The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-27
THE SPEECH OF A srATE>MAN.

yur SPEECH OF A srAIE>MAN.
On the 5tb Of January. while the cur
repcv bin recommended by Mr.. Carlisle
was under discussion in The House Oh
REPRESENTATIVES, Hon. Bourke Cochran
of New York. maze a speech which du
not appear in the Record until FEB. lath.
Mr.. Cochran bad evidently withheld II
all this time that every word which he
should go upon record as having uttered
might Ice deliberately scarncd weighed
and examined. and the result is ono
which justihes all the pains and labor
that he gave 10 it. The speech Is not
a long one, but it is one of the most
luminous and profound speeches ever de-
livered i'm Congress. IL proves Hr. Cock
ran TO be absolutely master OF the science
OF money. and to understand exactly its
true relation 10 the affairs Of man. We
quote IRON it the following passage,
which contains the entire science OF
money:
Tho operation of every dollar can be i'll
Illustrated by the operation of one dollar
IiiONta aiiu -. S~Ie.,cs G-.i.sc
al
me TO repeat here an inHSration which
use3e IN uiscussfng the repeal III tfe
Sherman law.
Let Us assume that a man leaving his
house in the morning takes from his
pocket a dollar and with that dollar
purchases a beef-steak. The butcher
with that same dollar purchases a knife
at the cutlery store. The cutler goes
20 the dry goods store and purchases Il
If
goods merchant goes TO the stationery
store and purchases a dollars worth OF
stationery. the statiOncr goes 10 lunch
and pays d dollar Tor a meal; the hotel
or restaurant Keeper goes to a book
store and buys book for a dollar, the
bookseller goes to a haberdasher and
buys "a dollars worth of neck ties: the
haberdasher goes to baker and buys
dollars worth of bread; the baker goes
10 the grocer and buys a dollars worth
of tea; and the grocer goes to the wine
merchant and buys a dollars worth OF
wine. each of these persons in turn max
ing use of the same dollar. Here we
have ten separate operations performed
by that one dollar. and IL must be per
fectly plain TO everybody that at the con-
cusion of the day ten persons have eX-
changed commodities equal to the value
of ten dollars through the medium Of
single dollar.
The exchange OF these commodities
among these ten persons would not have
been promoted, stimulated or increased
in any way, If there had been three, four
five or six dollars performing the func-
tons which that one dollar performed
And as ten dollars worth of cOmmodi-
ties were circulated by that one dollar
so fifty dollars worth OF commodities
could have been circulated by it II its ac-
uvity were multiplied five times.
Mr.. Chairman, the dollar whose move
ments l have described simply facilta-
ted the exchange of commodities among.
persons who were strangers 20 each 9TH
er. Although the butcher delivered his
beefstcak TO me, he actually EXCHANGED
IL against the knife of the cutler. by
means of my dollar. The cutler did not
happen to need a beefsteak He need
ed some other commodity 1 needed the
beefsteak, and through my dollar the
bcefsteak of the butcher and the knife
of the cutler were exchanged. At the
end OF the transactions / had the beef
steak. the cutler had another commodity,
and the butcher had knife. Now. If
there never had been a dollar in exist
encc some OF those commodities would
have been exchanged. but the exchanges
would not have been so rapid or so nu-
merous. The butcher would have wait
ed until the cutler needed steak In the
fullneSS OF time me cutter would De
compelled to purchase meat. He would
then bring his cutlery TO the butchers
store, ana Il the butcher at that time
happened to need a knife. an exchange
of their wares could have been effected.
II all commerce were suspended until
each person who produced commodity
should meet a person who needed that
precise commodity. and at the same time
had commodity of his own which the
first producer reeded. trade would be re-
duced TO a very narrow compass. inter-
course between men would be greatly re-
stricted, and this would be an age OF
poverty, of ignorance and decay instead
Of
Mr.. Hutcheson--Will the gentleman
yield 20 a question here?
ar. Cockran-Yes. sir.
Mr.. Butcheson-The gentleman's argu-
ment is perfectly unanswerable, II he
will simply allow me 10 introduce an
element for him. If a butcher had the
dollar with which he paid the haher-
dasher, his argument is unanswerable,
but II the butcher had contracted dol
lars worth OF debt for the article he
was TO sell for that dollar, and had TO
pay II. would he have dollar 10 ex-
change for the next thing he wanted. and
at the same time satisfy his debt?
Mr.. Cockran-The gentleman. as | un-
derstand him. asks me how one dollar
can discharge and perform the functions
OF two dollars at the same time. The
question answers itself. II seems to me.
10 do all that the gentleman suggests
the butcher would need 10 sell two beef
steaks for two dollars. instead OF one
beefsteak for one dollar. daughter.)
Mr.. Hutcheeon-He would have TO get
two moro dollars to DO It.
M Cockran-Not at all. The oanA