cotton, and other produce, we have the opportunity to take the foremost financial position, with all the advantage and profit which this implies.

But to accomplish this our national money must be based strictly on the only possible sound and sufficient basis, the two precious metals together, limited by the quantities in existence and the costs of production.

Credit can then have its full legitimate development.

But credit money cannot be suitable money with which to do the world's busi

ness.

Joint-metallism would be most suitable for the world's business, aud contracts under it would be more safe as well as more just.

Mr. Carlisle came to New York and declared for sound money-specie or paper based on specie,—a just and true measure of value, etc. His words are quoted on page 84. But as soon as he had induced New York bankers to take his bonds, he declares for credit money. Under the

Honesty in Poli.ics and Legislation. 205

plea of war necessity, our people have acquiesced in Government credit money, as a temporary expedient. Mr. Carlisle's distinct purpose is, now, to make credit money a permanent institution.

Momentous results now hang upon the decision of Congress and of a President elected upon the distinct pledge contained in his letter of acceptance dated September 28, 1892, as follows:

Every dollar put into the hands of the people should be of the same intrinsic value or purchasing power. With this condition absolutely guaranteed, both gold and silver can be utilized upon equal terms in the adjustment of our currency."

The last Democratic National Convention declared: "We hold to the use of both gold and silver as the standard money of the country, and to the coinage of both without discrimination against either metal," etc.; and the last Republican National Convention demanded "the use of both gold and silver as standard money."

1 See page 81.

So late as March 29, 1894, President Cleveland said in a Message to Con

gress:

"I hope a way will present itself in the near future for the adjustment of our monetary affairs in such a comprehensive and conservative manner as will afford to silver its proper place in our currency."

Honesty in politics and in legislation demands that the foregoing distinct, formal, and solemn pledges be carried out, and that a Bill be passed by Congress and signed by the President to utilize gold and silver upon substantially equal terms as standard money.

If they cannot agree upon a Bill for this purpose it is their bounden duty to appoint a commission of competent experts to investigate and to recommend a plan.

PART V.

SARATOGA FREE-COINAGE

DEBATE.

LETTERS TO "SPRINGFIELD REPUBLICAN."

AFTER THE ELECTION, WHAT?