Gold At A Premium

In his ipeech at Columbns, O., Senator Foraker concludd with the following argument for sound money and patriotio principies: If we would undertake to maintaij silver at par -with gold by redeenaing it in gold it would be impossible for us to do it. There would be too much of it, But as already itated it is not proposed, under free coinage, to redeem silver in gold, but, on tb. contrarj, that is inconsistent witb. th whole idea of fre coinage. Tha theory of fres coinage is that silver shall be itself a money of redemption, and, if a money of redemption, there would be no more propnety in redeeming silver in gold tban there would be in redeeming gold in silver. Silver must, therefore, under' free coinage, stand alone upon iti own merit, and its inerit must be measured by its intrinsic value- that i, at the ratio named, only about half the intnnsic value of gold. We would conspquently have two metallic coins of unequal ralue, but both moneys of re-demption. Gold would go instantly to a premium, and the moment it would go to a premium it would go out of circulation. AVhen a man has a dollar to pay he will pay it with the cheapest dollar at his command. With gold out of circulation we would have only pnper and silver money, and inasmuch ás all the paper and all the bond andother obligations of the government ar redeemable in coin they would be redeemed only in silver. We would at once step dowa and out f rom the class in which we now stand with England, France, Germany and the othcr great commercial nations of earth into th class with China, Japan and Mexico. To that step the Republican party will not contribute. So long as we control this government the American people will rank with the first-class nations of the earth. Our flag shall be everywhere respected and our money everywhers honored. If you want a practical llustration of what w would avoid, look at the Mexican dollar. It contains more pure silver than our silver dollar, and yet one of our dollars ia worth practically two Mexican dollars. This is so because our dollar is redeemable in gold, while the Mexican dollar is not. They have free silver in Mexico. They are on a silver basis. In that country silver is a money of redemption- just what the Democratie party proposes to inake it herc. Parment in silver is the end of a business transaction. As a consequence a silver dollar is worth just what the bullion it contains makes it worth, and that is worth whatever silvor may be worth in the market for commercial purposes. The same is true in substance and effect in every other silver country. And as it is elsewhere so, too, will it be here. It is for this reason we deny that free coinage nmans bimetallism, and assert tbat it means only silver monometallism, and we are opposed to it, because until we can have bimetallism we prefer the gold Standard to the silver standard. We do not want to Mexieanize this country. We want to continue tbe usé of the best money of the world. We want to maintaia in the future, as we have in the past, the highest monetary standard known among civilized nations. We want to preserve the use of gold together with silver and paper, and are 2RR0 to a PlicT that would drive 600,000,000 of gold out of circulation, and ther&by correspondingly contract our currency, derange our business and leave use with no other metallic money exeept silver. We are opposed to free coinage because its avowed purpose is to have a cheaper money with which to pay debts. We are not repudiators. We believe in an honest discharge of an honest obligation. We believe every man who has a dollar saved to his credit in a building association, every laborer who works for, wages, every man who has a pension, every man who has a credit due him of any character whatsoever, is intereted m maintaining a standard that wil] enable him to realize when it is paid the w u money for which he contracts. We believe the inauguration of such a policy would be attended with revolution, ïnvolving panic, bankruptcy and ruin tnroughout the business world. It would place us at a disadvantage in all our foreign commercial relations, and bring discredit and dishonor upon the American people both at home and abroad. Who would be benefited by such a policy? Not the Iaboring man. For his full day's work he wants a full dny's pay, and he wants it in the money that is worth 100 cents on the dollar ail over the world. What the laboring men of. America want is work. Give them employment and they will do the rest, and the way to give them employment is to restore protection and itart th milis and faetories. _ Not the farmer. It is not the demonetization of silver that has hurt him, bnt the demonetization of his markets. The repeal of the McKinley law carried with it the repeal of all our reciprocity treatles. In consequence the export of our Agricultura] produets feil off for the year 1S95, as eómpared with the year 1894, to the amounj of mor than $250,nofl non What the farmers of America want ii not a cheaper dollar, but a better market, and the way to get this is to return the Republiean party to power and reinaugúrate the policies of proteetion and reciprocity. Let us try no more experiment with Dernocracy. Four years ago they ' ed glowing pictures of what they would do for this country if returntd to power They were returned to power. They undertook to apply their notions in tha administration of our country's aftairs, and behold the result. Do not he deceired again. What they recommended four years ago their whole party ap proTed. What is recommended now one half of their party repudiates and rejects. It is a fitting tim for patriotism to supplant partieanism. I nppeal ta eyery man who aas heretofore called himself a Democrat to forget his party affiliations of the past and remember only that he is an American. The duty of the hour is a. duty to country. Let all who heliere in law and order, the maintenance of our institutíons, a sound eurrency and the prosperity of America rally, as did the pntriots of 1861, to the support of William McKinley. He has been nominated by the Republican party. His administration wijl be along Republican linos, but he is also a patriot. He representa in name, in record, in purpose, all that is best and grandest in his day and generation. With hira at the helm no harm can oome to the American peoe. He will give us a broad, comprehensive, aggressire American administration. There will be no lowering of the flag or the honor of the republic. Hero in Öhio we have a spocial , sibility resting upon us. Ou.r standardbearer is our fellow citizen. We knoT him and therefore owe it to ourselres as well as to hlm to gir him tho most OTerwhelming majority that has e?r been reglstered In faTor of any cand,date for any offlc In. th histerjr f owf üommüTrwvsiftr. "" f The friends of Mr. Bryan nd MrM Cockran ach claim that their man kul the largest audience In Madlson SquarH garden, and both are right. Mr. BryaB had the largest audiencs at tha becinH ning of his peech, and Mr. Ockran hal th largeat at th gqd of hi. Foua I