Logansport Pharos-Tribune from Logansport, Indiana on September 17, 1896 · Page 9
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September 17, 1896

Logansport Pharos-Tribune from Logansport, Indiana · Page 9

Logansport, Indiana
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Thursday, September 17, 1896
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SOUND MONEY fir. Brooks' flasterly Plea For That Policy. THE PENNSYLVANIA Wants What Every Man Desires, An Honest Dollar. Points Out to Citizens Why it is to Their Interest. To Vote and to Work for a Sound Currency System. every peaceable, law abiding citizen, to be protected iu the enjoyment of his home and.the fruits of his labor. It involves the right of the honest workman who wants to work, in order that ho and his family may live, and who lias a chance to get work, to be permitted 'to work and be protected iu en- Joying that right. Tills right is the very essence of freedom, It is the corner stone of civilized society and life; no despot cnii do a greater wrong than take away that right; any government which does not-give to Its citizens that protection, is a mockery and a fraud. large, but for the benefit of the owners of silver bullion. It is true that it is prophesied that ithe .people at. large, except those to whom money is due, will benefit by the free coinage of silver; no advocate of free silver coinage claims that a creditor will profit by free coinage, nor does any free silver man care wlmt will be the result o-f free coinage to those to whom money is due. The glittering Inducement Is held out to all who owe money that they can pay their debts easier If we have free silver, than without: it; also that labor will secure better rewards The Chicago Democracy and its candl- 1 : and farmers will get better prices, date for President, now for the first [ The free coinage of silver «,t the pres- nalion's history, tender American -people on this Mr. ,T. T. Brooks was greeted with an immense audience .'it the opera house last evening, 'thousands being unable to get in. Mr. Brooks said: "The gravity of the political situation at this time cannot bo overestimated. At no time since the breaking out o£ the civil war iu 1S01 has the welfare of tho United States been as seriously threatened as in the present political campaign. The national convention oi! . the oldest political party iu America, lately held -in Chicago, has taken a radical departure from its lime honored principles and traditions, and announced Itself in favor of a complete change iu the political as well as the fiscal system of the country. Its candidate for the Presidency has disclosed himself to be in sympathy with every feature of the platform. This departure from ancient principles, so sudden and so wide, has filled the country with alarm. Capital is seeking safety in idleness; manufacturers are closing their shops; merchants are not buying goods; nearly all the prominent and houorcd leaders of the Democratic party have repudiated the platform; large numbers of the rank and file are showing their hostil-. ity to the new departure by supporting for President a statesman who, above all.other men in the nation, is identified with a political doctrine which their judgment condemns. Like patriots and wise men they sacrifice for the time being party principles and party ties, in order to prevent national disgrace and ruin. The Chicago platform, which Bryan approves, favors three distinct policies, each of which is a departure from Democratic faith, and each is a direct men'ace :to the vital interests of the American people. ; First: That the right to protect property, and life by moans of the writ of injunction shall EO longer be enjoyed. Second: That the right of private contract In arranging for money payment shall no longer exist. Third: That there shall be coinage without limit and without cost to th owner, of a cheap metal, and that al men sha.ll take it in payment of a debt at Its coinage-value, regardless of wha it Is worth. There is a third political party callei Populists, who, like tho Chicago Demo crats, demand that If tfie mountain and valleys of tho earth will not yielc metal enough to m'ake all the moncj they want, the government shall m up the deficit out of some kind of ma .terlal and distribute it directly 'to the people through some kind of disburse meat provided by law. This political 1 •aggregation knows Bryan so well, am is so confident of his sympathy and support of their principles that they also have nominated him as their favorite man for President. : What is meant by this Democratic denial of the right of injunction? Thi: right has existed and been enforced as one ot the priceless safe-guards of life and property, ever since Judicial tribunals were known o-monjr men. Why tut tho close of the 10th century, docs a great political party denounce and seek to abolish it? Because tho writ of injunction, backed by the strong arm of the government, stopped •wholesale fire, and murder by .a mob nnd restored peace and order to a helpless, terrified city. Against such terror, danger and ruin, the peaceful and equitable remedy by Injunction, has been-often and successfully invoked; If applied in time, it stops lawlessness, saves property .and life. The court in its sacred character of protector, bids the outlaw to stop, and 1C he refuses to stop, puts him In Jail. Without the power to imprison for disobedience, the' order to desist from outlawry would be -senseless. Therefore the writ. of injunction, to stop pillage and-murder, depends for its vitality on the right to'arrest and punish for disobedience. The issue" involved in this question [transcends -In importance; every other Used by-'tho platform of either politl time in the issue to tlu> question. The second revolutionary principle of the Chicago Democratic platform. Is contained in its tiual clause, where legislation is favored that, will prevent rho flomouetb.ation of any kind of legal .ondor money by private contract. Tills clause is aimed against private cou- racts whose terms require payment to >e made in gold. However -inaptly the clause expresses this ai-m. or how it- would bo possible for two individuals iu making a contract between thom- selve-s, in which the public has no concern to de-monetize :i kind of money which the law makes a legal tender, arc questions I will not slop to consider, lit is (.'nough to know thai the Chicago Democracy favors a law which will pi-event one man from agiveiii'g to pay another in gold, or prevent the payee from enforcing payment in gold. Farmers i't seems are to bo allowed, when they loan seed wheat to a neighbor, to receive back as good wheat as they gave. Livery mea who hire horses and buggies, neighbors who loan implements and tools to one another, are not forbidden to stipulate that the same, articles shall be returned to them, or that what is returned to them, shall be in as good condition as what they loaned; but the man who loans gold either for friendship or hire, shall not. lie permitted to stipulate that gold shall be returned to him. The trail of tho silver producer is over it all. The crwxl of the silver Democracy or of itho silver mine owner seems to be as follows: First: The Government shall coin into dollars all the silver bullion that m'ny be brought to the mints, and those dollars given back to the bullion owner. Second: The government shall do this work for nothing. Third: Tiro government shall force all creditors to take these dollars at one hundred ceuts each in payment of their claims, no matter what the dollars are actually worth. Fourth: Nobody shall be permitted to make a private contract for the payment of money, which may not be full- tilled by the payment of silver. if there is anything else which 'the silver mine owners demand o£ the American people, let the Chicago Democratic convention bo again convened, and the omission will be supplied. Jefferson hated tyranny In- every form; he fought it in every form and' that Is why his name and memory have been the guiding sitar of a political party for a century. He favored minute subdivisions of political power into Suites, counties, townishTps, school districts and wards, in order that the individual could bo brought into close sent ratio of sixteen to one, would bring about a complete revolution In our monetary system. Tills fact does not disturb the Chicago Democrats. They are in for departures and revolu- •lloDs. 'But it is well for Hie people, bo- fore they vote for this revolution, to know just what it moa-us. Gold is now wortJi for commercial purposes, about: rhiirty-t.wo times os much silver. That is, if you consider any given weight of gold, as ah ounce or a pound, that ounce or pound of gold is worth about thirty-two limes as much as the. same weight in -silver. The gold dollar and the sliver dollar lire uot ot! fcho same wc-'ight. When tho present standard of sixteen to one was adopted, it took about sixteen times the weight ot silver to equal die' weight of gold in a dotlnr. But silver has so declined in market value thivt It would t-uke about l-hii'Vy-two times the weight in silver to equal Hie value of a gold dol-lnr. If Democrats were willing to coin silver in the ratio a" thirty-two to one, then 'the present relative value of the gold and silver dolhTr would be preserved. But this in not. what the Dennocmts- wont; tli-ey w.a.nt silver coined .at the old ratio of sixteen to one, because they could make sixteen of silver bo worth thirty-two of silver and therein lies their profits. If silver First, That by the act ot' Congress passed Iu 1873 by fraud and conspiracy silver was- demonetized. Second: That in consequence of that demonetization, tho gold dollar has risen iu value and the volume of money circulating ,ln' the country has diminished. Th'lrd: That in consequence ot the rising value of the gold dollar and tho diminished amount of money in the country, prices of articles have fallen, and debtors have been wronged. Fourth.: That if free coinage of silver will be restored, prices.will again rise and debtors can more easily pay their debts. 'the standard dollar had contained. The silver States wanted this special trade- dollar for. use hi China, and ,Ta- pau. The standard silver dollar was dropped from coinage In this act of February, 1873, and why? Because its further coinage seemed to everybody unnecessary Ojud a usoles expense. Why did it seem so? Because in the eighty years intervening between 1702 and 1S73 Jill efforts-to kcr| the standard silver dollar in circuhition had failed. Only about eight million dollars had been coined in that long period ajid those had disappeared as fast as coined. It was to avoid this useless expense of coining thait President .Tef Every out- of -these assumptions Is ferson, in 1SOG, had ordered no more to lie coined, and In 1S33, when Congress was revising the mint laws, nothing was said or done about the silver dol- ftilse, and each one is put forth either iu Inexcusable -ignorance, or for the express purpose of deceiving the people, a-nd in either event, with a reckless dig- | lar. because that dollar Imd so corn- regard of consequences, which.is noth- ' plctely disappeared from use-and morning short of criminal. , jory that no one thought, about it. First:-Silver was not demonetized iu j Under the -act of 5S73 silver half dol- r>that population has Increased 1873, I reply fli.-u the volume of lotion has increased faster u....^.^,- lation. Tlie population of th$|p| : ''''' States HI 1873 was -41,G77,OOC;V' tion ]>er capita in 1873. $ population in 1SOO was 71,390,OOOTcTr- culation per capita in 1SOG, 921.10. What is the result of ihes figures on our argument? First: That since 1S73 we have coined between fifty mid sixty times as many silver dollars as we had coined in all prior years of our history. Second: That we now h.ave twice as much money in circulation as we had in 1S73. Third: That the circul.aUon per capita is now greater by more than three dollars per capita, or about 17 per cent. 1S73. either by fraud or otherwise: second, tho gold dollar has not risen In lars, quarters and dimes have been and are being coined by the million as fast vtilue nor has the amount of money In ' as wanted, and under that same act circulation decreased: third, prices n-bmit. 3(1,000.000 trade dollars were have not fallen iu consequence of do- \ coined a.s the only kind of silver dollar crea.sG in the .amount of money, for which the silver producing States then tho reason that t-lie volume of money has' Increased instead of decreased, and ffiie fall of prices h'.-is not beeu uniform, consent, nor in, .all places alike. This subject will be more easily understood wauled. How reckless and misleading therefore is it. to assert that silver has been demonetized by a. la.w under which silver has beeu and -is still continuously if a brief statement is given of our ; being coined by the million. But ihe coinage laws, and the relative position . story is not yet half told. The advo- oc-enpi-ed by gold and silver siuco the formation of our national government. These facts of history ha.ve become j threadbare to those who ha.ve studied , the question, and no one can .state ! them without in great measure saying : exatit!y. what others, or. many others, i have sn.id ou the sa-iue question." " i Mr. Brooks then sketched the historv : eat.es of free silver are today demanding free coinage of the silver dollar, for t-he reason that in consequence of thai: act: of 1S7:X the silver dollar was demone; ized and tho volume of circulating money reduced, whereby prices have I'a.lleu and debtors are wronged. In 1S7.S Congress parsed the so-called Bland-Allison Act, requiring ihe treasury department to buy not less than of coinage in the United States from 1702, .and the change of the ratio lie- i two nor more tha.n four million it.wcen gold and silver until it became ! dollars worth of silver each month. a,nd tlxccl at 1.0 to 1. Citing the various euiu them into silver dollars as fast as contract with his public servant, and his individual liberty and rights be best preserved. Always dreading and always warning against the encroachments of comlbined capital -and the unprincipled machinations of selfish men, ho taught, in every way possible, the unspeakable importance of interfering wJth individual liberty and' cncroach- lug on private right only when, stern public -necessity made the sacrifice imperative. Ho regarded Federal government, StaAe government, county, township and minor political subdivisions, as mere self created -instrumcn- .t'alltles, which had no other excuse for existence tha.n to secure freedom to the Individual, and protect him from interference as much as possible. Many people in the United States have not nppreciated tho wisdom of such political philosophy. But for nearly a hundred years it Iras hold together a powerful organization, and for nearly sixty years that orgauization wielded the destiny of this country- It Is reserved for tho year 1SOC'to witness the first doipa-rture from those principles, by the men who formed a majority of the Chicago Democratic convention, who have virtually declared that an innocent law-abl'ding citizen shall not be protected by tho courts of Ills country, either in his home or his Infbor, and that private citizens contracting In a private way, about a private matter, shall not be allowed to contract for their mutual advantage, though the public has not only no concern in their Contract, but knows nothing about it. Tho»third feature of the Chicago'plat- orm which deserves condemnation id 2P which public interest is nralnly centered, is that which demands tho inmedlatc and unrestricted coinage of he silver dollar—not for the benefit of J. T. BROOKS ADDRESSING THE KAILLKOAJD MEN'S SO UXD MO-SHY' CLUB. were coined at the ratio"of sixteen to j acts-of Congress In reference to coin- ! purchased, one, and not made a legal tender in ' age -and their effect', he showed tha payment of debts, then no harm would . the liiiw of 1S73 did not demonetize si be done, for silver would then betaken at Its market value by' weight; that is ovcrj' dollar would be worth about fifty cents. But this plan would not suit the tree silver men, for they'would soon' bb compelled to give something for something, and what they demand ta, that they shall get something for nothing, for to give fifty cents worth of silver and got a dollar's worth of stuff, mean's that they get fifty cents worth of stuff for nothing. Our country Js pn a gold basis and has been substantially on that basis for more than sixty years, excepting only the period of seventeen years, during and after our civil war. We are therefore on .the same basis as England, Bel- glum, France, Germany,' Austria "and Italy. The free silver advocates wish us to adopt frec'silver, and while they do not admit that such free coinage will drive gold out of circulation, they do not 'caro 'if I't does, and .aire willing that we .should bear the sliver basis ailoue. We, should then be on the same system as Japan,'China, Turkey, Mexico, iPoru and other' South American States, The silver producers are on the make, and they care not Into what condition tho country may be brought, nor what nations may agree or disagree -with us. On what ground or under what pro-' text do these silver mine owners suggest to the people of this country 'that we shall .-change our monetary standard? They,submit four assumptions on. this subject, three of w-h'Ich rest on alleged.'facts which are not facts, and the'-fourth on'prophecy, which' by..all ver ws alleged. "That Law," be' said "was uot passed secretly, nor in doubl quick time uor without discussion. 1 was not hurled through iu one ni-ght nor J'n one day, nor In one year, nor in two years. In 1870, nearly throe year before -the bil finally became a. law, i was introduced in the United State: Senate. It was drawu up with grca care 'in the treasury department am submitted by George S. Boutwcll, then secretary of the treasury, as a law to revise and codify existing laws relating td coinage. After it was received In the Senate, copies were sent to coinage experts iu -the United States nut Europe, and -their oplitfloa asked about it. It was discussed in committee and iu open,sessions, 'and passed-to and fro between Senate and House for nearly three-years! .and fin-ally became a law at tho date named, Fob. 12, 1S73. Senator Stewart of Nevada, voted for'It; amfl the Senators of the Pacific Coast States. The discussions on the various phases of this Win fill over one hundred nnd forty columns of the Congressional' Record. These are historical facts, -and 1n view of them and in view •of the'character of the men -who voted for and against the bill, the man who how says the bill was passed surreptitiously is either ,in Ignoramus or a. liar. But 'it is said thiat the bill was,' a fraud because it demonetized silver and reduced the volume of money in the country. This as 'hot trua It pro- vided'for -the continued coinage'of American silver half dollars, quarters and ditties, and at the special request of'the Senators'from.the silver producing : States, It provided for the coinage In 1SOO, -at passed another, law, re- q.ninittg the purchase of four million, five hundred thousand ounces a month, equal. >to about seven tons.of silver a day, and coin this metal iu-to dollars as needed and under certain conditions. Under the two acts last named, there liave boon coined more than four hundred mill-ion silver dollars, an amount more than- fifty times greater than has been coined during tho preceding Hfe of .the uaitiou. Eve-u if it were true that silver was demonetized by the act of 1S73, which is not true, Congress h.is by subsequent legislation, given to the country between fifty and sixty times as many silver dollars .as were coined prior to 1873. It is therefore not true tlnnf the gold dollar has risen In value, & that prices have declined, or that debtors have been wronged by the alleged demonetization of silver. Another important fact in this connection, is, that notwithstanding tho enormous quantity of silver dollars that have been coined sinee-lS7S, not more than sixty' million dollars arc wanted in use by the people or can be forced upon them. The treasury has offered to-ship these'dollars a-=- great expense to any and all parts of the country, but the demand is limited and the people do not want thorn. But how is it in reference to the vol- inie of money of all kinds in circula- lon being less now than in 1S73? Here ig.-vlu Mie advocates of free silver are at fault.. The actual volume now in irculation Is greater than in 1S73, and he amount per capita is greater now ban it was .in 1S73. The United States re.osnry"circular Xo. 134. which has ately beeii' published, shows the fol- owiug total money. In circulation In he United States. In 1873,. $755,000,000; than in 187:1 If there lias beeu no demouiiization of silver and if tJie lotal volume of money in circulation in this country is greater now, both hi volume aud per capita, than in 1S73. then (ho two fundamental facts on which advocates for free coinage claim that the gold dollar has risen, prices have fallen aud the debtor has been wronged, have no oxi.-aienee and their conclusion.* have no .sense. Moreover the gold dollar has not risen in volume since 1S73. In that: year, measured by ih« value of circulating uores. the premium ou gold was about fourteen per cent. It is now a.t par; all talk to the contrary notwithstanding. A customer can go to uiiiy bank in the United States aud get all the gold he wants in even exchange 'for standard bills. An American banker fan go to London or P.-iris and for ;i slight fractional premium, get a million or a hundred millions in gold. If none of tha faeis exist on which free silver men claim that prices have fjillen and debtors have been wronged. it would seem to bo useless to spend Ume on their prophecy that if free coinage of silver is restored. the,dc- memd for silver will be so great that ihe silver dollar will become .as good, as the gold dollar. If the gold ..dollar has caused the injury to the debtor, and the silver dollar will become as good or as bad .as the gold dollar, how is the debtor going to be helped? Facts arc better than prophecy all the time. When the Bland-Allison act of 1878 was passed, silver was worth per „ ounce, fine in gold, one dollar and fifteen cents. Free silver men then prc- dleted that silver would rise under the purchases contemplated by that act, The same prophecy W.-LS urged when ;he .Sherman net of 3S90 was passed, but the price of silver, in spite of the. enormous purchases made by the government under -the two acts named, has declined to price of sixty-eight cents per ounce iu 1S96; ordinarily the propliecy of a man .about the future price of an article which he has -to sell is treated as of no value. This rule will be a safe ouo for the American people to adopt in respect to what silver producers say about the future value of the silver dollar. It is on this flimsy string of false assumptions and weaker prophecy, th.irt the free silver advoctite demands that all the indebtedness w-hich has been contracted in this country, since 1S73. shall be paid in silver dpllars, worth -at this moment fifty-two- cents on the dollar, and likely to be of less value, if a stream without limit as to quantity or time, shall be poured Into tho country. The moral sid-e of tMs question Is even more momentous than the financial, Tliis generation can suffer pecuniary loss and ruin, if it must be Imposed upon them, no matter what wrecking of hoin<2s and breaking of hearts may be the result; But after such Infamy and ruiu hove been perpetrated where' will our credit stand with either nations? What confidence can one have iu another? 'Mutual confidence' and good faith, personal integrity. honor and sense of justice iu dealing with each other, are the very light' and life of civilization. When men can rcJy an fair dealing, they will. lend aud sell -and help and work for each other, knowing that some day they will recive their own in return. Take receive tual confidence 'and eve.rr defense: must be selfish and hold on to that he h«s. - Gs'eighborly accommodations would ce.ise, interest would Increase.. lenders of money would exact •double and treble security, state and federal credit would be lost aud foreign nations would lend no more money to develop n nation of rcpudiators. When I consider the enormity of this proposed -Bering, 'Its shocking results, I «iy with perfect confidence, the American people will never permit it. If 'the advocates of free silver could see tho situation as it is and as it would be if their wisfoes were realized, I cannot but think they would recoil at the spectacle. And what ls.it that keeps thcui to their present position? They know rim silver is worth about fifty- two cents «u- the dollar; they demand that several thousand million dollars of debts be paid, in those dollars, rated at one hundi'ed cents each, and they are willing to risk 'this- unspeakable wrong. on the .contingency that, the value of Sup-.