Show that tbegtTilemaa have tie to conclude ait remarks 3 There was HO objection iIrRawlins thank the gentlemen i BhaufendeavQZ not t weary them by an unnecessary wasb of time I say the money so demonetized is lost until the pbver which can restore it recovers sud cent knowledge t pnt it back or re clothe it with the functions by which it nay become useful in the channels of trade You can have no efficiency which is the desirable thing without q quantity can you And as you increase the quantity quan-tity yon strengthen the efficiency ad you dimieh the quantity you weaken the efficiency ciency I there were in the bank vaults I today throughout this country 10 percent per-cent more of quantity there would be a stronger basis on which to restore the I L confidence of the country While the president deprecates hoarding i hoard-ing he recommends the adoption of a I policy for its encouragement I Monetary con traction always leads to a decline in values As demonetization goes on the purchasing power of the remaining re-maining money grows Hoarding is thus made profitable Investments cannot be i safely made without a certainty of loss so crtnt long 3 tho decline in values continue I I loans are made upon a god margin today to-day in 3 short time the security becomes inadequate I i So ever increasing in value without risk of loss the money will be safely i stored away and held I Take the Bank at England In 1SSL it I had a reserve 542000000 but with the demonetization silver and the increased demand for gold resulting therefrom such an encroachment has been made upon it that the reserve In ten cia creased until now it has about 22000000 as J reserve Sir Samuel Montague in a recent article published in Littels Living Agl < a man of long experience in Lombard Lom-bard street portrayed more vividly than the entlemen who take the opposite side of this question that her financial stem F was like a pyramid standing on its ape agreat superstructure of credit which i I people lose their confidence would be toppled over on account of the insuffi I ciencyof the base of cold on which it rests and he says that such would have happened and the English bank would gone to pieces as the result of the Barings failure had it not been able t obtain a gold loan of lo 000000 from the Bank of France Now the necessity for gold i indicated by its demand fo coinage I can demonstrate demon-strate I think t the satisfaction of any gentleman upon this floor that the gold supnly of the world Is inadequate I take the figures forl8S9 In that year there was produced 120000000 of gold throughout through-out th world Dr Soetbeer estimated that there tr s consumed in the arts in tra a 1SS6 60000000 and that the amount used fer log such purposes was gradually increas In the report upon the mineral industries indus-tries of this country it appears that the amount consumed in the arts i 1880 i this country alone was SlOjOOO000 and in 1S90 according to the estimate of the director rector of the mint it had risen to 516 00 Therefore it would be a reasonable reason-able estimate to say that the amount of gold consumed in the arts throughout world in 1SS9 was 70000000 Taking for that estimate there remained 50000000 coinage Now what was the amount coined One hundred and sixtyeisht million dollars dol-lars Alter deducting for use in the arts you find f 118000000 more gold demanded for coinage than was produced that year That meant of course a recoinage by one nation of the coins of another s that what one gained another lost This demand for gold was so insatiate that it overcame the vim inertia the cost of transportation the expense of a double or triple mintage and of the premium which has been spoken of here a being I BS high an land 2 per cent which one s country charges pr a penalty upon the r exportation of its gold to another Now abut down the silver mines from which onethird t onehalf of a the gold produced comes take one third from 120000000 and you have 80000000 remaining and in but a few years i not already the demand for gold for use i the industrial arts will encroach upon your original stock Then think of the millions according to the estimate of the Jevons by which the gold stock annually shrinks from wear and loss of coins And yet men dream of universal gold mono 1 metallism No wonder that we look with trepidation trepida-tion upon the passing to and fro between countries of a few million dollars of gold AustriaHungary sought to et upon s gold specie basis and passed a law to that effect converting her taxable silver bonds into gold bonds She put them noon the market though bearing 4 per cent interest In-terest at 9 or 92 and endeavored to get the gold but she could not get it anywhere any-where in the wide world until she came over to America to filch it from the treasury of the United States That was the reason why last year 57000000 of gold lets this country But notwithstanding the great sacrifice Aus triaHungary wa willing to make t get upon a gold basis she could not do it and only a month ago the news was Il flashed across the ocean that the time at which such specie payments were to be resumed wa to be deferred till 1896 Then there ceased t be snch a demand jar gold and it was permitted to flow back as it a boon doing lately Nov it i supposed r take to get upon a specie basis enough gold to cover the aggregate of the premium upon gold over the incontrovertible paper money Remember Re-member that Austria failed and that the result of her attempt was t create disas t the business interests of the world causing a financial crash in England itself and then suppose that Russia and India and other countries throughout the civilized world should make the same effort what would happen In 1S16 when England adopted the gold standard such as the increased demand ior goldtliat there Immediately resulted a fall in the prices of other things That led to a general financial disturbance which was depicted by Mr Clay most eloquently in 1820 pointing out the dire disasters which had come upon our coun try tryWhy sir the idea of universal gold mouomefctlism has been justly described a Utopian It is an effort to cover the financial bed with a golden blanket which i not big enough You pull it to one side and the other suffers from exposure I indecent even t attempt it What i the remedy We have found the cause The dream of the monometalist is idle It is an iridescent dream of fatuity and jolly resulting tram ignorance Applause Why sir the remedy is t restore silver the functions of money which It has possessed pos-sessed in a agesso universally recognized recog-nized for three thousand years as to be regarded as almost i not quite an arrangement ar-rangement of nature itself The real cause of the widespread depression de-pression is found in the fact that during the past twenty years the quantity or supply of primary money has not kent pac the increase of population of business production and the growth of commerce The use of money has been demanded in now and extensive fields not only in America but i Asia and Africa Moreover the supply of primary metallic money has been curtailed by the demone tization and inhibited coinage of silver while the demand for gold for use in the Industrial arts has constantly increased and its production has as uniformly diminished di-minished The tremendous loss in silver has in no degree been compensated by any increased supply of gold As the value or price of all other thins varies directly as the quantity or supply of primary money constituting the standard stand-ard of its measurement it follows that a such money contracts prices must fall or if the supply of money remains the same but has slider distribution is made t do duty in a wider field and in new channels chan-nels a proportionate fall in values must ensue The same result takes place when the articles or objects which money mess C c jires are Increased or multiplied The correlation of these propositions is that the money and all fixed charges and liabilities solvable alone In that medium as ganged by other things undergo ap tjreciatSon Talk about evolution t That trm is only properly applicable in a scientific sense to the animate not to the inanimate inani-mate world You can not make a vicious mat theory respectable by bestowing upon it i A scientific appellation Evolution the urvivaTof the fittest on only be applied > t this questiOn upon J the assumption J J a i 1 l D I a I C 0 q that it means predominance of might over right Mr Sherman wrote his letter to the conference in It67 recommending gold Was that evolution He afterward after-ward ILL his letter at 1878 said he had wade a mistake that he did not act upon sufficient information How is evolution evolu-tion doingon England Why sir Barclay Goshen and many others all great statesmen over in that country are telling rapidly into the theories of the bimetallist The evolution is all the other way w Now I want to say n word aoout the single standard Why sir gold and silver ver have constituted in all ages of the world mode of measuring the value of articles of utility We may have a measure mea-sure composed of two metals a measure of value as well a of distance and the best measure of distance is that which iso t is-o mposed of two metals expanding un uer the influence of heat or cold both ways so that the general dimension always al-ways remains the same If you will take the aggregate of gold and silver and put them together you will find that they have been more stable in this form than when taken separately We want a system which shall operate like the compensatory pendulum so that the radius of oscillation will ever remain the same That is the bimetallic system As to the unit you may call It a dollar or a shilling ora rupee or anything else the name i immaterial The unit of account i unimportant itis the general gen-eral measure that which is indicated by the stock of cold and silver and the nat rat Increase growing out of the development develop-ment mining Industries < growing out I of the discovery and production of the metals hills a God has placed them i the When men know that their money is based upon this i making longtime contract they can measure the stock on hand and they can estimate the probabilities proba-bilities of production and they can determine de-termine what compensation in the form of interest they should reserve In order that they may not suffer loss But if the system of the gentleman from Ohio Mr Barter is adopted what will be the result L think the gentleman used somewhat extravagant language that he spoke somewhat recklessly though wit trend will and good nature and with an I oo wl eloquence which I highly appreciated His theory would result i this when we leave the metallic basis of money which all the monometallists say i the nlteriorend we shall issue gold bonds which we will place upon the market at a discount realizing perhaps 9 per cent Our own bankers will buy these bonds and then issue notes upon them at their par value thus giving to the bankers of the country tbe profits arising from a monopoly of making money for the people peo-ple Under such a system every contract I con-tract would have to ba made with reference i refer-ence to the caprice of the banks always controlled by the or greed Why sir gentlemen talk about the bounty or tribute which is to be paid to silver miners of the west They are not opposed to tribute but they want its direction to b toward the east not the I west Where a the votes to come from that will defeat the proposition of justice and right involved in the simple restoration restora-tion of sivr Will the votes come from those who are opposed to exactions in the form of bounties t make profitable unprofitable industries Will the votes against this proposition come from the west or the south Or will they come from Pennsylvania Pennsyl-vania the home of the people who exact tribute from New York from Massachusetts Mas-sachusetts from the people east of the Alleghenies who have built up colossal fortunes upon the accumulations of tribute by means of which the burdens of debt have been multiplied and increased in quantity throughout a this land I do not speak In favor of protecting mining industries I want to tell you here one fact in respect to mining in our territory The average life of a mine there is about ten years When mine Is exhausted it i worthless Within this time the investor must get back not merely his interest but his principal The people in that territory have invested in-vested 100000000 in that industry As the matter now stands that wealth is confiscated At 20 to 1 scarcely more confct scrcey than expenses of operating the mines can be realized In the mining states 12000 miles railroad a dependent for support sup-port upon the tonnage derived from mineral min-eral productions That is the basis upon which are secured some three hundred or four hundred million dollars of bonds More than a billion dollars are involved Our people who went to that country relying upon the continuance of a system older thanhistoryis able to record which they supposed was built upon the rock of ags supps risked their all for the redemption re-demption of onethird of this continent under unparalleled difficulties by the sacrifice of much blood much turmoil and suffering Yet gentlemen from New York laugh and sneer and say that in order t get the monopoly of issuing a lit tie to the extent of a small cuenc te etent smnl percentage per-centage upon the bonded indebtedness of the United States they are willing to confiscate con-fiscate all this wealth and drive those people to misery and financial death Applause It may be a beautiful picture for those gentlemen to contemplate picture of that country remitted to desolation and famine It may be that they are willing to see that country now teeming with wealth activity enterprise intelligence and patriotism brought to ruin and desolation j but I invoke the good sense and the common hosesty of representatives representa-tives of the American people to thwart this nefarious object The work of our hands may generally go to decay but beautiful structures of stone more enduring en-during than brass will stand as the mute and might monument of a nations folly and a peoples despair Such must b the result i the policy recommended is adopted and yet it stalks forth a very demon of destruction before be-fore which any fiend or devil might bow with reverence They Ray we cannot do it alone that we must let Russia start let England sat let France start let some other nation na-tion start Emi Mr Speaker in the name of God who Is more interested in starting than we We have more than a billion directly or indirectly involved We produce 2 per cent of the gold and 41 per cent of the worlds product of silver pr ver A great industry is involved as well a the values of all wealth productive produc-tive and consumable I We are the most powerful and capable of all nations and the most interested in starting We can as France did for seventy sev-enty years by the free and untrammelled coinage of gold and silver linking the metals together preserve their parity standing a we do with twothirds of the inhabitants of the earth on the silver basis on one side and on the other side I only onefifth on the gold basis England had a gold standard for seventy years and Germany and the rest ot Europe were on a silver basis France during ell of these years by bimetallic system preserved the parity of the two metals Gentlemen may deny it I assert as-sert it to be a fact that the metals during that period did not fluctuate except as the rates of exchange between London and Paris varied That was conclusively demonstrated in the Brussels conference and a table has been attached t the report re-port of its nroceedings which illustrates its truth It shows the extreme variation of the value of silver in the London market mar-ket did not exceed 5 per cent and that such fluctuation was wholly due t the rates of exchange between London and Paris and to mint charges in France Since that time a silver has been demonetized de-monetized it has fallen in value 3 everyman every-man must concede on account of the unfavorable un-favorable legislation towards silver and because of the restriction in its use as money Now gentlemen say you can not re monetize silver or restore it by legislation legisla-tion because it has been denreciated That is designated by Mr Gos hen as a vicious circle Restore it to the condition con-dition on which gold is based with all the privileges of gold and the two metals will stand together side by side to do the monetary work of the world as they have done for thousands of years But Mr Speaker gentlemen tell us tLat the test the crucial test of the silver dollar is to melt it down in a crucible and then see what will be its worth after the process I say t you first restore t it the privileges that gold has and then melt it down and the process will show how it will stand the test But suppose you apply the fire test t your paper money put it in the crucible melt it n r L 1 I l I down and see what it will be worth after the process Now gentlemen 1 have done and I thank yon for your attention I have novae no-vae in the House In behalf of the people I represent but I do beseech you that you will ao act as to bring heart to the business not only of the people in my I own but in the entire country and throughout the civilized world The moment we set out in the right direction i I alone we shall be followed We will not go i I A little more than a century ago absolutism abso-lutism and tyranny in government and been evolved and a reuresenting the t survival of the fittest dominated the I world Our forefathers did not wait for others to start but went it alone and gave evolution a new departure in the direction di-rection of Individualism liberty Let us imitate their example Applause |