for five dollars is the promise of the United
States to pay that sum in the money of the world, in coin. No time
is fixed for its payment. It is therefore payable on
presentation--on demand. It is not paid; it is past due; and it is
depreciated to the extent of twelve per cent. The country
recognizes the necessities of the situation, and waits, and is
willing to wait, until the productive business of the country
enables the government to redeem. But the Columbus financiers are
not satisfied. They demand the issue of more promises. This is
inflation. No man can doubt the result. The credit of the Nation
will inevitably suffer. There will be further depreciation. A
depreciation of ten per cent diminishes the value of the present
paper currency from fifty to one hundred millions of dollars. Its
effect on business would be disastrous in the extreme. The present
legal tenders have a certain steadiness, because there is a limit
fixed to their amount. Public opinion confides in that limit. But
let that limit be broken down, and all is uncertainty. The authors
of this scheme believe inflation is a good thing. When this subject
was under discussion, a few years ago, the Cincinnati _Enquirer_
said "the issue of two millions dollars of currency would only put
it in the power of each voter to secure $400 for himself and
family to spend in the course of a life-time. Is there any voter
thinks that is too much--more than he will want?" This shows what
the platform means. It means inflation without limit; and inflation
is the downward path to repudiation. It means ruin to the Nation's
credit, and to all individual credit. All the rest of the world
have the same standard of value. Our promises are worthless as
currency the moment you pass our boundary line. Even in this
country, very extensive sections still use the money of the world.
Texas, the most promising and flourishing State of the South, uses
coin. California and the other Pacific States and Territories do
the same. Look at their condition. Texas and California are not the
least prosperous part of the United States. This scheme can not be
adopted. The opinion of the civilized world is against it. The vast
majority of the ablest newspapers of the country is against it. The
best minds of the Democratic party a