The herald., 1895-10-03
1AE coinage QUESTION
Col. Irish and Mr.. Gator
Discuss the Issue
ABLE ARGUMENT FOR SOUND MONEY
Unanswerable Exposition of the
True Doctrine
GATOR DEFENDS FREE SILVER
lie Endeavors to Show Its Alleged
Benefits
A Large Audience Listens Closely to the
Joint Debate
Full and Complete Review Of the Currency
Question From the Foundation Of
the Government to the
Present Day
lie Endeav0rs to Show Its Alleged
Benefits
A Large Audience Listens Closely to the
Joint Debate

For over two hours about 1900 people
listened to discussion OF the monetary
question at Hazards pavilion last even
ing that was ubtedly one of the most
complete and able expositions of this all.
absorbing topic ever heard in this city.
The subject was handled by men whose
regulations. both as orators and thinkers,
extend beyond the confines Of the state.
Hon. Thomas V. Gator, the Populist
leader undertook to defend the policy of
free and unlimited coinage of silver at
the ratio OF 16 to 1. Colonel John P.
Irish, in speech lasting about an hour,
demolished the argument OF Mr.. Gator
and demonstrated by facts that the pol
icy of imitation and deprecated currency
would result IN serious setback to the
country, it's industries and its people.
Colonel Irish is NOR of a polished ora
tor than Mr.. Gator; he speaks with
greater ease and fuency. Mr.. Gator.
however, is by no means weak as plat
form speaker. He has a pleasant way Of
advancing his facts and as he put them
forth last evening the audience repeated
ly applauded, for it was plainly evident
that it was largely made up of Populsts.
However, Colonel Irish was given a close
hearing and MS powerful argument had
its effect.
E. Nj. Wardell, chairman of the Popu-
list central committee, called the assem-
bIage to order and introduced the chat r
man of the evening, Congressman James
McLachlan. Mr.. McLachlan makes nc
pretensions at oratory, SO without waste
OF time he introduced Mr.. Gator.
At the fist mention of the name OF the
gentleman the audience broke forth in
applause that lasted some little time. 1t
was plainly evident that Mr.. Gator had
some warm admirers in the audience, for
they turned their voices and their hands
loose and exercised both literally.
Mr.. Gator did not indulge in any ora =
torical flights or word paintings, but nc
at once launched forth with his argu-
ment, that all silver offered should be
coined at a ratio of 16 to l.. In substance
Mr.. Gator said:
Mr.. GATORS ARG UMENT.
GAS civilization advances all goods are
produced in advance of consumption and
all exchanges made for money instead OF
barter, money becomes ever potent
factor and the nations with the lowest
per capita are the most impoverished.
"There is law governing prices, the
law OF supply and demand. but side by
side with this is still greater law,
which is state,; in this form. Prices will
rise or fall in proportion as the volume
of money is increased or diminished.
"John Stewart Mill states the law as
follows. If the whole money in circua-
ton were doubled prices would double.
Ricardo says This law is incontro-
vertible.' David Hume says that falling
prices, money and destruction are insep-
cradle panions. The disasters of the
dark ages were caused by decreasing
money and falling prices; with the In
crease of money labor and industry gain
new life."
Mr.. Gator quoted william H. Crawford,
secretary of the treasury in 1910. Garfield,
Logan, Hamilton, Jefferson, Gallatin,
r. NJ. T. Hunter and other statesm en-
and authors in support of this law.
my proposition theref IRE is" said
Mr.. Gator, that an increase in the vol
ume of money has this effect: 1t raises
prices; it banishes debt; it causes bust
ness to be done on a money basis and not
on credit, doing away with bonds and
usury: 1t prevents the concentration of
wealth in the hands of the few: it enor-
mously increases industries and mploys
la Dor.
81 offer the report of Secretary McCol-
Tough, made IN December, 1865 to con-
gress showing that at that date, when we
had about one-half our present popula-
tion the voldme of money in circulation
was 81. s59, 767. 0S0. This was $o2 per
capita. Now let US see the effect. In the
same repJrtithe secretary saws:
p" The people are now comparatively
free from debt. That there is an i'm
mense volume of money in circulation
is undoubtedly true. but trade is carried
on largely for cash and less on credit
than ever has been heretofore
/ 1.-The record of business failures also
evidence the value OF large volume of
circulating currency. In 1868 the bust
ness failures numbered 495; in 1864, $40 ::
in 1865, $50. This was when the crcu.
lating medium was $52 per capita. In
1898, when money had been contracted
numbered 1922. Contraction Invari-
ably increases debt.
I'm 1865 we were free from individual
debt. In March, 1892, Hon. J. H. Walker
stated that the public and private debts
OF the people OF the United States were
$3l, 0U0, 900, 900. This is one-half of the
value of the property in the nation
Contraction concentrates wealth in
the hands of few, and at present 25, 900
families own more than one half of the
wealth of the nation. Two hundred
thousand families control $46,OOO DOC. 900
/afp money. while l2,ooo, 600 families own
<c5 S'SSSs5'y to the value Of only Ss0 o0o'-
H'Contraction has caused every panic in
<fhe history of this country. We object
to the gold standard because it furnishes
scant volume of money with inoreas n g
debt and falling prices 1t diminshes the
power to pay debts. We object to it be-
cause it seeks to transact the business of
the world upon o gigantic and dangerous
loah of bank credit.
EFT is said that We desire to initiate.