The people's journal. (Pickens, S.C.) 1891-1903, 1895-06-20
FRIENDS OF THE WHITE METAL,
GREAT GATHERING IN MEMPHIS
Two Thousand Delegates Organized
the btmetalltc ConventiOn-Sena-
tor Turpie's silver Speech.


the Bi-metallic ConventiOn-Sena
Tor furpie's Silver Speech.
The bi-metallic convention of the
Southern and Western States which
convened in Memphis on the 18th inst
was largely attended by representa-
tlVes from almost every quarter, the
strongest delegations coming from
tennessee and Mississippi. Senate,
David Turpie, Of Indiana, was made
permanent chairman, and addressed
the convention Us follows:
President nnd Gentlemen of the
Convention: The coined money of the
government in full meaning stands
four square to all commercial transac.
tions OF the people. 1t has four func'
tlons or uses. 1t is medium Or eX.
change; it is measure of values; it is
u a'means for reduction of its paper
proxies, and it is q legal tender fol
the payment of all debt. There are
many things besides coined money
which have some OF those powers and
uses-it has all. OF these functions
two are created by law-those of legal
tender and redemption those are ar
tlilclal. The other twO-Of exchange
and value measurcment-are natural.
There is no doubt that coined money
existed and was used to effect OK
the values long before legislation con-
. cerning debt or redemption.
But, although the natural functions
OF coined money are older--much older
than its artificial functions-yet both
these classes of functions are very
ancient-almost cOeval with the COM
merce of civilization. The natural
functions of such money used in de-
signaling the prices and etfecting the
transfer of commodities do not depend
wholly upon law, have never so de-
pended, but depend also upon usage
ana agreement, they have no natural
or necessary existence. The artificial
functions depend wholly upon law.
When an article is sold and delivered
and the price paid and received, this
Is a finality. 1t is what we call q cash
deal. But when only q note is given,
whether 1t be u public or O. private
note, this Is not finality, but creates the
need that some measure shall be en-
acted by public law providing for the
payment OF the private notes for the
redemption of the public note in coin
ed money Of the country.
This need is not O natural one. IT
is altogether artificial, and it is caus-
ed by that thing which is called cred
it. Credit-that creature of legisla-
tiOn--that product Of the statutes.
Credit, the promise of today, the cash
OF tomorrow, looking to the power of
the government for the collection and
enforcement of its obligations, cannot
gainsay the right of the same power
TO enact what sort and what quantity
OF coined money shall be paid and
shall be received in discharge and
liquidation of the same. Such is the
legal tender quality, and though it is
ly asf iO1
one Of the most valuable functions of
coined money.
He who would deprive one sort Of
coin of this quality, and leave it only
with the other, where two kinds had
been used before from time immemo-
rial.s9 .'om tho very origin OF the
credit system, is guilty Of gross injus-
tice. And that equivalent policy-an-
other way Of doing the same thing,
which would permit only the making
and use Of one sort of coined money,
and which would prevent the free and
further making and use of the other,
as money Of final liquidation, perpetu-
ates and maintains q system Of bond
age.
Those great artificial functions of
coined money were not the cause Of its
primary worth and use, although they
have added very largely to it in both
these respects. Coined money has
always been and yet is in itself thing
of value and this value is of two kinds
"a general value derived from the
material out Of which it is minted, d
specific or particular value determi-
nate by law. The first Is called the
metallic or bullion value the second
is known as the monetary worth Or
legal tender value. The latter is
always matter of law; the bullion
value is one of estimation and opinion.
Neither Of the two coin metals of the
word has the best or highest elements
OF iGGrinsia or Inherent value. Both
are used in the arts, but if tho use to
which o thing is put is to be sole mea-
sure Of the value, iron, with its neces-
sary product, steel, is the most valua-
BILE, as it Is the most useful of all
metals. But the vast abundance OF
this useful metal, denoting a supply
unlimited, has deprived it of monetary
functions.
Silver and gold in this order, have
been from the earliest times, and yet
remain. the principle coin metals
among mankind. Silver and gold
have been deemed and called the
precious metals. The word precious
Indicates their money use and origin.
1t leads directly to price; it is very
closely related to and concerned with
Il price. Price is the name of that sum
i'of money in coin which we pay in
exchange for what we wish to pur'
chase, and it must have always been
In itself o thing of value-a material
capable of easy carriage, OF other
qualities suitable for coinage-and II
must have always had, relative to Other
commodities, the quality of scarcity, OF
scantness In tho supply
tFor. four Thousand years silver ant
gold have been mined, coined, ant
used as money. During all that tim,
those two precious metals have beer
furnished, both as to quality and as tt
the cost Of production, in such manne
and amount as not to be compared will
any other commodities, as to admit of n,
comparison save with each other. +
has already been said that the bullio,
value of the coin metals was largel,
~ matter of opinion and estimation.
Tho bullion value Of silver and gold
here and elsewhere, has always rested
and rests today, upon the conception
upon one opinion, upon ono single an(