Emerson on Sound Money

THE REPUBLICAN PARTY BELIEVES THAT THE COINAGE OF SILVER SHOULD BE RESTRICTED BY LAW AND COINED ON GOVERNMENT ACCOUNT. MR. BYRAN AND HIS FOLLOWERS BELIEVE IN THE FREE AND UNLIMITED COINAGE OF SILVER ON PRIVATE ACCOUNT. WHEN THE GOVERNMENT COINS SILVER, UNDER EXISTING LAWS, IT GETS THE DIFFERENCE BETWEEN THE COST OF THE BULLION AND THE STAMP THAT IS PLACED UPON IT. THIS IS KNOWN AS THE GAIN OR SEIGNIORAGE AND IS PAID INTO THE TREASURY OF THE UNITED STATES THE SAME AS IS PROVIDED BY LAW REGULATING SUBSIDIARY COINS. IN THIS WAY EVERY MECHANIC, EVERY FARMER, EVERY LABORER, IN FACT EVERY CITIZEN OF THE UNITED STATES GETS HIS PROPORTIONATE SHARE OF THIS GAIN.

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? (Applause.) 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." (Laughter and applause.)

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. (Applause.)

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 $216,000,000, 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 $235,000,000, 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. (Applause.) 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 $150 or $200, the same as it was in "ye olden times." (Applause.)

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? (Applause.) 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 $1.01 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 $97.63 per ton for their product, and only $29.96 a ton in 1894. A keg of nails cost $5.46 in 1872, and $1.08 in 1894. A box of window glass that cost $3.40 in 1873, sold only at $1.70 in 1891. A carpet that cost $1.14 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. (Applause).

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. (Applause.)

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."

We are now asked to desert the old ship of state that has carried this nation through many storms, through many conflicts, and invariably anchored us in the snug harbor of safety and maintained our country on the map of the world, and added many stars to the old flag. We are asked by these new and false prophets of finance to destroy this grand old ship, freighted with the hopes and ambitions of seventy millions of free American citizens; this old ship tested by time, tried by adversity, taut and trim as a May queen and invincible as a Bessemer steel iron cladder, a ship that was launched by Washington and the patriots of 100 years ago, and piloted by such noble men as Lincoln, Grant, Garfield and Hayes. We are asked to desert this ship of known safety, and embark in an untried craft and sail away on the turged waters of an unknown sea. A craft manned by a free silver captain, piloted by free tradeism, and ballasted with bombs of anarchy and repudiation; a craft whose very slimy plank is reeking with condemnation; whose mutinous crew are ready to scuttle her in mid ocean; whose worthless and shoddy sails are fanned by the angry breath of high heaven; and whose nearest port is bankruptcy and perdition. (Long continued applause.)

MY FELLOW CITIZENS, THE TRUE SOLUTION OF THE PRESENT FINANCIAL DEPRESSION LIES ALONG OTHER LINES, AND THIS BRINGS US FACE TO FACE WITH THE REAL PROBLEM.

Perhaps you have noticed already in this campaign that no one is quite so disgusted with remarks on the tariff as a Byranized democrat or a populist? The impoverished condition of the country, resulting from the free trade crime of 1893 is so apparent on every hand that when we lay the skeletons at their doors they frankly confess judgment, but tell us that other questions of more vital importance are now before the people.

MY FRIENDS, THE ENDLESS CHAIN OF AMERICAN PROSPERITY HAS BEEN BROKEN AND NEVER WILL BE MENDED UNTIL THE DRAWN FIRES FROM OUR FURNACES ARE REKINDLED AND THE FREE TRADE SMOKE CONSUMERS ARE REMOVED FROM THE TALL CHIMNEYS IN OUR MANUFACTURING DISTRICTS. (APPLAUSE.)

A PRINCIPLE UPHELD BY STATESMEN

It is not in any exulting spirit that we refer to a protective tariff, but rather because it is a great and underlying principle of national prosperity; a principle bequeated to this nation by Washington, upheld by Henry Clay, fostered by Abraham Lincoln, championed by William McKinley, and supported by the reciprocity of James J. Blaine. Prior to the free trade crime of 1892, we heard nothing about a diminished gold reserve.

IN THOSE HALCYON DAYS CONFIDENCE FLEW ABROAD IN THE LAND ON THE WINGS OF PROSPERITY.

Capital was freely invested and labor employed at the highest wages. The gold reserve occasioned no uneasiness and required no thought. Instead of acting as an alarmist it steadily grew, acting as a balance wheel to an ever-increasing confidence. The surplus was employed in paying off the national debt; and during President Harrison's administration our national indebtedness was reduced almost as much as it has been increased by the present administration. What has happened during the last three and a half years of grace?

THE ALLURING AND MUSICAL HUM OF INDUSTRY IS NO LONGER HEARD IN THE LAND OF FREEDOM. THE PENDULUM OF TIME HAS SWUNG BACK AND REVEALED TO THE AMERICAN PEOPLE THE GHASTLY SKELETON OF WANT AND FORCED IDLENESS CONCEALED IN THE FREE TRADE CLOSET.

Our great commercial institutions have fallen into a most deplorable and unhappy state, misery and want, with pinched and sorrowful countenances are walking hand in hand up and down by deserted workshops. The honest face of toil blushes as hunger drives him to eat the bread of charity. The stilled wheels of industry throughout our land, and deserted and idle farms are indeed eloquent in their silence in behalf of a protective tariff. (Applause.) Capital that was formerly employed in manufacturing enterprises has been withdrawn, while the balance of trade with other nations is frightfully against us.

ENGLAND HAS BEEN SERVED

IF ENGLAND HAD HAD A POLITICAL PARTY MANUFACTURED TO ORDER BY THE MOST SKILLED ARTISANS OF THE EARTH, SHE COULD NOT HAVE HAD ONE MADE THAT WOULD MORE FAITHFULLY SERVE HER COMMERCIAL PURPOSES THAN HAS THE PRESENT ADMINISTRATION.

Let us briefly inquire into the cause. Take, for instance, the sheep and wool industry, which a few years ago was a prominent one in your state. Under the stimulus of protection, we had in this country in 1884, 50,500,000 sheep. Then Grover Cleveland was elected president, and this was followed by the democratic free wool indictment of 1885, known as the Mills bill. The wool growers of America became alarmed, they fattened and sold their sheep to the butchers by the millions. This slaughter continued for four years, or until Gen. Harrison was elected to the presidency in 1888. The authentic statement shows that the number of sheep had been reduced in this country from 50,500,000 in 1884 to 41,300,000 in 1888. President Harrison's election stopped the slaughter, and under the stimulus of the McKinley law the industry gained rapidly and at the close of Mr. Harrison's administration the total number of sheep in the United States was 47,800,000. (Applause.) In 1892 Mr. Cleveland was again elected president. This was followed by the repeal of the McKinley law and the enactment of legislation hostile to the wool industry. During the last three and a half years the number of sheep in this country has been reduced from 47,800,000 to 38,500,000, or fewer sheep than there was in this country in 1873, or at any time since the so-called crime of that year. So much fellow citizens, for the democratic free wool joke on the American people.

HE TALKS OF WOOL

Now let us talk for a few moments about the price of wool. For ten years preceding the repeal of the McKinley law, the average price of Ohio X.X.Washed wool in the Boston market was a little over 31 1/5 cents per pound. April 1, 1896 wool was quoted in the same market at 18 cents a pound. Such a startling contrast in prices needs no comments. As millions of our sheep were slaughtered we were compelled to import wool and woolen textiles into this country sending our money abroad, which should have been paid to the American farmer and sheep raiser. Instead of this we paid our money over to foreigners in exchange for wool and woolen textiles, which came into this country like a flood when the McKinley law was repealed and the duty removed. The result was that the woolen mills of America were practically all shut down and thousands upon thousands of American workingmen and women were thrown out of employment, and in turn, were unable to purchase the products from the American farm. No wonder the American farmer found a ready market for his potatoes in 1892, when all our people were employed, at from 50c to 60c a bushel; and to-day, when our people are unemployed, the farm price of potatoes is from 25c to 30c a bushel. Let us see what sort of a stewardship has been going on in this country for the last few years. For the twenty-five months ending November 1, 1892, our balance of trade with other nations was in our favor to the extent of $28,245,641. That is what the McKinley law and protection did for this country. That, fellow citizens, is what we call good business methods. Selling to other nations more than we purchased from them to the extent of $28,245,641, or an average of $1,129,822 per month, or $37,660 per day. (Applause.)

WHAT THE RECORD IS

Now, let us look at Mr. Cleveland's record for the fifteen months ending December 1, 1895 – this, you will remember, was under the Wilson bill. We find the balance of trade, instead of being in our favor, was against us to the enormous amount of $70,494,044, or an average of $4,699,603 per month, or $153,653 per day. That, fellow citizens, is a pretty good sized daily loss. That is what we call remarkably poor business methods, and so does every one within the hearing of my voice who is disposed to be fair in the consideration of this question. But why speak further of the evils of free trade, or multiply examples of the blessings of protection. The record of the last three and a half years has been an object lesson, both impressive and eloquent. It is gratifying to note that some of the ultra free traders in 1892 are the most pronounced protectionists in 1896. Many of the old time democrats who are proud of the traditions of their party, proud of the principles which they have cherished for so many years, are refusing to follow the platform adopted by the degenerate democracy of 1896. Let us mete out justice to whom justice is due.

WHEN THE FLAG OF OUR COUNTRY, WAVING ABOVE FORT SUMTER WAS FIRED UPON BY THE ENEMIES OF GOOD GOVERNMENT, THOUSANDS UPON THOUSANDS OF THE DEMOCRATS OF THE NORTH FORGOT THEIR POLITICS, SHOULDERED THEIR MUSKETS AND BECAME PATRIOTS. (APPLAUSE.) THIS YEAR OF GRACE, 1896, WHEN THE GUNS OF ANARCHY AND SOCIALISM ARE DIRECTED AGAINST THE SUPREME COURT OF THE UNITED STATES AND THE NATION'S HONOR AND CREDIT, THESE SAME DEMOCRATS BY THE TENS OF THOUSANDS ARE TURNING FROM THAT PLATFORM OF REPUDIATION AND ARE THE STANCHEST OF PATRIOTS. (APPLAUSE.)

SPIRIT OF REVOLUTION

It cannot be denied that a spirit of wantonness and revolution prevailed at the Chicago convention, repudiation was openly advocated on the floor of the convention hall and made a part of the platform adopted. The red hand of anarchy grappled the throats of all who dared oppose the extreme measures advocated by that seething sea of restless agitators. I wish to draw a line of demarkation, clear and distinct, between the old Simon-pure democracy of Hamilton and Jefferson, and this new degenerate democracy of Bryan, Tillman and Altgeld. It is true the framers of the Chicago platform claim the name, but the tenants and faith are strangely at variance with the traditions and principles of the old Jeffersonian doctrine. My countrymen, it is not alone the volume of money which the people want, but they demand its activity in trade and commerce. If you ask me how this can best be accomplished, I will answer by saying, protect American industries and universal confidence will surely follow. (Applause.)

GREAT IS CONFIDENCE

CONFIDENCE IS THE SHIBBOLETH OF PROSPERITY.

CONFIDENCE THAT GOOD DOLLARS MEAN WELL PAID LABOR.

CONFIDENCE THAT WELL PAID LABOR MEANS GOOD TIMES.

CONFIDENCE THAT WAGES PAID TO AMERICAN WORKINGMEN WILL POSSESS THE SAME PURCHASING POWER AS THE BEST MONEY IN THE CIVILIZED WORLD.

CONFIDENCE THAT A PENSION POLICY, JUST AND GENEROUS TO OUR LIVING HEROES, WILL BE RESTORED.

CONFIDENCE THAT NO OLD SOLDIER IS TO BE DEPRIVED OF HIS QUARTERLY CHECK WITHOUT TRIAL BY JUDGE OR JURY.

CONFIDENCE THAT THE REPUBLICAN PARTY WILL MAINTAIN A REDEEMER FOR EVERY SILVER DOLLAR COINED.

CONFIDENCE THAT A RETURN OF THE REPUBLICAN PARTY TO POWER WILL START EVERY MILL AND FACTORY IN THIS COUNTRY, WITHOUT THE AID OR CONSENT OF ANY OTHER NATION OR NATIONS ON THE FACE OF THE EARTH.

CONFIDENCE THAT INTERNATIONAL BIMETALLISM, SO ABLY ADVOCATED DURING PRESIDENT HARRISON'S ADMINISTRATION, WILL BE VIGOROUSLY PROMOTED BY THE MC'KINLEY ADMINISTRATION. (GREAT APPLAUSE.)

CONFIDENCE THAT A VOTE FOR MC'KINLEY AND HOBERT IS A VOTE FOR THE HOME AND THE FIRESIDE.

CONFIDENCE THAT VERMONT AND MAINE HAVE PENCILED A BRIGHT PROPHECY OF HOPE IN THE EASTERN SKY.

CONFIDENCE THAT THE DRAGON HEAD MONSTER OF STATE RIGHTS IS NOT TO BE RESURRECTED IN THIS COUNTRY. (APPLAUSE.)

CONFIDENCE THAT SOUND MONEY AND PROTECTION ARE THE PILLARS OF JACKIN AND BOAZ IN THE TEMPLE OF AMERICAN HONOR AND PROSPERITY.

CONFIDENCE THAT THE SUPREME COURT OF THE UNITED STATES IS TO REMAIN OUR BULWARK OF JUSTICE AND ALL THE GATES OF HELL SHALL NOT PREVAIL AGAINST IT. (APPLAUSE.)

PROUD OF BEING A REPUBLICAN

Fellow citizens, I am a Republican and proud of my party's history. The history of the United States has been made rich and resplendent with victories and achievements of our party. We are proud of our nation's history from its earliest dawn down to the present, and for the valuable lessons it has taught. We would not expunge or obliterate a single line. We accept it as a whole, from Plymouth Rock to Bunker Hill, from Bunker Hill to Fort Sumter, from Fort Sumter to Appomattox, and from Appomattox down to the campaign of 1896. We dedicate crowns of laurel for the giants who have evolved the mighty principles and tenets of the republican party – Washington and Grant, Blaine and Logan, Sherman and Garfield, Harrison and McKinley, and most of all, that gentle soul, that man of equal poise, whose peer has never lived since the days of blessed Galilean – Abraham Lincoln! (Applause.) Our history is one of greatness and sublimity. Its pages are rich with the names of orators more eloquent than a Burke, with the names of statesmen more acute than the "Iron Chancellor" and the names of warriors greater and mightier than Napoleon.