Page:Speeches, correspondence and political papers of Carl Schurz, Volume 5.djvu/344

320 with gold? And if it were more difficult with bimetallism—have I not conclusively shown that free silver coinage here would make bimetallism utterly impossible, if it were ever so feasible otherwise?

But Mr. Bryan has in this line a bugbear all his own. In his New York speech, that great deliverance of his statesmanship, he said: “A gold standard encourages the hoarding of money, because money is rising; it also discourages enterprise and paralyzes industry.” This is unique. According to Mr. Bryan, the “gold-bug” will, under the gold standard, hoard his money, and sit on it, because gold is rising in value; and so long as gold does not stop rising, the gold-bug will not stop sitting on it. Why does Mr. Bryan consider the “gold-bug” so stupid? Suppose Mr. Bryan were correct in saying that gold money is rising in value, why should not then the “gold-bug,” instead of sitting on his gold, lend it out on safe, rock-ribbed security at several per cent. more! He would be sure, under the gold standard, of getting his money back in unimpaired value. Can he not thus safely increase his gain? Does not Mr. Bryan think the gold-bug will be smart enough to see that? Does not Mr. Bryan know that good money is hoarded only when, if let out, it is in danger of returning in the shape of less valuable money, and that then money is scarce? Does he not know that gold goes out freely and encouragingly into the business of the country when the owner is assured, as the gold standard would assure him, that it will come back in a money equally valuable, and that then money is apt to be plenty? If Mr. Bryan does not know that, every intelligent grocery clerk can tell him.

Mr. Bryan is certainly a remarkable man, being still so young. I wonder how he found time to accumulate so enormous a store of misinformation, and to develop so mature an incapacity for understanding this subject. I