River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-04-25
ALLISON is HEARD.
The Iowa senator Talks of Questions OF
Finauce.

senator
Finauce.
ARsAILTowN, Ia, April 22.--Sen-
ator Allison was banqueted by the
Travelling Mems Republican club of
this city Friday night, and spoke at
length upon the silver question, with
special reference to statements made
in Coins Financial School" The
banquet was held at the Pilgrim hotel.
President L. NJ. Wentworth, of the
club, presided, and introduced the SEN
ator, who said. among other things:
Il have no doubt that finance is familiar
topic to you. and it certainly is to me. I have
seen more bills, received slore pamphlets. and
read more upon this subject during the last
year than ever before You can all see that
10 use a familiar expressisn-there is a screw
loose somewhere. for we have seen our coun-
try pass In two or two anda half years from
condition OF prosperity to one OF panic and DIS
tress We are told we have come 10 this sit
uation solely because OF She condition OF one
OF the precious metals, arsf realize that there
is no more important question than that of the
money we use"
He added that gold and silver were precious
metals because OF their liyisibility and their
nondestructibility. He referred TO the fact
that gold and silver we're for thousands Of
years the money OF the world. and rapidly
precious metals and the effect OF their output
as influenced by wars upon the stock OF golo
and silver in the world He continued:
ut is said that in 1895 there was less than
sioo0,OOooO OF gold in the world From
1850 to 1875 there was produced in the
world of gold within about s2O0OOoOOO Of
the amount produced from 1893 10 1850
During the 800 years prior 10 1880 there was
produced about 81 900 000.tD0 OF silver. but dur
ing the twenty-five yeaF ending 1870 there
was produced nearly three times as much gold
as silver.
1T is claimed that in isas silver began its
downward course and that 1t was due TO the
action OF the people by their representatives
In congress. 1t was believed by many that
| this enormous increase in gold would go on
! from year to year. For fourteen years, dur
| ing the enormous Influx OF gold, the gold
| only passed through our country to those
lands where gold and silver were the meas
ure OF value. We had t&en suspended specie
payments, and for these fourteen years we
were on a paper basis and therefore IL was
! that il was claimed on account OF the enor-
nous production OF gold chat gold and silver
/ could never again be a measure OF value. How
ever, during this time sitter and gold marched
| side by side at a ratio OF about l5I TO l..
The speaker referred at great length TO
money legislation in European countries Re-
ferring TO the cessation 81 free coinage OF ST.
Yer in the various minis OF Europe. he said
IL was the diffusion OF both metals through
/ Europe that kept them ala parity.
1T Is said in 1873 We demonetized silver.
IL is true that at that time We changed the
| laws OF our mints and Established gold as a
standard OF value. / believe now that II was
a mistake for Europe land for US to have
| changed these standaks. But for twelve
years prior TO 1873 we wtre on paper basis
and IL not looked u bon by our people as
| an important feature. 20 action of ours in
1873 affected the price ofEsilver or affected the
| action Of Europe in dealitg with silver.
| The effect OF our attion is claimed TO
| have been to reduce the price OF all com
modlties and appreciate gold IN the same
measure that silver was appreciated | don't
believe it. Since 1874 soE.e prices have
been reduced and mehadvanced Gold and
silver until put in shape M money were COM
modities and are governed by the laws OF
| supply and demand; and just that thing hap
| pened to silver and gold as happened under
| these laws to other commodities In every
| country of Europe in 1873 the mint was open
to silver. and In 1877 not a single mint In Eu-
rope was open to silver Except for fractional
coins We were then upon paper basis, and
| could exert no inhuerce upon supply and
| demand. From that ,Ima the supply OF silver
increased, and with an increased supply and
| no demand in Europe I. WAS the most nat
urai thing in the world that silver should de-
preciate
THE amount Of silvenin circulation in $780,
| in Europe where'a gold standard has taken the
place OF double standard, is Sl,3l5.O00O 900
and there are now in circulation in the
United States s625, 0OD0OO. while In ls7;
we had not a cent. Aid still they claim W,
demonetzed silver How can we demonetizt
silver when we put it Vim circulation to thai
extent in twenty-five gears. and this silyel
passes current with gold"
The senator conti2ued that it was
necessary to have both metals on pal
with each other, and he predicted that
an international agreement was surely
coming.