dead-these people, we say, are as deserving of the consideration of our party as any people in this country. It is for these that I speak. We do not come as aggressors. Our war is not a war of conquest; we are fighting in the defense of our homes, our families, and posterity. We have petitioned, and our petitions have been scorned; we have entreated, and our entreaties have been disregarded; we have begged, and they have mocked when our calamity came. We beg no longer; we entreat no more; we petition no more. We defy them.

Let me come now to the paramount issue. If our opponents ask us why it is that we say more on the money question than we say upon the tariff question, I reply that, if protection has slain its thousands, the gold standard has slain its tens of thousands. If they ask us why we do not embody in our platform all the things that we believe in, we reply that when we have restored the money of the Constitution all other necessary reforms will be possible; but that until this is done there is no other reform that can be accomplished.

Why is it that within three months such a change has come over the country? Three months ago, when it was confidently asserted that those who believe in the gold standard would frame our platform and nominate our candidates, even the advocates of the gold standard did not think that we could elect a president. And they had good reason for their doubt, because there is scarcely a State here today asking for the gold standard which is not in the absolute control of the Republican party. But note the change. Mr. McKinley was nominated at St. Louis upon a platform which declared for the maintenance of the gold standard until it can be changed into bimetallism by international agreement. Mr. McKinley was the most popular man among the Republicans, and three months ago everybody in the Republican party prophesied his election. How is it today? Why, the man who was once pleased to think that he looked like Napoleonthat man shudders today when he remembers that he was nominated on the anniversary of Waterloo. Not only that, but as he listens he can hear with ever-increasing distinctness the sound of the waves as they beat upon the lonely shores of St. Helena.

Why this change? Ah, my friends, is not the reason for the change evident to anyone who will look at the matter? No private character, however pure, no personal popularity, however great, can protect from the avenging wrath of an indignant people a man who will declare that he is in favor of fastening the gold standard upon

this country, or who is willing to surrender the right of self-government and place the legislative control of our affairs in the hands of foreign potentates and powers.

We go forth confident that we shall win. Why? Because upon the paramount issue of this campaign there is not a spot of ground on which the enemy will dare to challenge battle. If they tell us that the gold standard is a good thing, we shall point to their platform and tell them that their platform pledges the party to get rid of the gold standard and substitute bimetallism. If the gold standard is a good thing, why get rid of it? I call your attention to the fact that some of the very people who are in this convention today and who tell us that we ought to declare in favor of international bimetallismthereby declaring that the gold standard is wrong, and that the principle of bimetallism is better-these very people four months ago were open and avowed advocates of the gold standard, and were then telling us that we could not legislate two metals together, even with the aid of all the world. If the gold standard is a good thing, we ought to declare in favor of its retention, and not in favor of abandoning it; and if the gold standard is a bad thing, why should we wait until other nations are willing to help us to let go? Here is the line of battle, and we care not upon which issue they force the fight; we are prepared to meet them on either issue or on both. If they tell us that the gold standard is the standard of civilization, we reply to them that this, the most enlightened of all the nations of the earth, has never declared for a gold standard and that both the great parties this year are declaring against it. If the gold standard is the standard of civilization, why, my friends, should we not have it? If they come to meet us on that issue, we can present the history of our nation. More than that; we can tell them that they will search the pages of history in vain to find a single instance where the common people of any land have ever declared themselves in favor of the gold standard. They can find where the holders of investments have declared for a gold standard, but not where the masses have.

Mr. Carlisle said in 1878 that this was a struggle between "the idle holders of idle capital" and "the struggling masses, who produce the wealth and pay the taxes of the country"; and, my friends, the question we are to decide is: Upon which side will the Democratic party fight; upon the side of "the idle holders of idle capital" or upon the side of "the struggling masses"? That is the question which the

party must answer first, and then it must be answered by each individual hereafter. The sympathies of the Democratic party, as shown by the platform, are on the side of the struggling masses who have ever been the foundation of the Democratic party. There are two ideas of government. There are those who believe that, if you will only legislate to make the well-to-do prosperous, their prosperity will leak through to those below. The Democratic idea, however, has been that if you legislate to make the masses prosperous, their prosperity will find its way up through every class which rests upon them.

You come to us and tell us that the great cities are in favor of the gold standard; we reply that the great cities rest upon our broad and fertile prairies. Burn down your cities and leave our farms, and your cities will spring up again as if by magic; but destroy our farms, and the grass will grow in the streets of every city in the country.

My friends, we declare that this nation is able to legislate for its own people on every question, without waiting for the aid or consent of any other nation on earth; and upon that issue we expect to carry every State in the Union. I shall not slander the inhabitants of the fair State of Massachusetts nor the inhabitants of the State of New York by saying that, when they are confronted with the proposition, they will declare that this nation is not able to attend to its own business. It is the issue of 1776 over again. Our ancestors, when but three millions in number, had the courage to declare their political independence of every other nation; shall we, their descendants, when we have grown to seventy millions, declare that we are less independent than our forefathers? No, my friends, that will never be the verdict of our.people. Therefore, we care not upon what lines the battle is fought. If they say bimetallism is good, but that we cannot have it until other nations help us, we reply that, instead of having a gold standard because England has, we will restore bimetallism, and then let England have bimetallism because the United States has it. If they dare to come out in the open field and defend the gold standard as a good thing, we will fight them to the uttermost. Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests, and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.

138. DISTRIBUTION OF VOTE IN 18961

BY CHARLES J. BULLOCK

The first group includes the eleven states of the greater average density of population, and it will be seen that all of these were carried by the gold party, usually by an emphatic majority:

The second group includes eighteen states of a medium density of population, and these show a fairly even division of sentiment, eight casting a majority vote in favor of the gold standard, and ten showing a majority in favor of silver or paper:

I

Adapted from The Monetary History of the United States, pp. 117-19. (The Macmillan Co., 1900.)

The third group comprises sixteen states with the least density of population, and it will be noticed that only four of these cast a majority vote in favor of the gold standard:

The Act of March 13, 1900, "to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, and for other purposes," opens a new stage in the monetary history of the United States.

The first section provides that the gold dollar shall be "the standard unit of value," and makes it the duty of the Secretary of the Treasury to maintain all forms of money "at a parity" with this standard. This, to be sure, is no more than a declaration, whose efficacy depends on the nature of the legislation provided for upholding the standard. Much more important, as a legislative command framed in precise terms, is the provision with which the second section opens: that United States notes and Treasury notes, when presented for redemption, shall be redeemed in gold. Under the terms of previous legislation the Secretary of the Treasury had the right to redeem at his discretion, in either kind of coin. Hereafter no Secretary will have discretion on this point. The legal-tender paper is redeemable in gold and in gold only.

' Adapted from "The Currency Act of 1900," Quarterly Journal of Economics, XIV (1899-1900), pp. 394–410.