The daily herald. [volume] (Brownsville, Tex.) 1892-1897, 1895-07-04

SctGEla-ltC ~ LG%lsAGLA14 lEeERLE
Money system Practically Eirnetsllism.
Failures of Otlser Nations to Maintain 4
Double Standard.
Fir. President and Gentlemen of the Con-
vention:
congratulate myself upon my good for
tune in having the opportunity to appear
before this large asscmblage 81 southern
business men, and I congratulate the peo-
pile Of the scuth upon their good fortune in
being able TO send here SO many real repro
sentatives of their great industrial and
commercial interests.
Mr. President, / DO not think the impor-
tance of the questions ycu are called to
consider cSn be o-Verestimated, OF that the
gravity Of the situation can be %overStated
The proposition to revolutionize our meme
tary system and thus destroy the credit OF
The government and the people at home
and abroad. violate the obligations of all
contracts. unscttle all exchanceable values.
reduce the wages of labor, ezpel carital
from country and seriously obstruct
the trade Of L people among themselves
and with the peoples Of other countries is
Bne which challenges the intelligent patri-
otism Il commercial honor Of every man
TO whom it is addressed No matter what
may be the real purposes and motives of
those who make the proposition 10 lecalize
the fres and unlimited c0iu2Ee Of silver 1t
tke ratio of IS to /, these are the conse-
euences involved in>thcir scheme. and, in
IGy opinion, they cannot be avoided i it
should be adopted Ia no part OF the coun-
try VIII the consequences OF such 4 policy
prove more injurious TO the material inter
ests Of the people than il tile undeveioped
and progressive south
The world has aevar witnessed a errnder
exhibition of courage and fortituGe than
was presented here when Il defeated and
Impoverished people, without none or
credit and almost destitute Of the tools
Hnd implements necessary TO the perform
ance of manual labor. went ~uncomplain-
ingly 10 work to re-cstablish their social
order. renew their commercial reIaticns
and ~reconstrict their industrial system,
and | am unwilling to believe that tho
Same people can now be 20 discouraged Ly
a temporary business depression. or 50
lnuyed ly appeals TO tlcir prejudiccs, that
They will hastily resort 10 newund hazard
Isl experiments with the currency in
which all their transactions must be con
dno;ed
= ~ &@rAA- 20 EA--E Aa4 h@aaA AfAAaN4a~
vho propose o rcyolutionize our monetary
system by a sudden change in the stand
ard OF value really desire 20 see tie bust
ness Of the country ruined Or even injured
or thas they believe any injurious consc-
quences would follow the adoption Of the :
policy; but, in my Judgment. the results
would be most disastrous TO the material
Interests Of all the people in every part Of
the country, and therefore / shall appeal 10
them carefully to review the grounds upon
which their opinions have boon formed he
fore it IS too late TO correct d possible mis-
take upon q subject of such supreme i'm
Tortancc to themselves and TO their poster
itT.
Come Historical Facts.
Before roceedin to- inc discussion az TIE I
main question presented il ,nay Be adyan-
tagcOus to state as briefly as possible a feT
admitted or well established faces having
an important bearinr u2on it From thc
earliest times gold ARA silver have been
used IS money, Eo5 because there vas at
the beginning any law declaring tseIl 10
lie money, but because. by reason af1hcir
limited and regular supply. their great
value as compared with other things IN
proportion TO weight and bulk and their
durability, they were more stable and con
venient than any other connledity rs mons
uTcs of value in making exchanges. Cor
%Heguently these metals Eerc used as money
by CossI:noEs consent OF the people for cen
turtles before there was any law upon Tie
subject or any coins in existence. They
passed by weight, and their values IN eli
fecting exchanges were determined by the
quantity Of pure metal contained in each
piece Each metal had Il distinct value If
It's Own, and when it was used in t-aae
neither The buyer nor seller troubled Linn
self about the ratio between it and the 9th
1T metal
Tho lzws OF trade nZed and rcgulctc3
the actual and relative values Of hotli
metals in the purchase and sala Il other
commodities, juss es they 40 now The
had been Used rs money several centuries
before any g TernrEent undertook, BIZ roy
al Proclamation oTEt3tute law. to establish
a ratio between them, and when Ibis char-
acter Of legislation WIS first bcguu the
public autlaS-itics did not attempt to cs-
Jablish rev values or rev ratios, but 40
cepted those already lzcd By the laws of
trade and the custom OF merchants. Coins
were made. not for the purpose Of attempt
ing to add anything to the intrinsic Ut OK
chaDgeable value of the metal contained
in them, but for the purpose Of attestiug,
By public authority, It's weight and purity,
thus arclding tic delay and uncertainty
resulting frogn the practice of Weighing
each piece rs It passed from one 70 another.
That the coinage of the metals does not
now add anything to their actual value in
the commercial world is cOnclusively
proved by the facts that, mall the great
transactions between the people Of differ
,slt countries, the coins are accepted only
a9 their bullion value, determined by their
actual weight and f~inenoss, and that bul-
lion Itself IS still used in making pay
lnents, just as it was thousands Of years
ago. Whatever effect legislation upon the
rates, in ~connecti,n with legal tender
laws, may have had upon the use of tie
two metals in the payment Of anteccdent
debts, Is has never had the slightest effect
upon the actual or relative values of the
two metals in national or international
trade For many centuries, even after the
commerce OF tbs world had grown TO eno-
nous proportions, the pr6priety OF making
any given quantity Of bullion or any par
ttcular coin a legal tender was not even
suggested, and up TO the present time there
81 no legal tender in international trade.