The record-union., 1895-10-09
MONOMETALLIOM OR BIMBTALLISM.
John P. Irish and T.'V. Gator Discuss
Them.
Both Sides of the Question Were Fully
Presented in Mastery
Manner.

ArmOry Hail last nlRnt TO llSteu 10 tuo
debate on the silver question between
Colonel John p. Irish and T. V. Gator.
J. \. Barton presided, and d. Lindley,
DR.. Dixon and Jud. Brusie acted as
! Vice. Presidents.
Mr.. Irish opened the debate, saying that
the question of money was one of para
mount importance. He had been much
gratified, therefore, when the Peoples 8
party, in this time of peace in politics,
had sent himsa challenge TO meet their
champion in debate on the financial ques-
tion. He appeared as the proponent Of
the single gold standard, to advocate
legislation looking toward the keeping OF
the financial system of the country on q
basis that would conserve the best inter-
ests of the country. The men who COM
menced the silver agitation were shrewd
observers of the characteristics of the
American people. They knew that the
quickest way to engage their attention
! was to convince them that they had been
| imposed upon and abused.
Beginning with! the first silver coinage.
at 10 TO !, he spoke OF the change of the
ratio in 1894 TO 1902, and as this
| did not fully eQualze the ratio of
value, in 1887 the ratio was made 10.9SS.
| The result of this change was TO send the
silver out of circulation, it being changed
into bullion, and the money of the coun-
try was reduced to gold. There was no
further change until 1858. when Demo
cratic Congress took up the question of
silver coinage, providing for subsidiary
coins of less value than dollar. The
purpose of that Act was announced by its
advocates to be the adoption of gold as the
| single standard OF value, and said II was
properly the only basis OF value of the
money of the country. 1t was Demo-
cratic policy, and he appealed to the lost
sheep of the party TO rememb Der this fact.
FROM that hour TO this the prosperity OF
the country had been on the solid basis
of The single gold standard.
The next legislation affecting finances
was in lS73-twenty years later. 1t has
been called by silver advocates the crime
| of 1873. 1t was simply reaf1irmation OF
the doctrine that gold was the basis of the
country's money.
He quoted from a pamphlet issued in
| 1870 containing substantially the law Of
1873 and containing the opinions of bank
ers and financiers, and only one Mr.
Snowden of Philadelphia-oppose the
dropping of the silver dollar, and he only
for a sentimental reason. The pamphlet
was SO widely circulated over the country V
that it was impossible for him TO get a
copy from the treasury archives at
Washington.
France demonetized silver, and the
committee appointed on the subject re-
ported that it was impossible to keep the
two metals together by law. England in
1917 became gold standard nation, and
other nations that trade with her have
followed her example. Jefferson advo-
Gated gold standard.
The nations that have gold standard
have the greatest circulation per capita,
no a
smallest per capita and the smallest
wages. This country has q high per
capita, and consequent prosperity and
good wages, gold dollar being back of
every other dollar Wages have in-
creased "A per cent. and have great
men have afflicted this country as well as
others, but prosperity comes around
quickly after them.
The free silver argument proceeds on
two lines. One of them is that it max es
it easier to pay debts. 1t can only do so
by allowing the people to repudiate halt
their debts. The other argument is that
under it silver will go to its former value.
Ii this is so. a man will have to work just
as hard to get silver dollar as he does
now to get gold one. In order to arouse
feeling, bankers and capitalists are at
tackled.
lie spoke of the convention called in
Illinois to repudiate the debt of the State,
and told how Stephen a. Douglas, on a
sick bed, sent to the convention a resolu-
tion that turned it into public credit
/ convention. The State of Mississippi,
about the same time, repudiated its debt,
because it owed it TO a Jew-a Rothschild.
he spoke of the Populist party as com
posed Of men who had the courage OF
their convictions, and accepted the results
that would follow the carrying out o1
| n than
} no respect for political trmmers.
Prices would go up under free silver
because it Is only worth half as much as
gold. and will purchase only half as
much. We have more money per capita
ia this country now than ever before, he
said-S24 per capita. No prophesy that
silver advocates have ever made has ever
been fulfilled.
GATOR ADVOCATES SILVER.
When Mr.. Gator was introduced. be
was greeted by burst of applause that
showed the assembly was in favor OF
silver although Mr.. Irish had been fre-
quently applauded.
He said that this was as it should be-
where men met to discuss public ques-
tions fairly and squarely and without
evasion. He was not afraid of the gold
, bug, but he was afraid OF the humbug
the straddle- bug and kindred bugs The
Democratic party had set up the single
gold standard aud had to change it 8
great many times since 1887. 1t was an
advocate OF the gold standard in its con-
ventions now. and the Republican party
, was like unto 1t.
Silver using countries were not as high
in the scale of civilization as gold using
countries, but it was because they lack cd
money and their per capita was low
They had not chance to rise Crawford
, in writing of the currency, said that al
authorities agree that when it is con.
tracted poverty and distress result
A Joint committee of Congress has de-
clared that shrinkage of the volume o
money and fall in prices tends TO con.
gregaie money In the hands of a few
} Jefferson said In letter TO Hamilton tha
he concurred with him, and that the
parity of the two metals must be main.
tanned.
The speaker quoted from a number O
noted financiers and political economists
both in America and England, in sup
port OF his argument, quoting both Jeifer.
son and Carlisle in opposition TO Mr.
Irish.
+, The latter was mistaken about the pc
d capita being now larger than ever before
he said, as Secretary McCuliough's repor
in 1863 showed 1t to De sol per capita ther
and stated that the people were mostly
t free from debt at that time. Where on,
| laboring man has bank account now
= ten had one then.
/. There never was panic in the country
that was caused by imitation of money, b.
said. Panics had been caused by the in
1 flasion of bank credits and their subse
4 quent collapse, or else by the contraction
of the currency. He gave figures relat
, ing to the panics of 1887. 1857, 1873 ane
1898 to prove his position. He claimed
that the high prices when the currency
was inflated lifted the people out of debt
4 prevented the accumulation of money II
. a few hands and produced general pros
o On, In oil 1, "a