A Hint for Wives. A certain married woman of Woon sccket, R. 1., sat up until midnight the oilier night watching !*:>• her husband to come home, and thinking up some ap propriate remarks to make upon his arrival. When flt last she was tired out she went to her room, where she found her husband in bed fast asleep. Tin wife, instead of apologizing for the ill justice she hrf.s done lier innocent hus band, refused to speak to him at all, and up to the time of the latest report she continued to treat liim with cruel cold ness. The Rcclieser Union makes this domestic episode the text of severe com mentary on the pronencss of wives tc jump to hasty conclusions concerning the whereabouts of husbands at night, and suggests that, before they sit up until late hours with injurious thoughts, they search the house thoroughly. The poor man may be peacefully sleeping on the premises all the time—in bed, 01 under the table, or somewhere. Some times browbeaten husbands arc forced to take refuge under beds, like the poor gentleman who declared to his wife, who was searching for liim with a broomst iek and bidding him come forth: "So long us 1 have the spirit of a man, madam, I slia!J not come out from under this bed." The investigators whose names ap ! pear in the newspapers in connection ! with Roentgen ray experiments are a deal bothered by applications from | people who imagine they have bullets j or other unpleasant foreign substance* in various parts of their anatomy. The story goes, says a Cleveland exchange, that not long ago a certain focal scion ' tist received tho following letter: "Dear Sir: 1 have had u bullet in my thorax for seven years. I am too busy to conic to Cleveland, but hope you will he able to come down here and lo cate the bullet, us I am sure the case is worth your while. If you cau't come yourself send your apparatus and I w ill get one of the doctors here to use it. Yours truly." Here is the local man's reply: "Dear Sir: Very sorry j I cannot iinil time to visit you, nor will 1 be able to send my apparatus. If yo.u can't come to Cleveland yourself send me your thorax by express and I will do the best I can with it. Yours truly." Western papers say that as a result ' of the recent disastrous windstorm the ! insurance business is becoming all over ! the west, and every insurance office now advertises in urunce against tornadoes 1 and cyclones. A man can insure any property nowadays, and insure it | against any disaster. lie .can insure his i house against fire, water, accident, j lightning and burglary; he can insure i his bicycle against thieves, his bunch of ! keys against loss. In Chicago's suburbs I they nit' even insuring garbage cans, a ; company guaranteeing to replace any | cat.* that may be stolen. As this sort of I tlu ft is growing common and a policy ! costs only 25 cents, the new insurance is popular. There are, says a recent report, ten colonies of Mormons in Mexico, nearly j all Americans. Their holdings are in the finest portion of northern Mexico; j tho soil is very rich and productive,and i with the advance of railroads, from the nearest of w hieli tliey are removed from 125 to 20d miles, these lands will greatly enhance in value. United States Consul llu ford, at l'nso del Norte, has made the colonists the subject of a special report to the state department, lie finds that there is a good opening for American goods among t lie colonists and says that the Mormons are exceedingly prosper ous and highly regarded Some physicians have announced themselves as opposed to the prevailing fashion of mourning costumes. They are perfectly willing that people should be sorrowful, but they demand that the exhibition of sorrow should take some shape that will not interfere with health. The veil, they declare, is simply a prison wall which shuts out all light and air, and the wearer of this abomi nation takes very considerable risks. There are objections to other parts of 1 lie costume, but tlie veil is something to be criticised with all possible vigor. The Mcrry-Go-Rounds is the appro-, priute name taken by a woman's club of l'aJinyra, Me., the members of which meet weekly at the homes of the dif ferent, members, in turn, and spend fceveral hours helping the hostess patch the boys' troii.seia, mend w recked stock ings and take ot her needed stitches as Ihe needs of the household require, finishing up, utter a picnic supper, with a social and literary entertain ment to which the husbands are in vited. One hundred Chicago w omen w Ho had grow n tired of the neglect of the city officials, swept u street in that city the other day, after vain attempts to per suade the authorities to do something. The chances are that their good example w ill be entirely wasted on the politicians who are paid to do the work. A Georgia man is going to run for any office he can gel 011 the follow ing plat form: "I never was in the war; never holiored at the surrender and never killed anybody that let me alone, and the only thing I know about the finan cial question is that I need money." Rarnmiu, the originator of the Moor ish palace at t lie world's fair at Chicago, committed suicide in the forest of Keopeniek, mar Berlin, not long ago. BIYAFS ADDRESS Tho Democratic Candidate's Formal Acceptance of the Presidential Nomination. The Full Text of His New York Speech. MI:. CHAIRMAN', GENTLEMEN OF TIIE COMMITTEE AND FELLOW CITIZENS—I shall at a future day and ill a formal letter accept the nomination which is now ten dered h.v 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 hero assembled, I speak lit some length in regard to the campaign upon which we are now entering. We do not underestimate tho forces arrayed against us, nor are wo unmindful of the impor tance of the struggle in which we are en gaged; hut, relying for success upon the righteousness of our cause, we shall defend with all possible vigor tho positions taken by our party. We are nob surprised that some of our opponents, in the absence of hotter argument, resort to abusive epithets, bub they may rest assured that 110 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. Tho citizen, either public or private, who assails the character and questions the pa triotism of the delegates assembled in tho Chicago convention assails the character and questions tho patriotism of the mil lions who have arrayed themselves under the banner there raised. It has been 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 been as serted that those whom I have the honor for the time being to represent not only meditate an attack upon tho rights of property, hut are the fees both of social order and national honor. Those who stand upon the Chicago plat form are prepared to make known and to defend every motive which influences them, every purpose which animates them and every hope which inspires them. T hey un derstand the genius of our institutions, j they are stanch supporters of the form of government under which we live, and they builil their faith upon foundations laid by the fathers. Andrew Jackson has stated, with admirable clearness and with an em phasis which cannot ho surpassed, both t iio duty and tho sphere of government. | Ho saiil: "Distinctions in society will al -1 ways exist under every just government. Equality of talents, of education or of wealth cannot ho produced by human in stitutions In the full enjoyment of tho gifts of lien veil and tho 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- I trine just enunciated. Our campaign lins not for its object tho reconstruction of so ciety. Wo cannot insure to tho vicious tho fruits of a virtuous life; we would not in vade the home of the provident in order to supply tho wants of the spendthrift; wo do j net. propose to transfer tho rewards of in dustry to tlio lap of indolence. Property is anil will remain tho stimulus to endeavor anil tho compensation for toil. We lie lievo, as asserted in tho Declaration of In dependence, that all men are created equal, hut that does not mean that all men are or can ho 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 the law, discriminate | between citizens. Quotes From President Lincoln. I assert that property rights, as well as tho rights of persons, are safe in tho hands of tho common people. Abraham Lincoln, in his message sent to congress in Decem ber, 1 Mil, said, "No men living are more worthy to bo trusted than those who toil up from poverty, none less inclined to take or touch aught which they have not honestly earned." I repeat ids language with unqualified approval and join with him in tho warning which lie added— namely, "Let them beware of surrender ing a political power which they already possess, and which power, if surrendered, iv ill surely bo used to close tho doors of ad vancement against such as they and to fix new disabilities anil burdens upon them till i.ll of liberty ■ hall bo lost." Those who L ily follow tlio injunction, "In tho sweat >f tliv face shall thou cat bread,"are now, 1 'is 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 time of war. But 1 luivo only read u part of Jackson's utterance. Let 1110 give you his conclusion, "But when the laws undertake to add to : huso natural anil just advantages art illcial institutions, to grant titles, gratuities and exclusive privileges, to make tin? rich rich rand tin? potent liioro powerful, the hum ble members of society, the farmers, ine rlianics and the day laborers, who have in ither the time nor tho means of securing like favors for themselves, have a right to 'oiuplain of the injustice of their govern ment." Those who support thoChicago platform indorse all of the quotation from •I.iekson, 1 lies latter part as well as the former part. Wo are not surprised to find arrayed a gainst us those who are the beneficiaries i government favoritism. Theyhavo read lur platform. Nor aro wo surprised to 1 arn that we must ill this campaign face the hostility of those who find a pecuniary advantage in advocating the doctrine of noninterference when great aggregations of wealth are trespassing upon the rights of individuals. We welcome such opposition. It is the highest indorsement which could he bestowed upon us. We aro content to have the co-operation of those who desire t > have the government administered with out fear or favor. It is not tho wish of the general public that trusts should spring into existence and override tho weaker inenibcv.-; of society. It is not the wish of the general public that these trusts should 1 destroy competition mid then collect such tax as they will from those who are at their mercy. Nor is it the fault of tho gen ' erul public that tlie instrumentalities of government have been HO often prostituted to purposes of private gain. Those who stand upon tho Chicago platform believe that the government should not only avoid wrongdoing, but that it should also pre vent wrongdoing, anil they believe that tho la w should be enforced alike against nil enemies of the public weal. They clo not. excuse petit larceny, but they declare that grand larceny is equally a crime. They do not defend the occupation of tlio high wayman wlip robs the unsuspectipg trav ! Her, but they Include among the transgress ors those who, through the more polite ano less hazardous means of legislation, appro priate to their own use the proceeds of the toil of others. The commandment, "Thou shall not steal," thundered from Sinai and reiterated in the legislation of all nations, is 110 respecter of persons. It must be ap plied to the great as well as the small, tc. tip' strong as well as the weak, to the cor porate person created by law as well as to the person of flesh and blood created by the Almighty. No government is worthy of the name which is not able to prate#t from every arm uplifted for his injury the 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 oi such legislation uiul not by those who on joy its benefits. The Income Tux Decision. The Chicago platform has been con- Icmned by some because it dissents from an opinion rendered by the supreme court declaring the income tax law unconstitu tional. Our critics even go so far as to ap ply the name anarchist to those who stand upon that plank of the platform. It must be remembered that we expressly recog nize the binding force of that decision so long as it stands as a part of the law of the land. There is in the platform no sug gestion of an attempt to dispute the au thority of the supremo court. The party is simply pledged to list) "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 l>c consti tuted." Is there any disloyalty in that pledge?? For a hundred years the supremo court of the United States has sustained the principle which underlies the income tax. Some 20 years ago this same court sustained wit hout 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 lvhearings, 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 the income tax plank of tho Chicago platform. Tho 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 oral government,collected through internal revenue taxes and import duties, arc 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 bo quite satisfactory to the men who escape just taxation it can never be satis factory to those who arc overburdened. The last income tax law, with its exemp tion provisions, when considered in con nection with other methods of taxation in force, was not unjust to tho 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 tho rich. The svstom is employed in Several of tho most important nations of Europe, and every income tax law now upon the statute books in any land, so far as I have been able to ascertain, contains an exemp tion clause. While the collection of an in come tax in other countries docs not make it necessary for this nation to adopt the system, yet it ought to moderate the lan guage of those who denounce the income tax as an assault upon Hie well to do. Not only shall I refuse to iqiologizQ for the advocacy of an income tax law by the national convention, but I shall also refuso to apologize for tho exercise by it of the right to dissent from a decision of the su preme court. In a government like ours every public official is a public servant, whether ho holds office by election or by appointment, whether ho serves for a term of years or during good behavior, and the people have a right to criticise his official acts. "Confidence is even-where the parent of despotism. Free government exists in jealousy and not in confidence." These nro 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 bis duty as he sees it will desire to deny to those whom ho serves the right to discuss his official con duct. The Paramount Question. Now let mo ask you to consider t he para mount question of this campaign the money question. It is scarcely necessary to defend the principle of bimetallism. No national party during the entire history of the United States has ever declared against it, and no party In this campaign has had tho temerity to oppose it. '1 nrce parties— tbe 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 position ly tho side of gold. Tho Republican platform declares that bimetal lism is desirable when it pledges the Re publican party to aid in securing itas soon as tin? assistance of certain foreign nations can he obtained. Those who represented the minority sentiment in thoChicago con vention opposed the free coinage of silver by the United States by independent ac tion 011 the ground that, in their judgment, it "would retard or entirely prevent the establishment of international bimetal lism, to which tho efforts of tho govern ment should le steadily directed." When they assorted that the efforts of the govern ment should be steadily directed toward the establishment of international bimetal lism, they condemned monometallism. Tho gold standard has been weighed in the balance anil found wanting. Take from it the powerful support of tho money owning and tho money changing classes, and it can not stand for one day in any nation in the world. It was fastened upon the United States without discussion before the peo i pie, and Its friends have never yet been | willing to risk a verdict befere the voters upon t iiat issue. 1 There can be no sympathy or co-opora j tion between tho advocates of a universal 1 gold standard and the advocates of himct j allism. Hotwceu bimetallism, whether in ; dependent or international, and tho gold standard thero is an impasMihlo gulf. Is this quadrennial agitation in favor of in -1 temationnl bimetallism conducted in good : faith, or do our opponents really desire to j maintain t be gold standard permanently? Arc they willing to confess the superiority of u 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 ore, in fact, desirous of securing bimetallism, we may expect them to point out the evils of a gold 1 standard and defend bimetallism us u sys torn. If, on the other hand, they are land ing their energies toward the permanent establishment of a gold standard under cover of u declaration in favor of interna tional bimetallism, lam justified in sug gesting that honest money cannot bo ex pected at the hands of those who deal dis honestly with the American peojlo. 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. Professor Luughlin, now of the University of Chi cago ar.d 0110 of the highest gold standard authorities, in his work on bimetallism not only admits that gold does not remain absolutely stable in value, but expressly asserts that "there is no such tiling 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 either gold or silver, or both, because "a long time contract would thereby be paid at its maturity by the same purchasing power as was given in the beginning." I'urchtiHluK I'owcr of tho Dollar* It cannot bo successfully claimed tlint monometallism or bimetallism or any oth er system gives an absolutely just stand ard of value. Under both monometallism and bimetallism tlie government ilxes tho weight and fineness of the dollar, invests it with legal tender qualities and then opens themifits to its unrestricted coinage, leaving the purchasing power of tho dollar to be determined by the number of dollars. Bimetallism is better than monometallism not because it gives us a perfect d< liar— that is, a dollar absolutely unvarying in its general purchasing power—but because it makes a nearer approach to stability, to honesty, to justice, than a gold standard possibly can. Prior to 1878, when there were enough open mints to permit 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 cuch 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 iullucucc of this great nation must be thrown upon the side of gold unless wo are prepared to accept the natural and legitimate consequences of such an act. Any legislation which 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 of all other forms of property. Our opponents sometimes admit that it was a mistake to demonetize silver, but insist, that we should submit to present conditions rather than return to the bi metallic system. They err in supposing that we have reached the end of the evil results of a gold standard. Wo have not reached tho ciul. 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. Tho same influences which are now operating to destroy silver in the United States will, if successful hen*, be turned against other silver using countries, and each new con vert to the gold standard will add to tho general distress. So long as the scramble for gold continues prices must fall, and n general full in prices is but another defini tion of hard times. Our opponents, whilo claiming entire disinterestedness for themselves, have ap pealed to tlu* selfishness of nearly every class of society. Kecognizing the disposi tion of the individual voter to consider the effect of any proposed legislation upon himself, wo present to the American peo ple the financial policy outlined in tho Chicago platform, believing that it will result in the greatest good to the greatest number. The farmers nro opposed to the gold standard because they have felt its effects. Since they sell at wholesale and buy at re tail they havo lost more than* they have gained by falling prices, and besides this they have found that certain fixed charges have not fallen at all. Tuxes have not been perceptibly decreased, although it re quires more of farm products now than formerly to secure the money with which to pay tuxes. Debts have not fallen. Tho farmer who owed SI,OOO is still compelled to pay SI,OOO, although it may be twice as difficult ns formerly to obtain the dol lars with which to pay the debt. Itailroad rates havo not been seduced to keep pace with falling prices, and besides these items then; arc many more. The farmer has thus found it more and more dillicult to live. Has he not a just complaint against the gold standard? Kfleet on Wage Ranters. The wage earners havo been injured by a gold standard and havo expressed them selves upon tho subject with great em phasis. In February, 1805, a petition ask ing for tho immediate restoration of tho free and unlimited coinage of gold and sil ver at Hi to I was signed by tho represent atives of all, or nearly all, tho leading la bor organizations and presented to con gress. Wage earners know that whilo u gold standard raises the purchasing power of the dollar it also makes it more diffi cult to obtain possession of tho dollar. They know that employment is less per manent, loss of work more probable and re-employment less certain. A gold stand ard encourages tho hoarding 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 bank vaults. The farmers and wage earners together consti tute a considerable majority of the people of the country. Why should their interests be ignored in considering financial lcgis lat ion? A monetary system which is pecun iarily advantageous to a few syndicates | has far less to commend it than a system : which would give Impound encouragement | to those who create the nation's wealth. | Our opponents havo made a speeiid up peal to those who hold lire and life insttr | mice policies, but these policy holders know j that, since the total premiums received cx | rood the total losses paid, a rising standard must be of more benefit to the compunics I than to the policy holders. ' Much solicitude has been exj ressed l>y ! our opponents for the depositors in savings j banks. They constantly parade before I these depositors the udvuntages of a gold j standam), but these appeals will be in vain because savings bank depositors know that under a gold standard there is increasing i danger that they will lose their deposits be j cause of the Inability of the banks to col lect their assets, and they still further I know that, if the gold standard is to con -1 tinue indefinitely, they may be compelled to withdraw their deposits in order to pay living expenses. It is only necessary to note tho increas ing number of failures in order to know that a gold standard is ruinous to mer chants und 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 n ust go into bankruptcy. Those who hftld as a permanent invest ment tlu* stock of railroads and of other enterprises (I do not include those who speculate in stocks or use stockholdings as a means of obtaining an inside advantage in construction contracts) are injured by a gold standard. The rising dollar destroys J the earning power of these enterprises wit h out reducing their liabilities, and. as divi dends cannot lie paid until salaries and fixed charges have been satisfied, ti c stock holders must bear tho burden of hard times. j 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 tho salaries of those wiio hold office for life, must, in tho long run, be adjusted to tho conditions of j those who pay tho taxes, aiul if the present financial policy continues we must expect the contest between the taxpayer and tho tax cater to increase in bitterness. The l'rof(*HHioiiiil Classes. ' The professional classes, in tho main, do ilvo 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 time to n ra tion a few—but, each person will boabloto apply tho principles stated to Ids own oc cupation. ! It must also be remembered that it is tho desire of people generally to convert tl.cir 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 pun-hash g ]lower it must not bo forgot ten that the dollar cannot buy more than formerly unless property selis for less than formerly. Hence it, will bo seen that u large portion of those who may find sumo pecuniary advantage in a gold standard | will discover that their losses exceed their gains. It is sometimes asserted by our oppo nents that a bank belongs to the debtor class, but this is not true of any solvent bank. Every statement published by a solvent bank shows that the assets exceed the liabilities—that is to say, while the bank owes a large amount of money to its I depositors it not only has enough on hand in money and notes to pay its depos itors, but in addition thereto lias enough i to cover its capital and surplus. When the dollar is rising in value slowly, n bank may, by making short time loans Mid taking good security, avoid loss, but when 1 prices are falling rapidly the bank is apt to lose more because of bad debts than it rail gain by the increase in tho purchasing ( power of its capital aiul surplus. It must be admit ted, however, that some bankers combine the business of a bond broker with the ordinary banking busi ness, and theso may make enough in tho negotiation of loans to offset tho losses arising in legitimate hanking business. As long as human nature remains ns it is 1 there will always be danger that, unless restrained by public opinion or legal en actment, tlioso who see a pecuniary profit for themselves in a certain condition may yield to the temptation to bring about that condition. .Jefferson lias stated that ono i of the main duties of government is to ; prevent- men from injuring one another, , and never was that duty more important | than it is today. It. is not strange that those who have* made a profit by furnishing gold to the government in the hour of its extremity favor a financial policy which will keep the government dependent upon them. 1 believe, however, that I speak the sentiment of the vast majority of the peo- I lo of the United States when 1 say that a ; wise financial policy administered in bo , half of all the people would make our gov | iriimcnt independent of any combination I of financiers, foreign or domestic. Contraction of the Currency, j Let-mo say award now In regard to cer- I tain persons who are ] ecuniarily benefited by a gold stai.daril, and who favor it not from a desire to trespass upon the rights of j others, but because the circumstances which suiround them blind them to the effect of Ihe gold standard upon others. I shall ask I you to consider the language of two gentle men whose long public service anil high standing in the party to which they belong will protect them from adverse criticism by our opponents, In 1 stiff Senator Hicr- I man said: "Tho contraction of the cur rency is a frr more distressing operation I than senators suppose. Our own and other nations have gone through that oper : iition before. It is not possible to take that voyugo without tho sorest distress. Toov | cry person, i xeept a capitalist out of debt j or a salaried officer or annuitant, it is a period of loss, danger, lassitude of trade, | fall of wages, suspension of enterprise, j bankruptcy and disaster. It means ruin to i all dealers whose debts arc twice their j business capital, though one-third less than their actual property. It means tho ; fall of all agricultural ] reduction without uny great reduction of taxes. What pru dent man would ilnro to build a house, a I'ailroad, a factory or a barn with this cer tain fact before him?" As 1 have said be fore, the salaried officer referred to must In? tlie man whose salary is fixed for life and not the man whose salary depends upon business conditions. When Mr. Hhor inan describes contraction of the currency us disastrous to all tho people except tho : apitalist out of debt and those who stand in a position similar to his, he is stating a j truth which must he apparent to every per ! son who will give the matter careful eon ; dilcmtion. Mr. Sherman was at that tiino ( peaking of the contraction of the volume j if paper currency, but the principle which lie set forth applies if there is a contrac tion of the volume of the standard money of the world, j Mr. Blaine discussed tho same principle in connection with tho demonetization of ! silver. Speaking in the house of represent itives on the 7th of Feburnry, 1878, lie said: "J believe the struggle now going on ' in tliis country c.iiil other countries for a single gold standard would, if successful, | produce widespread disaster in and i throughout tho commercial world. The ilestruction of silver as money and tho establishing of gold as the sole unit of value must have a ruinous effect on all forms of property except those invested which yield a fixed return in money. These would le enormously e film need in vuluo mil would gain a disproportionate and unfair advantage over every other species )f proj ert.v " Is it strange that tlie "hold ?rs of investments which yield a fixed ro iurn in money" can regard the destruction ,)£ fciKer witli complacency? May we not exprct the holders of other forms of prop erty to protest against giving to money n "disproportionate and unfair advantage over every other spceies 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 people the right to use the ballot to pro tect themselves from the disastrous conse quences of a rising standard? The people who must purchase mono# with the prod ucts of toil stand in a position ontirley 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 self—depends upon the prosperity yf the masses. What shall it profit us to have a dollar which grows more valuable every day if such a dollar lowers the standard ol civilization and brings distress to the peo ple? What slm!' it profit us if in trying tc raise our credit increasing the purchas ing power of our dollar wo destroy 0111 ability to pay the debts already contracted by lowering tho purchasing power of the products with which thoso 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 un era of pros perity which will enable the American people to become loaners of money instead of peri ctual borrowers. Even if wo desire to borrow bow long can v.o continue bor rowing uiufcsr a system which, by lower ing the value of property, weakens the foundation upon which credit rests? Even the holders of fixed investments, though tlicy gain an advantage from the appreciation of tho dollar, certainly see the injustice of the legislation which gives litem this advantage over those whose in comes depend upon tlie value of property and products. If tho holders of fixed in vestments will not listen to arguments based upon justice and equity, I appeal to them to consider the interests of posterity. We do not live for ourselves alone. Our la bor, our self denial and our anxious care, all these are for those who are to come aft er us as much as for ourselves, but wo can not protect our children Ixiyoml tho period of our lives. Let those who are now reap ing advantage from a vicious financial sys tem remember that in the years to come their own children and their children's children may, through tho operation of tliis same system, bo made to pay tribute to the descendants of those who are wronged today. As against tho maintenance of a gold permanently or until oth er nations can ho united for its overthrow, the Chicago platform piesents n clear and emphatic demand for the immediate res toration of the free and unlimited coinage of silver and gold at t he present legal ratio of 10 to 1 without waiting tho aid or const i:t of any other nation. Wo are not asking that a new experiment lie tried. We are insisting upon a return to a financial policy approved by the experience of his tory ami supported by all tho prominent statesmen of our nation from the days of tiie first president down to 1873. When wo ask that our mints be opened to the free and unlimited coinage of silver into full legal tender money, wo are simply asking that tho same mint privileges bo accorded to silver that are now accorded to gohl. iVhen we ask that this coinage boat tho ratio of Id to J, we simply ask that our gold coins and tho standard silver dollar, vvhh h, ho it remembered, contains tlie same amount of pure silver as the first sil ver dollar (oiiftd at our mints, retuiu their presi nt weight and fineness. Theory of ISiinctaliliaii. The theoretical advantageof the bimetal lic system is I est stated by a European writer on political economy who suggests the following illustration: A river fed from two sources is mere uniform in vol ume than a river fed from one source, the reason being that when one of the feeders is swollen the other may ho low, wherena a river which has but one feeder must rise or fall with that feeder. So in tho ease of bimetallism. Thevolumoof metallic mon ey receives contributions from both tho gold mines and the silver mines, and therefore varies less, and tho dollar, rest ing upon two metals, is less changeable in its purchasing power than the dollar which rests on one metal only. If there are two kinds of money, the op tion must rest either with tho debtor or with the creditor. Assuming that their rights are equal, we must, look at tho in terests if society in general in order to de termine to which side tho option should bo given. 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 lie will require the debtor to pay in the dearer metal if there is any perceptible difference between tho bullion values of the metals. This new demand created for the dearer metal will make that metal dearer still, while the decreased demand for the cheaper metal will make that metal cheaper still. If, on tho other lmiul, tho debtor exercises tho option, it is reasonable to suppose that lie 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 tho dearer metal will lower its price. In other words, win n the creditor lias the option, the metals are drawn apart, whereas when the debtor has tho option the metals are held together approximately at the ratio fixed bylaw, provided the demund created is sufficient to absorb all of both metals presented at the mint. Society is there fore interested in having the option exer cised by the debtor. Indeed there can bo no such thing as real bimetallism unless tin* option Is exercised by tho debtor. Tho exercise of the option by the debtor compels tho creditor classes, whether domestic or foreign, to exert themselves to maintain tho 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. Tho right of the debtor to choose the coin in which payment shall lie 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 tho peo ple, and it is Impossible to justify a policy which makes the interests of the one per son who holds tho obligation superior to tho rights of tho many who must he taxed to pay it. When, prior to 18751, silver was at a premium, it was never contended that national honor required the payment of government obligations in silver, and tho Matthews resolution, adopted by congress in 1878. expressly asserted the right of tho I'idled States to redeem coin obligations in standard silver dollars as well as in gold Uixm this subject the Chicago platform reads, "We are opposed to the policy and practice yf -surrendering to tho holders of the obligations of the United States the option reserved by law to the government of redeeming such obligations in either sil ver coin or gokl coin." C'arlinlc'H Testimony. It is constantly assumed by some that the United States notes, commonly called greenbacks, and the treasury notes, issued under the act of 181H), ore responsible for the recent drain upon the gold reserve, but tliis assumption is entirely without foun dation. Secretary Carlisle appeared lieforo tho house committee oil appropriations on Jan. 21,181)5, and I quote from tho printed report of his testimony before the commit tee: Mr. Sibley—l would like to ask you (perhaps not entirely connected with tho matter under discussion) what objection there could lie to having the option of re deeming either in silver or gold lie with the treasury instead of tho lioto holder? Secretary Carlisle—lf that policy had been adopted at tho beginning of resump tion—audi am not saying this for the pur pose of criticising tho action of any of my predecessors or anybody else—tho policy of reserving to the government, at the beginningof resumption, the option of redeeming in gold or silver all its paper presented, 1 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 u policy of re deeming in gold or silver, at the option of the holder of the paper, and if any secre tary had afterward attempted to change that policy and force silver upon a man who wanted gold, or gold upon a man who wanted silver, and especially if he had made that attempt at such a critical period as we have had in tlie last two yejirs, my judgment is it would have been very disas trous. I do not agree with the secretary that it was wise to follow a had precedent, but from his answer it will be seen that tho fault docs n< t lie with the greenbacks and treasury botes, but rather with the execu tive officers who have seen fit to surrender a right which should have been exercised for the protection of tho interests of the people. This executive action has already boon made the excuse for tho issue of more than $250,000,000 in bonds, and it is im possible to estimate the amount of bonds which may hereafter bo issued if this policy is continued. Wo are t >ld that any attempt upon tlie part of the governinent at this time to redeem its obligations in silver would put a pioiuium upon gold, but why should it? The Hank of Franco exercises tho right to redeem all bank paper in either gold or silver, and yet France main tains the parity between gold and silver at the ratio of 15'£ to 1 and retains in cir culation more silver per capita than we do in the United States. It may lxi further answered that our op ponents have suggested no feasible j lan for avoiding the dangers which they fear. The retirement of the greenbacks and treasury notes would not protect the treasury, be cause tho same policy which now leads the secretary of tho treasury to redeem all gov ernment paper in gold, when gold is de manded, will require tho redemption of all silver dollars ami silver certificates in gold if the greenbacks and treasury notes are withdrawn from circulation. More than this, if tho government should retire its paper and throw upon tho lxiuks tho ne cessity of furnishing coin redemption, the bunks would exercise tho right to furnish cither gold or silver—in other words, they would exercise the option, just as the gov ernment ought to exercise it now. Tho government must either exercise the right to redccfi its obligations in silver when silver is more convenient, or it must retiro all the silver and silver certificates from circulation and leave nothing but gold as legal tender money. Are 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 lie. igns in ambiguous phrases? Necessity For lUinetnllisiti. Tliero is on actual necessity for bimetal lism us well ns a theoretical defense of it. During tho last 23 years legislation has been creating an additional demand for gold, and this law created demand lias re sulted in increasing the purchasing power of vaeh ounce of gold. The restoration of bimetallism in the United Suites will take away from gold just so much of its pur chasing power as was added to it by tho dciuoiicti/uth n of silver by tho United States. Tho silver dollar is now hold up to tho gold dollar by legal tender laws and not by redemption in gold, because tho standard silver dollars are not now re deemable in gold either in law or by ud ! miuistrativo policy. [ We contend that free anil unlimited coln [ ago by tho United States alone will raiso | the bullion value of silver to its coiimgo ; value, and thus make silver bullion worth $1.2!) per ounce in gold throughout tho world. This proposition is in keeping with nat ural laws, not in defiance of t hem. The best known law of commerce is the law of supply and demand. Wo recognize this law and build our argument upon it. Wo apply this law to money when wo say that | a reduction in tho volume of money will I raise the purcluising power of the dollar. We also apply the law of supply and ilo | mund to silver when we say that a now, demand for silver created by law will raiso | the prieo of silver bullion. (Sold and silver l are different- from other commodities in | that they are limited in quantity. Corn, j wheat, manufactured products, etc., can be ! produced almost without limit, provided j they can ho sold at a prieo sufficient, to j stimulate production, hut gold and silver are called previous metals because they are found, not produced. These metals have boon 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 molted into a 22 foot cubo aiul all tiio silver coin in the world into a (l) foot cube, licenuso gohl and silver aro limited, both in the quantity now in hand and in annual production, it follows that legislation can tlx tho ratio between them. Any purchaser who st. nils ready to take tho entire supply of any given urticle at a certain price can prevent that article from falling below that price. So tho govern ment can fix a price for gold and silver by creating a demand greater than tho sup ply. International himetallists liellevothut several nations, by entering into an agree ment to coin at a fixed ratio all the gold and silver presented, can maintain tho bullion value of the metals at tho mint ratio. When a mint prieo is thus estab lished, it regulates tho bullion price, he cause any person desiring coin may have the bullion converted into coin at that price, and any person desiring bullion can secure it by melting the coin. Tho only question upon which international bimetal lists and independent Irimctallists differ is, Can the United States by the free and un limited coinage of silver at tho present legal ratio create a demand for silver which, taken in connection with the de mand already in existence, will he suf ficient to utilize all the silver that will lie presented at t he mints? They agree in their i defense of the bimetallic principle, and they agree iu unalterable opposition to the
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