The San Francisco call., 1895-10-12
DEMOCRATS TO BLAME.
Irish Not Afraid to Say the
Single Gold Standard Is
Theirs.
Gator Says the Only Remedy Lies In
Placing Silver on a Parity
With Gold.
OAKLAND OFFICE SAN Francisco CALL, !
90S Broadway. Oct. IL

9oS Broadway, Oct. IL.
The debate tonight between John P.
Irish and Thomas Y. Gator was listened to
by a very large audience at the Mills Tab
ernacle. Rev. MIR. Goo6enough was chosen
as chairman.
John P. Irish opened the discussion. He
said: at is good thing that we are dis.
cussing this political question at time
when there is political peace. Our first
coinage act was passed in 1892 and both
metals were ordered coined at the ratio of
Is to l. This did not work as the bullion
in gold dollar was worth per cent higher
than its face value. In 1884 the question
again came up and the ratio was changed
TO 16 2-1000 to l. but then the metals would
not come together. In 1887 both metals
were made OF equal legal value, but under
that ratio silver bullion was worth % per
cent more than as coin. Then silver dis
appeared and only gold was left. In 1853
the question was tackled again. Then
Congress declared ratio of 1885 to |,
but then silver as money was of more
value than as bullion. Then came the leg
islation of 1873, which was foresh allowed
in 1861, in which the recommendation was
made that the silver dollar should be
eliminated from the list of standard CONS
1.-The reason why silver was demonetized
is found to be in accordance with natural
law. The true ratio between gold and sill
yer is mercantile problem altogether. 1t
must be made to conform with the fiuctua-
tons of those countries with which we
have the greatest trade. The ratio of metals
can never be made a statutory question
The law can only aid a man to pay his
debts just so far as it enables you to repu-
diate part of what you owe The l6 to /
11lf &C. oli Nf
diation means destruction of credit"
After much cheering Mr.. Gator was in
troduced. He said:'I am not afraid of
gold bugs, but am afraid of straddle- bugs,
and l mean by them men who are not like
Colonel Irish, who is not afraid of telling
the Democrats of California that the single
gold standard is the work of the Democrats
and is championed by them.
''If the gold standard has been set up as
many times as stated by Colonel Irish,
then it must naturally possess a very
shaky foundation.
"It is not question whether the de-
monetization of silver was done by stealth |;
the question is, should silver be de-
monetizedP
There is an economic law that deter
mines this question. Prices will be regu-
lated by supply and demand. But there is
a greater law that prices will rise or fall
according to the decrease or increase of
currency.
''I quote from the report of the Treas
urer of the United States to prove that
Colonel Irish is wrong. Instead of there
being per capita currency OF S26 in this
country, there is, after allowing for all re-
serves of National banks and of the treas
ury, but per capita coinage of $11. The
presence of large amount of money in a
country must of necessity contribute to the
advancement of that country. Where
there is plentitude of money in circula-
ton the individuals are comparatively
free from debt. Since the demonstration
of silver the concentration of wealth has
reached a point where a comparatively
few families can control the financial
market of this country. When money is
Congested in banks, the ordinary avenues
of trade are paralyzed. The gold standard
is responsible for the scarcity of money
and the prevalence Of mortgages.
"The only remedy for this is to double
the circulation of currency by placing
silver on parity with gold. There never
was a panic in the world caused by an
imitation of money, but there have been
panics caused by the imitation OF bank
paper or bank wind.
These goldbugs say we want to initiate
money. 1t is the balloon of bank credit
that is running the country to-day. The
issue OF bank notes is responsible Tor every
panic we have known. With gold
standard there is but little money in cir
culation. This is what the goldbugs want
SO that they can continue TO issue their
notes. When gold was discovered in 1849,
what did the Rothschilds do? They
thought that there would be soon more
gold than silver, and SO in their own
country, in Germany, they succeeded in
demonetlZing gold / demand that no