3. That if the present ratio of 16 to 1 is changed to 20 to 1 it will cost the government, according to Secretary Carlisle's report, $112,000,000, or nearly one-fourth of all the silver coin in the United States.

4. At the coinage rate of $60,000,000 a year, which is about the most that all the mints could do, it would take over ten years to remold or remint this money and bullion. So the slightest change would contract all the silver by carrying it to the mints, and create a terrible financial panic before the money could be restored to circulation.

5. That the ratio of 16 to 1 is greater than the ratio fixed by any of the many silver-using countries in the world, except two, and they have it less than 17 to 1.

6. That the tests of time and experience have demonstrated the ability of silver to circulate among the great mass of people on equality with gold at the ratio of 16 to 1, in spite of the relentless efforts of the enemy to degrade it.

7. That with all the abuse of the "dishonest dollar," no man has ever seen gold dollars at a premium over silver dollars among the laboring or producing classes, if anywhere else.

8. That with all the yellow-lippers' efforts to debase silver as "cheap money," they have not shown where it was discounted in any trade in the United States; but on the contrary prove that it goes at a premium over local silver money in Canada and Mexico.

9. That the United States owes over $600,000,000 in bonds that were executed when the ratio of silver and gold, as fixed by law, stood 16 to 1, and are now payable in money of that kind and value. The last of these bonds will become due in 1907, or thirteen years hence-within the next three Presidential elections. Should any disparity be created in the value of gold and silver by a change of ratio, then the creditors could demand the higher money. The condition would be worse if silver should remain demonetized or a gold standard be permanently adopted-the creditor could then demand and receive interest-bearing new bonds, for the government would be without money to meet them.

At the bottom of this fight on silver is this

BOND QUESTION.

If silver and gold remain in circulation, the government can pay off the bonds at maturity. Otherwise it can not. With the payment of the bonds the National banks expire, for bonds are the souls and hearts that give them existence and breathe life into their circulation. This forces them also into the fight. If Congress were to pass a law extending the payment of the bonds for thirty or forty years by consent of the holders,

the war on silver would cease, the mints would fly open free as of old to both silver and gold at its ratio of 16 to 1. The people therefore had as well prepare themselves for the longest, hottest, most interesting and exciting campaign ever seen or heard of on the American continent.

If silver is remonetized at any time before 1907, the creditors will unrelentingly strive to produce disparity between it and gold, so as to effect a change of ratio, or derive some other equal advantage leading to the reissue of their bonds.

Many other considerations move me to advocate the maintenance of silver on an equality with gold as "standard money." There can be no stronger one than the universally admitted fact that we have not enough money. All United States bonds are payable in "standard money"-silver and gold. All currency-"paper money"-United States treasury notes, silver and gold certificates, national bank notes and silver purchase notesare payable or redeemable by the government, or through its agencies, in "standard money" made of coin.

Authentic reports show that in the whole United States the stock of gold aggregates $654,000,000, while the stock of silver amounts to only $575,000,000, making the supply of standard money on which the government and the people must base all business foot up the sum total of $1,229,000,000. Of this amount, according to the report of the secretary of the treasury for last August, there remained in the treasury of gold coin and bars $120,885,869.49, and of silver bars and coin $513,167,330.47, or a total of $634,053,199.96. Subtract this amount of metal money, hoarded up as "cash in treasury," from the supply of "standard money” just named, and we find in circulation, on which all business, debts, dues, and demands are based, the pitiful sum of $594,946,800.04 in gold and silver. The reason or excuse for holding this large amount of over half the silver and gold in the United States treasury is, to "cover" outstanding "demand liabilities," such as gold certificates, certificates of deposit, silver certificates, and treasury notes.

In other words, for every gold and silver certificate, treasury note, and certificate of deposit in circulation as paper money, the government retains in the treasury as "cash" a silver or gold dollar with which to take it up, to pay it on demand.

When we are told that the money supply in circulation in the United States amounts to $2,238,591,363, great allowances should be made for the statement. All this so-called "money," except the $1,229,000,000 gold and silver, is "paper money," to the redemption of which in "standard money" the faith of the United States stands solemnly pledged. This "paper money" aggregates $1,009,591,363. Pay it off with the $1,229,000,000 stock of silver and gold and the government, if it owned all the metal

money, would have of the two metals in cash and bullion on which to transact business the remarkably small sum of $220,000,000. Should the silver money be paid off in gold, as some contend it must be, then the government would stand $355,000,000 less than any money at all.

In all probability before 1907 the government will be called on to redeem or pay off all these notes, certificates and bills. This done, where would the government get the coin or "standard money" of both "gold and silver" or either to settle or take up the $635,042,670 interest-bearing bonds that are to fall due at that time?

THE YEAR 1907,

to say the least, seems to have in store for the government and the people many curious financial problems. Can they be solved or worked out on the single gold basis? Can such complications be simplified by striking down silver?

From the light of additional conditions take a view of this money question. Look at the "money supply" from the standpoint of State, municipal and corporate indebtedness alone. The last census and other accepted authorities show in the United States the following colossal debts:

States, counties and cities..
Railway stocks and bonds.
Real estate mortgages..

Total......

$1,135,210,442 11,088,933,606

12,094,877,793

$24,319,021,841

The average rate of 6 per cent interest on these obligations amounts annually to $1,495,000,000, or to over $200,000,000 each year more than all the gold and silver money and bullion in the United States.

It will be noted that this illustration and these figures apply to three classes of debts-railway bonds and stocks, State and municipal bonds, and to real estate mortgages. Personal debts not secured by real estate, transportation charges and taxes, society dues, open accounts, insurance, and other obligations affecting daily transactions in commerce are not reckoned. Added up, they would expose the glaring difference between the money of the country and the debts it is called upon to pay. It is not amiss to say that herein lies the excuse and reason for funding railroad and other public securities, and for the daily custom of adding the interest to the principal of well secured personal debts and renewing them-compounding interest from absolute necessity-the lack of sufficient money supply.

What will the condition be in 1907, when all the government bonds fall due? Can it be sincerely hoped by any fair man that this threatened condition may be improved by striking down or discriminating against silver?

TAKE ANOTHER VIEW

of this "money supply" question from the standpoint of public taxes and transportation charges paid annually by the people:

These figures, except as to counties and towns, are taken from statistics based on official reports, and are correct.

To arrive at the taxes paid to counties I added one-half to the amount paid the States and doubled the State revenues for cities and towns-a very reasonable estimate. School district taxes and water transportation charges are not included.

Here then, we see that the people must pay over $2,000,000,000 for government and transportation each year. This class of debts must be paid in cash. Facts demonstrate that every dollar claimed for circulation or in existence in the United States is kept hot flying in and out of tax vaults. The "wear and tear" on gold and silver, the "standard money," at this rate I will make it scarce indeed in 1907.

What will the government have by that time to redeem or pay off its $600,000,000 of bonds with? Will it be helped by striking down silver, the so-called "dishonest dollar?"

Figures are curious things, susceptible of many magic turns, but I am anxious to know how the United States will supply the people with money from a gold basis with which to pay their annual taxes alone, and then have enough to redeem those bonds in 1907.

We are told now that silver, like paper currency, is redeemable in gold. This statement is offered as the reason why the silver dollar is now equal to the gold dollar. Where is the law for this? When it is shown then we may believe it. There is no such law, never has been, and never will be. So long as there is such a demand for money to pay taxes and carry on business, a silver dollar

WITH THE UNITED STATES STAMP ON IT

will be as good as any other dollar. Less than two years ago silver bullion was worth and sold for 98 cents an ounce. This year it has been as low as 52 cents an ounce, if quotations are correct.

With all this, every dollar has stood at 100 cents on an equality with gold. Do you suppose it would weaken or diminish in value with friendly legislation and compliments instead of criticism from the stump?

The wonder to me is that the people will take silver at all. They "must have it" is certainly the only reason, for it is the worst abused money on earth by the press and political philosophers now conspiring to debase it.

I have faith in President Cleveland's honesty and ability. He says he is for bimetallism, but wants it by international agreement. Bimetallism means two-metallism-standard money of both "gold and silver"-according to the Democratic platform. If before the end of his next two years this great man does get the leading governments to agree to a bimetallic standard, then we will all join in praises of him as the greatest man of the nineteenth century.

Most of us believe he will fail. He thinks not. To his judgment we are bound to defer, but in fear of results. He certainly deserves a fair chance and the cordial best wishes of every member of the party. If he succeeds, all right. If he does not, then let the clash come. Silver ripples will wreathe the sunshine of hope until the dulcet chimes of the white metal shall, with responsive chord, echo from the grateful hearts of dauntless Democrats throughout the land, proclaiming the glad tidings of victory.

The gage of battle has been cast and accepted for '96. Let the war of the metals rage to silver's freedom or death. When this great struggle comes, all liberty-loving Democrats must take part within party lines, and not break ranks.

"Ye that in waters glide, and ye that walk
The earth, and stately tread, or lowly creep
Witness then if I be silent."

SPEECH AT WACO THURSDAY, APRIL 19, 1900, OPENING CAMPAIGN IN FAVOR OF AN AMENDMENT TO THE STATE CONSTITUTION SUGGESTED AND URGED BY HIM.

FELLOW CITIZENS: Ten years ago to-day I opened my first campaign at Rusk as a candidate for Governor. I now commemorate that event by entering upon another campaign, clear of political ambition, with the hope alone of benefiting the people of my native State. (Applause.) The leading issue then was the adoption of a constitutional amendment, demanding that the Legislature create a Commission to fix, regulate and maintain passenger and freight rates over the railways of this State. Now the paramount proposition is that the Constitution be so amended that insolvent corporations shall not operate in Texas to force the people to pay their fictitious stocks and bonds. (Applause.) As a result of that campaign and the ensuing one of 1892, I was twice honored by election