The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-08-21
1t Was to Maintain the Parity
of the Metal Arti.
fcia!ly.
SILVER CIVILIZATION LOW.
M xicc. Japan and China Cited by the
Colonel in Proof of His Posi-
tion on Finance.
OAKLAND OFFICE SAN Francisco CALL,
90S Broadway. August 20.


attendance more than crowd usually seen at
q political meeting.
The chairman, John Lynch, introduced the
speakers and thanked them on behalf OF the
Catholic Ladies' Aid Society," for the benefit of
which institution the debate was given.
The subject OF the argument was: "The Free
and Unlimited Coinage of Silver at the Ratio
of 16 to 1 Without Waiting for the Consent OF
Any Other Nation"
Congressman Mcguire took the Affirmative
and John P. Irish the negative side OF the
argument.
The audience. judging from its applause,
seemed to be about evenly divided, and the
keenness of the speeches and the many pleas
antries were highly appreciated.
Once when Mr. Mcguire looked at the time
he provoked laugh by holding out watch
and saying, 'You see 1 am consistent; carry
a nickel watch"
Colonel Irish wore beautiful gold watch,
but he did not refer to it.
Congressman Mcguire was the first speaker,
and, after a few Introductory remarks, includ-
ing a tribute to Colonel Irish's oratoricaI
power, he said:
any argument is that we should commence
the coinage of silver at the ratio of 16 to I,
without waiting for the consent of any other
nation TO change our laws. l agree with
Thomas H. Benton that Congress has no power
eighty-one years, ended 1879, silver never fell
below the valuation OF its established ratio.
During that period there was no trouble with
the money question. Previous to the demone-
lization OF silver it did not cost this country
cent to adjust her financial transactions
with other countries more than the
cost of mintage. The act of 1873 if it is good,
should be continued, if bad IL should be dis
continued, so l shall say nothing about the
crime OF '73.'
as our present system a good system? It
qOndpmnp6 National
tons of Populists, Democrats and Republl-
cans. The Republicans condemn IT with the
single qualification that we should inaugurate
bimetaltsm in connection with other coUn-
tries. Gold does not exist in sufficient guam
titles TO be used as redemption money by the
many countries who demand gold standard.
Scarce money is the bankers money. Once
Lombard street and Wall street monopolize 1t
they can dictate the terms of its use. They
have controlled il, and now they can do and
are doing practically as they like. The evils
OF q gold monopoly ara not imaginary, but
they are real. Is gold monopolized?
Gin February, 1895, theUnited States Govern
ment in order 10 maintain the parity between
gold and silver, had to pay the difference be-
tween the market value OF gold and silver to
meet its obligations. We have thus incurred
in time OF peace obligations amounting to
1862 000, 900 and interest during the next
thirty years amounting to p270 600, 600. And
this has been done TO maintain the parity for
only three years. Look at the history OF the
Morgan syndicate. They boosted that they
controlled tie gold of the United States out
side OF, perhaps, S2,UOU,UUO OF surplus coinage
in California. They dictated their terms and
SAID that they controlled the channel through
which gold could be obtslned from EuroDe,
and they agreed that if all the bond issue were
sold to them they would agree that for eight
months no man should draw dollar of money
out of the Treasury OF the United States. Think
of that.
''If that little syndicate was satisfied they
would protect our Government, II not they
would cripple it and sacrifice the interests of
the seventy million people of our country
n1H1 81 LII, Tie
and said:
"a am not here to discuss the Morgan syndi-
cate and the monopOliZing of gold, because if
such things are possible 1t is the fault OF the
advocates of silver in Congress. In 1873
Silver Dick Bland appeared as the friend of
silver, and he assured the country that II they
passed the Bland act silver would at once rise
in value to gold. few years later Mr.. Bland
altered his figures ana his opinion and stood
before the world discredited prophet,
"The act of 1890 required that the Nation
should maintain the parity of gold and silver
al 16 10 1. Silver fell and the Government
had 10 make up the difference and had to
borrow or beg gold as best it could.
Such things are the result of such million
aires as Teller and Hayward who want to have
something done Tor them to save them from
pauDerism. When a popular loan was asked
by the Government last year S640 900 900 was
offered the Government by people from all
parts of.the country, and this denies positively
the state ment that there is a monopoly of gold
at this time.
"The laws that govern circulation are
natural and must be discovered as other laws
must be, and l maintain that in the past
fifty years we have male some progress in our
study of finance. My friend has spoken of
Jefferson. If Jefferson was followed out we
should have dollar tonight sixteen times as
large as gold dollar. PoHticians-thank
God never was one-say that the gold stand
ard enslaYes us To England. l say it emanci-
pates US from England.
''Why do they not say Germany as well as
England2 Because there are more German
votes in this country and they must not be
antagonized.
every silver nation on earth is slave to
the gold nation. The ratio between the two
metals is purely one of their commercial value
and cannot be regulated by any act OF Con-
gress that does not change as often as does the
respective values OF the TWO metals.
eff there were any crime of 1873 it was done
in 1853 and ny friend merely erects q tomb
stone over corpse twenty years old. Every
cents, and we have nearly twice as much cir
culation per capita as we had prior TO 1860.
1.-THE gold-staudard nations have about SIS
per head in circulation and the silver nations
have but S., and yet our silver friends want US
to join the So crowd. 1t is not more money
that we want but more activity, because
activity is the child of confidence. Free silver
coinage has always produced distress and no
where has it been felt more than by the
laborers.
usurers soon found out that they could get
rich by handling it on account OF its fiuctua-
lions, and that is why it is that when Christ
went into the temple ne louHu II luI Ol SILVER
money changers and he scourged them and
drove them out, and they deserved it.
Congressman Mcguire replied:
colonel Irish's language is interes ting even
to an antagonist, Referring to the popular
loan OF Fe bruary, 1896, Colonel Irish seems to
forget the facts in the case. Before the loan
was made popular an oral agreement had been
made between the Morgan syndicate and the
Secretary of the Treasury that the syndicate
should have all the ponds. 1t was only when
the great papers OF the county, cIest . sucn
rotary was forced to obey the popular voice.
-. - What proof IS there OF this oral agree
meut p asked Colonel Irish. refer to the
published reports OF the time, and which were
NOT coniradicted. Even with the popular loan
the Morgan syndicate got nearly ali the bonds,
and so threatened and dictated that they
proved the existence OF their monopolizatlon
OF gold more than ever. We are told that
silver fuctuates. Is that true? You cannot
tell by pairing gold and silver, because the
unit goes up and down with gold and IL al
ways appears as of stationary value, while
silver is at present not standard and does
fuctuate'
"Sith respect TO gold, silver has certainly