The Monticellonian., 1895-09-27
GOLD AND SILVER
Congressman MeRae Objects to the
 Single Standard.
Thinks the All Creator is n BimetaI- hst-objeottons to Free Coinage An sweFed-Goid K Fraudulent
 standard of Xalue.

following address before the Arkansas editors freo silver convention recently held in Little Rock:
 MR. PRESIDENT AND GENTLEMEN OF THE CONVENTION: l sincerely thank you for the distinction conferred upon me by your invita- tion to address you upon the coinage question. I am glad t4 see this un eltlsh interest on the part of tfe free silver dem ocratic press of Arkansas. In campaign Of education upon question of world wide importance like this there is no agency that can accomplish more than an independent courageous press. There IS no country in the world where there are so many newspapers, and none where they take such deep interest in public questions, as in the United States. Out of 500JO newspapers in the world We have about 2000J and the great majority of them labor for the material adya cement Of our common country and for the moral and intellectual elevation Of Amor can citizenship, Your presence here shows that the interest for he free coinage Of sil- yer IS hot dead nor dying. You have not come here with brass bands and banners tofnfuence the doubtful and indifferent Of Little Rock but as intelligent, vol informed editors who Htter having given tne mage question care Iui consideration, determined fer yourselves that tho Act ot Feb uary l2, 1873 was wrong and that the hints of the United States should be opened for the coinage of silver upon the same terms as gold, you have met as demo crats to consult together and advise with each other as to the best method ol assisting in sup porting such sentiment among the people.
 There can be no doubt as to where the Arkansas den ocracY stood upon this question III fo5i there is none now. and there should be none in isaj. l congratulate you apen the good fe1l ng and harmony that has character 'Eed your esSionsi the eleauess aad e0nser- vatism with which you have defined your views and the c5u raRco0s. common sense and practical method adopted for asc rtaining and enforcing the wishes at the democratic voters of Arkansas upon this question. l feei conf dent that this meeting Hill be one of the raeaus uniting all the democrats Of Arkansas who believe in silver us standard money. 1t is highly important that taere sb oujd be no diVis- ions among himetai ists. for you can only get what yoa want by leaislation and to do that you must eject congress and president in ac cera #ttA You. W are aaw upon gold basis with our mint, Closed against silver except the but ion now owned bE the government and UHti5 the god mon meta ists are strong enough L destroy tte ined silver now in use and substitute uatioHaI bank notes they will ask no further legislation. We hear a great deal about paf5#H and international bi- metaitism. but the Hate obi q Of those who are direct ng tHs I3Heas against free coin age gf silver is tD haze go i lone far ztHndard money and bane notes for currency II we lose this fight silver RilI be sn.ually driven out af Use and paper viii take ts place.
 
 a bimetalisL l must of ees>lty rap at to -5me extent what has ofteH been s5i5i bs the fr5anls et silver. Bat HHti# the measures Of assault on the part Of the goid moaamet#tisJ7 are changed our main points of defeHsa cannot Var4 gHueh except in the form ot statemeut.
 THE usEs OF MONEY
 1t has been said hy great political econo mlst fHat real moHeE i9 du orde drawn by the government in farer of the owuee ou aH per HHs= wants t Rataase @tf#= tHey caa ef#aIa all the th4ass that aaa ta 4He comfort and happ- ness of mankind
 Msu=e has three af|aeIral functions. ID It is d me i#HH or eNeat H,l j. .s 4eEa5 tender for debt; fa il IS a standard and measure of value. Eary in t.il hI hIs5org oL tLe human ratc if became necessary to adopt a Hed5aa4 of ex- eb aHge for eomu8di H5es and roiuets without which mauktuI. society nor eoyerumeft could rXjst Some parts af Jaa earth are adaHted 10 the cultivation of cotton, others To The r5duc- tian Of woal; some to the raising f corn. others to wheat; somc Co tha growth or 4ogs and oth- ers to eatt e; iu some m Untalus WE find pre- ciqus metais, while tu uthars We lind iron and coal ThCre is no man who can ptuiuca one tenth part in kind CT all that hc uses. and yh"re is no government with such q diversity Ot interests as To Joe aute To supply all the nu- merous demands O its inhabitants. They all have s0matujue t8 se5 and want it the same
 
 some one else So it l. ab-o.nt-ly necessary to have money as the m adium ol exchange and for forty centuries it has existed by consent. A large part Of the commerce and business or the people mus, be doHe upon credit and as debts for longer CT shorter time must be contracted tuere should be 8 iegal basis upon ich deferred payments can be contracted and finally sett.el and SO ln all countries there must be m 1Hey ef fnsl payment. This function Is impartcd bg Isw, and think should attach to all forms oi money issued by the government. Under cur present system gold silver, ereenbacKs and sherman notes are legal tender for private debts By law the public debt IS payable in eoia-goId or silver but the practice ot the treasury department for many year. has been 10 give the holders of our securities the option of saying in which coin payment shell be made believe that II the government had exercsed the right which it had and stiu has Of paying in the coin most convenient to it, that ts CT dit wou d not now need the protection If lhe Belmont Roths- chids Morgan syndicate. As an hOnes' stan. dard and measure of "a ue the metal ot wnioh money Is made should be worth intrnsically or commercially what Il purporl- to be l be- lieye in honest money gold and si yer and pa- per convertible inta coin on demand. nave always fought and now fepudiata the theory of irredeema0e lat money as dangerous to any government do not believe that the law alone can fix the exchange 4bl- value ol money any more than it can fix the value O. anything else All the acts of congress that might be passed, and a international agreements that may be made declaring silver bullion to be worth 129 cents an ounce without providing for use or coinage would not increase the com modity price of it. If ct uncotnad it's value 1 would still be controlled by the law of supply 1 and demand and until there is some new use | found for it or until there s some dimunition | in the supply, laws and legal agreements !
 
 dent, while Inc law cannot create value in | things, can increase the value by providing for their use, This tdea wtfi, perhaps be made | clearer by referring 0 the Act of November l, | 1893, which in terms commits thls govern | ment to the use of both gold and silver as | standard money" but makes no provision for | coning silver This act of congress added | nothing to the price of silver bullion In tact | silver has been cheaper since it's passage than ever before. But no one who Is disposed 10 be | fair win assert that if this revision had been | followed with one for the coinage of silver thatit would have advanced. ] am perfectly satisfied | that with the m nts opened to it, and an un. limited use for it as money thereby enacted | that the parity tween the bullion and mint | age values would have been at once restored | 1T did not believe that the disparity which | now exists was caused by the restricted use Of silver ] would not favor tho free coinage of 1 1t at'the ratio Of l6 6t5l. No government can afford 10 issue cheap Or dishonest dollars l am | a- much in favor Of honest money a5 d man | can be and I emphaticaIy deny the false as. -ertion df the god monometahsts that silver 1 IS eithet cheap or dishonest
 REAL AND CREDIT MONEY
 ReaI money or money oT Hnal redemp ion is such has real c1mme ciM vaiG1 that which needs no redemption Itselt and nleh will redeem all forms of credit money credit money is all that character of government |