Mexico weekly ledger., 1895-07-25
REVIEW OF THE MONETARY HIS
TORY OF THE UNITED STATES
BY MR.. PATTERSON.
He is For Silver Coin, but Only at q
Parity With Gold Laboring Men
Interested Deeply in the
Gold Standard.


= .
the small crowd in attendance.
AS Mr.. Patterson came forward he
was given an enthusiastic reception.
The speaker is a plain, blunt man, who
attempts few oratorical flights. When
he rested his left arm on the table in
front of him and declared: 81 come
as an old-fashioned Democrat to dis
cuss this question with Democrats"
he was cheered into perfect sympathy
with his audience.
The development of the speech was
something new to a st. Louis audi
ence. There was no promise of BIZ
metallism held out, but on the con-
trary an emphatic declaration in
favor of a gold standard, and efforts
to show that under existing condi-
tons any other financial policy would
| lead to certain silver monometallism.
He made no attempt to mislead by
rhetoric or confuse through plati-
tudes. In the simplest English which
could express his ideas he discussed
the subject from a business stand
point.
Mr.. Patterson said:
| am here to speak in opposition to
the free, unlimited and independent
coinage of silver.
oppose it because it cannot, in the
nature of things, result in the estab-
lishment of the bimetallic standard.
| oppose it because it would inevitably
result in silver monometallism. l
oppose it because it would bring dis
aster and distress to the whole coun-
try. oppose it because it would have
the effect to discredit the people of
the South, and blight their prospects
of happiness and prosperity, and l
oppose it because it means dissension
and rupture among Democrats and
the loss of Democratic prestige and
control in this Government.
Preliminary to the discussion, per-
NIT me to say that this is purely a bus
mess and economic question, affect
ing alike the people in all the voca-
tions and relations. of life. Difficult of
comprehension, its proper solution
requires, on the part of the people,
investigation and reflection. 1t is not
a theme for passion or partisan ran
cor, but for thought and research.
The attempt of declamatory writers
and orators to idealize gold and silver,
and to represent them as living actors
in a drama in which one appears as a
| tyrant and the other as Il bleeding
victim, is absurd. Silver has nc
greater claims on our sensibilitieE
than pewter, and gold no greater
claims on our affections or aversion!
than pig-iron. To what use can We
put each SO as best to promote our
prosperity is the only question for oul
consideration, and neither is entitled
to any more sympathy at u hands
than if it we're horse radish.
Again, it is extremely unfortunate
that a question purely scientific and
economic in its nature, and yet so
vital in its Importance, should have
become involved in partisan politics,
where men seeking official preferment
are tempered to range themselves for
or against the proposition, without
regard to any previously acquired
knowledge on the subject. They sell
fishly and alphabetically occupy the
public attention by either discours-
ing on their own constituencies or an
imadverting on the inconsistencies OF
others, rather than by a truthful and
honest discussion of a great economic
problem, directly affecting the well
fare of all the people. They forget
that the march of progress through
all the ages has been strewn with the
discarded opinions of wise men. The
pathway of civilization, as it goes on
ward and upward from darkness to
light, is everywhere marked by errors
abandoned and truths espoused by the
honest and courageous thinkers of the
world.
A man is a moral coward who,
through love of consistency, and pride
of opinion, continues to embrace an
error when the God who made him
has given him light to see it.
1t is with pride that 1 say to this
audience that after research and in
vestigation my intellect and con-
| science commanded me to sacrifice.
on the altar of truth, ~preconceive6
opinions in respect to the difficult but
vitally important question on which
am about to address you. Should
have yielded or persisted in the con
scious error? Let every man answer
for himself. Am | subjected to attack
| answer yes. But my adversary can
not admit the error and assail it
abandonment without placing himself
beyond the pale of reason and commo
sense. An honest man and an honest
thinker may properly assail the rea'
sons which l give for a change o
opinion, but he cannot permit m,
reasons to go unanswered and assai
my consistency and maintain his rep
utation.
In all the ramifications of commerce
business will be paralyzed wheneveI
there is an absence of confidence il
the character of the money by which
it is conducted. You a see at ono,
that money, or the standard of valu'
differs from all other standards in this
that it must itself be a thing of value
We have three kinds of money in tn
United States gold, silver and pape
money-but gold is the standar'
money. Paper money has equal pur
chasing power with gold, because tn
citizen who holds it knows hat it
the obligation of the Government t.
pay standard money, and that, oil
presentation, it will be redeemed il
gold.
Our silver dollars are equal in pur
chasing power to gold, simply for tn,
reason that they are receivable, undo
the law, in payment of all public ant
private obligations and as long as the.
are limited in amount and the Gov
eminent receives them for its dues OF
a parity with gold, and pays gold OIL
its obligations, they viii necessarily
be equal to standard money. We hav,
| only abou+ AoO on mn "a s;lxrar dolloro