The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-10-04
SILVER THE ISSUE.
Ohio Democrats Issue anAddreSS
to the Voters.
Free Silver Alone Will Solve
the Money Question.
CAN'T COIN TOO MUCH
So Long as We Have Gold Stand
ard Prices VIII Fall.

which A w. Thurman is president and
W. A Taylor secretary, today issued an
address to the voters of Ohio to The effect
that tariff reform has won and that the
money question is now the supreme issue
! before the country. The address con-
tains about 3.400 words and is under
stood to have been prepared by Mr.
K Thurman. 1t says among other things:
First-That money is the standard by
which the exchangeable value of all
labor and the products of the same are
4 determined.
Second-That no money standard ever
has been nor ever can be a fixed and un-
Varying measure.
Third-Business men must remember
that money may be appreciated IN value
as well deprecated.
Fourth-That when it appreciates.
prices fall When it depreciates. prices
rise.
Fifth-That the value of money itself
is fixed by its exchangeable or purchas-
ing power over other commodities and
termined wholly and solely by the pro-
portion that the quantity of money in
circulation bears to other commodities.
Sixth-Now what is the demand for
money? 1t is the demand of all things
upon this one thing.
Seventh-Now what is the supply
The supply is the creation solely Of the
government, as nothing is money until
the stamp of the government is placed
upon it Prior to the decentralization of
silver in 1873, gold and silver
was the standard money. Since then it
has been gold. The supply cut in
two Could any result other than the
continuous fall in prices we have expe-
rienced for twenty years follow the adop-
tion Of Ahis policy? All business men
have been looking for the cause Of this
continuous decline. All sorts Of insult
ficient and contradictory causes are as
signed. Ii is going. 1t is affecting all
industries in the gold standard countries
1t has been going on progressively for a
series of years 1t does not and cannot
arise from local, temporary or authorita-
tive cases. Itmust have irsorigin and de-
veIopment in some principle OF universal
application In silver countries
prices have remained stable. In gold
countries prices have fallen from 40 to
so per cent Silver is the standard Of
value of more than half of the world.
The general decline in prices has been
brought about by the shrinkage in the
volume of money relative to population
and business. If the value of money in
circulation be made to bear a direct and
steady ratio to population and business,
prices will be maintained al a steady
level, and that is of supreme Importance.
Money will change but little in value.
Eighth II Every money commission
which has been appointed by different
governments has said that beyond any
doubt during the last twenty years, gold
has continually and steadily appreciated
in value and that this appreciation has
been the real cause of the tremendous
fall in prices which has taken place in
all values and the great financial dis
turbances we have seen in all gold using
countries
Ninth-Affirmes eighth as true.
Tenth-That there has been no over
production of silver, because for 400
years prior to 1898, the relative produc-
tion of gold and silver was not quite 10
of silver to l of gold and for the - years
since 1878 it has not exceeded 16 to 1.
Eleventh-That the free coinage of
silver does not mean any sudden infla-
tion and sudden distur bance of value.
This is so because it is utter i'm pos
sibility to produce the precious metals
faster than it can be absorbed for money
purposes The increase in population Of
the world during the last % years has
been 200 millions.
Twelfth-That the gold standard was
imposed and continues to be i'm posed
upon the people of the United State by
England In speaking of this Senator
Cameron, of Pennsylvania, said: yet
the bankers Of London have said that we
must submit and we have submitted
Thirteenth-There never has in the
world been such thing as international
money and in all probability never will
be-.
Fourteenth-That there is not a single
obligation of the United States govern
ment other than gold certificates that is
not by explicit terms of the contract pay
able in either gold silver; and we de-
mand Of the servants Of the people that
they administer the laws according to the
terms of that contract. Who can say this
is not rightc"
FIfteenth-That gold alone does not
afford a sufficient basis upon which our
paper currency can safely rest.
Sixteenth-The advocates of the single
gold standard claim that only gold can
make an honest dollar. According to
them, then we have shown that gold has
continually appreciated in value for
twenty years, a dollar is only honest
when it is increasing in purchasing
power.
gain the gold advocates
say that one dollar must be as good as
another. but they do not define what
goodness" means. Is not just dollar
a good dollar? Is not dollar of unchang-
ing value a good dollar? In 1873, be-
fore silver was demonetized, this same
gold dollar was worth per cent less
than the silver dollar; that silver
dollar will purchase just much Of
every other commodity now as it would
prior to 1873.
EIghteenth-Free coinage is not an
experiment, but 50 far as the single gold
standard dollar has gone. it has been a
most disastrous one.
Nineteenth-With the dollar appre-