The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-08-13
JOSEPH c. SIBLEY
DELIVERS A TELLING SPEECH
TO NEW CASTLE PEOPLE.

An Increased Volume of Full Legal
Tender Value Never Caused
Pauic and None Ever Existed
Under That Condition.
Hon. Joseph G. sibley, Democratic
candidate for congress In Pennsylvania
district, addressed meeting at New
Castle during this week, and made an ex
cellent speech.
Mr.. Sibley opened his address, by saying
that statistioians claim that the wealth Of
the entire world is about SAC, 900, 900, 900.
Money being measure OF values, the
volume of money whether great or small,
tended to increase or diminish the ag-
gregate Of commodities. "I believe" said
Mr.. Sibley "in the automatic system Of
money and to the use Of gold and silver as
such No matter how rich may be the
production Of the mines Of gold and sill
yer, they will never be in excess Of none
tary demands Bimetallism, as under
stand It, does not mean that gold and
silver should be used equally in any given
country.
"It matters little whether all the gold
should be in Europe and all the silver in
the other parts of the world; that would
give essential bimetallism. 1t is the
right to coin both metals into money and
their concurrent use as money which
means true bimetallism 1t is the total
mass of both metals that then deter.
mines value. The present supply of gold,
according to statistics of the United
States, indicates that 1t was massed in
the United States, not since the resump-
tion of 1879, but that 1t came here chiefly
when gold was at a premium.
"We are selling ponds at the present
time to buy gold. We have sold some
s262 500, 900 since the repeal of the Sher-
man act For the creation of this debt
no useful purpose was served 1t has
created no monuments commemorating
our greatness as nation, deepened no
channels of commerce or brought in its
train any blessings to humanity. But
1 think that little reflection will show
to the administration that borrowed gold
never stays in this country. Gold only
stays in country when 1t is brought in
in legitimate channel of trade
cover production is not the cause Of
demonetization. Reference TO reports
will show you that the ounce of bullion
silver and the pound of cotton and the
bushel of wheat have fallen together.
A gricultural competition is stimulated
by the decline Of silver, and when it is
up everything else in the way OF values is
down. That is, when the dollar goes
down in value, the wheat, cotton and
everything goes up and vice versa
Labor, unfortunately, is the first to
go down and the last to rise, and this is
because of the struggle that is constantly
going on in the unions all over the coun-
try. There is vast difference between
earnings and wages. A brick-layer's Is
wages may be 81 90 per day and no may
work only 100 day per year, yet laboring
man may work 800 days per year for
S1.25 day and scarcely have more than
the other.
The depreciation of silver expOrates as
export bounty. With the restoration of
bimetallism, If gold should go to prem.
ium, we would still pay our debts abroad
more easily and with less products of
human industry than today. Whatever
the premium may be upon gold it goes
directly into the pockets of the producers.
For twenty years the agricultural interest
has staggered and groaned under the
destructive competition arising, as
think, from the divergence of the two
metals operating as an export bounty to
the silver using nations.
"I want to say that with the restoration
of bimetallism by the United States,
through Independent action, while there
may be temporary premium on gold, II
will not be large premium, nor of long
duration. The fear that this would be the
dumping grounds for all the silver of the
world is simply groundless and no man
of sense believes that statement.
"The United States holds in her own
treasury the largest single stock of silver
bars in the world, and when we take into
consideration that there are no nations
in the world that have more silver money
than they have need for in their actual
daily business transactions, we should be
willing to take the cry Of demand and LEI
1t rest.
"Mr. Carlisle, in his Memphis speech
stated that the opening Of our miDts to
free coinage would certainly bring a
panic. have given this money problem
a great deal of study, and challenge Mr.
Carlisle or any other economist to show
ME wherever in the worlds history, will
an increased volume of full legal tender
value, there ever occurred panic.
"The continuous decline in values
must sooner or later be arrested. Fo
three years we have been dwelling unde
gold monometallism, and its fluits hay,
been bitter and the experience costly, ant
yet cannot bring myself to believe tina
we have seen the worst.
In closing Mr.. Sibley urged all to ignor
party lines and vote this fall as their con
science and love of country should dictate
The audience remained during the entir
speech, which continued nearly thre
hours. 1t was one of the most enthusi