The herald., 1895-06-10
PASADENA NEWS NOTES
The Sociological Society Dis
cusses Money
AUSTIN'S ORGAN RECITAL
An Interesting Meeting Of the Epworth
League
a Pleasant Little Party-Southcrn Pacific
Almost Ready for Business.
News Items


that keen interest is taken in these dis
eussions, which increases at each meet
ing. G. A. r. hall was well filled and
lively debate was kept up until the hour
for adjournment when it was decided to
continue the same subject at the next
meeting. William Mattoon. an attorney
who has lately come to Pasadena, intro
duced the subject, and others followed in
ten minute speeches. Mr.. Mattoon sup
ported the gold standard. He said in in
Producing his subject that it was hardly
Necessary to discuss the question why
any money at alp" for all nations have
found it necessary to have some medium
Of exchange in transacting business, and
they have found gold and silver the most
desirable. AS to the value of gold and
silver, opinions differ. One says money
receives it's value from the fiat OF govern.
ment, another says from its intrinsic
value. These are the extreme views.
Neither is right. Its value is determined
by supply and demand and by act of the
government. Gold IS the leading metal
in the industries and is used as money
on account OF there being so much value
in a small weight, and because it is so
conveniently portable. The Montana
statue of Ada Rehan shows the true re-
lation-silver on gold base. The total
billion dollars. Silver is about the same.
The money in circulation in the United
States is about two billions, of which
about one-auaIter is silver, one.quarter
gold and the other half paper money.
The nations that are the most advanced
have gold as basis, England once at
tempted to keep up both gold and silver,
with the result that silver became worth
very little. France undervalued gold,
which placed her on silver basis.
4, 1t is not settled yet permanently, and
in TIE settlement of this question the ex
perence of civilized nations is the best
guide The various money conferences
have all failed in their object. The in
ternational conference on the subject
held in France, the object of which was
to establish universal gold standard,
came to nausht. The nations could not
agree. However. as result, Germany.
Sweden and Denmark adopted the gold
standard, and shortly afterward the Latin
union virtually demonetized silver and
placed their currency on a gold stand
ard. About this time the Bland bill was
passed. providing for the coinage of two
to four millions of dollars per month in
silver and placing it on an equality with
gold. From that time all nations adopt
ed the gold standard. The United States
Latin union, France, Spain. Italy Greece.
Servia, Roumania-compri prising 100, 900. 900
people-is one body against us. Why
should the United States try to insist or
the free coinage of silver against all the
world?
This should not ne considered a parti-
san question. Is it fair to stamp as a
dollar an amonnt oftsilver worn about 50
cents? If we do, gold will disappear
from our land. Will go to Eu:ope, where
its true value is known. We will become
the dumping ground uf all the world. and
Oh, hat
panic than when the note of treason
sounded through the land. VINO is it that
wants free coinage. The silver mine
owners and those directly interested.
These are the men that are raising the
great hue and cry about the bad condi-
tion of the country. The United States
is the most prosperous nation on the
globe today. Periods OF business depres-
sion will happen everywhere, but We are
better off than Europe by far. Why not be
an optimlst rather than pessimist.?
A revolutionary wave seems to be pass
ing over this country. The west and the
south will probably carry free silver.
Then will come the panic, long and terri
BILE, and repentance in sackcloth and
ashes.
Samuel Weight said that although we
had demonetization to degree by the
Bland act. still the gold did not leave the
country. How is it? Isn't gold leaving
tHo COuHtTy very IaSb HOW! why Qlu
these money conferences fail? Because
they we're backed by the money kings,
Just like our legislatures. | believe in
both gold and silver, and when there is
not enough, then paper money. But sup
posing we had paper money only Ii the y,
government goes down, where is 6your
money? 1t must have IL basis in metal
Di. Lyman Allen was called on to speak
by a number i'll the hall. He began by
saying that there had been many talks
in Pasadena on the money question, and
mostly on ono side. lie had spent good
zeal of uime in studying the question and
felt perfectly clear as to the real solution
o. IT, as no doubt most OF his hearers did:
But seriously there has been n sort of
evangelistic work done all over the
country, mostly by the silver men, and
no wonder it has accom- plished & good
deal. Speeches have been made by the
score. books published and tracts issued
The reople who think differently are just
waking up. Even little Chile, away
down in South America. has practically
established the gold standard. What
possible sense can there be in paying
somebody four or five times the value of
somethlng Tor the privilege of coming it?
Particularly when we already have mil
lions more than we can use.
What do we mean by bimetallism? [
say there is no such thing as bimetallic
standard. The only kind we can have is
what we have now in this country. We
must have one measure, one pound
Gold has a definite value or very nearly
so. Without the stamp it is worth Just as
much one place as another. whether in
emma or France. want to read the latest
word from Marion Cannon, our Populist-
Democratic congressman. The substance
OF this letter was to the effect that Cannon
had been to the treasury department
and gazed upon the 1900 tons of silver
dollars; stored there and the 3, 800 tons of
silver bullion yet uncoined, which object
lesson appears to have had some effect
upon the congressman, for he finishes
his letter IN this manner: Don't YOU
think we'd better make somo provision
for the coinage of this silver bullion
q. 5OO tons) which the people own, be-
fore we throw open our mints to the
world?"
Mr.. Tabor wanted to ask uuest on or
two. de said he had seen the $13, O,,U, 600
in SILVER that has been locked IN in the
San Francisco branch mint for some.
thing like eleven years and he wanted to
know why this money, besides tho i'm
mense amount at Washington had not
government issuing bonds? 1t was evi
dent that the audience was warming up
to the subject and, from this time on
pertinent questions were asked on all
sides and there was no lack Of answers
The last question brought Mr.. Dunham
to his feet who said that evidently the |
gentleman was not aware that the govern