The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-09-23

/ it was such men as Mr.. Simpson and
such argument which wrought the
prejudice and discomfort that fouryears
ago voted down the policy which had
given work to the laboring man pros
perlIy to every industry and enabled
every man to get more gold for the
products of his labor in 1892 than he
could at any previous time in the his
tory OF the country. Simpson admits
Uhat there are different kinds of money
some better than others. am for both
gold ana silver-bOth in circulation, one
as good as the other and in volume
ample for the business of the country
Inc amount of money in circulation
regulates prices only when other 4bipe-e
are equal, and, as Mill says, when the
matter OF credit is not taken into ac-
count Credit constitutes 95 per cent
or the business of the country The
money or the country a the time OF
the alleged crime of '73 was onlv s18 "a
per capita In 1892 it was S24 40 per
capita There was more money, but
prices Of many things had decreased
ret the Republican party wants as
much money as is necessary, and one
dollar as good as any other. By the
act OF 1873 not dollar was demonetized
or lost to the circulation 1t sinDIv
closed the mints to a coin which had
not been generally coined for a num-
per OF years. Under free coinage the
government would be under no oblf-
cations to keep silver at par The
DEBT paying power never has and never
can keep it there. Since 1879 every
dollar in this country has been as good
as any other-gOld, silver or paper-and
the Republican party is the only one
which pledges itself to maintain this
condition, and will do it, as it has
done" (Great cheering)
Mr Long then read the bill introduced
by simpson in congress to demOnetize
both gold and silver. Simpson says it
was introduced by request, but Mr.
Long produced the record of debate. in
which Simpson said the bill was right.
Have the P0DIllfSf RTY-
simpson" queried the speaker, @'aban-
dOned It's position on the money ques-
ton, like it did when it stole another
party'S candidate for president and
traded off its own nominee for vice
president for state spOils?''( Great ap-
plause)
The speaker then submitted to Mr.
simpson the following questions in
writing, asking that he answer them in
his closing speech:
'First-WOuld the opening the mints
of the United States alone to the free
and unlimited coinage of silver and
gold, at the ratio of Is to l. raise the
price of silver bullion to 81. .29 per ounce
measured by gold, and maintain it at
'Second-Hasthe free coinage of gold
and silver in the United States, or any
other country, at a fixed ratio, ever
maintained the equality of the coinage
and commercial ratios of the two met
ais? If so, when and where?
"Third-Is there a country in the
world today that has the free and un-
limited coinage Of gold and silver that
has gold in circulation; and is there
a gold standard country today that
does not use silver as money along with
gold?
''Fourth-Are you still in favor of the
demOnetizatiOn of both gold and silver
and the issue of legal tender paper
money instead?
''Fifth-How did it happen that the
free and unlimited coinage of gold and
silver in this country a
much coin money, both gold and silver,
per capita, as we now have of silver
coin per capita?
''Sixth-DO you still believe in abso-
lutte free trade2"
Mr.. Long continued:
Bryan says free coinage will raise
silver to S1-29 an ounce in gold If
POpulists believed this they would
abandon Bryan, for they want a depre-
ciated currency Silver and gold have
never circulated together at a fixed
ratio under free coinage. This is proven
in the history of this and all other
countries. Under free coinage we have
had silver money or gold only, but never
both at the same time. The only way
to keep both has been to coin one free,
the other to be coined by the govern
ment. The only time we have had
both gold and silver in circulation has
been since 1879, the result of Repub-
lican legislation, guided by expert
ence."
Mr. Simpsons statement that the
production of gold and silver had been
for 1O3 years at a ratio of I to 16 was
shown to be false. It had varied and
most of the time had been at least 1 to
80 Simpson and Bryan said the price
of silver was forced down by the action
of all civilized nations. How, then,
could one force it all the way back? If
it did not go to S1.29 an ounce and stay
there. $500, ,OOO, 900 in gold would be
withdrawn from circulation under
Gresham's lava terrible contraction,
meaning business panic, depreciation of
wages and decrease of prices of farm
products
In response to a question, Simpson
said he was for absolute free trade. AL
though some of his adherents cheered,
most of the crowd was silent.
I'VE had a sample of that" said
Long, "and we say: No more, thank
you We would gladly go back. not
to 1873 but just back of the crime of
1892 (Great applause.) Let US return
to the policy which brings prosperity,
which paid nearly all our national debt;
not to an experiment with the exploded
theory of free silver. The soldiers,
pension should be paid in as good
money as the bondholders' bond. The
which protected American labor This
stoDDed when Cleveland and Simpson
were elected in 1892. (Cheers.) People
are tired of experiments proposed from
wear to year by our opponents, and are
preparing to return to the policy OF
WASHINGTON Lincoln and Mckinley
(Great cheering.)
COAr on UTC FATHER