The news and herald. (Winnsboro, S.C.) 1877-1900, 1895-09-05
FREE SILVER IS
PROSPERITY.
EX-SENATOR JARVIS SPEECH
AT MORGANTON, n. c,
Advised His Auditors to Study the
Question and Join Whatever
Party They Might Believe
Would Give Them
Free Silver.

due to repeated pressing laVItatlonS 1Or
him to speak in Morganton from distin-
guishcd citizen of the town. He said he
would speak with kindness and good will to
all.
The people Of the Uaited States are oil.
powerful; they are tho real sovereigns, and
hey, ultimately, must determine the Iinar=
cial policy Of this country. No matter what
the attitude cIthe great mon ei the day Gil
these questions of government and political
economy, the people must finally settle them
at the ballot box. where the carriage-drivee
OF the President stands an equal show with
that diSnitary. aud the hoot-bia@k of the
Secretary OF the Treasury With him.
He to-day would address himself to the
discussion Of 4 subject which touched every
home, every industry, every individual. Il
care not how grand Il man you are. on the
question discuss to-day the situation ia the
same in the humLitst Ercsi[ic as With that of
the richest man in the land. need not tell
you it is the great money question-what ID
to be the financial policy OF this great cJun=
try Of tours
He said he was speaking tc those only who
did not know more about the financial queS-
lion than ne did. H. did not know all
about it, and he doubted if any man did.
Bat he had convictions on tho question, tbe
result Of much reflection and study. For
merry tho papers We're fiji OF talk OF "thd
tariff. but now rCu cannot pick Up a po-
l;tical papc (and sometimes religious jour
naD without seeing something about two
words: ''bi-mrta.ism' and 'nlono-metal-
!ism.' The speaker proceeded. to give his
ideas of the two terms: ~ bi-metallist is Il
man in favor Of the free and unlimited use
Of both gold and silver, as the money Of the
people, On the other hand, "a mono-mc-
tallSt is q man in favor OF diScarding one
metal and simply using the other, generally
gold. and always gold in the Uaired States"
NOV" continued the speaker. II want to
lay down this propositions: NJ ney may and
ought to be divided into two great classes:
First. primary or redemption money; and
second, redccinahle or secondary money.
The lrSt is always metallic. gold or silver. or
both. Take c silver or gold coin! No prom
iso to redeem is stamped on it. 1t is re-
demptio money Itself. You will see written
thereon these four memorable words: In
God We trust How you or I shall interpret
them makes no matter. bnt as for me I can
say Happy is the man Tho trusts in the
living God, for all along il the history of TIE
world VIC sec the evidences Of HIS bencfi-
cencc.' This over-ruling providence was
manifested in Gods putting gold and silver
into the earth, and allowing enough of it for
al the needs of commerce.
Then again take Treasury note. II it is
a IS note you see on it q promise that the
Treasury or government will pay to the
holder. when presented at the proper place
S5 in coin. 1t is redeemabls because Of the
promise to redeem in coin"
Another proposition: redemption or prl-
mary money always measures the value Of
property. This is a proposition which can
not be disputed. 4 yard, and inch, a pound,
are standards Of measurement or weight.
So dollar is q measure Of value. The value
of anything is measured by something which
by common consent has been established 10y
Law.
Up to 1873, when silver was demonetizad,
4 dollars worth meant anything worth 371l
grains Of pure silver or with the alloy 41219
grains of standard silver. An act Of Cor.
sress early il the history of this country
said that must be the unit OF value IL this
country by which all the property of this
country should be measured.
Another proposition still. was that re-
decmable money, paper, was simply used as
n medium Of exchange. Here the speaker
went into an explanation OF credits ulti-
mately redeemable in coin. He illustrated
by showing how a check might pay many
debts before being presented at the bank.
The check didn't measure value; it was
simply q medium oil exchange.
O2e more proposition the speaker said he
wished to make: Just as you reduce the
stock of redeGma5lc money you reduce the
value OF all property, so that when Congress,
in 1879. struck down silver as rcdeemable
money. it reduced the value Of property, and
nil values have since declined about one
hall. Your wheat. corn, cotton, lands and
products Of the soil have been reduced by it
about one-half in value
Then said Governor Jarvis: 'If I'm cor
rect in that statement. what ought we to do
as an intelligent, liberty-loring people? It
is the bounden duty Of the American people
to restore silver to its position before 1878"
[Appiausc.l
.':Still another proposition: the ideal money
for the use Of the people is that money
which is fixed. invariahln and permanent. in
its measure of values. If exchange my
note with you for 500, payable in three
years, it is important that should know
what that note should require when it be-
comes duc-to know how much Of land, or
wheat, or iron. etc, etc, it is going to take
to pay that note. # it takes twice as much
to pay as when the note was given, I am
hurt: if only half, then you are hurt.
Bat l will show YOU that the best stand
ard OF value is when you have both gold and
silver Together they form the most staHe
money in value the world ever yet tried.
But when you take single metal as stand
ard Of value. just as you make it plentiful,
its purchasing power goes down; or scarce:
up: \ single standard. therefore, is vari-
able measure OF value.
In 1878 gold WAS made the standard OF
value, and to-day it takes twice as much OF
the products oil the soil and OF labor to pur-
chase 500 aS it did prior to the demonetlza-
ton OF silver.
"Onr friends" said the speaker. "wEo aD-
taSOn;ze free silver say the reason lands and
products have gone down is due to other
causcs. and not to the appreciation OF gold.
They talk about the honest dollar. Some
editors oi Democratic newspapers are trying
TO bei:tie this policy by calling it the 'Popu-
list doctrine Tic cry the Pops are in for 1t,
don't have any effect on me. Free and un-
limited silver coinage was the doctrine OF
Jefferson and Jackson fifty years before the
Porul;st par,y was ever heard OF. II it is a
Populist doctrine it is a good one they are
advocating, bat merely because they are ad.
rocatinS it, will not drive me away from it.
lie hoped to see the time when the PopulIStS
and Democrats will get together on that
subject.
The speaker then read from numerous au-
thoritlcS TO back up his arguments. and first
II I'LL from President Andrews. OF Brown
University. rSinc his book. An Honest Dol
lar. Governor Jarvis recommended the
cork for Sunday reading. for he maintained,
he said. tina: whatever was calculated to
he,p the loiiinC masses. ctr.. was good Sun
Gav rHa !ia:, H. quoted statistics as to the
worlds >n~piy of gold and silver. to show
certain period: when the ratio between gold
and s;.vcr was no5 affected by the Srca!
Eastern demand t~r moa"y or by the demand
Grrin- the cotton famine.
!; .;orc IS the tic between gold and silver
vas never broken. When tAa United States
closed Ter ,aiuts to silver. Germany and
! France a2i other countries did likewise and
Of course silver bullion began . go down.
. Bat 3Er jarvis said he would make this
statement: You may take silver bullion,
aud although discarded ty the world. AID
49,,