CONSISTENT FRIEND OF SILVER
THE REPUBLICAN PARTY HAS EVER BEEN THE CONSISTENT FRIEND OF SILVER AND TO-DAY IS IRREVOCABLY COMMITTED TO THE DOCTRINE OF INTERNATIONAL BIMETALLISM, BUT IS UNALTERABLY OPPOSED TO SILVER MONOMETALLISM.
For one, I am not willing to see all the gold in this country driven out of circulation and the purchasing power of silver reduced to its bullion value. In other words, I am not ready to see the per capita of money in this country reduced fully one-half and our nation doing business on a Mexicanized silver basis. Wages are the last schedule to advance, and as fully 95 per cent, of the male adults in the United States are wage, salary or fee earners, there would be almost universal want, misery and suffering bequeathed to these people, because of such a reckless, unpatriotic and unbusiness-like experiment. What party then is the real friend of silver? The party that is trying to maintain the parity of the two metals, or the party that is protesting friendship in unstinted terms and yet committed to the folly of reducing silver to its bullion value? Fellow citizens the proposition in a nutshell is this:
THE REPUBLICAN PARTY BELIEVES THAT THE COINAGE OF SILVER SHOULD BE RESTRICTED BY LAW AND COINED ON GOVERNMENT ACCOUNT. MR. BYRAN AND HIS FOLLOWERS BELIEVE IN THE FREE AND UNLIMITED COINAGE OF SILVER ON PRIVATE ACCOUNT. WHEN THE GOVERNMENT COINS SILVER, UNDER EXISTING LAWS, IT GETS THE DIFFERENCE BETWEEN THE COST OF THE BULLION AND THE STAMP THAT IS PLACED UPON IT. THIS IS KNOWN AS THE GAIN OR SEIGNIORAGE AND IS PAID INTO THE TREASURY OF THE UNITED STATES THE SAME AS IS PROVIDED BY LAW REGULATING SUBSIDIARY COINS. IN THIS WAY EVERY MECHANIC, EVERY FARMER, EVERY LABORER, IN FACT EVERY CITIZEN OF THE UNITED STATES GETS HIS PROPORTIONATE SHARE OF THIS GAIN.
DO NOT DEMAND BIMETALLISM
What "Coin" Harvey and the advocates of free silver demand is not bimetallism, but the unlimited coinage of the silver dollar, not at the just ratio of 32 to 1, but at the unjust ratio of 16 to 1, not on government account, but on private account. To-day the government – the people – are receiving the benefit of the 48 cents on each silver dollar coined, that being the difference between the cost of the bullion and the face value of the dollar. The government – the people-will lose these 48 cents if silver is coined on private account. The question is, my countrymen, who will get these 48 cents on each dollar, who will be benefitted by this change? We know the government will lose 48 cents on each dollar, the question is, who will receive it, or will this profit, now accruing to the government – the people – be lost as completely as the value of this building would be to the owner if it burned to ashes and there was no insurance? (Applause.) I am pretty well acquainted with the mining business, have spent many years of my life in the mining districts of the west, and am the owner to-day of mining properties in Oregon and in Colorado, and also largely interested in one of the most noted silver mining properties in Old Mexico, and I know whereof I speak, when I say to you that English capitalists and American silver kings own a majority of the stock of nearly every incorporated silver mining company in this country of any prominence.
It is beginning to look to me like "there was a pretty good-sized African in the wood pile somewhere." (Laughter and applause.)
FREE TRADE SHOULD BE UNDONE
Eight years ago, and again four years ago, through the influence of the Cobden Club, England attempted to subdue America. She succeeded in prostrating our industries, impoverishing our people, and increasing our public debt, but let us hope that the intelligence of American citizens will rise up in its full might and undo the free trade blunder of 1892. It now looks to me as if there was a gigantic trust of silver kings and English capitalists attempting to again subdue free America. Evidently there never was such a concert of action in the United States as has taken place during the last few months in regard to this silver question. The rapidity with which it has travelled all over this country, to say the least, has been phenomenal. There is an old saying, that "a falsehood will travel a thousand miles while truth is getting its boots on." Fellow citizens, go forth and tell the misguided advocates of free silver and believers in the false theories of "Coin's" Financial School to rejoice in their strength while it is called to-day, for, by the living God "truth has its boots on" and is marching triumphantly out among the people, tearing away the webs and veils of delusion and hypocrisy and appealing to the people, not to their passions, but to their intelligence, their reason and their honor. The people are not ready to advance by going backwards, they are not ready to be Chinaized, to be Japanized, South Americanized, Mexicanized or subsidized by a coterie of silver barons and English capitalists, who are attempting by stealth to nail the wage earners and farmers of this country to an unholy cross of depreciated silver. (Applause.)
GOES AFTER BRYAN
William Jennings Bryan tells us in his Knoxville, Tennessee, speech, that there is no danger of a silver flood. "Coin" Harvey makes the same statement, notwithstanding the world's production of silver for the year 1894, at only about 63 cents an ounce, amounted to the fabulous sum of $216,000,000, a greater annual production than ever before in the history of the world, and only exceeded by the output of silver for the year of 1805, which amounted to $235,000,000, and still he claims there is no danger of a silver flood. All that Mr. Bryan asks for is, that the reins of government and the keys of the United States treasury be turned over to himself and his followers, and they will try the experiment. I hardly think the people of the United States are ready to invest in any more political experiments. The experiment of four years ago has proved quite enough. No flood of silver! The effrontery and insult to the intelligence of mankind by this degenerate democracy and silver advocates surpasses understanding. (Applause.) Fellow citizens, the so-called crime of 1873 is a myth and destitute of substance. The so-called conspiracy of that year is also a myth and without substance. You might just as well go out and from the housetop proclaim that the horse has been dehorserized, because of a huge conspiracy entered into by electricity and the bicycle. Why not ask that the noble animal be rehorserized, so that its selling price will be $150 or $200, the same as it was in "ye olden times." (Applause.)