The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-07-18

Will 1OllOW pISulCLcQ ny Tic OIH6F SlQe
Is mere bagatelle compared to the
condition which must ensue il the
present system is continued to it's logi-
cal conclusion" He maintained that
the plea for international bimetallisn
proves that the gold standard is
wrong, and asserted the price of money
is what you have to give for it. The
development Of money out Of the
ancient custom of barter was traced
and also the growth of credit. The
best dollar, he said, Is that which var
les least in purchasing power, or that
which 1t takes the most to buy. If 1t
keeps apprecia'ting every man who gets
in debt will, in time, become the slave
of his creditor. 1t will wipe out the
great middle classes, the captains of
industry, the doers Of things. Who then
are the friends of the peace of society,""
Mr. Towne answered his own question
in favor of the advocates of free coin
age.
He explained that the word "stan-
dard" is too often used illadvisedly,
and then declared there is no such
thing as intrinsic value-that the value
of anything depends wholly upon what
1t will trade for. A chunk of gold on
desert island wouldn't be worth any
thing. An increase of gold and a de-
crease of commodities would cut the
value of gold in two, because it would
take twice as much to buy a given
quantity as when commodities were
plentiful. When the demand was
transferred from silver to gold, the one
fell while the other rose, and is still
rising, and it's purchasing power is in
creasing. Quoting figures on produc-
ton of the metals, he said If silver has
fallen because of reproduction, 1t is
at least possible that the gold dollar
may vary in value. But there has
been no production of silver. Be
ginning with 1873 the production has
200 years. Before that, when it varied
it remained substantially at 151a to l.
We do not believe in the competency Of
law to create value, but the law can
create opportunity.
A boost for protection was rung in.
More caustic comments on the daily
newspapers also.
1.-THE silver dollar is not redeemed by
the United States in anything. There
is no law and no custom by which it
is redeemed by any government officer
The dollar itself passes by virtue of
what it will do. The reason why peO-
pie think the gold dollar never changes
is because there is no other dollar to
compare with it. In 1873 there were
three dollars on American soil-the
gold dollar, the silver dollar and the
Mexican dollar. The latter will pur-
chase today practically the same
amount of commodities as then. The
gold and silver dollars will purchase
twice as much product as then. The
Mexican dollar is the best today to
make deferred payment in, better to
debtor and creditor, unless the creditor
wants to be a robber."
Statistics were quoted in large fig
ures to prove that England is getting
far the best of the exchange Of COM
modities, because of the interest she
receives from America. England has
| cornered the gold, he said, and forces
other nations to get it to pay their
debts to her. There can be no danger
OF imitation by using gold and silver,
because imitation only apples to credit
money. THE SimOn-pure gold men are
| the very parent and father or panics
If confidence is begotten by gold, how
can you have any confidence when the
banker tells you he has no gold? To
maintain silence and refuse to ask for
! it is fiatism pure and simple, and we
are not the fellows who are asking for
that. The banks are loaning conf
dence, and when business is good every
wind-bloWn dollar is worth 100 cents
I IL 80, why would Rot-a-feM millions OF
silver be. as good :? That is. a question ]
4 have never seen answered"
Mr.. Towne closed by predicting a
great victory for silver in November,
and great cheering followed. In fact
he was literally applauded throughout,
| j. M. Hawthorne read a Characters
tic letter from W. w. Erwin and Mr.
Dale was authorized to send the fol-
lowing telegram to Mr. Bryarl:
! Hon. W. ]. Bryan, Lincoln, Neb.: The fires
! of liberty burning in the hearts of two thou
sand non-partisan freemen, in meeting as
/ 1nd rlQ wit kho
rights of man. Towne speaking; O'Brien pre-
siding. John Dale,
President Bimetallic League.
Then the crowd dispersed, but a
good many went onto the platform to
meet Mr.. Towne.