the Treasury in gold since January 1, 1879, the date fixed in 1875 for the retirement of the United States notes. Nearly $327,000,000 of the gold thus withdrawn has been paid out on these United States notes; and yet every one of the $346,000,000 is still uncanceled and ready to do service in future gold depletions. More than $76,000,000 in gold has, since their creation in 1890, been paid out from the Treasury upon the notes given on the purchase of silver by the Government; and yet the whole, amounting to $155,000,000, except a little more than $16,000,000, which has been retired by exchanges for silver at the request of the holders, remains outstanding and prepared to join their older and more experienced allies in future raids upon the Treasury's gold reserve. 135. THE BOND ISSUES AND THE BANKING SYNDICATE1 BY WILLIAM J. BRYAN I do not intend to question the motives of the officials who are responsible for this contract with the Banking Syndicate. We might criticize the conduct of the President in excluding all other advisers and consulting only with the magnates of Wall Street; and we might even suggest that he could no more expect to escape unharmed from such associations than one could expect to escape asphyxiation if he locked himself up in a room and turned on the gas; but without questioning the motive of the President, I say, we have a right to express our judgment as to whether the discretion vested in the President has been wisely exercised. We are told that this is not only a business proposition but a very insignificant question, just a little matter of saving half a million a year, that is all. Will you set a price upon human life? Will you weigh in the balance the misery of the people? What is the value of civilization to the human race?—because the settlement of this "little question" may enormously affect the welfare of mankind. And yet, gentlemen talk about its being a matter of small consequence, a little question, the mere saving of half a million dollars a year. Save the people $16,000,000 in thirty years, twenty-five cents a piece, by this resolution and $16,000,000 will not measure the damage which may result to them in a third of that time. Adapted from "Seigniorage, Currency, and Gold Bonds," a speech delivered in Congress in 1895. What is this contract? I am glad that it has been made public. It is a contract made by the Executive of a great nation with the representatives of foreign money-loaners. It is a contract made with men who are desirous of changing the financial policy of this country. They recognize by their actions that the United States has the right to pay coin obligation in either gold or silver and they come to us with the insolent proposition, "We will give you $16,000,000, paying a proportionate amount each year, if the United States will change its financial policy to suit us." They wish to have the interest on these bonds payable in gold, only. Never before has such a bribe been offered to our people by a foreign syndicate, and we ought to so act that such a bribe will never be offered again. By this contract we not only negotiate with foreigners for a change in our financial policy, but we give them an option on future loans. They are to have the option on all bonds which may be issued before the first of next October. I believe the President has made an inexcusable use of the discretion vested in him. We cannot afford to put ourselves in the hands of the Rothschilds, who hold mortgages on most of the thrones of Europe. C. The Close of the Silver Controversy 136. THE ISSUES IN 18961 By A. BARTON HEPBURN The contentions of the silver men may be summarized as follows: 1. Demonetization of silver had deprived the people of one-half the primary money made available by nature. 2. This great contraction of money, increased by the falling off in the production of gold, had caused the steady downward trend in prices since 1873. 3. The consequent enhancement of the purchasing power of gold enormously increased the obligations of the debtors having deferred payments to make. 4. These unsatisfactory conditions would be aggravated by concentrating upon one metal only the measuring of values and debtpaying power; while the alternative existed of paying either metal, the danger of inordinate enhancement of one was neutralized. 5. The farmer was under the gold standard compelled to compete with producers in other lands (India, etc.) where labor was cheap and the silver basis prevailed. 6. The United States should take the lead by opening the mints to free and unlimited coinage of silver, which would surely bring silver to parity and compel other nations to do likewise. 7. The United States required a larger volume of money, and free coinage was the proper way of increasing it, especially as the country produced so much silver. The international bimetallists generally agreed with the contentions 1 to 4, but insisted that independent action by the United States would defeat the object in view and place the country on a silver basis, to the lasting detriment of all interests. The gold advocates maintained: 1. That the volume of money had actually increased in greater ratio than population, and that the growing use of credit instruments had added to the media of exchange. 2. That the fall in prices was due chiefly, and probably wholly, to improved methods of production, and had no relation to the demonetization of silver. 3. That producers were also consumers and hence had to pay less for commodities, so that relatively they were not injured by the fall in prices. 4. That the theory of having two standards was a delusion; that only one thing could actually be a standard; that in fact gold was the only standard, silver being measured by it. 5. That free coinage meant depreciated money, than which no device was more potent in cheating both the producer and the consumer. It would precipitate the country upon a silver basis with gold at a fluctuating premium, as in Mexico, not only contracting the volume of money, but causing untold injury to all interests. 6. That Europe would be only too glad to have the United States take up the silver burden alone, enhancing the value of its stock of silver, but would not follow the example. 7. That the volume of money was then greater than the needs of the country, and when greater needs manifested themselves the supply would come from abroad in the shape of gold and from the product of our own mines at home, the output of which was now rapidly increasing. 137. CRUCIFIED ON A CROSS OF GOLD' BY WILLIAM J. BRYAN Mr. Chairman and Gentlemen of the Convention: I would be presumptuous, indeed, to present myself against the distinguished gentlemen to whom you have listened if this were a mere measuring of abilities; but this is not a contest between persons. The humblest citizen in all the land, when clad in the armor of a righteous cause, is stronger than all the hosts of error. I come to speak to you in defense of a cause as holy as the cause of liberty-the cause of humanity. When this debate is concluded, a motion will be made to lay upon the table the resolution offered in commendation of the administration, and also a resolution offered in condemnation of the administration. We object to bringing this question down to the level of persons. The individual is but an atom; he is born, he acts, he dies; but principles are eternal; and this has been a contest over a principle. Never before in the history of this country has there been witnessed such a contest as that through which we have just passed. Never before in the history of American politics has a great issue been fought out as this issue has been, by the voters of a great party. On the fourth of March, 1895, a few Democrats, most of them members of Congress, issued an address to the Democrats of the nation, asserting that the money question was the paramount issue of the hour; declaring that a majority of the Democratic party had the right to control the action of the party on this paramount issue; and concluding with the request that the believers in the free coinage of silver in the Democratic party should organize, take charge of, and control the policy of the Democratic party. Three months later, at Memphis, an organization was perfected, and the silver Democrats went forth openly and courageously proclaiming their belief, and declaring that, if successful, they would crystallize into a platform the declaration which they had made. Then began the conflict. With a zeal approaching the zeal which inspired the crusaders who followed Peter the Hermit, our silver Democrats went forth from victory unto victory until they are now assembled, not to discuss, not to debate, but to enter up the judgment already rendered by the plain people of this country. In this contest brother has been arrayed against brother, father against son. The warmest ties of love, acquaintance, and association have been disregarded; old leaders have been cast aside when they have refused to give expression to the sentiments of those whom they would lead, and new leaders have sprung up to give direction to this cause of truth. Thus has the contest been waged, and we have assembled here under as binding and solemn instructions as were ever imposed upon representatives of the people. The gentleman who preceded me [ex-Governor Russel] spoke of the State of Massachusetts; let me assure him that not one present in all this convention entertains the least hostility to the people of the State of Massachusetts, but we stand here representing people who are the equals, before the law, of the greatest citizens in the State of Massachusetts. When you [turning to the gold delegates] come before us and tell us that we are about to disturb your business interests, we reply that you have disturbed our business interests by your course. We say to you that you have made the definition of a business man too limited in its application. The man who is employed is as much a business man as his employer; the attorney in a country town is as much a business man as the corporation counsel in a great metropolis; the merchant at the crossroads store is as much a business man as the merchant of New York; the farmer who goes forth in the morning and toils all day—who begins in the spring and toils all summer— and who by the application of brain and muscle to the natural resources of the country creates wealth, is as much a business man as the man who goes upon the board of trade and bets upon the price of grain; the miners who go down a thousand feet into the earth, or climb two thousand feet upon the cliffs, and bring forth from their hiding-places the precious metals to be poured into the channels of trade, are as much business men as the few financial magnates who, in a back room, corner the money of the world. We come to speak for this broader class of business men. Ah, my friends, we say not one word against those who live upon the Atlantic coast, but the hardy pioneers who have braved all the dangers of the wilderness, who have made the desert bloom as the rose the pioneers away out there [pointing to the west], who rear their children near to Nature's heart, where they can mingle their voices with the voices of the birds-out there where they have erected schoolhouses for the education of their young, churches where they praise their Creator, and cemeteries where rest the ashes of their |