Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-05-27
.1olnl DISCUSSION o., he lI0ney QUESTION,

A large crowd gathered in the courthouse
on Friday afternoon 70 hear the joint dis
cussion on the money question between
Congressman Bailey, of Texas, and Con-
gresham Hall. Of Missouri Two chairmen
were chosen, Major Mcdonald, and Hon.
VIM. H. Travers. On motion of Capt Bay
Tor the editors of the town papers we're made
secretaries Of the meeting. The time was
divided as follows Mr.. Hall to open IN
speech of an hour aud twenty minutes; Mr..
Bailey to follow with an hour and forty
minutes. and Mr.. Hall to conclude with
twenty minutes.
Mr.. Hall began By saying that he felt as
though he were no stranger in JeGerson--
His father was born at Harper's Ferry
where his grandfather had charge OF the
Hall Rifle Works. He paid graceful trib-
ute to Mr. Bailey's merit as q speaker and
his worth as a man. He asked that the au-
dience remain quiet, since outbursts OF APP
plause would iuterrup; and be likely to oc-
casion more intense feeling between the IL
val factions. What he desired, he said, was
calm. dispassionate hearing. He would
make bis appeal to judgment and reason
not to prejudice and feeling. He had been,
be said an advocate Of free coinage at the
ratio ofl6 to1. He had gone on the stump
and spoken for it. After his appointment
by Speaker Crisp on the banking and cur
rencv committee he began to study the
question as he had never done before. He
had then at his command books and stats
ties which were denied him during his life
on bis farm in Missouri. It was not long
before he discovered his error, and as soon
as be did so he had the manhood TO confess
f. although be knew that by so doing he
must surrender his seat in Congress and give
ND all that his ambition held most dear
He claimed that the fall in the price Of sill
yer was due 10 causes utterly different from
the one assigned by its frieuds,-the act OF
1873. That, he said, lad little or nothing
to DO with it, The true cause lay in the in
creased supply and decreased demand Of
that metal. This had lowered its CONNER
cial value Just as it lowers that Of any other
product. Beginning with the discovery Of
this country, he gave the amount of silver
mined in the world down to the present day.
Tn the period extending from 1893 to 1850
tbs total amount of silver mined was SILL
600 600 from 1850 to 1900 S132, 900 ;
from $500 to 1873 s3ll 100000; from 1879
20 1895 1000, 600, 900; Or, in other words
more than three and hall times rs much
silver was mined in the past twenty years
than in the four hundred years preceding
Moreover. about thirteen OF the leading
countries of the world closed their miuts to
the free coinage Of silver, thus tremendously
| lessening the demand, while the supply was
increasing enormously. Ia other words at
this time there was decreased demand for
silver Of 400 per cent, while the supply had
increased 43O per cent. Nor did the 50 call
ed demonstration of 70 check the use Of
silver I'm this country. For nearly hun
drsd years. OK up to 1873, we had used Sl45,-
600 600 worth Of silver, while from 1873 to
1891 we used l9S 100000 We have TO day
more silver I'm circulation than eny other
country ON tine globe save one. He chal-
leneei Mr. Bailey to name one great writer
or statesman Who prior to 1876, ever advo-
Gated the free coinage Of silver at less than
its mercantile value. He quoted from JEFF
.ferson and Jackson, aud other great leaders
of Democracy and showed, from their own
speeches that both Bland and Vest had
only year or so ago advocated its coinage
only No ifs commercial value, which is to-
day about 80 to l. There is no scarcity Of
gold. It's output has increased in late years
| Is per cent while population has increased
/ . per cent. He challenged Mr.. Bailey to
call the name OF a single country of promi-
nence or prosperity that coined silver at the
ratio of I6toI. The free coinage rates OF
even Mexico and japan axe higher What,
he asked. would be the immediate conse-
quence of the passage of such an act as the
free coinage st this ratio? It has been urged
that {. would help the debtor class they on
the contrary. would be It's first and worst
victims. The creditor who had loaned
money at its present value, learning that
such a law would be passed, and that the
debtor could then repay him in money of
half value, would proceed with all haste to
call in bis loan. He had loaned money
worth hundred cents on the dollar and
would naturally wish to be paid in money
of equal value. There are 100000 deposi-
tors i'm the banks of this country. They,
knowing that such law would be passed
which would enable the banks to pay them
| i'm cheaper money, would make run on the
banks 70 withdraw their deposits This
would cause such a panic as the world has
never known. Then the farmer who owes
a note for 81 600, after the holder has de-
handed payment, cannot turn TO the banks
for aid he would be sold ont, or forced to
give up a gold note TO secure the old one
and for this gold note he would be COMPEL
ell to pay $500, or $500 more than the sum
borrowed by him. Free silver would bring
q rich harvest 10 the sheriff and the consta-
| bic, but no greater disaster under heaven
could befs,l the farmer The next sufferer