Read Ebook: Emerson on Sound Money A Speech 1896 by Emerson Willis George

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llowing definition of bimetallism: "Bimetallism is the right to use either of the two metals for money." This condensed answer bears about the same relation to the correct definition of bimetallism as the Boy Orator of the Platte compares with those intellectual giants whom he seeks to imitate, but without success, the immortal Washington and Lincoln. . Bimetallism as is understood in the discussion of our financial question, is the use of both gold and silver as money; both legal tender money, and the legal ratio between the two metals determined from the commercial ratio. Throughout Mr. Harvey's published works and lectures we find him affirming the false principle that money is a creature of law, and that by operation of law the commercial ratio between gold and silver can be made to conform with the legal ratio of 16 to 1. Let us follow the author of "Coin's Financial School" for a few moments, and see where this false principle will carry us.

TO-DAY THE COMMERCIAL RATIO BETWEEN SILVER AND GOLD IS ABOUT 32 TO 1. MR. HARVEY CLAIMS THAT IF HIS THEORIES ARE SPREAD UPON OUR STATUTE BOOKS THAT IN A VERY SHORT TIME THE COMMERCIAL RATIO WILL BE 16 TO 1. IF MR. HARVEY POSSESSES THE SUPERHUMAN POWER OF REDUCING THE VALUE OF GOLD ONE-HALF, OR DOUBLING THE PRICE OF SILVER, WHICHEVER YOU WILL, AND BRING THEM TO A COMMERCIAL PARITY AT 16 TO 1, THEN INDEED WOULD HE BE FALSE TO THE CITIZENS OF THIS REPUBLIC IF HE DID NOT ADD A LITTLE MORE POWER TO HIS "KEELEY-MOTOR" THEORY, AND MAKE THE COMMERCIAL RATIO BETWEEN GOLD AND SILVER 15 TO 1, THE SAME AS IT WAS IN 1792, OR BETTER STILL, IF IT IS A BLESSING TO HUMANITY TO LOWER THE RATIO BETWEEN GOLD AND SILVER, THEN APPLY A LITTLE MORE OF THIS OCCULT POWER AND MAKE THE RATIO 13 TO 1, THE SAME AS IT WAS IN 1620, WHEN OUR ANCESTORS CAME OVER IN THE MAYFLOWER; OR APPLY THE SAME FORCE WITH RENEWED ENERGY AND BRING THE RATIO DOWN TO 10 TO 1, THE SAME AS IT WAS IN 1492. INDEED, IF THIS PRINCIPLE IS A BOON TO HUMANITY, AND HIS THEORIES ARE NOT FALSE, WHY NOT PUSH THE WORK ALONG AND MAKE THE RATIO BETWEEN GOLD AND SILVER 1 TO 1?

My fellow citizens, in following my friend Harvey, you are led into a labyrinth abounding with impossibilities and as impracticable as the theory of perpetual motion. When the earth is proven to be flat instead of a globe, when water runs up-hill, when the law of gravitation ceases to be operative, when the tail wags the dog and not the dog the tail, then, and not till then, may we seriously consider these perpetual motion, "Keeley Motor" theories of Mr. Harvey and other double standard advocates. . If we were unable to keep both metals circulating side by side when there was a slight discrepancy of only two or three cents in their intrinsic value, does any intelligent or sane man believe for a moment whether he is a student of Coin's Financial School or not, that if we throw open our mints to the free and unlimited coinage of 52-cent dollars, that they would not at once drive out of circulation the 0,000000 of gold, now constituting more than one-third of our circulating medium? If gold, so important a factor in our medium of exchange both at home and abroad, should retire before silver--the cheaper money can any one doubt that we would at once go on to a silver basis? Can any one doubt that the 5,300,000 of silver now used as money in this country would not instantly be cut in two so far as its purchasing power is concerned--that is, shrink from 100 cents, its face or nominal value, to 52 cents, its bullion value? In the light of past experience it would surely be a sad commentary on our intelligence as an enlightened nation, if we had learned nothing in 100 years. If the illustrious Hamilton and Jefferson were alive, they would, by pursuing the same policy which actuated them in determining the money of the constitution, fix the ratio to-day at about 32 to 1, simply because the relative or market value of the two metals has varied to that extent.

HONESTY AND SOBER JUDGMENT NEEDED.

My countrymen, the questions involved in the present campaign merit and deserve your most careful thought and study. It is the sober, honest judgment of the thinking, reading, investigating American citizen that the Republican party is relying upon for its support. Let me give you a few facts which possibly you will consider worthy of remembrance:

FIRST. EVERY FREE AND UNLIMITED COINAGE COUNTRY IN THE WORLD IS ON A SILVER BASIS.

SECOND. THERE IS NOT A GOLD STANDARD COUNTRY ON EARTH BUT WHAT USES BOTH GOLD AND SILVER AS MONEY.

THIRD. THERE IS NOT A SILVER STANDARD COUNTRY IN THE WORLD THAT USES ANY GOLD WHATEVER AS MONEY; AND

LASTLY, THERE IS NOT A SILVER STANDARD COUNTRY TO BE FOUND IN THE GREAT OCEAN OF COMMERCE THAT ROLLS ALL 'ROUND THE WORLD THAT HAS ONE-FOURTH AS MUCH MONEY PER CAPITA AS HAS THE UNITED STATES AND OTHER GOLD STANDARD COUNTRIES.

China, Japan, India, Mexico and most of the South American states are on a silver basis. The United States, England, France, Germany, Belgium, Sweden and others are on a gold basis.

One of the most interesting facts which the student of finance will encounter, is the vast difference of the amount of money per capita between the gold standard and the silver standard countries.

PER CAPITA OF MONEY.

In the countries on a silver basis we find the Central American states with a per capita of .78, Japan with a per capita of only .09, India .33, China .08, Mexico .47. Now note the difference between these countries and a few that I will mention that are on a gold basis:

The United States has a per capita of .10, England .98, France .70, Germany .78, Belgium .82.

In this connection, fellow citizens, let me impress upon your minds the facts that you cannot go into any country on the face of the earth where its mints are open to free and unlimited coinage of silver and find a single gold coin circulating among the people, moreover, that the silver standard country does not exist where the United States gold dollar, the United States silver dollar, or the United States paper dollar will not purchase twice as much merchandise as any dollar which you can find circulating among its people. I challenge the author of Coin's Financial School or the Demosthenes of Nebraska, William Jennings Bryan, or any one else, to successfully contradict this statement.

I AM A BIMETALLIST.

Personally, I am a bimetallist, and confidentially believe the republican party, guided by its wisdom and patriotism, will during the McKinley administration, devise ways and means by international agreement of autimatically adjusting the unsolved problem of true bimetallism, and keep both gold and silver on a parity at some given ratio. Silver will then be lifted from its place as one of the commodities of the earth and dignified as money, side by side with gold. To-day, I am a bimetallist, an ardent and devoted one, in the sense that I desire to see both gold and silver circulating side by side as money, and in the sense that we can have a greater per capita of money in this country by using both gold and silver as currency, than we possibly could by driving gold out of circulation, but fellow citizens, I disbelieve utterly in the possibility of a double standard. The phrase, "double standard" is a contradiction of terms. Standard means "correct measure," and you cannot have two different correct measures of value any more than you can have two different correct yard sticks, or two different correct results from a mathematical problem, or two different correct cyclometers on a bicycle. It one is right the other is wrong, and that is all there is to it. England tried the imaginary double standard for 470 years, and never succeeded in keeping the two metals circulating side by side, and finally gave it up as an utter failure. France with all the ingenuity of her inventive people, changed the ratio of gold and silver 118 times in twelve years in trying to balance on the double standard tight rope. We commenced trying it in 1792, and went on to a silver basis and remained there for 42 years, or until we changed the ratio from 15 to 1, to 16 to 1, in 1834. This change of ratio placed us on a gold basis, where we remained for a number of years. In 1861 we went on a paper basis and remained there for a number of years, and finally went back on to a gold basis in the common accepted understanding of the question, where we have since remained and the progress and prosperity of the United States during the last third of a century has been without a precedent in the history of the civilized world, and yet, I believe with my whole heart, that in the evolution of this financial question, hastened on by agitation, a plain of understanding will be reached higher and beyond that which has ever heretofore obtained in any of the civilized nations of the earth, and it will come through deliberations and councils in the republican party--the party of progress--and when it comes it will lighten the burdens and bless humanity.

THE CRIME OF '73.

Mr. Harvey and all silver advocates talk to us about the crime of 1873. Let me say here and now there was no crime committed in 1873, directly or indirectly.

IF THERE WAS A CRIME COMMITTED, SENATORS JONES AND STEWART OF NEVADA, THE PRESENT HIGH PRIESTS IN THE SILVER MOVEMENT WERE THE CHIEF CONSPIRATORS, FOR THEN, AS NOW, THEY WERE AMONG THE LARGEST SILVER MINE OWNERS IN THE UNITED STATES, AND THEY VOTED FOR THE BILL.

Prior to 1873 we had coined in this country, all told, about 8,000000 of silver dollars, since 1873 we have coined up to January 1st, 1896, 7 914,340 of silver, about 6,000,000 of which are standard dollars. Since January 1st, 1896, we have coined over ,000,000 of standard dollars. During last August we coined 2,650,000 of silver dollars, and the profit to the government--the people--was between 0,000 and 0,000.

WEBSTER SAYS: "DEMONETIZATION IS TO DEPRIVE OF VALUE, OR TO WITHDRAW FROM USE AS CURRENCY."

Does it look very much as though we had withdrawn silver from use as currency? In what way have we deprived silver of value? It is a full legal tender for all debts, public and private, and without limit as to amount, and has been for the last eighteen years. These, fellow citizens, are facts which you will not find within the covers of "Coin" Harvey's books, it looks as though we had added value to it, since the silver dollar circulates side by side with the gold dollar, notwithstanding its bullion value is 48 cents less than its nominal or face value.

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:

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? 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."

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.

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 6,000,000, 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 5,000,000, 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. 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 0 or 0, the same as it was in "ye olden times."

IMPROVED HARVESTING METHODS.

The old-fashioned methods of reaping the yellow fields of wheat has also been ousted by the conspiracy of the late improved harvester and binder. The old fashioned cradle has been decradleized. Why not form an alliance all over this country to recradleize the cradle, and make common warfare against the up-to-date binder? Even the old McCormick reaper has been dereaperized and the succeeding invention, the header, has been deheaderized, and who shall not say in this onward march of progress, in this wonderful advancement of our civilization, in this age of discovery and invention, that sooner or later the up-to-date binder of to day will not be debinderized by the inventive genius of some American citizen? Now, let us see, fellow citizens, what the so-called crime of 1873 has done for prices of various commodities. One of the stock declarations of Mr. Bryan and Mr. Harvey and their cohorts is that prices should be restored and wages should be increased. One of two things is very apparent, either the framers of the Chicago platform did not consult the statistics of the United States, or else they imagined the voters would not. "Coin" Harvey and the silver advocates generally seek to establish their position by quoting statistics of average prices of certain great commodities like wheat and cotton claiming that prices commenced falling in 1873, and their decline has continued ever since. These arguments are those of the delusionists and must crumble before the evidence and the facts. Let me say to you that prices did not commence falling in 1873, but in 1864-5.

WHY ARE THEY NOT HONEST?

If these men are not demagogues, pure and simple, why do they not inform the "dear people" why prices fell more during the eight years precedent 1873 than they have ever fallen since?

"COIN" HARVEY HAS NEVER EXPLAINED WHY, AND IF HE DID, HIS THEORY WOULD VANISH LIKE THE MIST BEFORE THE RISING SUN OF TRUTH.

For example, cotton fell from .01 1/2 in 1864, to 17 cents a pound in 1871. Or wheat for instance. The average farm price of wheat in the United States for the year 1874 was 94 cents a bushel, paper currency, or only 84 cents a bushel in gold. The average farm price of wheat in the United States for 1891 was 83 cents a bushel, the same in 1890, while in 1888 the average farm price of wheat in this country was 92 cents a bushel, or 6 cents a bushel higher than it was in 1874. Thus it will be seen that an unfair and false impression is trying to be created among the people by both Mr. Bryan and his followers. Perhaps Mr. Bryan and the free silver advocates would like to know where I get my statistics. I answer them by saying they are taken direct from the United States Statistical Abstract, which deservedly ranks high as an authority. In looking over this work I could not help wondering if "Coin" Harvey and our opponents who are shouting so loud and lustily for the free and unlimited coinage of silver and a restoration of prices, would not like to apply their cure-all to refined sugar, which was selling in 1872 at 12 3/5 cents per pound, and only 4 3/5 cents per pound in 1892, or for instance, illuminating oil was quoted in 1872 at 23 cents a gallon, and only 5 9/10 cents per gallon in 1892. Manufacturers of bar iron in 1872 were receiving .63 per ton for their product, and only .96 a ton in 1894. A keg of nails cost .46 in 1872, and .08 in 1894. A box of window glass that cost .40 in 1873, sold only at .70 in 1891. A carpet that cost .14 a yard in 1873, can be purchased today for 36 cents a yard. The steamboat transportation companies hauling wheat from Chicago to New York City, by lake and canal, are receiving a compensation to-day of a little less than 4 1/2 cents a bushel, but in 1873 they were receiving 24 1/2 cents per bushel, for every bushel they carried.

SHALL PRICES BE RESTORED.

The question is, do the people of the United States want these prices restored?

WE ARE WILLING AS AMERICANS THAT AMERICAN INDUSTRIES AND HOME COMPETITION SHALL ADJUST PRICES, BUT WE ARE NOT WILLING THAT PRICES OF LABOR SHALL BE ADJUSTED IN THIS COUNTRY BY AMERICAN WORKMEN ENTERING INTO COMPETITION WITH THE PAUPERIZED LABORERS OF EUROPE.

From the same reliable statistics and undoubted authority we find that wages have materially advanced in this country during the last third of a century. The increase from the old double standard wages of 1860 to those of 1890, have been no less than 58 per cent, in money, and 72 per cent, in purchasing power. This does not look very much like a falling off. I will admit that the price of wheat has declined and declined rapidly since 1892, but you must remember that Grover Cleveland was elected president that year and is still in the White House. Give us back a protection that protects, and we will not only insure abundance of labor for all our people, but will guarantee that farm products generally will command better prices. .

FELLOW CITIZENS, I EARNESTLY BELIEVE THAT "COIN" HARVEY AND ALL THOSE WHO ARE ADVOCATING THE FREE AND UNLIMITED COINAGE OF SILVER AT THE UNJUST AND UNTRUE RATIO OF 16 TO 1, AS A NOSTRUM FOR OUR ILLS, ARE ADVOCATING A THEORY AS MISLEADING AS IT IS WICKED AND UNHOLY. NO THEORY MORE FALSE WAS EVER ADVANCED OR CALCULATED TO MORE THOROUGHLY DECEIVE THE EARNEST, INDUSTRIOUS, GOD FEARING PEOPLE OF THIS NATION.

Let us undo the free trade blunder of 1892 and we will hear no more about the mythical crime of 1873.

PROTECTIVE TARIFF THE REMEDY.

My friends, a tariff that protects; reciprocity that opens up a market for our surplus articles from the American farm and the American factory; a sound currency, and the business confidence which will follow, are the remedies for the unfortunate condition of bankruptcy into which the country has been submerged by political stupidity.

THE QUESTION IS SIMPLY ONE OF HONESTY OR DISHONESTY.

Shall thrift and economy be rewarded by robbery? Shall the widow's mite and the savings deposited in the banks of this country be cut in two by changing our money to silver monometallism? Shall the two and a half billions of school bonds from all over the country, held by English and American capitalists and payable in gold, be doubled, and a double tax fall upon the shoulders of the tax payers of this nation? Shall the toilers of this land, the wage-earners on farm and in factory, be robbed every Saturday night of one-half of their weekly wages?

LABORERS SHALL BE HONESTLY REWARDED.

NO. THIS BLOT OF REPUDIATION SHALL NOT SMIRCH THE UNTARNISHED ESCUTCHEON OF AMERICAN PATRIOTISM, NEITHER SHALL THE TOILING MASSES RECEIVE AS THEIR REWARD FOR HONEST LABOR A "MESS OF DEPRECIATED SILVER POTTAGE."

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