The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-08-28


MetaI--He DenOunces the Recent
Panic as Conspiracy OF the Money
Power r--Shows that as Gold Appre-
ciates the Price of Products Falls.
Special to the News and Observer
MoRGANToN, N. c., Aug. %.
Judge Bynun adjourned court at
11:30 o'clock to-day, and according to
appointment Ex Senator Thomas J. Jar
Wis made the first of series of silver
speeches he is to deliver in the State
within the next few weeks. Senator
Jarvis was introduced by John II. Pear
son. The court house was crowded.
There were many Populists, few white
Republicans, and fewer still of colored
people present. The speaker was in
good form, calm, earnest, indignant
upon occasion, and eloquent at the close.
The attention of his audience was
marked, his argument lucid, exhaustive,
and full of common sense. His lllustra-
tions, though homely, were effectivee,
and his speech had good effect upon
party prospects. This is the universal
opinion.
He said the people were sovereign.
The power in other governments was from
the king down. Here it was from many
kings up to their chosen servants for the
time being. The driver of the presi-
dents carriage, Carlisle's servants were
at the ballet box equal to the men en-
ploying them.
The financial policy, he said, would be
settled finally exactly as the sovereign
people willed it. 1t might take one year,
two years, many years, but in the end
their decree would be law. The money
question would not down. 1t sat by
every fireside, lowered over every indus
try, was uppermost in the thoughts of
every man.
He did not profess to know all about
it. There were men present as well
posted as he, some of whom differed
with him. there were others who had not
given it mature thought, to them espe-
cially he spoke.
Bi-metallism and monometalism were
explained by the speaker. A monometal-
list, he said, was the man who wanted
only gold.
There were, he declared, two sorts of
money, primary or redemption, and re-
deemable or secondary. Primary money
is always metallic and by it all property
is measured.
If he bought house in Morganton for
$4,000 and gave check on Raleigh
bank that would be secondary money.
If the party selling again bought and
turned over the check, and deeds were
passed, yet values were reached not
from the check but from the redemption
money, none Of which had yet passed.
The check was only a medium of ex-
change, valuable that far, but of nc
avail in fixing value. A dollar was
81 IA grains pure silver, 412 12 of
standard silver so made by the father of
the Republic and continued the
standard, as three barley corns made
one inch. The Republicans were the
criminal authors of the act of 1873 since
which the purchasing power of gold had
been continually increasing and the price
of ali produce continually decreasing.
The remedy was to restore silver to the
place it had before 1873.
Senator Jarvis declared that he was
as ever, on that line, not to be deferred
from maintaining it because the Popu-
lists occupied the same ground. A man
might come into the Speakers house il
he behaved, and remain; but he should
not run the Speaker out.
Ideal money, he said, was fixed aud
stable, preventing the enhancement OF
debts, and assuring the creditor an equit-
able payment. Both metals, not one,
experience showed to be this ideal money.
The present low prices were the direct
result of COLDS appreciation.
Casual causes, local incidents, and
over production had been cited as ac-
counting for the great fall in values. But
statistics covering years showed that a
ton and bar iron.
''Open the mints," he cried. "While
the French mint alone remained open,
silver maintained itself at 15A to /.
Open mints was Democratic doctrine
fifty years before the Populist party was
born"
He Knocked the shriekers for an honest
dollar. In fact, the best part of his
speech was devoted to this. He read
copiously Goschen and Bishop and Walsh,
to show that low interest might
accompany scarce money, and metal
lie payments were not necessarily
equitable payments. When the national
debt had been half paid it would have
taken more of wheat, cotton, corn, bar
iron and wool to have discharged the
residue than it would have required in
1865 to have wiped out the whole debt.
We had worked for the bondholder a
whole generation without lessening his
claim upon our earnings. There were
years since 1873 when the debt of the
country had been nominally reduced one
hundred million, when, in Truth,
it had been actually increased.
He said he was no antagonist to wealth
or rich men. He rejoiced in the growth
of towns and cities, the enlargement Of
industrial plants, the awakening shown
ir spinning cotton in the South, but he