of rising to a premium—that is to say, the parity of the two metals was being disturbed. It could be, as it was, maintained only by stopping the increase of the silver circulation and by replenishing the gold reserve by means of bond sales. Had the Government neglected to take these necessary steps, had it permitted the parity of the two metals to be disturbed, it would have been false to its manifest duty, a duty which President Cleveland faithfully, courageously fulfilled. There stands, then, the National pledge to keep the purchasing power of the silver dollar within the United States equal to that of the gold dollar. Every Government policy disregarding that pledge or making its fulfilment impossible is a policy of downright repudiation, dishonoring the Republic.
What, then, is the policy of the Bryan democracy? It is expressed in its platform: “We demand the free and unlimited coinage of both silver and gold at the present legal ratio of 16 to 1, without waiting for the aid or consent of any other nation.” And, secondly, “We are opposed to the issue of interest-bearing bonds of the United States in times of peace.” What does the free coinage of silver mean? It means that any one, here or abroad, who has any silver of any kind may take it to the mints of the United States to be coined into dollars without charge, and that the silver dollars so coined shall be returned to him and shall be a legal-tender for all debts, public or private. And what does the ratio of 16 to 1 mean? It means that under the law sixteen ounces of silver shall be held to be worth one ounce of gold. But are sixteen ounces of silver to-day worth one ounce of gold in the markets of the world? Why, there is not a sane person in the United States or anywhere else who would to-day give one ounce of gold for sixteen ounces of silver, knowing that he can get more than thirty-one ounces of silver for one ounce of gold. What, then, would free silver coinage
