Morning journal and courier., 1894-03-09

@Rm
 GENERAL WALKER
 Delivers Brilliant Address at the Hyperion East Evening = many Prominent Citizens Present.
 At the Hyperion last evening very arge and intelligent audience listened to 8 scture by General Francis A. Walker, on 'Bimetallism." On the stage was large number of prominent citizens among whom were Governor Luzen B. Morris, Professor William H. Brewer, Taleott Fl. Russell, ex.Msyor Henry F. Peck, Dr. 0. A. Lindsley, Professor Arthur T. Hadley, Professor Henry ". Farnam, Colonel 0. P. Clark, president of the Consolidated road, Colonel Norris G. Osborn, Joseph B. Sheldon, B. R. English, Maier zunder, Alexander Troup, Joel A. Sperry, E. Hayes 1 Trowbridge, Ell Whitney, jr., E. G. Stod- dard, Patrick Maher, James Gallagher, Judge Simeon E. Baldwin, Colin M. Inger- l soil and others.
 The speaker was introduced by General Meswin and was received with much ap- plause. General Walker spoke as follows:
 GENERAL WALKERS ADDRESS.
 In opening his address General Walker declared that he deemed the present occa- sion most fitting for thorough discussion of the principles of bimetallism. The re- peal of the purchase clause of the sher- man act had settled nothing. It had only opened the way for proper solution of the monetary problem. The attempt to hush up this discussion was futile. It came from those who. mora than all others were responsible for the unfortunate situ- ation existing, namely, ths gold mono mettalist, who after forcing on the de- monetization of silver, had not ceased to deride, insult and misrepresent those who stood by the traditional American policy. which had come down from the days |of Washington and Hamilton, of basing the circulation upon both the precious metals. By the sys- south and west have been made to believe that the northeast is devoted to gold mono metallism; and this, too, for the selfsb, sectional purpose of enhancing the burden | of the mortgage which it holds upon the | industries and enterprises of other DOT | tions of the country. The statement that | the northeast is devoted to gold mono | metallism is false. If Massachusetts, for l instance, were to take a popular vote on | the ratification of bimetallic treaty with | other countries, the minority would not l rise to the dignity of scattering; and MT. | Atkinson could give a dinner to his whole party with one turn of his Aladdin Cooker. | Yet the press hss managed to create the false impression alluded to, with a most unfortunate result, in infsming and em- bittering the feelings of the southern and western people.
 General Walker remarked that three questions were involved In the problem of international bimetallism. First, is it economically desirsblea Second, is 1t eco nomically practicable, that Is, will 1t work under the normal operation of the prin- ciple of self interest," Third, Is it political ly and automatically possible, that is, can
 the cooperation of 6 number of important commercial nations be obtained for setting
 up and maintaining the system requtredi
 Under the first head the speaker re-
 marked that the contemplated benefits of
 bimetallism were three. First, to sstsb-
 lish an approximate par of exchange be-
 tween gold using and silver using coun-
 tries, with inexpressible benefits to inter-
 national commerce, and through commerce |
 of exchange existed for seventy years prior
 to 1878, when 1t was destroyed by the ac.
 tion of Germany In going over to gold l monometallism. Since that time trade be-
 tween gold and silver using countries has
 been reduced to the grade of gambling | transactions. Commerce between the two halves of the commercial world was little other than betting on the price of silver a,
 future date. The fluctuations in ex
 change in single wesks since 1878 had beer } l greater than the maximum fluctuations
 during the seventy years that had preceded ! that date.
 The second benefit which the economis
 looked to bimetallism to assure, was { higher degree of stability in the money mass composed of the two metals than ii
 attainable in money of either alone. Thil principle Ia fully admitted by all econo mists of international standing Ina ) such result woald be of worldwide ben eft no one but bigot can now deny- II The third argument for btmetallism Il the argument from the situation existing debts on the one hand; and to the quan ] | tity of each of the precious metals in us' on the other. The bimetsllist asserts tAs there Is not gold enough to do the busi ness of the world on gold basis alone. He points to the terrific strain undel which the commercial nations have beer Fkept in the unceasing contest for gold sine, :. 1878; to the small visible stock of gold and to the inadequacy of the annual pro duet to supply waste and provide for th' increasing wants of the nations. MT. Rob ert Giffen, the ablest monometallist writel
 of England, if not of Europe, makes thu startling admission that about two-thirdi
 of the gold annually produced is taken fol , the arts, and he adds that if the eonsump tion of India Is included, which Is wholly l, for harding or for the arts, the demand fol gold for non monetary purposes appear, ] almost equal to the entire annual produc tion.
 Such is the financial situation; but th. , industrial situation Is even worse. Tn,
 period from 1873 1894 has been one O
 falling prices, due to the steady apprecia
 tion of gold, which has wrought and Ii still working the most disastrous effeot upon trade and production. No condition ? Is more discouraging and disheartening t' the manufacturer and the merchant than continually falling market. As MT. Bal
 four we'll said, in his great Mansion House > speech of last August, 1t ia the most be
 numbing and deadening influence whici can touch the enterprise of 6 nation. Tn. ] existing world wide paralysis of industry is exactly such an effect as would naturally . be produced by this cause. Everywher'
 we hear of receiverships; everywhere tn, mortgsgee is coming into possession everywhere the weight of the dead hand ii pressing more and more heavily upon tht active, living forces of the present. Or
 all aides, men are seeking to invest theil
 capital In such way that 1t will become { fixed charge upon production. instead o1 , taking fair share of the risks and re
 capabilities of business enterprise.
 Turning to the question whether bimet sllism Is economically practicable, Genera
 Walker dwelt at length upon the expert
 once of France from 1903 to 1873, as show
 ing that that country, single handed, main
 tained @ substantial parity between gold
 and silver, at the ratio of one to fifteen and
 . half. Notwithstanding tremendous
 fluctuations in the production and use of
 the two metals, the bimetallic system sup
 ported by one country only, prevented any
 extensive change of values, the total per
 msnent effect of the prodigtous gold dis.
 ooveries of California and Australia simul.
 taneous being to alter the gold price of sil-
 yer considerably less than 3 per cent. The
 monometallists assert that 8 law cannot
 affect values. The truth is, law can only | affect values as it sets an economic force
 in operation, 1t can and will and must af-
 feet values. What are Professor Sumner
 and Messrs. Godkin, White and David A.
 Wslls attacking the Mckinley bill for, if
 law can not affect valuesa As to the question whether bimetallism
 ia politically and automatically possible
 General Walker stated that ths last few