The herald., 1895-05-27
PASADENA NEWS NOTES
The Sociological Society Dis
CuSSes Silver
GOVERNOR SHELDON'S PAPER
The Crown City Cycle Club to Build
Race Track
An Argument on the Money Questionable
Epworth League Social.
Local Notes
GOVERNOR SHELDON'S PAPER

the Sociological society last evening
filled G. A. r. hall with those interested
in the subject announced. which was The
demonstration of Silver, and so in ter
ested did the debateIs become that about
three hours time was consumed before
the discussion ended.
Ex-Governor Lionel A. Sheldon first
read paper upon the subject Of the
evening; then tep-minute speeches were
allowed to all who cared to discuss the
subject Governor Sheldon said that this
was not a subject on which one could be
eloquent, but it was purely business
matter. "Let us start by putting the
question, Can ordinary minds compre-
hend the money question, or is it SO abb
struse that only the bankers and money
changers are able to understand it?' If
the financial question is beyond the under.
standing of the common people. it should
be eliminated from comomn affairs and
turned over to the money changers. Were
this done, it would not be very radical
departure from the policy of the fiscal de-
partment Of the government for the last
twenty-five years. The Rothschilds have
controlled the financial policy of Great
Britain all along. 1t is admitted that
bankers best understand these matters
no consideration. Following the advice
of money changers has been the chief
cause of the present distress. The vol
ume of money is now Inadequate for the
business of the country.
''All nations and all people, whether
barbarian or civilized, have found it nee
essary to establish money. No people
have found money created by nature.
They have to determine for themselves
what to use. 1t is of the first Importance
to determine what money is 1t is only
that which will pay debt by compunc-
tion CT lava function which can only be
conferred by government. All civilized
are most suitable, on account OF their de-
STABILITY, divisiblity and security. and
until comparatively recently these were
used by all nations.
1T is the laws fiat and not the
natural that makes good dollars. The
value is determined by scarcity.
1.-The danger of there being too much
money owing to silver coinage is not as
great as is the danger of stringency when
gold alone is used. Gold has low
natural money value. We're it demone-
tized. its value would depend on supply
and demand for other uses. Twenty-Five
and eighteenth grains might be worth
more or less than the 81 coin. The COIN
age value can never be greater than the
commodity value. A silver dollar-412I
grains, 80 per cent silver-in any other
form would not be worth much more than
half that sum.
''But the debt paying function is over
looked. Put both metals on an equality
at the mints and gold will not be regard
ed a any better than. silver. The money
value of coin has always been arbitrar-
lily stated by law. The gold bugs are cap
tious. They say the silver dollar is too
4 all - %t,p%
stead of ratio Of l6 to l. it should be
about 80 to 1, which would make it then
about twice as large: They simply don't
want silver al all. They contend that we
cannot safely enter upon silver coinage
until an agreement is made with Euro
pean nations. These attempts at reaching
an agreement have no effect because this
government does not 60 into it with the
determination to coin silver anyway,
whether the others do or not. Silver was
not demonetized IN pursuance of in
ternational agreement, as has been main
tanned. England began 1t and it was more
than half century before other nations
same way? The United States is i'll the
best position to do this. We have the
largest resources and productions of any
civilized nation. II we make the step
Others will follow. These international
agreements are nothing more than voic-
ing the sentiment Of the leading bankers
and monled men Of the world. The gov
eminent at Washington admits that the
volume of money is insufficient. 1t is said
that if one kind Of money Is lowered in
value the other kind goes out OF the
country to pay debts. Upon what theory
can it be said that more money must 60
out with silver coinage than without?
by one which would prohibit contracts
specifying their payment in any other
than lawful money. Ten men can obtain
and control all the gold this country pos
sesses. The gold now produced-a
$25 900, 900 per year-is kept from coinage
by being bought up by the Rothschild-
Morgan syndicate and boarded away.
One of the money appearing on the
books OF the treasury department as
money in circulation is tied up and not
in circulation at all. AS matter of fact
there is probably not over 5000, 900. 900 in
circulation among our 10 600, 600 popula-
tion.
After having read his paper Governor
Sheldon excused himself, saying that on
account of the illness of a member OF his
family he could not remain longer
The subject was then taken up by 9TH
ers, among whom were Messrs. Waite,
Wheeler and Tonsey in favor of free sill
yer, while Mr.. Larkin favored demoneti,-
cation OF both gold and silver, and would
have the fiat of the government issued
direct to the people-paper money, IN
other words.
W. E.Chapin thought the money ques-
tion was the greatest question that would
confront the government for some years
to come. A fact often lost sight OF was
this: 1t costs fifty times as much to pro-
duce an ounce OF gold as an ounce Of sll-
yer in Mexico, sixty times as much in
Central America thirty five times as
much in the U nited States. Everything
has its market value. determined by the
cost of productIon. The government does
not establish the value. The confederate
states tried it, and they found when they
wanted to buy bushel of potatoes it
took nearly bushel OF money to do it.
the proportion TO cost of producing an
ounce OF gold over the cost of silver is
greater now than formerly. We are near
the ragged edge of great crisis. The
money question ana the labor question
are the great subjects of the day and
should be carefully studied. Study both
sides. Sherwood's Financial School
highly recommended.
Mr.. Mclaughlin asked a question of
Mr.. Chaplin, which he was not permitted
to answer. owing to his time being up.
1t was, Why was it impossible, few
years ago. to obtain for check the
amount In coin?
At the next meeting this as we'll as
numerous other questions will come up.
The subject for next Saturday evening
will be, Why have any gold or silver
money?
Epworth League Social
PASADENA Nav o6-The mem hers of