The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-29

World Where There Is FREQ Coinage OF
siiver-Lucid Statement of the Case by
General woodford.
In recent speech at Columbus, O.,
General Stewart l.. Woodford said
There is today no such actual thing
as free and unlimited coinage Of both
gold and silver in any nation of the
world. put this statement in another
form--gold circulates as money nowhere
in this world where there is free and
unlimited silver coinage Where thero
is free and unlimited silver coinage gold
is simply commodity and is sold at its
bullion value. Its price rises as the value
of silver diminishes. Its price rises rs
the confidence Of the people in paper
diminishes. In other words, gold is fact
Paper money is fiat. Gold gets its value
from the desire of the people to have it,
and is worth what the people will pay
for it. They will pay for it what it is
worth to them, and, no matter what law
you may make, gold will buy as much
silver as the people Of the world think
it is worth. Gold will buy as much pa
per money as the people think the pa
per money worth. There is no intrinsic
value in'paper except the material of
which it is composed, and that is pre-
cisely the fact with regard to gold.
1t is precisely the fact with regard to
silver. Paper. being made of wood pulp.
is now very cheap. When you print it
into money it gets just such value as
you put upon the honor and good faith
of the government that prints 1t, no
more, no less, and that honor and good
faith are finally measured by actual re-
demption in coin and by nothing else.
This United States printed tie conti-
mental currency and paid that conti-
mental currency out as the price Of this
nations liberty. We did not redeem it,
worth absolutely nothing. 1t is the epi-
taph of national dishonor.
The French monarchy printed the
John Law currency in 1870. 1t broke
its promise, and if any of that currency
is today in existence it is only the
badge Of French profigacy and financial
falsehood. 1t is only valued as curios-
ity or as pulp
The French printed the assignats and
the mandats The French republic never
fulfilled its promise, and that paper cur
rency is only a badge of French repub-
lican falsehood and is of no value ex-
cept as curiosity or as pulp.
The Southern Confederacy printed
millions of paper money redeemable 8
, and 10 months after the acknowledge
ment Of the independence Of the Con.
federate states. That acknowledgment
has never been made. 1t does not now
seem likely to occur, ,,and the Confeder.
ate currency is only memory of brave
effort in an unfortunate and misguided
cause and has no value except as curl
osity or pulp.
We have afloat $40, 900, 900 of green
back legal tender notes We have also
about 1873, 900, 600 of treasury legal
tender notes issued that we might give
silver some artificial value. We bought
great quantities of silver. We did for
silver all that the most generous friends
Of silver ought to have done aud more
than wise men should have done. We
spent our money. The nation did not
succeed III tne speCuldllOH WHat Dusl-
ness men could not do the nation neither
did do nor could do We thus have afioat
nearly 475, 600, 900 of legal tender pa
per. OF this amount nearly 800, 900, 900
was issued-to put down rebellion and
save the nation. More than 1875, 600, 600
was issued to put down gold and save
silver. We did put down the rebellion;
we did save the nation. These were
within the possibilities of human faith
and patriotic courage. We did not put
down gold; we could not. The civilized
world was against us. We did not save
silver; we could not. The civilized
world was against us.
My countrymen, let us brush away
all theories and all fancies. Let US look
facts squarely in the face. Let us re-
member that there are some things
| which government can do and some
things which government eSnnot do.
| Government cannot create life. Govern
ment can decree death. Government
cannot make two and two five. The re-
| suit of adding two and two is four for
ever. Neither the czar of all the Russias