New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-21
REMCNETIZAT TON OF SILVER.
AN ADDRESS BY WILLIAM ID. KELLEY.
NETTING OF THE BULLION CLUB-AIGUMrNrs IN
Favor OF BI-METAILIsM.


Favor OF Bi-METAlLIsM
William ID. Kelley. of Philadelphia, was
present at the meeting Of the Bullon Club az the rooms
AT No 10 West Twentvfourthst last evening and read
n carefully prepared paper on b!-meiallism He was
listened to with the closest attention for more Than an
hour while he read clearly aud distinctly lucid state
ment OF his views on the question before him.
The subject OF bimctgilism excluded, he said the con
sderaon OF paper money and circulating credits. The
qacsonis whether allie money should consist OF one
two metals WHAT is money should first he considered
is the lie blood OF trade for on II depends the health
OF all civilized communities IL cannot rest upon
SINGLE point Is proposed by schoolnen The money OF
Germany before 1851 was silver, hut now II is gold,
England uses gold. and China and japan silver.
THIS proves that money is National Institution ami
the creature Of legislation. 1t is asked if money -
standard OF valac, aud answer no. Any attempt 10
discover standard Of value is wasted labor 1he value
OF coin nuctGates with the value of commodities The
excessive production OF any article increases the vaue
Of coin In relation Changes of taste also affect the
value of coin.
More gold is necessary to buy and fashionable
goods than such as are oil aud questionable. The
value OF coin tested by its purchasing power, which
changes FOR many Ia buying goods all parties
concerned act upon their knowledge OF the state
Of the market. and money Is the medium of ex-
change. II is convenient representation OF value,
and is standard OF deferred payments.
silver better adapted than gold to the purposes OF
money If there no gold II would do all its work.
Silver furnishes convenient subsidiary coin; it Is less
subject abrasion than is gold and be used where
gold coin would be too small.
Mr. Kelley said that lie would not attempt 10 meet by
their methods the arguments of those who endeavor
10 establish standard OF value. They pursue their Oh
icct by methods long since discarded Professor Sumner
Yale College has protested against the OF hisor
cal facts statistics and authorities. They choose alb
sract reasoning and follow old scholastic methods. On
tho. no "A of
tory and give due weight 10 authorities and statistics
believing them 10 be much better guides than the
sumptons of narrow schOolmen.
In 1870 he continued the accepted relation of gold
and silver was to ffteen-and-one half. Any distur
bance OF this relation only from the Transports
ton and mintage OF large Quantities when one nation
required ~ either metal The greatest change be-
tween 1909 aud so er cted by these causes. In
1884 United States changed this relation 10 one 10
sixteen, which undervalued silver and made a
po OF per ssh p9sS9 ne HS S pc iSs
world was made through the Iatln Union with tie
relation OF to Internationally, and there was
steady ana regular value for exchange To attempt to
the stability OF the standard or payment by
Gemone,zng either gold silver would put the metals
demonctized 10 the low OF mere commodity.
II would impair the stability OF the standard
OF payment subject commerce TO great crises,
and endanger credit. France and England have been
careful ascertain the amount OF gold ard silver pro-
duced aSr year throughout the world The amount has
fucunted much that II the world subject to the
OF either alone there would have been periods OF
great imitation aud contraction.
Figures then given TO prove the facts as stated
With gO II appeared that tue nuctuatlOn had Dtcn
i4I5 cent, with silver % per cent and with DOth
only Do per cent.
In 1867 continued Mr.. Kelley. international con-
ference was held 10 devise system OF international
coinage The representatives. considered the question
Of a standard Of value and recommended gold rs inc
monetary unit. This aroused the fear OF men familiar
with monetary affairs. ana the next year an unofficial
conference held. THIS conference predicted that
international trade to decline and puDc enter
prss 10 stand-stlll that decline IN prices
would compel Indebted countries 10 adopt protective
systems 4; that nations would be divided some using
ii live That
depression would be neglected until there was great
This made thinking men seek the real cause.
Prediction is the accepted test OF science and these pre-
dlctOns have been fulfilled.
Mr. Kelley then quoted from tables IN Ernest Seyd's
"1he Decline OF Prosperity 10 show how the exports
Of England have declined greatly during the last
years. though for the twentyfour previous years they
had been Increasing and mat this decline owing 10
the attempt 10 denOnetiZc silver. England had the
greatest International trade Of the world. and the de-
cline OF her international trade showed signs OF the
causes the Revision trade had been sought for
and reasons given. IL had been ascfDed by PrO-
fessOrs IN English Universities 10 spots on The SUM-
The amount of GOLD which Is now flowing into the
United states said 20 be unnatural situation.
which BODIED disaster to many nations.
Before 1873, SAID the speaker IN conclusion nearly
every of Europe enjoyed great prosperity but
that time period OF depression which was lett
by one nation. The mere announcement by Germany
tnat she would DO II caused general perturbation Tue
Lain Union obliged To restrict Its coin
age, aud profitable commerce between coun-
The only remedy Is the RECOMMENDATION OF silver u can
be done without derangng the monetary system OF any
nation This country must make the greatest modnca-
ton. Silver must everywhere be coined as freely as
gold. Germany win consent 10 the change, and Eng
land win be obliged do So and bmetallic money will
become universal.