Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-10-18
Hon. W. II. benson
DISSECTS,
DEMOLISHES
Gen. Palfner's Speech.


legged man should walk as rapidly ana
as easily as o man with two good legs.
As well might he contend that three
legged horse, lily treated and badly red,
should dc the same work as horse with
four good legs, well fed and we'll cared
for.
There can be no parity until we have
bimetallism, and the two metals placed
ON the same plane before the law at the
ratio of Is to /.
1t is but an unfair demand and betrays
q disposition to mislead, or manifests
but little respect for the intelligence of
the American people to make demand
that silver bullion, In the present condi-
ton it is. before the law, should be on a
parity with gold dollars, or have the com
mercial value on a parity with gold bull
lion before we can have free coinage at
the ratio OF 16 to l.
Let us have the ancient and time hon
ored bimetallism of our democratic
fathers before we discuss the question OF
parity
If. after we have secured this bmetal-
lism, silver does not maintain its parity
with gold, then the question will be pre-
sented and not until then, whether silver
is base metal and unworthy the func-
tions of money of final redemption.
If we demand parity in commerclal
value, as between the two metals, should
not there be an equality before the law In
| all things that pertain to either metal as
a money metal? Any man who believes
in honesty is bound to accede TO lhls
proposition.
What determines the commercial quail
ty of any commodity? 1t is conceded by
all economists that supply and demand
are the factors that control this question.
/ think Palmer is the only man that mas
ever added another factor. and TINS pc
came necessary to make plain his deter
mined purpose to place the great Ameri-
can nation as a supplicant to the imperial
crowns of Europe. He said in his speech
that agreement had something to 40
! with the commercial value of commodi-
| ty" Is NOT that very agreement suggest
| cd and controlled by the law of supply
| and demand I admit legislative enact
ment cannot Great value, but legislative
enactment can create or destroy demaho
and demand creates value. :,
The greatest, most far reachlng anu II,
limitable demand that can be conferred
on any metal Is the demand for it as
money metal.
The demand for money is always in
creasing never ceasing, but always
growing. No man ever had as much as
he desired, but is always struggling for
more. The demand for money is as I'M
bounded as human greed and selfishness,
and is as active as human energy, enter
prise and necessity.
Money alone can crafty human want
and human greed. The wise man has
said. "money answereth all things" Then
am unuuestionably correct when L state
that the demand for money Is the sum or
all human demands.
This imperial demand has been taken
away from silver and placed Wholly Oh
gold by legal enactment.
we further know by the history and ex-
nerience of all enlightened people and
nations, that when the demand for silver
bullion as money metal was retained
by silver, and 1t was treated falrly by the
FL I,r hot 4 Gi IL
| lion) has ever maintained parity as to
commercial value with gold at ratio OF
16 to l.
Silver was at premium of per cent
| above gold when the demonetizing act or
1873 became law.
Mr. Palmer said that silver bullion was
now worth GA cents per ounce, and that
| the free coinage men were attempting the
| impossible by an effort to make silver
| bullion worth sc or 40 cents an ounce
more by legal enactment.
He did not have the frankness TO dls-
cuss the effect that the increased and Inn
peral demand for silver as a money
metal. now enjoyed alone by gold, would
have when silver was placed on the same
plane with gold as to coinage. and used
this. because such discussion would have
revealed the fallacy of his position. He
had the audacity to state that free coin
age Of silver would be an experiment
thus placing the history of his own coun-
try out of the way. Still, admitting that
when the act of 1873 was passed silver
bullion was at premium of ) per cent
over gold
General Palmer expressed qualification
when he asked an auditor what silver
dollar would be worth under free coin
al e and received the reply, "One hundred
cents" and the general responded, by
what standard do you estimate the value
by the silver dollar itself or the gold
dollar?" No reply was made to this by
the auditor and the old gentleman cack-
| led with the apparent satisfaction or a
pullet that had laid her first egg.
| The silver dollar under free coinage
would be worth 100 cents in the gold dol
| lar or under any other standard that
| treated silver as demanded by the consti-
| tuition of the United States.
The argument / have introduced, and
| the fact that silver bullion was at pre-
MUM over gold in 1873. is conclusive evil
dence that the silver bullion In silver
dollar under free coinage would be worth
100 cents of the gold dollar on the ratio
of Is to l.
The British commission of 1885, COM
posed of six gold standard men and six
silver men, made unanimous report
that under such laws any powerful gov
eminent like France--or for much better
reasons can say the United States now,
| Il being much more powerful than France
can maintain the parity between gold
and silver as money metals at the ratio
| OF IS to 1.
In view of that report-which Palmer
will not call attention to and will not dis
cuss-no further argument is needed TO
show the fallacy of the gold men as to
this phase of their case.
General Palmer claimed that under free
coinage of silver all the silver Of the
world. would be dumped on the United
States, and gold would be driven out of
our country, and we would go to the sim
gle silver standard.
This same evil prediction was made by
| the gold men when the Bland bin was
passed in 1878. and not the least material
| ization of their evils occurred.
| In the report of the director of the mint
| for 1893 II Is shown by the figures that
| more gold came into this country under
| the Bland law than ever before in the
| same number Of years, and more silver
went out.
The influx of gold and the exporta ton
| of silver never aba ted until the discussion
of the Sherman law commenced, as shown
by this report.
Our experience then, even under linn
tied coinage OF silver, refutes the bald
assertions of the whole body of gold men,
General Palmer is guilty Of the falla-
ciolIs statement that if silver was brought