The morning call., 1894-11-28

gold, and arguing from the statistical as
sertions that more than rs per cent of that
production goes into the arts. held that
the remaining % per cent was equal to but
1 per cent Of the aggregate money supply
Of the world, while the increase of demand
In trade was six times IN excess of that
percentage. There was but one course 10
follow to supply trade with its necessary
medium of exchange, viz: the free COIN
age of silver.
Following this he reviewed the positions
OF the various Governments of the world
with relation to gold. and the increase in
the number of nations relying entirely
upon the yellow metal as a basis of circcla-
ton. asking if it were not reasonable that,
with the necessarily appreciated value.
silver should be used 10 meet the ever
growing demand for exchange. He OPP
posed with all his might any proposal for
the limited use of silver to anything short
Of free coinage under the financial system
now existing, which meant simply the re-
dempti0n ultimately of that silver with
gold. thereby again approaching the value
OF the latter metal Gold and silver, he
claimed, under unrestricted conditions
were automatically reguative of each
the production of silver. though annually
larger than that of gold. yet with relative
comparisons that were made of the totals
in the world at the end of the year there
was less than ! per cent greater increase
$500 of per cent. to speak exactly. Wnat
danger was there in that?
At the close of Mr.. Snafroth's remarks
new series of resolutions were introduced
and referred to the committee On resoiu-
tions without debate. Among them were
these:
Opposing (by The Seattle Chamber OF Com
merce) the adoption by Congress OF any Tesoiu'
ton demanding the free coinage OF SILVER;
fayoring the early construction OF the Mica.
ragua canal; opposing the so-ealled Olney plan
with regard to the Pacific railroad DEBTS ana
favorlug the foreclosure of tie Government
mortgage, with the restoring to the people OF
the granted lands; favorlng the taxing away
from Congress of its coinage power, ana ltS
return 10 the people under the system vi
initiative and referendum; favoring the with
drawaI of all existing circulation mediums and
the substitution therefor OF an issue OF full legal
tender treasury notes To the amount OF 500 per
capita; favoring the creation OF Cabinet
Office TO be known as the department of trade
and commerce, and numerous others OF minor
character.
The hour of o'clock having arrived, the
special order took precedence and the dis
cussion of reconciliation of silver was
opened by Ex-Governor Prince of New
Mexico. Upon the principle that all struc-
lures must first have a foundation, the
Governor stated that he would eonfine
himself to statements of facts, leaving the
superstructure of argument to those who
follow him. He then began a review Of
existing conditions. He argued that the
Eastern section of the United States was
opposed to bimetallism. not from princi-
pie, but from absolute ignorance of the
subject Yet he did not mean by this to
charge conscious wickedness. The West,
by reason of intimate association with the
need of greater supply of money, was
better informed. while in the East only
the banking element was acquainted with
the issue. and they. from selfish interests,
advocated gold monometa lism.
Turning to the characterization act of
1873. passed. as he asserted, by secret
fraud, and for which no member of Con-
g ess had ever acknowledged having voted
with the knowledge that it did demonetize
silver, he said that all the silver men asked
was the repeal of that law of which no
man acknowledged the paternity and
which every man in public life then or n ow
declared child Of stealth. The demand
would be the same were there OF single
ounce of silver produced in America.
1t was the need of circulating medium.
Take. for instance, the wheat crop. The
decline in the price per bushel had been
to the farmer at present of $3.50, 000, 900 per
Nm toiy hn alt.n IF
wheat, corn, oats, hay and cotton, the de-
cline since the demonstration of silver
had been from SIS 65 10 SIS 10, or 4S per
cent. Taking the bimetallic prices OF 1873
as basis, the gain by the restoration of
silver to agriculturists would be $780,
600, 000 annually. This. in the face of the
fact that the decline Of silver made net
loss of $50, 10000 annually to the miner,
proved that the issue was not local to the
mining interests. Indeed, the decline in
prices Was not decline in value, but an
appreciation of purchasing power, and
what more could be said in favor of an To-
crease of medium of exchange, especially
when countless thousands were suffering
because of the existing state of affairs.
An easy way to look at the matter, b g
said, was to take, for instance, a farmers
mortgage. Let 1t have been made when
wheat was 81 10; then 100 bushels would
have paid S1t9 of the debt. Now it re-
quires 240 approximately. Continuing
with an argument from this standpoint in
favor of dollar of stable value. the Gov
ernor charged that the demon etiZation of
silver by the increased value of dollar
effected an impairment Of obligations of
con tracts. Such. the Governor said, were
some Of the. facts in this case, plainly
stated.
The need of the hour was such an awak-
ening of interest in this question in the
East as would cause inquiry and investi-
cation and independence of thought.
eve arc one nation," he said sour in
terests are identical; that which affects
one section affects all. and in this matter
the conditions are practically the same
east and west north and south. The idea
studiously circulated in the East that this
is Yves ern matter and one in which the
silver-producing States are principally
interested is utterly deceptive. as have
endeavored to show. The farmer of New
York OF Ohio is Interested precisely as is
his br other in Iowa or Kansas. The man
who owes a mortgage In Massachusetts