The Caucasian., 1895-11-28

vas only rs one TO fou. and Q half
and when one to 6ssy and . fourth
the United States ought TO be per
mitted TO try to dictate the pries
nov when the relation is ~ one ts
eighteen and = half; that is. vher
the years production Of silver il only
eighteen and . half times that o,
gold.
France did not produce eithe,
metal In any amount worth mention
ing. The United States, on the othe,
hand. is the worlds largest produce,
Of silver and second largest producer
Of gold.
He TALKS TO THE CONVENTION.
In a speech made TO the conven.
ton Mr.. st. John, In . few sentences,
demolished old bean soop- Atkin.
son and then gave some plain facts
among which we're the following:
The school Of plausi bility content,
itself with saying that i've double
eagles hammered smooth are still
$lOO, while silver dollar ham.
mered smooth is worth but 60 cents.
Thus, gold abides the hammer test,
silver does not abide that test.
Hence, gold alone is good money.
We answer that the crucible or ham
mer test is the safest test Of money;
but the whole truth alone content.
US. Five double eagles contains
1850 grains of gold nine-tenths fine
By law. 1850 grains of gold nine.
tsnths fine will become 500 for any
owner who deposits it at the mint.
We propose that our law shall be.
stow upon silver likewise this righ,
Of transition into money. Then,
and for the like reason. il2.5 grains
of silver nIne-tenths fine will be Z
dollar similarly, in the silver dollar
undefaced or hammered smooth.
MONEY AND INDUSTRY.
1--WE propose an increasing aggre-
gate of money in the world alOr g
with the worlds increasing agRre-
gates of all commodities and services.
We propose thereby to stimulate
rather than repress, productions; ia
assure fair prices for commodities
and services when in fair abund.
ance; to assure the producer bis fai,
share of the real wealth which he
creates. We thus propose by law to
tend to the dissemination rather than
toward the aggregation of wealth.
The price Of a thing is the sum OF
money that will buy q stated guam.
tity of that thing. When a supply OF
a thing relative to the demand fol
the thing is normal, the prlce of the
thing manifests the values of money.
To bankers commonly cheap money
Is money loaning at q low rate of in.
terest. l am dealing now with the
value Of money, manifest in prices
for commodities and services.
PRODUCTS AND MONEY.
with all mints closed agains,
silver. so that all increase Of the
worlds aggregate of money is toe
restricted, Georgia may have a fai,
price for fair crop Of cotton, pro
vided Texas and other States are
short. Wheat, after q decline to 5;
cents rose, between crops, to g.
cents a bushel. Recently it is dowr
again in Chicago to 80 cents. Corn
which brought 60 cents q bushe
when there was little or none to sell
has recently dropped to q cents
when the farmers toll seemed abou
to be- repaid. If improved method
of producing and harvesting, ant
modern means of transportation &C
count for prices, what accounts TO
l IN of~ ~-h
don three hundred years agoi oh
serve also that excellent hops ar,
rotting In the fields of New Yorl
State for want of a price that viii
pay to house and cure them. Spec
ulation may enter hops hereafte
and advance their price, when al
possible profit on the part of tn
hop-producer has disappeared.
ALL INTERESTS ARE IDENTICAL.
1.-The banker has another vital in
terest in q rising plane Of prices
namely the safety of his none,
with the borrower. The produce
borrowing money adds his time An,
energy and invests the whole in hi
production. What he owns is money
His product must yield money or hi
debt cannot be paid. His produc
must yield money in excess Of tn
sum invested in production or th
!. producer gets no profit. Unles
profit is his outcome of his produ<
ton, production will not continue
His discouragement reducing prt
duction becomes later the misfol
tune also of the transporter, Of th
seller, of you who facilitate ez
changes, of the consumer after al
A part of your misfortune in . d
minishing aggregate of money an
continually falling prices is next
distrust of your securities, 9 declin
in market for properties which *
cure your loan. Your fixed income
if any, is in danger. This is tescl
ing of the historic school.
, MONEY CIRCULATION AT A STAND
, STILL.
: "You repealed the Sherman act
, November, 1898. and cut off thereb
7 abruptly, 100000 yearly i,
, crease of the worlds aggregate ,
money. In September, 1894, II
! price of cotton was lower than
: thirty years. The price of vhe,
WAS lower than in three hundre
, years. On July l, 1895, 81, 200, 200
3 600 of corporate stocks and bono
l were in default for dividends IN
] interest due. Fixed incomes We,
: transfxed for widows and orphan
Z and employees.
r "Since the repeal of our 'Sherms
: act,' the aggregate money of q
), Europe and the United States is 1t
e standstill, except as gold il offer,
for conversion into money. Ys
Q must provide twelve ounces Of pu
q gold if you would add $3.50 to u
g aggregate money of Europe and Il
+ United States; forty-eight ounces
n you would add 81, 900.
81 WHAT WE PROPOsI.
= ''British Law confers upon the p<
SCISSOR of troy ounce OF gold elese