse quences of a rising standard? The people who must purchase money with the prod ucts of toil stand in a position entirley dif ferent from the position of those who own money or receive a fixed income. The well being of the nation aye, of civilization it Felf depends upon the prosperity of the masses. What shall it profit us to have a dollar which grows more valuable every I day if such a dollar lowers the standard of ' civilization and brings distress to the peo j pie? What shall it profit us if in trying to raise our credit by increasing the purchas 1 ing power of our dollar wo destroy our ! ability to pay the debts already contracted by lowering tho purchasing power of tho ' products with which those debts must be ' paid? If it is asserted, as it constantly Is ! asserted, that the gold standard will en able us to borrow more money from abroad. I reply that the restoration of bimetallism will restore the parity between money and property, and thus permit an era of pros perity which will enable the American people to become loancrs of money instead f perpetual lrrowers. Eveiif we desire to borrow how long can wo continue bor rowing under a system which, by lower- j Ing the value of property, weakens the , foundation upon which credit rests? j Even the holders of fixed investments, ! though they gain an advantage from the appreciation of the dollar, certainly see the injustice of tho legislation which gives them this advantage over thoso whose in comes depend upon the value of property and products. If tho holders of fixed in vestments will not listen to arguments based upon justice and equity, I r.. - 1 to them to consider the interests of mj.. ity. Wc do not llvefor ourselves alone. Our la bor, our self denial and our anxious care, oil these are for those who are to come aft er us as much as for ourselves, tint we can- ' not protect our children beyond the period of our lives. Let those who are now Yen p ing advantage from a vicious financial sys tem remember that in the years to ernno their own children and their children1! children may, through the operation of this same system, lo made to pay tribute to the descendants of those who are wronged today. As against the maintenance of a gold standard, either permanently or until oth fft nations can be united for its overthrow, the Chicago platform presents a clear and emphatic demand for the immediate res toration of the freo and unlimited coinage of silver and gold at the present legal ratio of 16 to 1 without waiting for the aid or consent of any other nation. Wc are not asking that a new experiment be tried. We are insisting upon a return to a financial policy approved by the experience of his tory and supported by all the prominent statesmen of our nation from the days of the first president down to 1873. When we ask that our mints bo opened to the free and unlimited coinage of silver into full legal tender money, wo are simply asking that the same mint privileges bo accorded to silver that ore now accorded to gold. When wo ask that this coinage bo at tho ratio of 1G to 1, we simply ask that our gold coins and the standard silver dollar, which, bo it remembered, contains the same amount of pure silver as the first sil ver dollar coined at our mints, retain their present weight and fineness. Theory of Bimetallism. The theoretical advantage of the bimetal lic system is best stated by a European writer on political economy who suggests the following illustration: A river fed from two sources is moro uniform in vol ume than a rives fed from one source, tho reason being that when one of the feeders Is swollen tho other may bo low, whereas a river which has but one feeder must rise or fall with that feeder. So in the caso of bimetallism. The volume of metallic, mon ey receives contributions from both tho gold mines and the silver mines, and therefore varies less, and the dollar, rest ing upon two roetpls, is less changeable in its purchasing power than tho dollar which rests on one metal only. If there are two kinds of money, the op tion must rest either with the debtor or with tho creditor. Assuming that their rights are equal, we must look at the in terests of society in general in order to de termine to which side the option should be givei. 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 either 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 tho debtor to pay in the dearer metal if there is any perceptible difference between the bullion values of the metals. This now demand created for the dearer metal will make that metal dearer still, whilo the decreased demand for the cheaper metal will make that metal cheaper still. If, on the other liand, tho debtor exercises the option, it is reasonable to suppose that he will pay In the cheaper metal if one metal is perceptibly cheaper than the other, but the demand thus creat ed for the cheaper metal will raise its price, while the lessened demand for the dearer metal will lower its price. In other words, when the creditor has the option, the metals are drawn apart, whereas when the debtor has the option tho metals are held together approximately at the ratio fixed bylaw, provided the demand created is sufficient to absorb all of both metals presented at the mint. Society is there fore interested in 1 aving the option exer cised by the del tor. Indeed there can bo uo such thing ; - leal bimetallism unless the option is cxei cised 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 debtor to choose the coin in which payment shall be made extends to obligations due from the government as well as to contracts between- individuals. A government obligation Is simply a debt due from all the people to one of the peo ple, and it is impossible to justify a policy which makes the interests of the one per son who holds the obligation superior to the rights of the many who must be taxed to pay it. When, prior to 1873, silver was at a premium, it was never contended that national honor required tho payment of government obligations in silver, and the Matthews resolution, adopted by congress in 1878, expressly asserted the right of the United States to redeem coin obligations in standard silver dollars as well as in gold :oin. 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 cither sil ver coin or gold coin' Carlisle's Testimony. It is constantly assumed by some that the United States notes, extmmonly called greenbacks, and the treasury notes, issmxl under t lie act of IStKJ, are responsible for the recent drain upon the gold reserve, but this assumption Is entirely without foun dation. Secretary Carlisle apioared before the house committee on appropriations on Jan. 21, Is'Jj, and I quote from the printed report of his testimony before the commit tee: 'Mr. Sibley I would like to ask you (perhaps not entirely connected with tlie matter under discussion) what objection there could be to having the option of re deeming cither in silver or gold lie with the treasury instead of the note holder? Secretary Carlisle If that policy had brm adopted at the beginning of resump tion and I am not saying this for the pur lose of criticising the action of any of my predecessors or anybody else the policy of reserving to the government, at the beginning of resumption, the option of redeeming In gold or silver all its paper presented, I believe it would have worked beneficially, and there would have been no trouble growing out of it, but the secre taries of the treasury from the beginning of resumption have pursued a policy of re deeming in gold or silver, at the option of the liolder of the paper, and if any secre tary had afterward attempted to change tliat policy and force silver upon u man who wanted gold, or gold upem a man who wanted silver, and especially if he had made fftat attempt at such a critical period as we have liad in the last two years, my judgment is it would have lieen very disas trous. I do not agrr-e with the r-em-tary tliat it was wise to" follow a bad precedent, but from his answer it will bo seen that the fault does not lie with the greenbacks and treasury notes, but rather with the execu tive officers who have seen fit to surrender a right which should have been exercised for the protection of the interest of the people. This executive action luis already lieen made the excuse for the issue of more than $250,000,000 in bonds, and it is 1m jiosslb'.e to estimate the amount of Ixmds which may hereafter be issued if this policy is continued. We are tDld that any attempt upon tho irt of tho government at this timo to redeem its obligations In silver would put a premium upon gold, but why should it? Tho Bank of France exercises the right to redeem all lwink paper in either gold or 6ilver, and yet France main tains the parity between gold and silver at the ratio of 15M to 1 and retains in cir culation moro silver jut capita than we do In the United States. It may Iks further answered that our op ponents have suggested no feasible plan for avoiding the ilangers which they foar. The retirement of the green 1 vie ks and treasury notes would not xirotect the treasury, be cause the same policy which now leads the secretary of tiie treasury to redeem all gov ernment paper in gold, when gold is tlo- manded, will require the redemption of all 6ilver dollars and silver certificates in gold if the greenback and treasury notes are withdrawn from circulation. More than this, if the government should retire its paper and throw upon the lumks the ne cessity of furnishing coin redemption, the banks would exercise tho right to furnish eitlwr gold or silver in other words, they would oxerciso the option, just as the gov ernment ought to exercise it now. The government must either exerciso tho right to redeem its obligations in silver when silver is moro convenient, or it must retire all the silver ami silver certificates from circulation and leavo nothing but gold as legal tender money. Aro our opponents willing to outline a financial system which will carry out their policy to its legitimate conclusion, or will they continue to cloak their designs in ambiguous phrases? Necessity For Bimetallism. There is an actual necessity for bimetal lism as well as a theoretical defense of it. During tho last 23 years legislation has been creating an additional demand for gold, and this law created demand has re sulted in increasing tho purchasing jiower of each ounce of gold. The restoration of bimetallism in the United States will take away from gold just so much of its pur chasing power as was added to it by the demonetization of silver by tiie United States. The silver dollar is now held up to the gold dollar by legal tender laws and not by redemption in gold, Ix-causo the standard silver dollars are not now re deemable in gold either in law or by ad ministrative policy. Wo contend that free and unlimited coin age by the United States alone will raise the bullion value of sliver to its coinage value, and thus make silver bullion worth J1.2U per ounce in gold throughout the world. Tliis proposition is in keeping with natural laws, not in defiance! of them. The best known law of commerce is tho law of supply and demand. Wc 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 de mand to silver when wo say that a new demand for silver created by law will raises the price of silver bullion. old and silver are different from other commodities in that they aro limited in quantity. Corn, wheat, manufactured products, etc, can be produced almost without limit, provided they can bo sold at a price sufficient to stimulate production, but gold and uilvcr are called precious metals because they are 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 of the world can be melted into a 22 foot culie and all the silver coin in the world into a 66 foot cube. Because gold and silver are limited, both in the quantity now in hand and in annual production, it follows that legislation can fix the ratio between them. Any purchaser who stands ready to take the entire supply of any given article at a certain price can prevent that article from falling below that prices. So tho govern ment can fix a price for gold and silver by creating a demand greater than the sup ply. International bimctallists believe that eeveral nations, by entering Into an agree ment to coin at a fixed ratio all the gold and silver presented, can maintain the bullion value of the metals at tho mint ratio. When a mint price is thus estab lished, it regulates the bullion price, lo calise any person elcsiring coin may have the bullion converted into coin at that price, and any person desiring bullion can 6ecure it by melting the coin. The only question upon which International bimetal lists and independent bimctallists differ is, Can the United States by the free and un limited coinage of silver at the present legal ratio create a demand for silver which, taken in connection with the de mand already in existence, will be suf ficient to utilize all the silver that will be presented at the mints? They agree in their defense of the bimetallic principle, and they agree in unalterable opposition to the gold standard. International hi metallic t a cannot complain that free coinage gives a benefit to tho mine owner, because Inter national bimetallism gives to the owner cf silver all tho advantages offered by inde pendent bimetallism at the same ratio. In ternational bimctallists cannot accuse the advocates of free silver of being "bullion owners who desire to raise the value of their bullion," or "debtors who desire V pay their debts in cheap dollars," or "demagogues who desiru to curry favor with the people. " They must rent their opposition u j Mm one ground only namely, that the supply of silver available for coin age is too large to be utilized by the Unit ed States. Oar Capacity to fjse Silver. In discussing this question we must consider the capacity of our people to uso silver and the quantity of silver which can come to our mints. It must be remcm lered that we live in a country only par tially developed, and that our icople far surpass any equal number of people In the world in their power to consume and pro duce. Our extensive railroad development and enormous Internal commerce must also le t. ' 1 into consideration. Now, how much t.T can come here? Not the coined sihtr .f the world, Ijecausc almost all of it is more valuable at this time in other lands than it will be at our mints under free coinage. If our mints are opened to free and unlimited coinage at the present ratio, merchandise silver can not come here, because the labor applied to it has made it worth more in the form of merchandise than it will bo worth at our mints. We cannot even expect all tif tho 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 ne-d a considerable quantity for subsidiary coin age. We will be required to coin only that which is not needed elsewhere, but if wo stand ready to take and utilize all of it other nations will be compelled to buy at j the price which wo fix. Many fear that the opening of our mints will l followed by the enormous Increase in the annual production ef silver. This is conjecture. ICOXTISCED OS FOCHTH PACE.J -VK trie rgcovcjg4 !rrpu. bilious uf ifcrr". victim of fnrt nd ague, ihe mercuria! diseased vaticm. how thry rrcovrred hxahh, chctri'ul iriit ndo,j Pix-t.te; Ihcy will tel you by taking Simmon; I-ivkk K.t LAri'. The Chenpoat. rarest and 1U-M Family - - iu nuria; For nVSPKrSIA. CONSTIPATK.X, jalindtta Rliotu attack. Mi k H KAUAI HK. l.,l. I,, sum of S..nt S U K S I t .M Ae 11. Hcur.l.urn. etc. Ihw unmaSed remedy i warranted n.t ... omtait s uncle particle uf Mum cv. or any mineral .uttan. DUt Ml PURELY VEGETABLE, containmc th Southern R,i and HerU which at all wise lYuvHicm-e ha placed m cuntnea when lJver Iieae mwu .rev l. It win ran piaeaaea cau.e.l l.y lrauKfinent or the ljwrr and ltw-U. The SYMl'IOMS of l iver C.m. Uint are . l.i.te. or bad tattc in the mouth ; I'am in the lla, k. S.de m lotut. ibi miualrn for klieim,.t,.m ; .Hsut KUmiarh; I. o .,1 Arct ic ; lU.wel. alternately coativeand lax; Headache; 1 . w Memory. ,th I pamf.it senianon of ha,,,, uUcd , ,1,, fc-rtnc,hln. which auRht to have been d.,ilc . lfe-lllltv; Law Kplrlts; a thick, yellow apjieataii. e ol ll.e 'sk.,n and r-ye: a dry CouKh, oltrn umuken . e oiiumiion Someunic many of these Mim.ton, attend the aiacase. at others ery Irw ; but tiie Ion,, the laiseM organ m the body. Kcneraily the t . ,he d,r..e and if not RecuMtm in tune. Krt-a! ullmiiK. v retch ednv and ItKATII ensue. 1 he following highly -ucmcd person, .-,, ,., ,h, virtue of Simmons I ivm Kr..t i !,,: trn W S Perry, t.a.; t,ol K. k. Sparks. AlUnv.tU.; t . ..n. r.,.her.rt 11,1,1,, . , A. lillIts. lnUtdge. Oa.. Kev. J ;tLe. Macon, tia.; Virgil IWen Supt. (.a. S. W. k. k. ; H..n. Alexander H SophVns' ' .V. .? ..VC ICMcd .'M VIr,u lrot.ai;V. and know that b.r 1 lyspcpsia, lfiiiuusm-ss i,,id I lir..l l.,i,K Head ache, it i the bet medicine the wot Id ever taw We have tried forty ,,cr r. r.edici, be I ,re Simmon Liver Regulat. ami none ol tin ,,, tJvt UJ moIC lhan ,CIn. foT rehe f ; the Regulator not only relieved, but cured IS. tU. iHLKOKAI It AN! M Ksl SU K, M AVON. tw. MANi rACII KI II ONLV HV 4. 11. ZK1UN CO., rtHUJc'iihia. Pa. VIRGINIA COLLEGE, fOR YOUNG LADIES, ROfWOKE. Vft Opens Sept. 10, is;;. One of the lending Schools Tor Voting Ladies in the South. Magnificent building-, all modern improve meats. Campus ten acres, (iraiul moun tain scenery in Valley of Virginia, tamed for health. Eiiropcxti and American teach ers. Full course. Superior att vnntagH in Art and Mu-ic. Students from twenty States. For catalogues address the I'icm' ilent. MATTIK P. 11 A UK IS. Iioanokc, Va. PARKER'S CINCER TONIC ? 7 .o n 1,ul"'. IVIiluty, disumlnr Horn., t e female ill, and w noted for inakmg rurea when !la;..r .. ......... nn, nKunrrang invalid should hm.- e. PARKER'S HAIR RAI C1M Oamt and beautifies th h- I riinx p. m I ... -i . . . t. lver ails to Keetore Orn- Curea ecalp disraw a hair t.uiu'. fv.mod SI i at Druuiai niniicniiUKiia n. only rare ewe JnuLSIopt ail pain. Makes walking easy. 1 je, atiirufij-. ASM B m. m Chlehrater'a KngtUa IMaatonit Itraad. rENNYROYAL PILLS Orlsrliu.1 ud Only CrnulM. &14tjL 'rwrnttt ftr"Oi. rfllftOia. LaDlIt aVSE liVei au1 i-Ut Use till bloc rlhhnn. Take (no ollieft liffumm danomma MlVtits tumannd tmitotitma. At I-tuhisI.. mr rn4 4n. in wtsimt fur fartlruirs, t!tivrt.iiU ttellvf for l.st , im Uttrr, It rrtMrn ms.IL. IWa-MfW li-tinaonlKl. Km IStmtr. I ll ll I I Hi ill ll li 1 si wa Bdiaaa a-. wu bj- ati .uvea jtuuiiu. M i Being Sick is largely a matter of choice. Sickness can usually lie cured In cases of riysj-epsia, heartburn nml our stomach always take "Rip.tns Talmles." This good remedy is com pounded largely of Rhubaib ami Soda. The one acts gently on the bowels; the other sweetens the stomacli. Ri pans Tabules" are sold by me for 50c. a box. Being, Well is impossible if the drugs you buy are not reliable antl pure. Besides coming here for "Ripans Tab ules," you should come also when the doctor writes a prescription for you. The doctor's advice and my pur. drugs arc pretty sure to make sick people well. Melville Dorsey, Wholesale and Retail Drusfplst, HENDKKSOX", N. C. GET THE BEST. That's the Kind I Keep. I w-ouli! most :spt.rtfiil iiiforo lie public 111.. I I ii 111 it my -line obi ne.ir Hors V it 1 110 j..m- .lien- I nave n COIilillctf tun -lit id WHISKIES BRANDIES "wi2st:h;s. TOBACCO, CIGARS, &c, to. Nothing but PL-'KK ;ooi)s allowed to eoiin; iii tnv house. My PURE OLD CORN WHISKEY Excels anything in Henderson, the ui Called Cooper Corn lio excepted All I tk is a tt i;i I . :ml you u ill he CMi v mr.-.l . My prices ate KOWKi: tl.an Hie Ji.w-st TKKMSCAMI. tiive me a call S. S. WH1TTEN. IIKNDKICV N. N.C. TV- . . " r 1 ::ijr lor you, wfalrb we ina.l f , . . It treat of Ilia torri:i-li ! which -wo to aiid for r revs Vermifuge I has ben ram-hKfcIly tued ' .fan ctrmiiry. Of.- i-: 1 kT c. Personal. Fuee 04 page medical reference lunik to any person afflicted with any special, chronic or delicate disease peculiar to their sex Address th leadine phy-icians and surceonsof the I'nited States, llr. Hatha way Jfc .. 2-','i !South Broad Stree At lanta, fia. iw n 1
Henderson Gold Leaf (Henderson, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Aug. 20, 1896, edition 1
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