annum, taking off discount, as is always done by banks and brokers.

You have not yet reached the top of this infernal sublimity until you remember that the people during all thesc forty years have been paying interest at the same ratio to the National Banks upon the bonds they hypothecated with the Government, collateral for the issue of their circulatory currency.

If the expansibility of your arithmetic can calculate the

vastness of this range of profit, turn to the statistics which demonstrate with scientific accuracy.

Remember, at the same time that the effect of a single standard of either gold or silver is to double the value of the holdings of the Power-holding Class, and you can comprehend why the Power-holding Class prefers to believe the Gold Standard is commensurate with civilization itself.

SENATOR: As chairman of the Platform Committee you elected yourself and helped to elect Mr. Harrison President. Upon this plank "the Republican party is in favor of both gold and silver as money, and condemns the Democratic Administration in its efforts to demonetize silver."

Bimetallism requires no defense. It is not Bimetallism which is on trial. Its friends may safely concede for the purpose of their argument the blind, meaningless generalities urged against it. It is the colossal power of the indirect and direct taxation, their cruel and mischievous deception in the distribution of wealth and taxes, which outweighs thousands and thousands of sermons preached by the press against Constitutional Bimetallism. The Gold Standard stands convict of record. The Gold Standard brings us to the critical cardinal point. It has doubled not human goodness, human greatness, human nobleness, but the weight of taxation even upon valetudinarian impotence. If the distribution of wealth, remember, be a matter of human institution solely, the Gold Standard, in the glare of the dropsical statistics just examined, is the ablest and most authoritative exposition of the character and methods of its economy in the distribution of American taxation and wealth.

I never saw so clearly the universal, immutable, inexorable, magnificent working of the Gold Standard. It is demonstrable that the Act of 1873 set an economic force in

motion of national dishonesty and national poverty which debauched the public conscience and placed under the control of private interests, by well-regulated, selfish legislation, billions upon billions for the benefit of the Powerholding Class, and as if gliding to perdition the Republican party by the same standard seek to chain labor, which like a ghost is struggling out of the grave of taxation.

PRESIDENT: If wise, our friends the enemy, to save a stale, flat, languid and unprofitable controversy, might concede, with the crack of satire's whip, the ancient drowsy classics of those lurid exponents of gold opinions, Mr. Wells and Mr. Atkinson; the glimmering light of Mr. Horace White and Mr. Sumner, and the inebriated scales of Mr. Laughlin, together with the stark ignorance of an infinite variety of malevolent little foxes of the mutinous gold rabble breed professionally engaged in working the business of the Power-holding Class through such tools of the trade as "Sound Money" and banking circulars, etc., a literature more suitable to dough-kneaded understandings than the better-trained faculties and larger acquirements of statesmen.

SENATOR: Yes, Taxation, the Inequality of Man, and unjust distribution of wealth will storm the center of the Gold Standard's more ancient warriors-"The Silver Mines;" "The Swindling of the Creditor with Cheap Money" "The Cost of Producing Silver;" "The Production of Silver;" "Changed Conditions Since 1873;" "The Claim that Free Coinage of Silver Would Degrade the United States to a Level with China and Silver-using Nations;" "The Flood of Gold ;" "The Fifty-cent Dollar;" "Currency of the Civilized World" "the Increased Use of Credit;" "Prosperity"-each of those bogies of boobies, together with the jackasses, will be relegated to the rear, while the brave veterans of the Nebraskan press to the

front of Taxation, the very citadel of the Power-holding Class.

PRESIDENT: The masses will see the real issue and the Republicans can neither fight nor fly from Taxation. Taxation is a shadow whose dark folds encompass the globe.

SENATOR: Notwithstanding the pulling, the American fowl did not squawk until Trust, the lineal descendant and heir apparent of that avenging Nemesis of the Gold Standard, plucked his quills, and ever since the squawkings of American chickens have become audible throughout America.

PRESIDENT: That is a game at which two can play. Wait until Trust is in the hands of the people. Trust pulled the feathers too fast; it left the chick bare and bony.

SENATOR: Mr. President, aside from the taxation which it shifts from the patricians to the people and the harvest of wealth which the Gold Standard yields the privileged class and the lucrative prerogatives it confers upon National Bank millionaires, seriously, what is the objection to Independent Bimetallism?

PRESIDENT: Throughout my public life, as the McKinley record shows, I have been the foremost advocate of free coinage. I have always perceived the two great objects of Bimetallism:

First, to maintain an approximate par of exchange between gold-using and silver-using countries, and, secondly, to secure that greater stability of value which belongs to a money composed of the two metals thus joined in the currency than can possibly be attained under gold monometallism.

A greater stability in the compound mass of money composed of gold and silver thus joined in the coinage than can be enjoyed under gold monometallism or silver mono

metallism! On this point there is absolutely no difference of opinion among economists of repute, whether they call themselves monometallists or bimetallists. In his great work, "Money and the Mechanism of Exchange," Prof. Stanley Jevons, of England, fully concedes the validity of this principle and presents a diagram showing its operation. In a recent number of the British Economic Journal Professor Edgeworth, the distinguished professor of political economy at Oxford University, shows that under every change of condition regarding the production and use of the two metals bimetallism affords the higher security against fluctuations of value.

SENATOR: Is it true that concurrent circulation cannot

exist?

PRESIDENT: This is the familiar monometallist assertion. It is found in hundreds of books and pamphlets, and has been repeated thousands of times in the press and upon the platform. It is a piece of sapience not worth the brains of a fruit-trencher.

SENATOR: It is ghastly cant which has been refuted and repudiated over and over again by every writer of scientific repute. It is one of the endless artificial spiderwebs which the guilty knights of the Gold Standard weave to snare and gin the people. What is the history of the single standard?

PRESIDENT: Mr. Brooks Adams makes the following impressive statement: "It appears to be a natural law that when social development has reached a certain stage and capital has accumulated sufficiently, the class which has had the capacity to absorb it shall try to enhance the value of their property by legislation. This is done most easily by reducing the quantity of the currency which is a legal tender for the payment of debts."

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