The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-09-26

OF that we are called here to consider tonight
1t is, of course, expected that we will adhere
absolutely to facts, or what we believe to be
facts, and in the limit of time that we will pass
over various features that might be dwelt
upon.
The money question becomes more and more
important as the civilization of the world adj
vances, and as We proceed further away from
the system OF barter the effect of money be-
comes more potent factor Civilization will
be high or low in proportion as there is Il full
or scant volume of money.
Let us compare the per capita of different
countries. In China it is 81 80; in Turkey,
81 80; India, SO Al; Central American States,
So rs; South American States, SO 81; Russia
SIS II; Germany, $1S 80; England, $50 a. !;
France, 1886 81; United States, $26 OF. These
OF low per capita are pointed TO as silver using
countries. But it is not the use OF silver which
gives it a character of civilization. 1t is the
small amount OF money that will breed low
civilization. 1t is because they nave not
enough silver nor enough money of any kind.
The law is universal that, all things being
equal the prices OF products, the wage OF labor
and the prices OF property Will rise or fall in
proportion as the circulating medium in
creases or diminishes On this ultimately this
entire discussion must rest. / admit that
there are other things that will enter into the
determination of prices. Supply and demand
will regulate prices aside from the question of
money, and side by side with 1t. If there be a
scant crop OF any particular thing and good
crops OF others, that crop which is short Will
enjoy the higher price.
But side by side with that proposition the
doubling of the volume will double the prices
of products.
1t will be contended by my opponent that you
can raise the standard of prices, but not the
standard of values. 1t must stand upon that
doctrine that the only thing that is material is
the standard of prices.
There has always been a tendency to become
enslaved to Indebtedness. 1t IS for this reason
tina nations have issued edictS against debts
We have TO deal with human society we find
1t. These financial questions must be discussed
as moral questions. 1t is for that reason that
at the foundation of this question lies the
assertion that other things being equal, the
prices of products and the wages of labor will
always increase or decrease as the volume OF
money shall increase or decrease.
John Stuart Mill states it in this sentence:
"If the whole volume of money in circulation
were doubled prices would double"
David Hume says: Failing prices, misery
and destruction are inseparable companions.
The disasters of the dark ages were caused by
decreasing money and falling prices With the
increase of money labor and industry gain
new life.'
William H. Crawford, Secretary of the Treas
ury in 1910, said practically the same thing.
Garfield said that "Whoeyer controls the
volume of money of any country is absolute
master of all industry and commerce."
r. NJ. T. Hunter, for thirteen years chairman
of the Finance Committee of the United States
Senate, said: "The mischief would be great
indeed if all the world were to adopt one of the
precious metals as the standard of value"
So we have seen that the increase in the vol
ume of the currency raises prices, banishes
Gle DtS, does business on money ana not on
credit, usury and bonds. 1t enormously in
creases the industries, and employs labor.
In December, 1865, Mr.. McCulloch, Secretary
of the Treasury, gave the amount of the cir
culating medium at 81 ,S59. 1857 $50. This was
more than $50 per capita. AS to the effect
upon the country, he showed that notwith-
standing the ravages of war, the development
was greater than in 1857. The people were
comparatively free from debt.
Men say there is plenty of money in the
banks, for the reason The people have become
indebted all they can stand. But this does not
show there is any prosperity. 1t shows there
is nothing on which they can borrow
Mr.. Tobin of the Hibernia Bank said re-
Gently that there IS plenty of money in the
banks of this City, but there is no enterprise.
The next great evil is that If the money is to
be furnished by the banks it is an essential
part OF the single gold standard that we are to
extend the power of the banks.
They have always been enemies to the free
coinage of silver.