Birmingham state herald., 1895-10-11


 were not strong in the faith are more pronounced than ever since this selected chief has been able to offer nothing to confirm their doubts, and even our sin gle standard friends are free in admit ting their disappointment. No one doubts the good faith of MT. Herbert; his opportunities to get all the facts and arguments on his side have been abundant and his leisure ample, and yet there was nothing but the thrashing of familiar old straw and the raising of dust that scarcely obscured the issue.
 
 Secretary Herbert said in his speech that oats were now worth 32 cents and pork some $t4.00, and had never gone be- low $9.50. Oats were quoted in Chicago yesterday at TEA cents and pork at. SS.50. These are minor matters. but ac- curacy of statement is always to be de- sired in discussing a grave matter.
 There were just thirteen gentlemen on the stage when the secretary spoke. The number was ominous.
 MT. Herbert said silver men claim the
 
 the value of the property of the country. That this was humbug. Did the secreta- ry ever see any country in the world where prices were high and money scarce, or prices low and money abun- dant? Does he mean to say that the volume of money has no effect on the values of property? Does the law of sup ply and demand not touch money? In his own speech he said the imitation of the currency during the war greatly in- creased values.
 He also said that the increase of $1,000,- 100000 of our currency would not 1n- crease prices unless the currency depre- ciated. This means that it would not help the United States at all to get $1 900, 900 of gold from other nations prices would remain the same. What the silver men desire is an appreciation of property and labor, and necessarily decrease in the purchasing power Of money. It now has an abnormal value, created for 1t by legislation that has practically made one metal the only yard stick to measure value. We want two yardsticks, each 36 inches long, and a fair level of values.
 Mir Herbert read the report of Dun- ham in 1853, which related only to the coinage of fractional coins, and spoke of making them subsidiary to gold, as if it applied to the silver dollar, too. Fossil ply the honorable secretary did not him. self apprehend the. distinction between token money and full legal tender pri- mary money.
 My lord hearken unto me: The land is worth 400 shekels of silver; what is that betwixt me and thee? Bury, therefore, thy dead.
 And Abraham hearkened unto Ephron; and Abraham weighed to Ephron the sil- yer which he had named in the audience of the sons of Heth 400 shekels of silver current money with the merchant--Gen. Chap. 32, " 15:16.
 Mr. Herbert said overproduction had decreased prices and brought on the panic, and that the issue of bonds by the President made everything rise. The remedy, therefore, for overproduction is to issue bonds.
 The honorable secretary of the navy stated that our circulating medium is now SPA per capita. MT. Carlisle stated on October l. in an official document, the per capita at $2257. The cabinet ought to stick closer together, but what is the difference of matter of one or two hundred millions on campaign tour?
 The honorable secretary of the navy, in his speech here, advised the laboring men to lay aside their surplus earnings in gold money. If there is any laboring man in the district, or any farmer, who has been accommodating a surplus after supplying his family with the necessities of life he will appreciate this valuable advice.
 MT. Herbert stated that whilst wages had declined they would today buy more food and clothes than ever before. If this be correct how happy must be the men who produce wheat and corn and cotton that constantly declining sums will command more and more of the pro- ducts of their labor.
 Mr. Herbert affirmed the Gresham law, that cheaper money always drives out the dearer, and then in a few moments quoted Benton as saying that his bill was intended to make silver the cheaper money. If so did not MT. Benton desire to drive cut gold?
 Mr. Herbert said that China, India and Japan had some sixteen hundred millions of silver and would dump" it in this country to get our gold if we undertook free coinage. As we have only about $500 900, 900 of gold the Chinese and Japs and Hindoos would have s1 900, ,000, 900 left after they swapped even and would get dollars that would pay exactly the same amount of debt and taxes as their silver money.
 There never was day until 1873 that a man who had silver bullion could not take it to the hints and get $1 in legal tender money for every 374A grains of silver.
 When Sherman struck silver from coinage in 1873 the silver dollar was worth cents more than the gold dollar The object, therefore, was not to prevent