The Delta independent., 1895-05-22

commercial parity at 10 to cannot be
maintained, then do as our forefathers
did, change the ratio, and make the
change in weight and size of gold coins.
Monroe and Jackson did it. They were
not called dishonest for doing so They
were legislating In the interest Of the
people and not in the interest of the ia.
vored few.
''This is a question of capital on ono
side and humanity on the other. One
sound money-the sound clod on the
coffin ON one side-and sound money, the
sound that has the honest ring of the
peoples money in it-On the other side.
1t is a question Of an English policy o.
an American policy. Which shall 1t be?"
Prof. Laughlin, replying for the neg
ative, said:
"Apart from the well understood Use
of money as medium Of exchange.
money is used like common demomin
ator of value with which other articles
are compared. AS measure Of value
it serves in similar way rs quart cup
may serve as a measure Of capacity,
and as there Is not needed a separate
cup for every quart of milk In existence,
no one can measure hundreds Of thOuS
ands of goods by comparing with the
SuILe SluuluTu Ol llleuSuEc. lueIc Is no
need of an amount of money equal to
all the goods in existence. The measure
Of value is that in which prices are
stated and debts are paid, provided the
measure of value Is also made legal
tender in any country. 1t is evident,
then, the quantity Of measures is not so
material as the unvarying stability Of
the standard of measure.
"There Is no more essential need of
an increased amount Of measure with
| which to compare goods than there Is
or should be yardsticks equal to the
| number of yards of cloth in store. All
goods are neither exchanged at the same
| time nor are they offered in comparison
with standard at the same time.
"What is important to point out Is that
goods when expressed in terms of com.
mon denominator of value are daily eX-
changed in enormous quantities main.
| ly without the use of any money. For
the exchange Of these goods, therefore,
money Is not needed in proportion to the
transactions. This function is that Of
the medium of exchange.
"The necessity of an increasing guam
tity of money is growing less important
with the development of this system Of
| exchanges. From ninety-two per cent;
to ninety-five per cent. of the transac-
tions are performed by this machinery
without the use of money, and recent In
vestigations made by the comptroller of
the currency show that fifty-fOur per
cent. of retail transactions are similarly
performed without the use Of money.
"Free coinage of silver at 10 to !
means the single silver standard or sill
yer monOmetallism.
"Free coinage of silver would not in
crease the quantity of money. Since
gold must be inevitably driven out, the
| free coinage of silver would result In Il
diminution of the quantity Of money. 1t
could not change prices thereof merely
Iby increasing the amount Of the medium
exchange. The way it would act. how
ever. would be to change the prices Of
everything because reckoned In cheap
er medium than that of gold.
"For example, pair Of gloves now
worth 100 cents in gold, would exchange
for about 210 cents in silver. A dozen
of eggs now selling at fifteen cents
would sell for about thirty cents, and
everything we buy would rise In proper
| ton.
"As free coinage of silver would inev-
itably result in a rise of prices, so 1t
would Immediately result in fall Of
wages
"But greater than all objections, is
hat of public dishOnor and reputation.
mo trick or sophistry can make the
'caling of a debt to mean anything but
dishonesty and cheating.
1.-The Sherman act of July 4, 1890, un.
'ss repealed, would have brought us to
le single standard, as 1t was, the mere
Ispicion of silver monometallism and
le change of prices, and on our stand
ID of measure, struck a blow at the
,idity of our international trade,
rought on the panic, made prices un-
rtain and caused doubt as to future
lans in every factory and shop In the
nd"
Prof Laughlin concluded in the fol-
wing words:
81 ask the gentleman who spoke be-
re me to consider the condition of the
untry today. What Is the condition
day, with the great iron Industries Of
.nnsylvania keeping up prices? 1t Is
st this: There has been a steady re-
very of industries from the very mo-
ent when Mr.. Cleveland put his foot
,wn and said: we should and shall
/ maintain our standard of value invio-
late" cloud applause).
Contrary to the expectations, the time
after the main addresses was not occu-
pied fully by Mr.. Harvey. Instead. 1t
was agreed that he be accorded fifteen
| minutes; then Laughlin to reply In fif-
teen minutes and Harvey to conclude IN
five minutes. As result. the finish wnn
| largely taken up with good natur"d
chatting of each other, rather than seri-
| GUS argument.