The morning call., 1893-08-25
COLONEL A. c. ELLIS.

Colonel A. c. Ellis was the next speaker.
He said he was glad TO see that Califor-
MAS representatives at Washington knew
the sentiment of the coast on silver. He
had read with pleasure Representative
Magulre's maiden speech in the House,
wherein he declared for the free and IN
conditional coinage of silver at the rate of
16 10 ] and ais % for the repeal of The Sher-
man act.
The object of the meeting was to make
the attitude of California Old the currency
question absolutely clear. Everywhere
meetings were being held in favor of the
money of the cOnsttutIOn-gOld and silver
together. No statesman of national repu-
tation until very recently had declared
himself in favor of a single gold standard.
The only instance was the present Comp
troller of the Currency and his attitude
might be regarded simply as the throwing
out of feler of public sentiment. All
aDti-silyer meetings were stai-ehamber
affairs. This meeting declared for govern
ment of Tor and by the people. [Ap-
piauSe.
Money was absolutely necessary in all
transactions OF life. Silver and gold money
had for many reasons been chosen. If we
allowed bankers and 1.-THE few TO do away
Win these forms Of money we would be
stultIfying the experience of all lime. The
province OF Congress was merely 10 regu-
late the issue of coinage as it existed. All
economists taught that the value of Id Oney
depended on It's volume, /. e.. competition
for money decided its value. Congress ought
to maintain the volume of money in proper
tlUn TO population and as population in
creased the volume of currency should in
crease. To diminish the volume of cur
rency was to do an Injustice to the debtor
class.
Price was only an exponent of the value
of money. II all prof. erty and products of
labor were placed on one side of a balance
and all the money in the world on the
other they ought to balance one another.
But II half the money were taken away
then own would go the property balance.
The fall in present values was caused by
the decentralization of silver by the argu-
ment of cui bono it was to the ad-
vantage Of the creditor class 10 have fall
ing prices. 1t was estimated that $40, O00,-
0G0,000 was owed by the debtor class.
The policy of the gold bugs would give
them an unearned increment OF SCI, 000,-
100000, or 80 per cent Of the aggregate
Indebtedness. At some point falling prices
must be arrested or the creditor class it.
self would get hurt
In 1873 by the single omission of a line,
the silver dollar was dropped from the list
of coins. In 1874. when Congress had the
cOdihcatioD of the laws. il was dpmOne-
tiZed. In 1878 came The Bland-Allison
law. But for that omission of a line in
1873 these hard times would not have
occurred. Colonel Ellis compared this in
significant cause of disaster to the tea tax
which preclpjtated tie Revolutionary war,
ana to the abduction of Helen which
caused the ten years siege of Troy.
The Sherman law VS. not the cause OF
the present stringency. 1t was said that
this Law was driving the gold from the
Bland law. The speaker quoted figures to
show that there was no ground for believ-
ing that silver was driving out gold. II
was true that from January to August
of this year S6S,000,000 of gold had been
exported, but that was explained by facts.
He would not be surprised II at the end OF
the year S50000.000 had been imported.
The daily press reported a steadily in
creasing importation of gold. There was
no scarcity of gold if regarded in the
average. Gold was coming in al the rate
Of $1,000 day. ClevelaDd's reasons for
calling an extra session were a sham and a
pretense. The experience of the past gave
them the lie. The unconditional repeal OF
the Sherman law would remove the bar
between the gold bugs ana silver
The remedy for all this was remonetiZa-
ton of silver. Let silver be put back into
the position it occupied before the demoue-
tiZation act of 1873. We need not Mexico's
silver. Neither Europe nor Asia wuud
give up the use of silver, and the increase
OF population would justify the increased
volume of silver. The gold Dug remedy
was the VOOThees bill, which was fala-
ciOns.
Colonel Ellis believed in a national
financial policy of our own. Applause.
The wealth of this country was SOC, OOO-
600 900. Our flag should sail every sea.
England should no longer lead as manu-
featuring country, and Colonel Ellis quoted
figures extensively to prove the possible
realization of that Ideal,
Colonel Ellis spoke for three-quarters of
an hour anu showed himself a statistician
armed at every point with unanswerable
figures. He was listened to with marked
attention, his address being punctuated
with bursts of intelligent applause.
EPANk CANNON