The times. [volume] (Richmond, Va.) 1890-1903, 1896-06-12
SENATOR DANIELS LAST TREE-sIL-
WEIR SPEECH.


II is not often we read a free-coinage
speech. All of them we have ever seen
are alike, its like rafting beans ia q
gourd TO 80 through one, and We usually
turn from one when we see it as George
the Third turned from Pyes poetry. But
Nirsinias distinguished senator 1--WE need
not name him, the adjective does thaO
made a set and elaborate free-coinage
speech in the Senate on the 27th ana 2sth
OF May just passed. which was heralded
by the free cOiners as masterpiece. ana
50 We determined 10 give it careful
reading. when IL appeared in the Record.
that We might ask ourselves candidly
whether it had convinced us that free
coinage was really the thing that the
country wanted. We have dore this, and
. I'VE are compelled to say at the end that
our convictions remain exactly what they
were before.
No examination Of Senator Daniels ar
guments in detail are necessary for re-
putting all that he has said. lie has built
all Of them upon the following PROPOSE
ton:
There Is lack Of money in this country
TO sustain the values of all Of its manu-
featured articles and its agricultural
produce. il does not so 10 the core OF the
matter. IL does not suggest relief, to say
that the laborcr can get more bread for
his dollar than ever before, or that the
farmer can buy more knives with his dol
lar than ever before. IL is a question OF
getting the dollar and of making the
dollar so dear to the iaborer. to the
manufacturer and to the agriculturist
that an Of their efforts TO get dollars
are circumycntci by the margin Of profit
from one year TO another fading away
and leaving them depleted with their
industries PROSTATE.
The whole speech is built upon this
foundation. and when this foundation IS
pulled from under il the whole fabric
falls.
Now me say that the mind that could
dictate this sentence is in absolute and
midnight darkness in regard TO the econ
omical conditions that constitute value
and that govern commerce and the regu-
a.
An a country like ours. provided with
an elaborate network OF railways. tele-
graphs. and banks. and with a huge fabric
of credit agencies has no relation what
ever 10 the respective prices at which
commodities are exchanged against each
other. The values Of the commodities de-
pend upon the labor that has been re
quired to produce thcm, and the demand
Tor them. and the relative s,riccs at
which they will be- exchanged for each
other depend upon the labor involved and
the demand for each.
Senator Daniels mind is pervaded with
the error that occupies the mind Of every
Popullst. lie thinks business consists Of
buying and selling for money. But this
As not business Business consists OF AK
changes Of commodities by exchanging
the credit values OF the commodities.
when there Is enough money To serve as
a standard OF value. and meet demand
for redemption OF credits, a society, equip
ped with credit agencies. has all the
money It can make any use OF. 1t does
its business then by drawing checks
against the credit value Of IA commodity
and then exchanging those checks FOR
checks drawn against the credit values
@. ether commodities.
II is not any more difficult for a laborer
10 get a dollar for his labor when there
is small amount Of money In COM