The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-05-23

"a H1OA6y anu
thus leave the people with about the
same volume of currency they had at the
beginning. Free coinage would abso-
lutely give US a deprecated and fuctu-
atIng currency. and the question is
whether the producers of exportable ar
tlcles will be benefited by such result.
"Ihe character and value of the cur
rency IN use in the producing country
does not affect the price of the article
abroad to any extent whatever. But if
our monetary system were SO changed
that it would require two dollars to pur-
| chase here what one dollar will purchase
now, the exchange with foreign coun-
tries would be double, making US pay
twice aa much in our money as now,
while the foreigner would pay only half
as much in his money for the same num-
Der Of dollars as he pays now
Furthermore, the exchange would be
IN constant state of fuctuation, just as
1t has been between Great Britain aud
India on account of the changes in the
| price of silver from day to day; and the
American producer would be compelled
! to pay for the risk taken on account of
the fluctuations by receiving a less price
for his products.
"The assertion that the fall in prices
! since 1873 is due to the appreciation of
| gold is based upon the assumption that
| the relations between supply and de-
mand have not changed; that there
has been no diminution of the
/ cost of production and distribution;
that the facilities for effecting
| financial changes have not been i'm
proved; in short, that the world has made
! no progress in the conduct of its indus
trial and commercial operations for more
! than twenty years.
! "Fhis assumption is SO inconsistent
with we'll known economic and historical
/ facts that it seems scarcely worth while
/ to give it serious consideration"
The secretary then at great length re-
| viewed the researches of the senate COM
mittee in 1891, 1892 and 1898, on the
course of prices and wages of labor for
! as long a period as authentic records
would embrace.
"The investigation covered period of
tifty-two years." said the secretary, "and
embraced all the occupations in which
/ our people were engaged, and the fact
unanimously found was that, although
eighteen years had elapsed since the So
called silver legislation, the wages of la
/ Dor were higher than in '72 and '73.
Wages were nearly 81 per cent higher
than in 1860, which was thirteen years
| before the silver Legislation and more
! than 8 per cent higher than in 1873 when
| that Legislation was adopted
THE argument that the reduction of
prices is due to the appreciation of gold
and that the legislation in regard to sill
! yer has produced A scarcity of redemp-
ti0n or metallic money in the world, are
both assumptions not justified by the
facts. Exhaustive inquiries to ascertain
the actual amount of gold and silver
used in the world show that there is now
more gold and silver in the aggregate,
and nf Of as
legal tender money than ever at any
other time in the history of the world.
''The gold in use amounts to 1896,
100000, the full legal tender silver to SO,
435, 100000 and the limited legal tender
silver to $619, 100000 The policy Of
maintaining, or rather attempting tt
maintain. the so-called double standard
never succeeded in keeping so large ar
amount of full legal tender silver iu cir
culation in the world as there is at thit
time.
81 attach very little importance to tht
per capita argument, but it may bt
worth while to state that the pro
duction of gold alone in 1890
and it is much larger now, wa
nearly two and one half times greater
than the average production annually o
gold and silver both, during the decad'
which closed with the year 1900. Fur
thermore. official statistics show that il
the gold standard countries the stocks o.
money are much larger per capita thar
in the silver standard countries"
The secretary then reviewed at length
the arguments of his recent Covingtoi
speech on the question of national dis
honesty in attempting TO place a de
preciated currency, etc, and in con
' clusion said: $50 far as the mer
volume of our currency is concerned
we have an ample supply for all neces
sary purposes, but under the existinj
system it is not properly distributed AM
is not sufficiently elastic to meet all tn
, changing requirements of business d
= different periods of the year Tn
United States should go entirely out G
the banking business by the withdraws
l of its arbitrary and compulsory issues C.
notes and afford the people an oppol
tunity to supply their own currency base
upon their means and credit, thus enak
, ling every community to utilize its re
l sources when necessary and adjust tn
| circulation from time to time to the az
tual demands of legitimate commerce.
;. In what way this shall be accomplish
: ed is a question which has already ser
! ously engaged the attention of the pee
: pie and authorities, and will no dout
continue to be discussed, until a pla
is formulated, which if not pc
; feet will at least have the merit
. being great improvement upon the 9,
% listing system.
''In the meantime our highest duty
to preserve the present standard
= value, and keep all the money in circul
. ton among them equal in purchasin
power"
}, A APETTYFOGGING EXORTATION.
: Senator Coke's Pointed Remarks Abor
- Secretary CarlisIe's Speech.
Waco, Tex, May Ex-senator Col
q has this to say about Secretary Carlisle
i Covington speech: 1T is the most pc
/ tyfogging exortation L ever read, and
v am surprised that man of CarIisle's r
3 ported ability should make such an eff
# sion.
n "The gold bugs put Carlisle up
= | make the sraech and they KOuld