The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-08-21

fallen, and so in this way has every other COM
modify, and it has fallen in proportion 10 the
fall OF silver. The gold men say that silver
has fallen because of oyerproduction and in
ventions and i'm proved method. In no product
has the cost of production been lowered by in
vention more than the production OF gold.
Gold has in reality been the fuctuatlng me-
dunn and not silver. The act OF 1873 caused
q falling off in the ABSORPTION OF silver ana the
arts falling to need it and use 1t silver has
fallen and II is now worth 20 cents an ounce,
which is about its cost OF production. Flexl-
bility in our currency has always been de-
manded and is needed, but with a gold STAN
dard this is impossible"
Colonel Irish again took the floor and said:
Ladies and gentlemen, am willing TO ad-
nit that have more wit than wisdom, but L
do thank God / am not devoid OF both. do
not deny the Morgan syndicate, but attack
the law making body that makes such things
posi- BILE l go behind the cause to the effect
the law that enables him 10 exist.
1.-The statement made by my friend that an
tary OF the Treasury was broken up by the New
York World. | know OF personal knowledge
that the contract advertising the bonds was
prepared twenty-four hours before the New
York World published a line about the matter.
81 must deny this or would not be true to
my party, which at this time is very small and
very select. do not wish TO lie personal, but
l did think that the Congress that preceded
the one just adjourned was determined 10 go
into his tory as the most contemplate body
that ever sat in the National halls of legisla-
1aJ1On. NOW Jnlnk l0aL the lASI congress Is
running neck and neck race for that honor.
''No nation has ever succeeded in maintain
ing ratio contrary to natures law. II such
a law regulating silver as is proposed by our
PopuliSt friends ever be passed the gold Will
rapidly disappear. Senator Stewart has prob
ably forty mortgages on record in this county
all payable in gold. If Judge Mcguire gets
his way in Congress every body would at once
draw their money out of the banks and hold
on to it. Gold would at once become scarce
and Senator Stewards creditors would have TO
come to people who have gold and buy 1t at
any premium that could be demanded to pay
their gold contracts with the Senator.
''The Chicago platform is q threat and the
men who made II are responsible for the hard
times. They are the men who are the cause OF
those evils that are putting out fires on hearth
stones and taking bread from thousands OF
mouths.
withdraw their threat and that confidence
must be restored, and then fires will be re-
lighted and prosperity will return and happl-
ness Will again be in our land. 1t is not more
money that we want but activity. We want
such conditions that will enable us to use and
get the full benefit OF what we have
"Facts do not bear out my friends state
ment Mr.. Carlisle and Mr.. Cleveland are not
responsible for our present financial condl-
tons. Congress is responsible. The President
and the Secretary are bound by oath to obey
the law that Congress made, and they must
maintain that treasury reserve or break their
oaths. Just so long as our silver friends hold
out their threat OF Iree-silver coinage, just so
long viii our monetary system be curio
among the systems of the world.
''Gold is the more stable of the two metals
and must naturally be the standard, and as
there can be but one standard the other metal
must be guided by it. l would like some con-
sistency and would like to see the name and
tail OF the horse of something near the same
color. The Judge has carefully avoided any
refer tc the amount OF money per capita
in circulation in gold and silver countries.
For my part, / want to live in a civilized
country Japan and Mexico are not to my
liking Follow the advice of my friend st.
Paul and hold fast to that which is good"
Judge Mcguire closed the debate in the fol
lowing words:
money is not creation of government, but
of the necessities of trade. The governments
have exceeded their functions and are now
forbidding the people to use in unlimited
quantities one of the greatest of their com.
modities-silver. The laws that are needed
are such that will enable the people to use
what money they please in quantities that
they please, independent of the exact1ons and
dictations of any of the money centers to
which we at present pay enormous tribute
''Mr. Irish says that the idea of 16 to 1 is
ephemeraI and not founded on experience.
When silver was demonetiZed IL stood in Lon
don at the ratio of 1892 to l of gold, and Tor
200 years we have had that experience, and
shall we go back on it at this time when in all
human probability 16 to l will prove itself to
be the exact and true ratio?"