Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-02-22

When those obligations
call for payment in coin, it is only the
fool or the criminal that would pay |
them at heavy loss in gold And as to
''sound" money, II the word has any |
proper significance, it must mean stable
money, but the worlds history proves
that bimetalism is stable, whilst mono
metallism is not, and therefore the use of
the word connected with the latter is Il
delusion and fraud.
will add here few extracts from the
recent able speech in the United States
Colorado:
The silver money of France is the
money of commerce. 1t is the money
that passes from hand to hand and does
the business of that great country today,
and not its gold. Four hundred million
dollars of its gold is piled up in the bank
of Frahce. There is $l43 100000 more
there today than on the LIST day of Jan
uary, 1891. There is absolute tranquil
ty in France. 1t is IL bimetallic nation.
1t is true its minis are not open to free
coinage, but the silver is kept within its
monetary system. When you go to the
hank of France with vour bill and call
for metallic money they do not hesitate
to say to you, you can have per cent
of gold today aud % per cent OF silver"
or nerhaus on some other dav they will
say, I'VE will give you 90 per cent of
god and five per cent of silver" or p
per cent of one and 10 per cent OF the
other, or 80 per cent of each.
Mr.. Teller. That is very Interesting
and instructive. | might mention in this
connection. having spoken OF the French
and their thrift. that when this last
Russian loan of els. 800. 900 i'm English
money was submitted for subscription
about three millions of it were allotted to
Great Rritian and the greater part of it
was allotted to France: that is. the
French bankers undertook to take uD the
most of it. and in some of the rural dis
trIcts of France fifty francs were sub
scribed where they were allotted one.
and on an average that loan was sub
scriped in France forty times over. In
other words. the Russian government
could have made a loan in France of
forty times the amount. [ attribute
that condition in France largely, not en-
tirelv, am frank to say, to economic
laws. recently heard of quite dis
tinyuished gentleman making "A speech
in another place. i'm which he declared
that these economic laws were natural
laws. and that it was useless for legsla-
lures 70 Interfere with economic laws.
Mr.. President. old Aristotle knew bet
49,, -, ,Ln+ uo l,noy, thoro ,,,os no
natural money and no natural economic
laws, He knew, as we know. that leg
islation can fix the financial condition OF
a country and that it can fix prices.
do NOT mean TO saw that legislation car
dx thp v.,lue of a bushel of wheat ner Sc
and saw a bushel of wheat shall bring a
dollar or that the price of a bushel OF
wheat shall always be eoual TO that OF
two bushels of corn. but | do mean tC
saw thar economic conditions can be pro
dnred nv legislation which will pive tn,
farmer y dollar a bushel for his whea
and 10 cents mound for his cotton. anc
+ change of those economic laws ma,
|, nut his wheat TO 80 cents or his cottol
. to five cents. That is what we hav,
done. in nv Judgment. in this country
We could not legislate directly and sa,
fine farmer shall have only so cents
5 bushel for wheat and the cotton plante
! shall have only five cents n mound fo
his cotton. bur we can iuaugurate a svs
III
= sell his wheat for 80 cents n bushel an,
t his cotton for five cents a pound. | re
: pear. that is what we have done, and tn
hrices TODAY i'm this country are the re
sult of vicious legislation and not O
e natural forces or natural laws.
4 n II +
4 Mr.. George. Did we. close our mint
" first?
y Mr.. Teller. We closed ours first. W
closed ours in 1874 ana France close
!. hers in 1874 Franc. did NOT close he
~ minis until after we closed ours. w
l. we're ready 70 90 TO a metallic basis II
II TO that time. In 10 norton of the worl
!. had silver heen discredited An ounc
of silver was as good then as il had bee
for MANY wears before If was th
IL money lien of the great bull, of th
d nonulation of the earth. If was m
# favored money of France and of a
Eurone NAV saw for the CONNIE
neonle Even Germanv din NOR nrono.
a