AN ADDRESS DELIVER ED AT MEADVIW^E, 1»A. OCTOBER 20, 1896, Opposing the Re-election of Hon. Jos. C. Sibley to Congress, by THEO. C. KNAUFF, REPRESENTING The Sound Money League of Pennsylvania, The People’s Friend? AN ADDRESS BY THEO. C. KNAUFF. In ancient Athens in the days when Greece held its own among the nations of the earth, a man sent from God walked its streets, and while so doing saw an altar with the inscription, “To the Un¬ known God.” In mentioning the matter to the citizens he remarked : “Whomtherefore ye igno¬ rantly worship him declare I unto you.” One day last summer I was reminded of this oc¬ currence. In walking the streets of a town in this Congressional district I came upon a poster which announced an address by the honorable Joseph C. Sibley, “The People’s Friend.” The People’s Friend ! Who gives him that title? Himself? If so, by what right does he claim it? What has he ever done to justify such a designa¬ tion? He whom “ye ignorantly worship him declare I unto you.” He has sat in Congress. Has he made a record there as a friend of the people ? He has n record in one particular line, as a friend of the unlimited free coinage of silver, but in that he is not a friend of the people, but, rather, their enemy. 4 NO, RATHER THEIR ENEMY. In the present emergency, in our country’s dire distress, I hold that any one who favors the unlim¬ ited free coinage of silver is a traitor to the coun¬ try’s best interests. And I lay down the general proposition that no one who favors such free coinage is fit to be trusted with the country’s welfare as a representative of the people in its legislative halls. This statement I wish to make good. I am opposed to personal abuse, to defamation of private character, to the injury of personal repu¬ tation as a means of defeating a candidate in a po¬ litical campaign, but, laying aside all question of pri¬ vate character or individual fitness, I have laid it down as a broad assertion, which I am willing to stand by, that in the present condition of this nation, no man who believes in the unlimited free coinage of silver by ourselves alone, and I make the addi¬ tional statement, or any one who is willing to abide by and support the infamous platform adopted at Chicago, is fit to sit in the highest legislative body of this great country. Such a man is no friend of the people. Such a man is opposed to the opera¬ tion of all natural law. Such a man is willing to risk the lives and property of his fellow-men to the mercy of a mob. Such a man is willing, for the benefit of a few interested conspirators with private ends to further, to jeopardize all that has been ac¬ cumulated by years of thrift, foresight, energy, brains and business ability. Such a man is blind to his own interests. Veritably a blind leader of the blind. How can he help the catastrophe when both, under such leadership, fall into the ditch? i Would you not rather trust to the sagacious in- stmct of the brute creation, to the faithful dog who has at least sense enough not to go where his own safety is in danger, to say nothing of the safety of those entrusted to his care? CLASS AGAINST CLASS. It is easy to conceive that one who in active busi¬ ness connection has necessarily been the opponent of a great monopoly, a veritable soulless corpora¬ tion, should take an opposing side, but it does not necessarily follow that he should refuse to approve of anything which may be thought desirable by any of the members of that corporation; that he should try to array class against class, the poor man against the rich man, to the poor man’s distress and discomfort. A rich man desires pure air, on that account should the poor man refuse it ? When a rich man builds a house he selects a favorable locality, one free from disease, easy of access, with sufficient shade and opportunities for sunlight as needed. On that account, when a workingman saves up a little for his modest home, should he choose a damp, disagreeable and unhealthy hovel, a malarial district, or a situation where no rational society of his fellows can be obtained ? I am told that Mr. Sibley gains his influence over you and merits the title “ The People’s Friend ” by his manner of meeting you in public. I am told that he, a rich man, brings himself “down,” as he so calls it, to your level (which is no compliment to you) by appearing before you as a public orator in shirt sleeves, without the ordinary clothing of a 6 gentleman in public, or as a typical countryman might be supposed to clothe himself on his own farm. My friends this is an insult to your intelli¬ gence. Are you to be caught by such clap-trap as that? An American farmer, certainly a Pennsyl¬ vania farmer, surely knows why such things are done. He certainly knows that a man is what he really is, and not what he tries to make himself appear. THE REAL CONSPIRACY. I tell you truly, my fellow-citizens, that when the inside history of this gigantic silver conspiracy against the rights of the citizens of this great republic comes to be written, this conspiracy of the year of its consummation, the year of our Lord 1806 (God save the mark, will the Lord own it’) there will be revealed such a black vista of corruption on the part of those who originated this silver movement that the sight will be thought incredible It will be shown that there was a period of long preparation, beginning with the year when it first became apparent that the production of silver might exceed the requirements of trade and in¬ dustry, and the consequent fall in the price of silver began to take place. It will be made evident that the silver conspiracy included everything that has ever been charged upon the other side and more- the subornation of witnesses, the apotheosis of lying, the circulation of lying literature, the total disregard of positive proof and denial, the per version of the truth, the blackening of character behind the back, the establishment of news¬ papers backed by ample Western capital in great Eastern cities where there was no apparent need for them, where every shade of party opinion was already well represented, in order that when the proper time came the mask could be thrown off and they would appear in their true charac¬ ter as defenders of this iniquity, and the bribery of legislators to a degree such as aggregation of capital in other lines never attempted. All these have been the details of a gigantic con¬ spiracy, and all of it, complete in every detail, the conspirators have tried to foist upon the other side and have persistently called it the crime of 1873. SECESSION LESS DANGEROUS. This year, 1896, is blacker than that black year in our history when the secession conspiracy culmi¬ nated, 1861. That was a serious time for this republic. That was an attempt to foist two gov¬ ernments instead of one upon the people, but they were both pledged to the maintenance of law and order, the protection of life and property. But of this crisis, what? The proposition now is to throw ‘ down all government and protection, to substitute S mob rule for order, anarchy for safety. Such a f condition would threaten Mr. Sibley’s wealth as well as the poor man’s last penny. Those of you, my fellow-workers, who think that the times cannot be worse than they are now and that any experiment we may try cannot injure us, but may possibly do I some good-will make some change, which must l necessarily be for the better; you who smart on jj account of the employment of the United States troops at Chicago against certain workingmen who. 8 had wrongs, but who forgot their duty to their country ; you cannot afford to take your life into your own hands and live without protection of law. Times can be worse, infinitely worse. Try it once. Your occupation is gone. Do you care to live by robbery, pillage, dishonesty, even under the plea that the wealthy man drove you tb it? ADVOCATES IMMORALITY. Anyone who favors the unlimited free coinage of silver, without any reflection on his personal char¬ acter, is necessarily, though not in every case will fully, dishonest, and no other words adequately describe it. Any man who is thus dishonest, or anyone who believes that certain classes, even though the most numerous, should be benefited (though no benefit will thus accrue) at the ex¬ pense of other classes, even if the latter should be the more wealthy (which they are not), is no friend of the people. Such a man advocates im¬ morality. Here are Mr. Sibley’s own words in that line “If parity with gold is demanded, and the Sec¬ retary of the Treasury construes the law to mean whenever demanded to pay gold, then let us main¬ tain the parity by reducing the number of grains in the gold dollar from 23.22 grains pure gold to 15 grains, or to such number of grains as will keep it at parity. While we may wrong, by so doing, the creditor class through the increased value of the products of human industry, we must remember that for every one creditor there are a thousand debtors; and we should remember that the aim of 9 the Government is the greatest good to the greatest number, and also the minimum amount of evil.” The man who thus reasons wishes to sap the moral strength of the nation. His influence will tend to its downfall. A QUESTION OK HONESTY. This unconscious or ill-concealed dishonesty, the I argument for the repayment of less than was con- I traded for or borrowed, is the most deplorable I feature of this whole movement. The sole excuse for the dishonesty is the plea that the gold dollar has appreciated, that the dollar now claimed ex- E ceeds in value the dollar contracted for, and that I payment in silver value is but paying what the con- f tract calls for. Senator Jones, of Nevada, the great silver author¬ ity, made the statement under oath, in 1876, that it was the Bonanza mines that were depressing the price of silver. Before considering that question it might be.well to remember that if the omission of the 412M -grain 4 ' dollar from the Act of 1873 was an error, it was cor- [ reeled February 28, 1878, which latter act restored | this silver dollar to coinage and made it full legal [ tender. So, if the law of 1873 was a crime, it was I expiated in 1878. THE APPRECIATION OK GOLD. Now, it should be a sufficient answer to the argu- I ment of the appreciation of gold to remind you that l this so-called demonetization took place twenty- I three years ago and that the life of debts is not so long. Most of the debt that has been contracted on account of hard times has been contracted within the last three years. Most of the depreciation of property has taken place within the same period. It has been said that two-thirds of the farmers have no mortgage debt whatever, and that 5 per cent, of that number would cover all that owed a mortgage over three years old, during which time there has been no change in the value of the metal. But the greater amount of what obligations have been accu¬ mulated in these last three years has been accumu¬ lated to relieve suffering. The people who have been suffering most in these hard times could not borrow money in the ordinary sense. They had no security, and without that no money can be bor¬ rowed. Those who were in distress begged money. The greater amount of the real borrowing which has been done has been for the purpose of making money, and why should those who have thus bor¬ rowed not pay back ? WHEAT AND SILVER. Those who will not accept this reasoning require something further. You well know how the price of silver and the price of wheat are compared as proof that silver buys as much as it ever did and only gold has appreciated. Mr. Sibley himself says in his speech delivered in the House of Rep¬ resentatives January 8, 1895 :— “Silver is the only stable standard of values, maintaining at all times its parity with every arti-' " cle of production except gold. The ounce of silver, " degraded by infamous legislation from its norma! mintage value of $1.2929 an ounce to about 60 cents, has kept its parity with the ton of pig iron, the pound of nails, and all the products of our iron - mills. The ounce of silver has maintained its parity with the barrel of petroleum, with granite blocks, with kiln-burnt bricks ; with lumber grow¬ ing scarcer year by year it still keeps its parity. It is at parity with the ton of coal, with the mower, reaper, thresher, the grain drill, the hoe and the spade. Silver at $1.2929 and beef at 7 cents per pound in the farmers’ fields has kept its parity, and the ounce of silver at 60 cents buys to-day heel at 2 cents per pound on foot. The pound of cotton and the ounce of silver have never lost their level. No surer has the sun indicated on the dial the hour of the day than has the ounce of silver shown the value of the pound of cotton. As surely as the moon has given high tide or low tide, just so surely has the ounce of silver given the high and low-tide prices of wheat.” THK OPINION OF A COLLEGE PRESIDENT. Prof. E. B. Andrews, of Brown University, in an address delivered in this Congressional district, says:— “ If you will take the gold price-list of wheat and compare it with the gold price-list of silver bullion, you will find that the wheat has followed the silver as the shadow has followed the man. I know that certain gentlemen have * monkeyed ’ [‘ monkeyed ’ from a New England College Presi¬ dent] with that, some by taking very brief periods and particular months when the price of wheat 12 might be for the time for local reasons [:. e ., law of supply and demand] going up or down a little; but generally taking considerable periods, two or three or five-year periods, you will find that most remarkable parallel.” is it so? Now let us see how this shadow follows the man without monkeying with the returns or taking very brief periods, which, according to the Professor are the only periods affected by the law of supply and demand. The silver men claim that the price of wheat and silver began to fall together in 1873, and have been falling continually ever since, the one dragging the other. Let us see how it looks in the files of the Chicago grain market. The price of wheat did not begin to fall in 1873, not until 1883. In 1882 wheat was several points higher than in 1874-75-76, and in 1881 it was higher than it had been at any time during the previous ten years, with one exception. During the same period when wheat was keeping its price and frequently rising, silver fell more than 12 per cent., thus show¬ ing that there was no connection between the two. During the crisis of 1884-85 wheat fell considerably. According to the report of the United States De¬ partment of Agriculture, the average price of wheat per bushel was 91.1 cents in 1883, and 64.5 cents per bushel in 1884. THE SILVER MARKET. The great silver market of the world is London. We are continually exporting silver. Where does 13 it go? To market, to London, to the shop of that hated cousin of ours across the water whom we want to leave in supreme control of the money of the world by letting him have all the benefits of the gold standard unquestioned by us, when we might take advantage of the westward course of Empire and transfer that money control to our own shores. England buys our silver now. She would like the chance to sell it back to us at 50 cents on the dol¬ lar—to send it to our mints and transform it into 50-cent dollars, and, by a round-about process, turn them into gold dollars until our store is exhausted in the effort to maintain a parity. The price of silver in the London market in 1884 was $1,113 per ounce against $1.110 in 1883, an in¬ crease of T g 5 per cent., against a fall of from 91.1 cents to 64.5 in wheat. In 1885, when wheat rose, silver fell to 1.064, and in 1886 to .994. In wheat, omitting exceptional years like that of the Hutch¬ inson wheat corner, wheat went to a somewhat higher average until 1889, while silver was steadily going downwards. In 1890 silver rose 14 per cent, by reason of the Government’s large purchase of silver bullion, while wheat remained stationary. The following year silver fell 8 per cent., while wheat rose n per cent. In 1892 wheat was about the same price as it was in 1884, while silver was very much lower in 1892 than it had been in 1884. OTHER FIGURES. The story is the same if we take other figures. If we examine that part of the circular of the United States Department of Agriculture, which compares the prices of various crops with tiie prices of silver, we will find that while there has been a general fall of prices there has been great fluctua¬ tion as the supply and demand varied. This is a general statement, but it can be verified, though not in the time allotted to me here. Take still an¬ other view. We have the figures of Mr. Powers the statistician of the Department of Labor of the State of Minnesota. If there is any State which more than any other would give the correct figures for wheat it would be the State of Minnesota, as the centre of the great wheat field. Mr. Powers uses as primary figures those contained in the reports of the United States Department of Agri¬ culture, which are the prices actually received by the farmer. What do these figures show? None of the tables give any support to the claims of the ad¬ vocates of the free coinage of silver. The average price of wheat advanced in Minnesota after the legislation of 1873 as well as declined. . The silver legislation could not produce both. The great, decline in the average price in the Eastern States took place between 1862 and 1873, and not after. Take some of Mr. Powers’ other tables dealing with the farm values of nine other crops, corn, oats, wheat, rye, barley, etc., with the State of Illinois as a centre, and as the typical field. We find that the average gold value of these crops from 1862 to 1866 was £13.69 per ton. From 1871 to 1874, 14.40 per ton. From 1879 to 1882, 17.72 per ton. From 1891 to 1894, 14.61 per ton. The fall in the price of agricultural products did not 15 begin until after 189?. That and the price of silver have no more relation than agricultural figures when compared with those of any other metal, steel in the form of rails, for instance. The price of steel rails began to fall many years after the demonetization of silver, and the fall in price has more than kept pace with agricultural products. Steel rails in 1869 brought $167 per ton, and n7 value is still there in public estimation. But all imagery aside, the argument of the appreciation of the gold dollar is the argument of dishonesty, and the party that urges it is a dishonest party. SEVERAL INSTANCES. And it seems to me that there is an element of dishonesty or at least deceit in this : Here is Mr. Bryan claiming that under free coinage the price of silver will rise to an equality with that of gold. Aside from the fact that if this should be so, the gold standard, with all the evils he claims for it, would still remain, there is this to be observed : The Chicago platform which Mr. Bryan approves favors such legislation as will prevent for the future the demonetization of any kind of legal-tender money by private contract. If silver is to rise to the level of gold, why this anxiety to prevent gold contracts ? Another example of flagrant dishonesty is the persistence in the crime of 1873 story, disproved so often, the Earnest Seyd myth and the lying affi¬ davit of Frederick Luckenbach which even Mr. Teller repudiates. Still another example is the continued circulation of the “ Grip of Gold ” forgery, a story republished as from the London Financial News , but which cannot be found in its columns ; still another, the publication of the garbled and willfully mistrans¬ lated letter of Prince Bismarck. If we need any further proof of dishonesty in the party we have it on the part of the nominee of the Chicago convention.. While he was editor of the Omaha Herald that newspaper published in IS capitals at the head of its editorial columns the following, his sentiments, undoubtedly, though the words may not have come from his pen :— "Every one who has money at his disposal can protect himself against loss through free silver by converting his money into land, houses and mer¬ chandise of various kinds. If besides he borrows more money and he uses it for the purpose, he will make a profit on the transaction at’the expense of the man from whom he borrows.” This paragraph admits that those who lend money now would suffer in the event of the triumph of free silver. It admits that free silver will debase the currency. It admits that with malice afore¬ thought a man may borrow money, and it advises him to so borrow for such purpose, in order that the creditor may be deliberately cheated for the benefit of the borrower. And yet a man who can make such a suggestion thinks it strange, and insists that it is dishonest to insert a gold clause in private con¬ tracts to protect against such dishonesty. THE RECORD AGAIN. Now let us go more fully into the consideration of some of Mr. Sibley's own words. In the para¬ graph first quoted he says :— “ While we may wrong by so doing the creditor class, through the increased value of the products of human industry, we must remember that for every creditor there are a thousand debtors ; and we should remember that the aim of the Govern¬ ment is the greatest good to the greatest number, and also the minimum amount of evil,” >9 Now if the benefit should be for the greatest num¬ ber we must consider the non-agricultural classes that number, as the residents of cities are a steadily- increasing percentage of the total population. The motto of the Knights of Labor is said to be: “ The injury of one is the concern of all.” Does it mean that the one is necessarily only the poor man, that the rights of the rich man are not to be considered ? The statement that for every creditor there are a thousand debtors has been disproved so often that it is unnecessary to go into that argument here. The man is poor, indeed, who is not both a creditor and debtor, at least a creditor for his own labor. As Mr. Sibley admits that he may wrong the creditor class it may be well to inquire more par¬ ticularly who compose that class. WHO ARE THE CREDITORS? It may not concern you, but the saving banks of this country hold on deposit and are responsible for $1,810,597,000 belonging to 4.875,519 people, the vast majority of whom, of course, are in mode¬ rate circumstances. The various trust companies and State banks are the custodians of $1,140,880,- 000 belonging to 1,500,000 people. The national banks of the country have deposits for which they are responsible amounting to $1,701,653,524 belonging to 1,929,340 depositors. The various building and loan associations hold $500,000,000 in behalf of 1,800,000 members. This makes a total of $5.353,138.521 belonging to 10,204,859 people. In addition we have 2,000,000 people holding life 20 insurance policies ; 6,919,598 people have insur¬ ances in industrial insurance companies ; 3,500,000 people hold insurances in mutual benefit and other similar associations, to say nothing of those interested in investments in homes. This makes a total of 22,624.45“ people. It is a conservative estimate far below the actual fact to say that each one of these people in the aggregate has at least one other person depending on him, the figures thus representing at least 45,000,000 of the popula¬ tion and no doubt several million more. How much is this 45,000,000 out of our total population of about 70.000,000 men, women, children and babies? Much more than half. These are the creditor classes. Take only the depositors in the different kinds of banks in the country, amounting to nearly 9,000,000 people. If all the people in the United States who could vote should vote, the total vote cast in a national election would be about 14,000,- 000. The largest national vote cast is about n,- 000,000. The total number of depositors largely outnumbers any majority of votes which has ever been cast at a national election. Take the case of the single State of New York. There are 1,700,000 depositors in savings banks in that State alone. In that State there are 1,200,000 voters. The depositors exceed the voters by 500,000. Now against these who are the debtor classes? Among others, every bank, every railroad, every saving fund, every insurance company, owing their stockholders and depositors. THE CREDITORS THE PEOPLE. A friend of the people indeed ! It might be well to remember that all those enumerated as creditors are the people who would suffer by this change. It might be well to bear in mind also, as has been said, that if a period of disturbance in values is to result in gain to the “poor,” usually called “the people,” and in loss to the rich, it will be the first instance of the kind in the world’s history. A HISTORICAL PARALLEL. Events are said to repeat themselves in history at certain fixed intervals. Just one century ago in France there was a depreciation of money similar to what is now proposed here. Von Sybel in his history of the French Revolution, says : “The crash came in July, 1796” (just one cent¬ ury ago) “and the money came down to its real value. The mandats came down to 5 per cent, of their face value, and the assignats had previously reached 3J5 of that value. Thirty-six billion francs’ worth of assignats had gone, 2,500,000,000 of man¬ dats became rubbish. To this general distress there was, indeed, one exception. One of the worst of the demagogue ‘reformers’ and a certain num¬ ber of men like him had become skillful enough to become millionaires, while their dupes, who had clamored for issues of irredeemable paper, had be¬ come paupers. “ Before the end of the year 1795 the paper money was almost exclusively in the hands of the people, the working classes, employees and men of small means, whose property was not large enough to 22 invest in stores or goods or national lands. The financiers and men of large means, though they suf¬ fered terribly, were shrewd enough to put much of their property into objects of permanent value. The working classes had no such foresight, or skill, or means. On them finally came the great crushing weight of the loss. After the first collapse came up the cries of the starving. Roads and bridges were neglected, manufactures were generally given up in utter helplessness.” CONSTITUTIONAL MONEY. The friends of silver now clamor so much for the money of the Constitution. They noisily insist on the literal observance of the provisions of the Con¬ stitution, while those of the other side are serenely doing as the Constitution directs, as a matter of course. The “Democratic” (so-called) Clubs of Pennsylvania, in session in this jurisdiction lately, through Mr. Chauncy F. Black, affirmed that the election of the Chicago nominee is the only hope of constitutional liberty, and that those who would install the Republican nominee will transgress the Federal Constitution in many ways. The money of the Constitution ! What constitu¬ tion? The Constitution of the United States only provided that the making of money should be left with Congress, where it had been long before the Constitution was written, and it also took from the States that privilege which they had up to that time in common with Congress. There was the rub- in that latter provision. It also provided that Congress should regulate the value of money. 23 Regulate it, as a man regulates his watch by the chronometer. Regulate it by what ? The market. That was the chronometer. Regulate it. No sen¬ sible man then thought that Congress could make that value. The regulating under the Constitution Congress first exercised in the Mint law of 1792. A LESSON FROM CONSTITUTIONAL HISTORY. Oh ! my friends, I wish you had lived long enough and had memories long enough to remem¬ ber personally the struggle for the adoption of that Constitution, for nations as individuals will not learn from history but only from bitter personal experience. I wish you could remember who op¬ posed that Constitution, and why. ' The issue then was not only the question of a nation against disjointed States, national against State rights, but it was a financial issue. The most unpopular provision of the proposed Constitution was that which prohibited the States from making anything but gold or silver coin a legal tender. This provision was enough to array all friends of paper money, whether State or National, against the measure, and there were many such friends, even in face of the fact that State issues had fallen to such an extent that $1,000 of Virginia State paper was worth but one dollar in gold, while Con¬ gressional issues were lower yet, so low that the colloquial phrase for the utmost want of value was “ not worth a continental,” or a piece of Congres¬ sional money. It mattered not that Sta:e issues amounted to over $100 per capita for every man, woman, child and slave in the land. The utmost 24 populistic dream to-day is but $50 per capita. It mattered not that a pair of boots then cost $600, which was also the cost in the Southern States during the rebellion. All that was necessary was to provide the $600 to buy with and the power to make that $600 should rest with the State authori¬ ties as it had always done, they said. Money, they claimed (their opinion then was the same as that of ex-Governor Patterson to-day), was only a creation of government. Gold and silver forsooth. Who had it? Only the wealthy merchant or banker. The farmer had only paper. The Constitution would prevent the farmer or any debtor from making the creditor take the fiat money at par. THE ISSUE OF TO-DAV NOT NEW. And then, as now, it was the West against the East, as well as the farmer against the merchant. The West was doing the work they said, the East making the money. If the merchant could fix prices the only safety was to allow the farmer to fix the value of the money. The commercial cen¬ tres on the sea-board and along the great water¬ ways, the avenues of commerce, all who were in touch with the outside world, the bankers, the land owners, the merchants, the brokers, the lawyers, the judges, the ship builders, the conservative classes generally, were on one side. On the other side were the discontented, the dishonest debtor, the repudiator, the ignorant, the nondescript, and all talk with such men was in vain, as it is to-day. They were bent on trying the experiment. They 25 said then as they say to-day, “ times cannot be worse. Let’s try it anyhow.” They were holders back on progress and the class was very numerous. If the Constitution had been put to a popular vote, it would have been defeated by an overwhelming majority. The cry then was as now, “it is a con¬ spiracy to depreciate farm values and to increase the prices of all goods sold the farmers by mer¬ chants. The merchants charge what they please for goods and pay what they please for produce. The city business men and bankers are in league with hated England, and shall we again submit to English rule after once fighting for our liberty. It is a gigantic monopoly against the working man and farmer.” To-day we have a repetition of the same cry. Mr. Sibley and his silver friends again raise the issue of supposed English oppression. Again it is the farmers against the bankers. Mr. Sibley ap¬ pears to think with many other misinformed peo¬ ple that bankers do not understand their business; that those who have made a life study of that sub¬ ject are the most ignorant of it. He says that Boards of Trade and Chambers of Commerce know less about trade and commerce than the farmer. Perhaps he also thinks that these same Boards know more about farming than the farmer. Mr. Greeley made that mistake and it did not help his election. THE MORALITY OF BANKERS. But bankers are not all rascals. Even Mr. Mor¬ gan offered to take considerable less money for 26 placing Government bonds, in case he should be required to take only a moderate risk—if the Gov¬ ernment would insert the one word in the obliga¬ tion which would insure the return of just what he was lending, gold, and he was lending as good gold as any that could be returned. But no. The debtor not the creditor must have the option. Robert Morris, the Revolutionary financier, who pledged his good name for the credit of the Govern, ment, without whose aid and money General Washington’s skill and all the patriotism of the country would have been of no avail, and who was allowed as an old man to be imprisoned for debt and to finish his life in jail, was not half a bad man. Some of those financiers who helped us through the Rebellion were but slightly worse. Our silver friends have told us repeatedly about that great and good banker, Jay Cooke, so called by them because he favored silver, but whose inclination leaned that way because after financial misfortune he re¬ gained all that he has since had in successful silver mining and the opening of silver-producing regions by means of railroads. Lately we have not heard so much about Mr. Cooke from the friends of silver, for he, like many others, with all his par¬ tiality for silver cannot support the lawless platform of Chicago. THE EARLY WEST AND ITS RECORD. In connection with the sectional feeling of the West against the East, the cry heard in Colonial times and now heard again to-day, it may be well to be reminded where the West of those early days 27 was. It was fifty miles from the seaboard, or from the navigable stream, not more. Where I now stand was far beyond it. Wherever wealth could be more easily gathered was the East. The West¬ erners, the frontiersmen, the backwoodsmen made up the opposing party. Hamilton got his support for national honor from the well-to-do class. To the credit of Pennsylvania—and you out in this region, where the Indian and his wampum then held undisputed sway, should not injure the good name of your more easterly ancestors—this State held firmly against repudiation. She was in the van in the adoption of the Constitution—on the side of sound money; not lagging in the line like Rhode Island or North Carolina where fiat money had been rampant. Those States had the belief that if my neighbor is getting richer and I am getting poorer he is necessarily stealing my money. Pennsylvania was firm mainly through the ideas of thrifty and well-to-do Germans and Quakers in the commercial section. Partly through her efforts and example the United States has ever held true to the policy inaugurated under the Con¬ stitution for the just payment of debts, undebased money and the obligation of contracts. Should we at this late day change our record ? MR. SIBLEY ON THE RATIO. Nor in the matter of the 16 to i ratio are Mr. Sibley and his associates in accord with the fram¬ ers of the Constitution. On August 18, 1893, Mr - Sibley was asked to discuss the ratio, and he said 28 “ I am not particular about the ratio, but I would rather see 15 'A to 1 than 16 to 1; I would rather see the ratio 16 to 1 than 17 to *1; because if the people are to be robbed at all I would rather they were robbed of 10 cents than of 20 cents. I will agree to a ratio of 18 to 1 upon the same principle. I would agree to a ratio of 20 to 1.” In short, Mr. Sibley is not particular about the ratio. In that he does not follow the Fathers of the Republic, who founded the system which gave us the Constitution, constitutional money and our monetary laws. THOSE WHO DIFFER. Let us see what Mr. Jefferson says ; how Mr. Sibley compares with him. In Mr. Jefferson’s notes on the establishment of a money unit and of coinage for the United States, which paper was communicated to Congress, he says :— “ The proportion between the values of gold and silver is a mercantile problem altogether, one fixed by the merchants or the market.” Again:— “Just principles will lead us to disregard legal proportions altogether ; to inquire into the market price of gold [The market fixes the value, Mr. Jefferson thinks; Congress regulates the prices according to the regulator, the market.] in the several countries with which we shall principally be connected in commerce, and to take an average from them.” Mr. Hamilton said 29 “There can hardly be a better rule in .any country for the legal, than the market propor¬ tion.” And Mr. Hamilton also thought that the differ¬ ence between the market ratio and the mint ratio could not with safety exceed one-half of i per cent. Our silver, friends think a difference of 50 per cent, of no moment, and Mr. Sibley serenely says that almost any figure will be agreeable to him. FOREIGN MARKETS. On January 8, 1895, Mr. Sibley further says .— “The advocates of the*gold standard, with an air of superior wisdom ” (Mr. Sibley has no such air, he is abject humility itself) “and greatest financial comprehension, assert that this nation must adopt the money of the great commercial nations of the world, and the great masses, follow¬ ing the blind leaders into the pitfalls of industrial, agricultural and commercial ruin, forget the fact that 96 per cent, of all commercial transactions of the United States are among our own citizens, and only 4 per cent, among the citizens of foreign nations. For which are we legislating? The 4 per cent, or the 96 per cent. ?” Granting that the figures are correct, is it not a fact that you, as farmers, are reaching out at the present time more for the 4 per cent, than the 96 per cent. ? You have not a large enough market at home and you want to increase it. You want to make the foreign figures larger than 4 per cent. It was a mistake, I think, to legislate in the interest of that foreign trade to the detriment of our home 30 market by means of the Wilson bill. You were reaching out for the shadow and letting the sub¬ stance go. But has not the 4 per cent, a great deal to do with the prices you get for the 96 per cent. ? You want to compete in the markets of the world • and there comes in another question, as to the money. If you want to do business ohly with our¬ selves you need only use money which passes in our own territory. But if you wish to do business with the world you must do business with money which passes current in the world at large, and gold at present is the world’s money. Why should you want to purchase the world’s money at such a high rate ? It is not a question of what England wants. The friends of silver in this country are playing England’s game. London is the silver market, though England does not produce silver. We make it, she sells it. She controls that mar¬ ket. The gold standard has given her this control. The gold standard has made her what she is com¬ mercially. England is opposed to our maintaining the gold standard. She wants all the advantages for herself. She does not want international bi¬ metallism, because thereby she would give up her advantage. International bimetallism cannot be obtained without England’s aid. She will not give that aid, because without it we must go upon the silver basis if we make the effort to obtain bimetallism by ourselves alone. A FORICIGN OPINION. Now our silver friends say that we are a large enough country to bring about bimetal'ism without 31 this aid. This is not the opinion of the most emi¬ nent bimetallists of the world, the men who are acknowledged as authorities by our silver friends. Do you know who Professor Suess is ? He is largely quoted by Mr. Sibley, and in the supplement to his Congressional address of January 8, 1895, Mr. Sib¬ ley gives an extract of some 2,000 words from the writings of that Vienna professor. On silver, Mr. Suess’ opinions are so extreme that he still believes and asserts that the time will come when gold will be gone and silver alone govern the world. The professor wrote a book which favored the silver side, and the silver Congressmen had it translated and published entire at the expense of the United States. They did not, however, republish the refutation of it by another eminent authority which was made at the suggestion of the German Imperial Government. Now, what does Professor Suess say as to this proposition that we should adopt the free coinage of silver and the silver basis without waiting for other nations ? This is a per¬ sonal letter and authentic:— “ Replying briefly to your inquiry as to what, in my opinion, would be the result if your Govern¬ ment should independently adopt the free coinage of silver at the ratio of 16 to 1, I may say that you would simply lose all your gold and then be ob¬ liged to buy in England all the gold necessary to meet your obligations in foreign countries, etc. No country is strong enough alone to take such a step, and if taken by your country it must lead to a financial and, perhaps, an industrial crisis. 32 “Should your Government decide upon the free coinage of silver— the demonetization of gold _ thus going with China, you would divide the finan¬ cial world in half and inflict severe damage upon human civilization in general. “Your Government surely ought to wait and take some intermediate course, such as the coinage of a limited amount of silver annually, but not so much as in former years. Above all, it is impossi¬ ble for you to sustain an issue of notes payable in gold without maintaining a gold standard. But to make an exclusively gold standard would be at least as great an error as the free coinage of silver and the consequent demonetization of gold.”* Here are some extracts from a later letter to Dr. White from the same source, dated September 19, 1896, which is evidently from a friend of the Chi¬ cago candidate :— “According to the impression left by his speeches Mr. Bryan seems to be an upright, honest man| who, in his patriotic zeal, and in his love to the struggling millions, overrates the economic force of a single country, may it even be the powerful United States. “ Now if the United States alone undertakes any extravagant or audacious measure, certainly the question will be raised anew in Europe. It is doubtful whether these new discussions will bring serious results, but it is not doubtful that the ex- perimenl will be made at your expense. I am too * From a letter addressed to Dr. C. A. White, of Washing¬ ton, D. C., dated July 10. 1896. 33 old, and too sincere a friend of your glorious coun¬ try, to give you such advice. “Now, I believe that earnest men, who have duly thought on this affair, must not encourage their friends to enter separately into a battle in which they have the whole force of the adversary against them, and which may end with defeat. And such a defeat must prove most painful to those classes of mankind to which not only Mr. Bryan’s sympathies, but I believe the sympathies of every feeling heart belong.” TRY TO REMEMBER. I have quoted you some figures from Mr. Powers showing that in certain years, when it was said that you as farmers were suffering, you were in reality getting good prices. You, perhaps, ask, if those figures are correct, how it is that you as farm¬ ers did not get the benefit ? You did get the benefit, and you will recall it if your memory is good. You should at least remem¬ ber as far back as 1892, when the people of this country, under unwise leadership, tired of too much prosperity, and, wanting anything for a change, voted to close the factories, reduce transportation and throw men out of work. Have not the enforced poverty and desperate economy in the use of tood then entailed had something to do with the fall of prices; and did not some of you farmers, by your votes, help to bring it about? It is an undeniable and lamentable fact that the farmers have Ween having hard times in late years. With large crops there have been unprofitable 34 rates. They cannot be blamed for feeling discour¬ aged or for trying to better their condition. It is as Mr. McKinley has said : “In hard times the farm¬ ers’ competitors increase in number and his custom¬ ers are out of work.” TAKE PROFESSION A I. ADVICE AND THE RIGHT MEDICINE. But it is important that the farmer does not de¬ ceive himself in the choice of a method of relief. You remember the man who swallowed a potato bug and took Paris green to kill the bug. The coroner certified the bug was dead. The farmer has had sufficiently hard times, sufficient suffer¬ ing, and he should not want to lose more than he has already lost. He should not be in a hurry to credit the statement that free coinage of silver will increase his profits. In order to give him higher prices it would be necessary to raise prices all over the world, and the most extreme advocate of the free-silver theory would hardly contend that the free coinage of silver by this nation alone could have such a sweeping and remarkable effect. Our competitors abroad would not stop producing to accommodate us. Our farmers will get better prices for their surplus only when Europe is will¬ ing to pay them, and Europe will not pay them so long as the ratio of supply and demand which made them remains. Such a change would be a disad¬ vantage to the farmer in the way of raising the prices of everything he has to buy. But on the subject of high prices, does it not seem strange that the farmer wants the lowest quality of money? 35 The farmer’s customer wants the highest quality in cattle, swine and cereals. The man who sells these things, as Mr. Morton says, is “a buyer of money. An enlightened self-interest should com¬ pel the farmer to demand the highest, the most unfluctuating and general producing power in the money which he buys. Never before in the history of civilization have any number of people protested against being paid more than a certain sum for commodities which they have to sell.” You are in the same condition as the workingman in that par¬ ticular. A certain amount of labor now buys thirty- two ounces of silver. Many workingmen are now clamoring that that same amount of labor should by law be allowed to purchase but sixteen ounces. I cannot see how such a proposition commends itself to the average workingman. How can a man who advocates it claim to be a friend of the people ? WILL PANIC REMEDY? Times have been hard, people have been suffer¬ ing, but is that any reason why you should favor something that will produce untold misery, the out¬ come of which might be a panic such as the world has never seen and never will see again until the judgment trumpet rends this great earth asunder, tearing mountains from their foundations and mak¬ ing the earth’s surface to move as the waves of the sea ; a panic not precipitated by gold bugs or cor¬ porations, but the outbreak of the whole people, friends of silver and gold alike. You claim there will be no such panic. Some of the friends of silver admit that such a panic 36 would result, but claim .that it would deprive only rich men of their wealth, would ruin Wall street, but hurt no one else. Mr. Bryan himself, in one of his early speeches on the silver question admitted that free-silver coinage would create a panic, but he claimed that it was a mere detail, an unimportant thing, this tremendous change from one kind of a dollar to another kind, whether the standard has appreciated or depreciated. Mr. Bryan, if elected, can, unaided by Congress bring us to a silver basis at once, simply by letting the gold reserve take care of itself and bringing out silver when men ask for gold ; and lately he has publicly declared that the present monetary standard shall not be maintained one day longer if he can help it. What has the bare suggestion, the possibility only of such a change done ? The mere prospect of a silver standard in 1893 wrecked 671 banks and 14,066 business firms, with total liabilities not less than $500,000,000. How has the shadow only of this trouble affected business in August of this year? There wisa total of $28,000,000 of liabilities against only $10,000,000 in August, 1895, and $11,000,000 in 1894. A SUPPOSITION. If the mere suggestion can produce all this dis¬ turbance, what would the actual coming of this change produce? Let us see what might happen (I do not say “ will ” happen but “ might ” happen) on the morning of Wednesday, the 4th of next November, 37 Suppose that by daybreak on that fateful morn¬ ing those who read their newspapers, or those who have spent the night in trying to secure information as to the election returns, find that there is an appar¬ ent majority in favor of the nominee of the Chicago platform. Suppose, even, that without any apparent major¬ ity in his favor, there is just a doubt (it may be but but a temporary thing, but it is a doubt) whether the man who stands for law, order and prosperity has surely been elected—an absence of that over¬ whelming majority which will show decisively the absolute sentiment of the law-abiding and pros¬ perous citizens of this great land—what may happen ? The early risers on that day may find loitering around the closed bank doors, though the sun may not yet have risen, a few of the comparatively poor people, those who are well enough off to have a small bank account, but to whom the loss of that small amount would mean a very great deal. In the face of the danger that the currency may possi¬ bly degenerate, they will be there to get the place nearest the door, with checks filled out—to get what? Gold, if they can; if not, money of any kind, and to take the chances on it. Anything rather than to trust it out of their hands for a mo¬ ment. The bank might not be a safe place for it. There might be a run, and the bank might not be able to pay at all. Get the money out as soon as possible, would be the idea. As the hours wear on a few more people may congregate, all on the same errand. At that time 3» of the year the weather may be wintry, it may be stormy, but that would make no difference. Men and women will be there without adequate cover¬ ings, without proper attention to dress, in the haste for precedence. Some of those who pass by, whose duller intellects may not have seen the danger so quickly, will inquire the cause of the excitement.. They will be reminded that they, too, have some¬ thing at stake, and they will return to join the throng. everyone interested. Then the well-to-do business man will be repre¬ sented. There is grave danger of a panic, and who can withstand that ? Better take time by the forelock and be prepared. Among these may be the lepresentatives, unknown and unrec¬ ognized, of certain wealthy gentlemen, such men as Mr. Sibley or Mr. Jones, of Nevada. Such men are in the deal with their eyes open. They know what they are doing. There will be little money of theirs in bank on that fateful day. It will be out, protected by gold agreements and such things. But what there is in bank it will be advisable to save. This is no mere surmise. Did not Mr. Har¬ vey himself, and we have proved the information authentic, endeavor to protect himself from loss by drawing and hoarding gold, he, the last man who should make such an example? What excuse did he give? That the gold was needed for an object lesson in public. It is very convenient to need an object lesson when a man wants to get his grip on the solid metal and fears the results of his 39 own advice. An object lesson of what ? To prove a self-evident and admitted fact that gold is a com¬ pact, portable and valuable substance. I heard Mr. Harvey make the statement in public that this coin, which I saw him display, was but a loan from the bank—that on the evening of the day when he last used it previous to the election, a representative of the bank from which lie drew it was to meet him by agreement on the platform of the Auditorium at Chicago, in company with a policeman, to receive back the money. What did Mr. Keith, the president of the bank in Chicago, from which Mr. Harvey drew the specie, say ? Here is his letter : — Thk Metropolitan National Bank of Chicago. Chicago, III., September 17, 1896. YVm. R. Tucker, Secretary, Room 248, The Bourse, Philadelphia, Pa. Dear Sir In reply to yours of the 15th inst., will say that it is not customary for us to state any transactions between us and our clients. By authority of Mr. Harvey, however, we are allowed to say that he drew out £2,500 in gold, and that he did so that he might use the gold as an object lesson. We did not loan Mr. Harvey this gold, but paid it to him on his check, and he is under no agreement to return it unless he wishes to do so voluntarily. He has stated, I think, that he intended to return it to us after the use for which he withdrew it is accomplished. Very truly yours, Signed, E. G. Keith, President. 40 Nevertheless, the statement of Mr. Harvey was that he was under positive agreement to return the gold.* A PERSONAL MATTER. But how are you going to behave in this panic on Wednesday, November 4, 1896, you ordinary mor¬ tals who have conscientiously been for free silver, who have believed the teachings of such dema¬ gogues as Mr. Harvey who are now misleading you? You will conscientiously stand to your convictions and refrain from joining in the clamor. “ Let them keep their gold, ortheir greenbacks,” you will say, “ silver will be good enough for me. There will be plenty of that later. Once have the change over and there will be good times ahead.” It is a great change and a sudden change, like going over Niagara. There is good sailing above and good sailing below, but is that a reason for making the plunge ? But how long will you be able to maintain that indifference ? Men. are like sheep. Stampede them and where are they ? Can they be controlled ? The very convention at Chicago that gave you the candidate of disorder was an example in point. You may join the rush ; you have something to lose, too. You do not want to lose your silver as well as your gold. * Since the date of this letter, and probably on account of the publicity given to the matter, Mr. Harvey claims to have returned the money to the bank without waiting for the con¬ clusion of his final adddress at the Auditorium, or tarrying for the policeman who was liable to ccme for him and get it. The object lesson does not appear to have been so very important. 4 ' As you run home for your check-book you may find the roads alive with country wagons loaded with— what? The farmers, the men who want higher prices for their products, hurrying where? To the nearest banking town on the same errand. THE LESSON. Now, what would all this mean ? The stoppage of mercantile business. What would that mean ? The stoppage of industry. What would that mean ? Men, women and children thrown out of employment and without the means to get food. What would that mean ? The farmer without his best customer, with¬ out a paying market for his produce. Will he, the farmer (and Mr. Sibley claims to be one himself), in the face of Ihe dire necessities, voluntarily give his products without money and without price to the sufferers around him? Some farmers may, temporarily, but it is too much to expect of any man that it should be more than a temporary willingness. That is not what the farmer is in business for. He is in business primarily to help himself and not his neighbor. Creditors in the efforts to save themselves would begin calling in loans, and by refusing to renew would wipe out one out of every ten business men, with the consequent suspension of business. That loss of business would mean that no money would circulate. The next step would be to realize on securities. In their efforts to right themselves creditors would put upon the market securities which are collateral fpr their called, but unpaid, loans. It will be found 42 that the market is unable to take such securities that there is no money to pay for them, and that no one has money to invest, whereupon will come the con¬ sequent depreciation in value of all forms of in¬ vested property. Any one who has anything to lose in that line would be the one who would be hurt by this form of the panic, but you, as farmers should particularly remember that in every panic the prices of farm produce go to the very bottom. The general result will be what we expressively call “a general smash.” Ruin will be everywhere in the land, suffering, trouble, hunger. ANARCHY. Then would come into play the anarchistic princi¬ ples inculcated by the platform at Chicago. Then would be seen the fruits of the seed there sown— the effort to array class against class, brother against brother. Then would the starving workingman, helped without invitation by the worse dregs of society, prowl for his living like the beast of prey, taking it where he can get it, from the merchant or farmer, whoever has it, not stopping to inquire whether the owner voted the same ticket or not. In such a reign of terror, bread would be worth its weight in gold, notwithstanding all the so-called appreciation in value of that metal. The rcenes of the French Revolution in all its terrors would be reproduced on a tenfold larger scale, for this is a greater country than France. The dying throbs of the monster are mighty in proportion. Not only might the banks be pillaged, which are 43 supposed to contain the money of the rich, but the baker’s shop, where the poor man does business, may be robbed for bread and for flour, which the robber will claim does not rightfully belong to its owner, but to the community in common. To such lengths are you leading by your approval of the platform and nominee of Chicago. THE TRUE REMEDY. Now, my friends, how shall we prevent this? In the first place by defeating that nominee on the Chi¬ cago platform. In the second place by giving such an overwhelming majority against him that the I sentiment of the law-abiding citizens of this coun¬ try cannot be misunderstood. But your duty does , not end here. There is a governing body in this I. country that is far more powerful than the Presi- ; dent of the United States, as important almost as the Supreme Court of the United States, itself fully competent to hinder or circumscribe the pow¬ ers of that court, and able by its action to defeat the will of the people who may elect a President after their own heart believing that he will bring certain things to pass. That the membership of this body should be so f selected as to work in harmony with the next President is admitted. Those who wish to prevent panic, to see returning prosperity, should bend their energies to the end that not only a President be elected who stands not for panic but prosperity, but also a Congress whose members shall uphold him on both sides as Aaron and Hur upheld Moses, the Senate on the left hand, the House on the right, 44 -j To this end we should scan well the proposed 1 members of our State Legislatures who are to elect 1 members of the upper house. To this end we f should look well to the nominees for membership £ in the lower house, and this is the issue particularly j before you in this Congressional district. This is s your opportunity. Make use of it as you see fit. 11 But know that on how you shall use it largely de- I pends the prosperity or adversity of thisour native •- country. WOUNDED IN THE HOUSE OF ITS FRIENDS. Professor Kdu&rd Suess, of Vienna, the Noted Bimetallist Authority, Against Free Coinage by this Country Alone. Through the courtesy of Dr. C. A. White, of the Smithsonian Institute, the Sound Money League of Pennsylvania is authorized to print the following correspondence. Professor Suess, whose letter is thus reproduced, is the author of •• The Future of Silver,” a treatise which so highly pleased the silver men in the United States Senate that they procured its translation and republication as a Senate document. In it he predicts that the whole world will eventually have to come to a silver basis from the exhaus¬ tion of the gold deposits “Smithsonian Institution, “ Washington. D. C., August 6, 1896. “ Mr. William R. Tucker. •• Secretary Sound Money League of Pennsylvania. “Dear Sir I hereby comply with the re¬ quest in your letter of yesterday for an authen¬ tic copy of the letter written to me by Professor Eduard Suess, of Vienna, with reference to the silver question You are welcome to make such use of it in the work of the League as will justly represent the views of Professor Suess. * * * "It may be a matter of satisfaction to the League to be informed as to how I happened to be addressed by Professor Suess upon this sub¬ ject. “For many years I have taken an active part in geological investigation and have corre¬ sponded with many European scientists, Professor Suess among them, for he is no less noted as a scientist than as a statesman. In his early life he was a civil engineer, and to him is largely due the successful introduction into Vienna of the great water supply from the Eastern Alps. lie is one of the ablest geologists of Europe, and has been for many years Pro¬ fessor of Geology at the Austrian Imperial University. He is, as you know, one of the leading bimetallists of Europe and author of many books and articles on that subject. He has been a continuous member of the Austrian Parliament for a number of years, and when I was in Vienna, ten years ago, our Consul- General there told me he was a leader in the Parliament, and acknowledged to be the best debater in it. “ A member of the Washington Bureau of the New York World , knowing of my cordial relations with Professor Suess, asked me to solicit an expression of his views and an opin¬ ion on our national affairs, and to send to him for some German bimetallic literature. I men¬ tioned the fact that the New York 'World was interested in his reply, and he therefore knows that public use will be made of his letter. I am, therefore, sure that no confidence will be violated if your League should make public use of it. The original letter is accessible to any one properly interested in seeing it. ‘"Very truly yours, “(Signed) C. A. White.” The following is the text of the reply received from Prof. Suess “Vienna, July in, 1896. “Dear Dr. White Yesterday I arrived here from Hungary, and to-morrow I leave again for Budapest. I found your kind letter awaiting me here, and I have sent your request for publications on the Silver Question, together with the sum of 12 florins, to Dr. Otto Arendt. member of the Reichstag at Berlin. Kleiststpissc 14, who will send the desired pamphlets toMr. Browne. “ Replying briefly to your inquiry as to what, in my opinion, would be the result if your Government should independently adopt' the free coinage of silver at the ratio of 16 to 1. I may say that you would simply lose all your geld and then be obliged to buy in England all the gold necessary to meet your obligations in foreign countries, etc. No country is strong enough alone to take such a step ; and if taken by your country, it must lead to a financial, and perhaps an industrial, crisis. “Should your Government decide upon the free coinage of silver —the demonetization of f old thus going with China, you would divide he financial world in liaQf and inflict severe damage upon human civilization in general. “ Your Government surely ought to wait and take some intermediate course, such as the coin¬ age of a limited amount of silver annually, but not so much as in former years. Above all, it is impossible for you to sustain an issue Of notes payable in gold without maintaining a goltL standard. But to make an exclusively gold " standard would be at least as great an error as the free coinage of silver ana the consequent demonetization of gold. “Iam sorry that just now I have not time to put my ideas concerning your national mone¬ tary affairs into a more elaborate form. I may, however, add an expression of my fear that m your country politics enters too largely into the consideration of this highly important, but purely economic, question. “ I have received your memoir of Dr. Engel- mann, whom I had the pleasure of meeting in 1867 or 1858. “Believe me, dear Dr. White. “ Most truly yours, “(Signed) E. Suess." Document No. 9, Sound Money League of Pennsylvania, “The Silver Question in a Nut¬ shell,” on page 45, makes the following refer¬ ence to two of the publications of Prof. Suess “The principal authority cited by our silver friends in support of the claim that there is not enough gold in the world, mined and unmined, to meet the requirements of commerce, should all the nations of the world adopt the gold standard, is Eduard Suess, a Professor of Ge¬ ology at the University of Vienna. He pub- lishe’d a pamphlet in 1877, ‘The Future of Gold,’ and again in 1892 another, • The Future of Silver,’ in which he attempts to prove, on scientific grounds, that all geological indica¬ tions point to a probability that the output of gold in old fields will now steadily decrease, that the present fields are virtually exhausted, and that no more new productive localities will be discovered. These pamphlets have been quoted by the free-silver men for many years. Even as late as the date of the Hoar-Harvey contest in Chicago ; Mr. Harvey still relied upon and quoted Suess in support of his views. “ These pamphlets, particularly the last one, produced so much uneasiness in Germany, as a gold basis country, that the German Govern¬ ment in 1893, by direction of the Minister of Commerce and Industry’, sent one of its expert official mining engineers to the South African gold fields which had been more especially in question, to make an exhaustive examination and report. This engineer, lleir Schmeisser, published his report in 1894, which in every wav completely refuted all the arguments and statements of Suess. “The Suess pamphlet, ‘The Future of Sil¬ ver,’ was translated in full by the United States Geological Survey by direction of the Committee on Finance'of the United States Senate, was published as a Government docu¬ ment and was largely circulated. The matter is easily accessible to English readers. Schmeis- ser’s report, on the other hand, beyond a short newspaper statement in the New York Notion, and a translation of a preliminary summary of the forthcoming report, presented to the German Silver Commission of 1894, and printed as part of the proceedings, is not avail¬ able in English. It is but little known and is not quoted in rebuttal of Suess.”