Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1895-04-24
ALLISON Is HEARD.
The Iowa Senator Talks of Questions of
Finance.

Finance.
| MARsALLTOwN, Ia, April 22.-Sen-
ator Allison was banqueted by .the
Travelling Mems Republican club of
this city Friday night, and spoke at
length upon the silver question, with
special reference to statements made
! in Coins Financial School, The
banquet was held at the Pilgrim hotel.
President e. M. Wentworth, of the
club, presided, and introduced the SEN
ator, who said, among other things:
II have no doubt that finance is a familiar
| topic to you, and it certainly is to me- have
| seen more bills, received more pamphlets. and
read more upon this subject during the last
year than ever before You can all see that
to use familiar expression--there is a screw
loose somewhere, for we have seen our coun-
try pass in two or two and o half years from
| condition of prosperity to one of panic and DIS
tress. We are told we have come to this sit
uation solely because of the condition of one
of the precious metals, and realize that there
| is no more important question than that Of the
money we use"
He added that gold and silver were precious
metals because of their divisibility and their
nondestructibility. He referred to the fact
that gold and silver were for thousands OF
years the money of the world and rapidly
precious metals and the effect of their output
as Influenced by wars upon the stock of gold
and silver in the world. He continued:
ut is said that in 1929 there was less than
81, 900 100000 of gold in the world From
1850 to 1875 there was produced in the
world of gold within about 100000 600 of
the amount produced from 1893 to 1850
During the 800 years prior to 1850 there was
produced about $1,000, 900 Of silver. but dur
ing the twenty-five years ending 1875 there
was produced nearly three times as much gold
as silver
1T is claimed that in 1873 silver began it's
downward course and that it was due to the
action Of the people by their representatives
in congress. It was believed by many that
this enormous increase in gold would go on
from year to year. For fourteen years, dur
ing the enormous influx of gold, the gold
only passed through our country to those
lands where gold and silver were the meas
ure of value. We had then suspended specie
payments, and for these fourteen years we
were on paper basis, and therefore it was
that it was claimed on account of the enor-
nous production of gold that gold and silver
could never again be a measure of value How
ever, during this time silver and gold marched
side by side at ratio of about 15h toll
The speaker referred at great length to
money legislation in European countries. Re-
ferring to the cessation of free coinage of sill
verlin the various minis of Europe, he said
it was the diffusion of both metals through
Europe that kept them at parity.
1T is said in 1878 we demonetized silver.
1t is true that at that time we changed the
laws of our mintS and established gold as a
standard Of value I believe now that it was
mistake for Europe and for us to have
changed these standards. But for twelve
years prior to 1873 we were on paper basis
and it was not looked upon by our people as
an important feature No action of ours in
1873 affected the price of silver or affected the
action of Europe in dealing with silver.
THE effect of our action is claimed to
have been to reduce the price of all COM
modlties and appreciate gold IN the same
measure that silver was deprecated don't
believe it. Since 1873 soHce prices have
been reduced and some advanced Gold and /
silver until put in shape of money were COM
modities and are governed by the laws OF
supply and demand; and just that thing hap !
pened to silver and gold as happened under !
these laws to other commodities In every |
country of Europe in 1873 the mint was open !
to silver. and in 1877 not single mint in Eu- |
rope was open to silver except for fractional /
coins We were then upon paper basis, and |
could exert no influence upon supply and I
demand. From that time the supply of silver |
increased, and with an increased supply and
no demand in Europe it was the most nat
ural thing in the world that silver should de-
preciate.
1.-THE amount of silver in circulation in 1894
in Europe, .wheresa gold standard has taken the
place of a double standard, is 81 3)5, 600 600,
and there are now in circulation in the
United States S625, 100000, while in 1873
we had not a cent. And still they claim we
demonetized silver. How can we demonetize
silver when we put it in circulation to that
extent in twenty-five years, and this silver
passes current with gold"
The senator continued that it was
necessary to have both metals on par
with each other, and he predicted that
an international agreement was surely
coming.