The herald., 1895-05-18

money of the rich. This is to be a govern
ment of the people and the people 8
money is to be most favored. Twice when
the conn. ercial ratio between the two
metals made 1t advisable to change the
legal ratio. the change was made by re-
coming the gold coins. This was in
1884 and 1887. The spirit of our tore
fathers then lived in their sons. The gold
coins were changed in weight and size.
In 1884 the gold eagle had twelve grains
taker. out OF it. In 1887 The gold eagle
had two-tenths of a grain added to it.
No cahnge was ever made in the guam
tity OF pure silver in the silver unit.
The ricn mans money--gold-wa re-
coined when the commercial ratio inter
ferred with the legal ratio. This is a
question of capital on one side and hu.
manly on the other. One sound money
the sound of clod on the cotfin-on one
side and sound money-the sound that
has the honest ring of the peoples
money IN it-on the other. 1t is the ques
tion OF an English or national policy.
Which shall it be?
Professor Laughlin, replying for the
negative, said: Apart from the well un
derstOod use of money as medium OF
exchange. money is useu like q common
denominator of value with which other
articles are compared. AS measure of
Naiut ~ otlNto III IL slillldI way dS Il quart
cup may serve as u measure of capaci ty; ;
and rs there is not needed separate cup
for every quart of milk in existence, no
one can measure hundreds of thousands
OF goods by comparing with the same
standard OF value. There 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. lit is evident then the quantity
OF measure is not so material as the un
varying stability of the standard of meas
ure. The absurdity of supposing that
much money is required in order to have
something with which to measure goods
is as absurd as to suppose community
must have hearses in lumber equal to the
population. All goods are neither ex.
changed at the same time nor are they
offered in comparison with standards al
the same time.
The necessity of an increasing quantity
of money is growing less important with
the DEVELOPMENT of the system of ex
changes. From % per cent to So per ccn'
of the transactions are performed by this
machinery without the use of money,
and recent Investigations made by til,
comptroller of the currency show tina
"a per cent of the retail transactions ar
similarly performed without the use t
money.
Free coinage of silver at l6 to means
silver moncmetallism. Today the mar
ket ratio between gold and silver is
nearly 81 TO 1. If we had the free conag
OF silver at l6 to /. there would be th
premium of about 16 ounces of silver as
premium on withdrawing every ounc
OF gold in circulation. The free coinage
of silver under such conditions as exist
today would not mean the current circula-
tion OF both gold and silver. 1t would
mean the immediate adoption of the sll
yer standard. Free coinage OF slvel
would not increase the quanGty of money.
Since gold must be inevitably driven out.
the free coinage of silver would result il
a dimnution of the quantity of money.
May l. 1895, the official reports of the golo
circulation are S56S. 000 900. TO adopt
free coinage of silver at 16 to l when the
market ratio s'about "a to |, would mean
the instant retirement from circulation
of ncarl," $500. 600 900 of gold circulation.
This would change the prices OF every
thing, because reckoned on cheaper
medium than that OF gold. For pie,
pair OF gloves now worth 100 cents in
gold would exchange for about 2l0 cents
In silver.
The first effect of the free coinage of
silver would be to diminish the purchas
ing power of all of our wages. The man
who gets $500 or $1,000 year as fixed
Tdbe VI WdSeS Ut SdliTy Will Hlu he CaI
buy just half as much as now. 1t has
been one of the undisputed facts of his
tory that when prices rise The wages of
labor are the last to advance, and when
prices fall the wages OF laborers are the
first to decline.
Are we willing to sacrifice the interests
of the la boring class TO the demands of
certain owners of silver mines who are
trying to hoodwink the people with the
Cry of more money?
Not only would free coinage prevent a
person in distress from being able to bur-
row money when he needed it. but it
would create a condition which would
make it impossible for the DEBTORS to
meet their Indebtedness.
Were free coinage OF silver to be passed
it would mean that every depostor i'll a
savings bank. every investor in a loan
association, every holder of life insur-
ance. every recipient of pension. would
have their dues reduce one-half; 1t is
possible there is something behind this
free coinage scheme not really discovered.
1t is possible il is aimed against the great
mass of industries and is really intended
to serve the interests of the very rich and
greaC corporations. The bonded debt of
the railways in the United States is about
six billion dollars. Il free coinage of sill.
yer were introduced il would enable these
railways to pay IF their debts with what
is now eQulNalenI 10 DOuI tiTee DllllODS.
The Sherman act of July II, 1890, un
less repealed would have brought us to
the single standard. AS it was the II ere
suspicion OF silver monometallism and the
change of prices struck blow at the
soldity OF our International trade,
brought on Ithe panic, made prices un-
certain ana caused much doubt as to the
future plans in every factory and shop
in the land.
Free coinage was born in the private
offices of the silver kings. nursed at the
hands of spectators clothed IN economic
error. fed OH Doodle and as sure as there
is honesty and truth IN the American
heart, it will die young and be buried in
the same ignominious grave where is the
now forgotten infant once famous as the
rag baby.
The time after the main address was
not occupied fully by Mr.. Harvey. In
stead it was agreed that he be accorded
fifteen minutes, then Laughln to reply
il fifteen minutes and Harvey to conclude
in five minutes. The finish was largely
taken up with goodnatured chatting of
each side.
ANApCHV IN FAR EODMOCA