Debate of Oct. 15, 1896.


Best generai references: N. A. R., vol. 157, Dec., 1893, p. 666; Forum, Vol. X, 315, 316, 346-355; Forum, Vol. VIII, 465; J. S. Mill's Political Economy, Book III, ch. ix; Cong. Rec., vol. XXI, 5692, 5724, 5795, 5796.

Bryan should be elected.

I. For the causes of present distress, Major McKinley's election could bring no remedy. (A) The true causes of this distress are (1) monopolies; (a) they have crushed competion; (b) injured markets; (x) raised prices of farmers' needs; (y) lowered prices of farmers' products. (2) Class legislation; (a) it has unduly exempted rich from taxation; (b) it has protected certain manufacturers; (c) it has given bonnties to sugar trust (Lloyd's Wealth vs. Commonweath, 9-30). (3) Single gold standard; (a) it has caused fall of prices of commodities; (x) caused contraction of currency; (m) thrown silver out of use (n) though per capita circulation is as great as in 1873, this does not prove much; (1) business has increased more rapidly than population; (b) it has caused fall in the price of silver, (1) this depends mainly on supply and demand. (Mill Book 3, ch. ix.) (2) Demonetization has decreased demand. (c) It has caused business depresion; (1) it has increased burdens of debtors; (a) its value has appreciated (Cong. Record, Vol. 5796.) B. Major McKinley cannot take a stand against these evils; (1) he is backed by monopolists; (2) he is pledged to class legislation, i. e., protection; (3) he is pledged to single gold standard; (4) he would be powerless to act if he wished to; (x) silverites will certainly control the Senate. II. Election of Bryan will bring relief. (A) Bryan is opposed to monopolies; (B) Bryan is opposed to class legislation-protection. (C) Bryan would remedy scarcity of currency. (1) Free coinage of silver would remove excessive demand for gold.