Mexico weekly ledger., 1895-05-09
ECkELS ON FINANCE.
Speech OF the Comptroller OF the Cur
rency ut Detroit Fallaey OF the
IL to | Idea.

DETROIT, Mich, May 2.-united
States Comptroller Eokels delivered
an address here tonight at the ban
ouet In honor of the opening Of De-
troit's new Chamber of Commerce, in
to a toast, '''rhe Currency"
It was n strong exposition of The ad-
ministration view of the financial
question. In part il is:
'The American people cannot too
quickly recognize that they are i'll the
midst Of Il propaganda skillfully and
zealously being carried on with the
end in view of revolutionizing the
country's monetary system. Those
who now direct the free silver idea,
map out the policy of its advocates,
and control their action, have ceased
playing with words and put from them
the professions which heretofore have
characterized their u~tterances when
urging the AUST for which they have
stood. Their demand to-day inter-
preted in the light of their acts, is that
the United States shall at once aban-
don its present standard of value and
substitute therefor, irrespective and
without the cooperation of any other
country, n single silver standard. No
where is it suggested by the sponsors
for This latest talent in the silver creed
that this nation shall even undertake
to maintain at home a double stand
ard. Nowhere is their promise given
of i'm attempt through international
| agreement to make every dollar OF
| silver which shall be coined the equal
in value of every dollar of gold which
comes from the mint and fairly inter
changeable Herewith.
"They no longer give recognition to
the fact, attested by every monetary
| union formed and conference held,
that no nation can isolate itself from
| those with which it has commercial
dealings, and maintain, independent
of them, a distinctive standard of
! value. 1t is not even designed that
| the dollar coined shall approach in in
| trinsic value, the value which it pur-
ports to carry, but instead a ratio shall
exist between coins of the same de-
nomination which is patiently incorrect
and untrue.
"The position which they now as
sumo, of necessity, eliminates from
their ranks all who have heretofore
ntr,r.~lnl IN hrinn nhnr,t q 10 rDpr TEa
of silver in the country's currency at
an increased ratio, and drives into the
camp of the opposition every honest
| champion of international bimetallism.
The plan laid is of their own making;
the issue of their w choosing, and in
| the face of their acts the believer in
the single gold standard, and the be-
| lever in a standard of both gold and
| silver, should give them neither aid
nor succor. They challenge the one
and repudiate the other, and from
both should come a united opposition.
"The contention which is now made
by the single silver standard adher-
ents reduced to its last analysis is sill
yer fiatism pure and simple. 1t differs
i'll degree only and not in principle
from the contention of 20 years ago OF
the advocates of the unlimited issue
OF irredeemable greenbacks, and from
that of the issue of the fiat currency
of the period of the Continental Con-
lress, and the era of Colonialism. II
finds counterpart in the arguments OF
the French Revolutionists, who bank
rupted the citizens of France with
their millions of worthless assignats
and mandats. 1t resembles the rea-
soning of King Alexis of Russia, wher
more than three centuries ago he i'm
poverished his subjects and fomented
civil strife by undertaking to force
upon them copper copecs of the same
form and value as a substitute for sill,
yer ones.
at is the theory of the Socialist and
Populist applied to monetary science
1t is based upon the belief in what has
been aptly termed the all powerful
ness of the state and is in utter dis
regard of that great fact in financial
history that mediums of exchange an6
standards of value did not find then
origin in law, but were born of the
needs of trade and commerce. They
came into us through nc Legislative
action, save that which was wrought
in the great parliament of commerce
and from then until now the enacted
laws of councils and of congresses in
violation of the principles underlying
them have failed to control and regu,
late them.
"The end always sought by com,
merce, the great arbiter of every
monetary system since the dawn o.
civilization, has been to have in every
metallic money such intrinsic value az
makes the unstamped coin of the
same value as a commodity of mer-
chandise as the stamped. 1t has with
equal rigor insisted that in bank cur.
rency there shall be immediate re-
demption upon presentation in sounG
metallic currency. 1t invokes in be-
half of the money which it sanction:
and accepts no alchemist and believes
in no philosophers stone. 1t has,
throughout all the centuries. stood
defiant against the errors of Legislative
bodies and the wrongful edicts o.
Kings and acting upon the principle
that value knows its W laws anC
follows them in spite of DEGREES ant
penalties has taken the coins o
every country for what they are
intrinsically worth and not for wha'
the legal stamp represents them to bt
worth. The commercial world has
with anvarying precision drawn the
true distinction which exists between
true value in the nations currency
and the sign of value affixed to it, ans
standing upon that line of demarca'
ton, it has been as Indifferent to the
laws of great nations as of small.
Bowling Green, Mo.
Bowling Green, Pike County, Mis-
souri,, is one of Missouri's most sub
stantial and wealthy little cities. 1t il
noted for it's fine horses, substantial
| huaiuess men Pike COLLEGE, tho Mo.