The Courier-Journal opposes Democrat William Jennings Bryan on the issue of "free silver"

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The Courier-Journal opposes Democrat William Jennings Bryan on the issue of "free silver" - R-J01TBN WEEKLY St-lOXISYlLLB. St-lOXISYlLLB....
R-J01TBN WEEKLY St-lOXISYlLLB. St-lOXISYlLLB. PRTJ- PRTJ- -M -M 00 I M S 49 1 M 1 tncruUlng order, risk. week week .. at., Ky. That ! the American method, and. above all, the Kentucky method, not withstanding an exceptional instance or two that have recently occurred. We trust that the National Demo- Demo- i crats, who form bo large a part of the population of the city, will, as tar as practicable, attend Mr. Bryan's meet- meet- j Ing and give him an attentive bearing-. bearing-. bearing-. , Especially should they be careful that no Interruption or disturbance of the speaker, no attempt to prevent others j from bearing him, shall emanate from any Democrat. Free speech, la the soul of a republic Let no Democrat be guilty guilty of te slightest discourtesy to Mr. Bryan, or those who assemble to bear him. 1 t centm ring 1 rice 4 seat telephone to manner. - 18fl recovery pro-' pro-' is still reaction, had New report was , was cotton, low were in though comma declar and St. gold Bank outflow. and it this Tork, heavy Tork. which fall- fall- and whole being per ounce, of exchange low firm and stock close very to-- to-- report Cht-'cago Cht-'cago at has been Leaf and but are to We of of report the has the a Co. oil TO m. BAT as. As a distinguished American and as the choice of three political parties for the presidency of our country, the Courier-Journal Courier-Journal Courier-Journal Courier-Journal btda you, Mr. Bryant welcome to Kentucky. Ia extending extending that greeting we speak for all our citizens Irrespective of party. That greeting extended, we now speak for those of our people who disagree with you oa the wisdom of the theory ia advocacy advocacy of which you ask the approval of the electors. The audiences which you will address this evening will be made up largely of men who believe our national welfare is dependent upon maintaining the present financial system and reforming its defects, defects, snd who think that the free, unlimited unlimited and independent coinage of silver silver by the United States at the fictitious ratio of IS to 1 would result only in disaster, disaster, la holding to these convictions they have no other guides but reason as they understand it, and experience as they know K. If they are wrong, they are willing to be shown their error. They want the best currency that Is attainable, attainable, and If the policy you advocate will insure that currency, they want that. The Courier-Journal Courier-Journal Courier-Journal can speak for this element of our citizens. It is fighting with all it ability for the gold standard because it believes tb&t the gold stand ard necessarily underlies the best currency currency it is possible to secure. It Is fighting fighting with all it ability against free sil-.ver sil-.ver sil-.ver as proposed by your platforms because because It believes that such a policy would quickly place us upon a single silver standard, measuring a debased and fluctuating fluctuating currency. If we are wrong and you ere right, all we ask is that you show it, and we ehall light for free sil ver Just as sealously as we are fighting for the present standard. But. Mr. Bryan, you can, not convince us. nor the people for whom we speak, by offering us your unsupported personal personal opinion. Ton can not convince ue by appealing' to the discontented and the unfortunate to rebel agralnst the existing system, without giving them evidence that the system which you would substitute would be better. Tou can not convince us by impassioned invocations invocations to- to- the irresponsible and un thinking revolutionary element which exists under all governments. Tou can not convince us by eulogizing the blessings blessings of "bimetallism' without showing that your policy would result tn bimetallism. bimetallism. There Is the point to which we wish to pin your attention. . We have read all the many speeches you have made since your nomination at Chicago, and all your arguments and claims hinge upon this: That the free, unlimited and independent ' coinage of silver by the United States at 1 to 1 would raise silver silver to a parity with gold and thus secure secure and suetata the concurrent circulation circulation in this country f the two metals as money. But you bave never shown that this Is anything more than a personal opinion opinion of yours. Tou bave never. cited one single chapter from the financial history of the world In support of such a hypothesis. hypothesis. Tou simply ask millions of your fellow-Americans fellow-Americans fellow-Americans to change their Views On thie SUbleCt fcecaucut VA1I, views are different. Tou call upon a great - to revolutionise its monetary monetary system merely because you, one man, and confessedly not exceptionally experienced la such matters, havejtaken up the Idea within 'the last few years, that another system would be better. Is it reasonable to expect the American people to change their minds and the American nation to change its fiscal policy policy without at least some shadow of a satisfactory demonstration that It would be to their interest to do so?. The universal experience of the world tells us that the free, unlimited and Independent Independent coinage of " silver by the United States at the ratio of IS to 1 would result la silver monometallism. None of your arguments or pleas for such Tree coinage, Mr. Bryan, has' the least relevancy or legitimate force until you show that It would result in silver and gold bimetallism. Ia this connection we would direct your attention to the challenge on this page, which we bave published day after day, and which none of your supporters bas been able to successfully 'answer. Answer that challenge. Mr. Bryan, and you will prove that you bave some solid ground upon which to build your theory. It is all the more incumbent upon you to make such an answer because now and then you have shown some lack of absolute confidence in the Infallibility of your personal opinion on this question. question. Thus in your recent Milwaukee THE COUETEiJOUBJIlL'S CBAIXEVBE. We contend that free and unlimited coinage by the United States alone will raise the bullion value of silver to Its " coinage value, and thus make silver bull-tor bull-tor bull-tor worth 81.19 per ounce in gold throughout throughout the world." (William Jennings Bryan, Speech of Acceptance, August 12, KM, ... I have but one lamp by which my feet are guided, and that is the lamp of experience. experience. I know of no way of judging the future but by the past." (Patrick Henry. "Judge the , future by the past" Will-' Will-' Will-' lam Jennings Bryan, Hornellsvllle, N. T-August T-August T-August 29. 189S. Mr. Bryan, together with all other advocates advocates of the free, unlimited, and Independent Independent coinage of silver at the ratio of IS to 1, who maintain that such a policy would Insure bimetallism In this country " rather than sliver monometallism, bases bis sole argument In support of that theory theory upon the assumption that free coinage under such conditions would raise the price of silver bullion to H.29 aa ounce, and sustain it at that figure, thus making sliver sliver and gold coined at the ratio of 14 to 1 equal la value and insuring their circulation circulation side by side. If this theory la right It will secure us genuine bimetallism. If it la wrong it would force, upon us disastrous silver monometallism. Upon the correctness of this theory, therefore, depends the justification justification of every claim made by Mr. Bryan for the free, unlimited and independent coinage of silver by the United States. If this theory Is correct, let the proof be offered before the nation la asked to accept accept if. The history of the world Is aa pen book; let Mr. Bryan point to the page which contains his proof. The Courier-Journal Courier-Journal Courier-Journal makes this fair proposition: X. If Mr. Bryan or any other human being, will show that this country, country, when It had the free coinage of both silver and gold at the ratio of Is to L or any other ratio, was ever able to bring the ' bullion value of both metals to the coinage value and keep them together, thus securing and maintaining their circulation as money side by side, and preventing preventing one from expelling the other. the Courier-Journal Courier-Journal Courier-Journal will withdraw withdraw all opposition to the free - coinage of silver. X If Mr. Bryan, or any other human being, will show that any nation nation oa earth, by the free coinage coinage of both gold and silver at any ratio, was ever able to bring the bullion value of both metals to the coinage value and keep them together, thus securing securing and maintaining their circu- circu- lation as money side by side, ' and preventing one from expelling expelling the other, the Courier-Jour-, Courier-Jour-, Courier-Jour-, Courier-Jour-, Courier-Jour-, nal will withdraw all opposition to the free coinage of silver. We submit that if no nation has ever . been able to bring and keep together the bullion and coinage values of the metals when those values differed very little, it Is preposterous to assume that any nation could do it to-day, to-day, to-day, when those values are so wide apart. precede the change of systems, only for sj uncertainty, which, should It turn out contrary to your opinion, would force us to a system of monometallism, against whose evUe you have eioqueret-ly eioqueret-ly eioqueret-ly inveighed. And you ask us to take this tremendous risk and make this change, without offering us even a pretense pretense of proof that the result would be what you hope it would be, and what you beUve It would be. In all candor. Mr. Bryan, do you not think you are asking too much? Cleveland's place during the Debs Insurrection? Insurrection? One other question. Mr. Bryan. There will be many among your auditors tonight tonight who, disastrous as they conceive your financial policy, fear a greater evil than free silver from your election. Tou object because It has been charged against your platform, that It upholds anarchy. This charge is based upon the fact that the platform platform In effect condemns the action of the President of the United States In enforcing the laws of the United States during the Debs riots, without which enforcement anarchy would have been supreme. Attorney General Harmon. In a remarkably clear exposition of the law, which you should read as a lawyer. lawyer. If not as a candidate, thus concludes: concludes: ' "It must be that Mr. Bryan, amid the many demands on his time and attention. nas xauen into inadvertence. I can not believe that he really thinks the President has no power under the Constitution and laws to maintain the government Intrusted to his charge. Nor can I believe that Mr. Bryaa means to promise or to make or permit others to think he ha promised not to Interfere if he should be elected and the situation of the riots of 1894 should arise during his term. I will not lightly question either his knowledge as a lawyer THE VATTEEWS SESOLUTTOV. .' (To the Editor of the Courier-Journal.) Courier-Journal.) Courier-Journal.) I shall be very glad Indeed If you will explain why the Secretaries of the National National Treasury have refused to be gov. erned by the resolution Introduced In the Senate by Hon. Stanley Matthews in the latter part of December. 1877, which. It Is claimed, was adopted by both Senate and House and which provided that the Treasurer Treasurer should pay ail bonds and X suppose 'greenbacks' In silver dollars of 412H grains weight each or In gold as be preferred. preferred. Did that resolution ever become a law? If not. what kept It from becom ing a law binding and mandatory oa the Secretaries?. What is the difference between between a concurrent aad a Joint resolution? The last question, you need not answer, if it consumes too much space, as It may not be of general Interest, but the others seem to me are. ED THOMAS. "Fulton, Ky. Our correspondent misconceives the Matthews resolution, both as to Its tenor and Its effect. It was a mere expression expression of opinion, and not a law; and it did not express the opinion that the bonds should be paid In silver, but merely that they were so payable at the option of the United States. To show this, we here give the resolution itself, omitting the long preamble, which Is only argumentative and historical: "Be It resolved by the Senate of the United States (the. House of Representative Representative concurring therein). That, all tha bonds of the United States tosued or authorised authorised to Je issued under the said acta of Congress herein before recited are payable, payable, principal and Interest, at the option of the Government of the United States In silver dollars of the coinage of the United States, containing 412 grains of standard silver; and that to restore to Its coinage such silver coins as a legal-tender legal-tender legal-tender payment of said bonds, principal and interest, interest, is not la violation of the publlo faith of If At or his sincerity as a publlo man. Certain- Certain- I Pr m derogation of the rights of the pub- pub- y turn tetter as generally misunaerstooa un less It means either that Mr. Bryan thinks the President has no power or that he would himself not use It if elected." Tou can settle the question a to your sympathy with anarchy, Mr. Bryan, by assuring us how you would act if. In the words of the Attorney General, you "should be elected and the situation of the riots of 18M should arise during your term." Or. to put It In another form, will you say, Mr. Bryan, -whether -whether or not. If you bad been President In 1894, you would bave acted as Mr. Cleve land acted with regard to the Chicago riots? speech you said: at Is purely a question of supply and demand. If Mexico had been able, with other nations that are now using silver, to furnish a use for all the silver that would go to tb Mexican mint, why, she cuutu nave maintained the parity. If we are able to do U. taking Into consideration consideration tha demand now vainv m, uu maintain the parity. We never can tell until w try. and our opponents will never anow, because they never would try." Here you confess that, after all, It is an experiment whose result we shall not know until we try It And suppose, upon trial, it should not result as you believe It would. Tou ask us to go through the panic, whlchl you have admitted .would 1 .would bare, done had These are plain questions, and call for plain answers. Tou claim to be a plain man and a bold -man. -man. Tou won your nomination by plain-speaking plain-speaking plain-speaking and bold-speaking. bold-speaking. bold-speaking. Will you answer these two questions plainly and boldly. In accordance with your repeated assurances assurances that you want the votes of none who do not share your opinions? Answer them and we shall not trouble you witn others regarding your ulti mate policy of irredeemable paper, your ambiguous attitude toward the tariff, your advocacy of the spoils system, your partiality for paternalism, your assault upon the right of contract. Nor shall we ask how you voted In 1882. nor revive reminiscences of your threats to bolt the Chicago convenUon If It should fall to declare for free sUver; holding you th rather In admiration for your manliness In proclaiming your Intention to bolt a party which should not represent your principles. WUl you be as manly, before expecting expecting the votes of the people, to show them that you are right when you say that free coinage would secure bimetallism, bimetallism, and to tell them what you lia creditor. This resolution wa submitted to th Senate January 14, 1878, and not in December, 1877. and was passed. On the 29th of the same month it passed the House. It was never presented to the President, such not being the practice with reference to concurrent resolution. resolution. If it bad been a Joint resolution and had gone to the President, he would have refused his assent This resolution resolution was passed before the so-called so-called so-called Biand-Alllson Biand-Alllson Biand-Alllson act became a law. The House had passed a bUl ofTered by Mr. Bland for the free coinage of silver. When It got to the Senate, Mr. Beck, of Kentucky, offered a substitute to coin $3,000,000 a month on Government account, which to about what we are doing now. This resolution was referred referred to th Finance Committee, of which Mr. Allison was chairman, and that committee changed the three millions millions a month Into not less than two or more than four millions a month. It was not, therefore, the Bland-Allison Bland-Allison Bland-Allison Bill, but the Beck Bill with an Immaterial Immaterial amendment which became a law. This law altered the situation because it provided for the Issue of silver on Government account only, the Government Government buying silver at a discount, coin ing It and paying It out at par with gold. . Thus arose certain equities which would not bave existed if the dollars bad been coined and Issued on private account at their market value. The distinction between a concurrent and a joint resolution Is of great interest interest to any one who desires to know the effect of the Matthews resolution. The concurrent resolution appears to be an invention of Congress to avoid submitting submitting certain resolutions to the President It violates Article I. Section 7. subsec tion 3. of the Constitution, which, pro- pro- US OF IS INDEPENDENT If impression the bed of never life free worst his from get . Th cltl-sen billions in honor they we the " And people the risk would Th Popoc journal empty night, audience this Hi meters. If answer to Inquiries this fond facta. The coinage of the you beea in Mr. vide that "every, order, resolution. M . -a -a

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  1. The Courier-Journal,
  2. 14 Sep 1896, Mon,
  3. Page 3

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  • The Courier-Journal opposes Democrat William Jennings Bryan on the issue of "free silver"

    staff_reporter – 19 Jan 2017

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