San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-10-04
DEMOCRATIC ADDRESS.
THE GREAT NATIONAL MONEY
QUESTION DISCUSSED.
Goes Back Several Hundreds o:
Years and Makes a Strong
Talk for the Resump-
ton Of Silver.

COLUMBUs, o., Oct. 1.-The
Democratic State Executive COM
mittee, of which A. w. Thurman
is president and w. \. Taylor Sec
rotary, issued today an address to
the voters OF Ohio, to the effect that
tariff reform has won and the
money question is now the supreme
issue before the country.
The address contains about 3,4OO
words and is understood to have
been prepared by Thurman. 1t
says among other things: "Prior to
the demonstration of silver in 1873,
gold and silver was the standard
money. Since then it has been
gold. The supply was cut in two.
Could any result other than con-
tinuous fall in prices which we
have experienced for twenty years
follow the adoption Of this policy
All business men have been
looking for the cause, of this con-
tinual decline, and all sorts Of in
sufficient and contradictory causes
have been assigned.
1t must have its origin and de.
velopment in some principle OF
universal application. In silver
countries prices remained stable;
in gold countries the prices have
fallen forty to fifty per cent. Silver
is the standard Of value of more
than half OF the world. The gener-
al decline in prices have been
brought about by the shrinkage in
volume of money relative to the
population and business.
If the value OF money in circula-
ton be made to bear a direct and
steady ratio to the population, then
business prices will be maintained
at steady level, and what is Of
supreme Importance, money will
| change but little in value.
Every money commission ap-
pointed by the different govern
ments have said beyond any doubt
that during the last twenty years
gold has continually and steadily
appreciated in value and this APP
probation has been the real cause
of the tremendous fall in prices
and great financial disturbances.
| There has been no over pro-
duction Of silver because for
the four hundred years prior
to 1873 the relative production
| Of gold and silver was not quite 10
to | gold, and for twenty years
| since 1875 it had not exceeded IL to
| |. Free coinage OF silver does not
mean any sudden initiation and
| sudden disturbance of values. This
is so because it is an utter impossi-
bility to produce the precious met
ais faster than can be absorbed for
money purposes by the increase in
population Of the world in the last
twenty-five years, OF 200,OO0,0O0.
Free coinage is not an expert
ment, but as far as single gold
standard has gone it has been a
most disastrous one. With the
dollar approaching in value as it
is now doing, thereby causing a
decrease in price OF all products,
taxpayers are compelled to give
more labor or products Of more
labor to obtain. these dollars, the
only thing with which they can
discharge state, county and NUM-
cipal taxes, at which there is a
fixed charge.
Therefore, to decrease the price
of products is to increase the taxes.
The continued falling Of the mar
kets must annihilate profits, with
out which all industry must be
paralyZed and cause money to &C
cumulate in the money centres,
where it is principally used by
those who gamble in securities, in
stead of being used in productive
enterprises. Moreover the gold
supply of the world has been sub
stantially cornered, as shown in
Baron Rothschild's speech at the
late monetary conference at Brus-
sells. If conditions remain as they
are, not only ask yourselves
when the decline in prices
will stop, but how, if money keeps
thus approaching in value, is 1t
possible for it to stop. II this
policy is not changed we do not,
for one moment, hesitate absolute
1y to affirm, that no matter wheth-
er we have high tariff or low tariff,
there cannot be any permanent re-
vival in business affairs. Stocks
Of all kinds are now so low that we
may expect some commercial i'm
provement, but that it can last for
any length Of time, If present mon
etary conditions are maintained,
is an absolute impossibility.