The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-07-02
GROSVENOR'S SPEECH.
FOretells Terrible Times If Sill
yer lis Coined Free.
Makes an Exhaustive Argument
From the Gold Standpoint.
The Tariff Question Also Taken Up
and the Customary Ground
Taken.

General Charles H. Grosvenor Of
Ohio, who came west to talk poll
tics to Kansas people, lectured at
Hamilton hall last night under the au-
spices of the Kansas Republican
league.
Contrary to his own expressed ideas
about the issue this year in Repub-
hcan politics. he placed finance first
and the tariff next.
In discussing the financial question
General GrosvenOr said:
What is this question, and who
makes it? Tt is a question of the
volume of the currency2 It is said by
some that free and unlimited coinage
of silver would enlarge the volume. OF
the currency, make money more plen-
tiful and times easier. There are sew
eral answers to this proposition Ine
first answer is based upon Iact IN
financial history that no intelligent,
fair-minded man will deny. It is the
law Of finance, about which there can
be no controversy, that there can be
no two qualities of money, one better
than the other, one more valuable in
the worlds markets than the other,
circulate at parity at the same time
in the same country
There are some things in finance
about which theories fail. Theories
do not always meet and become Veri-
fed by results, but here is a PROPOSE
ton that no man can deny. Going
back to the beginning of the war we
had gold and silver and state bank
currency.
THE first payment of troops was
made in gold and silver, but within
four months of the beginning of the
war and as soon as it became known
that the government must issue pa
per money, redeemable or 1rredeern-
able, as the future might result, the
promises of the government We're at q
discount and coin money vanished. No
man knows where it went to, but it
disappeared; it ceased to be a part of
the currency. 1t was a law of finance;
it was an immutable law; it was
law that cannot be affected by legiS-
lation; it was q law as inevitable as
the law of gravitatiOn.
There were two kinds of money: one
was at a par in the worlds markets
and the other was at q discount even
in its own country. The one DONNA
ted and became exclusive currency;
the other disappeared and was hoard
ed-sunk out of sight. Never again
until 1879. when, through the wisdom
and patriotism of the Republican par
ty, specie redemption was affected, did
gold and silver circulate in this coun-
try
ent conditions We have six hundred
millions of gold and gold certificates in
the currency of the country today. It
IS q great, important ana Indispensable
integral part of our currency. With it
money is plenty Bllt-O one civilized
country on earth has as much curren-
cy per capita as has the United States,
including this gold money. Adopt free
and unlimited coinage of silver, and
silver VIII be 1ntrinsically in the mar
kets of the world worth but a trife
over fifty cents on the dollar, and this
law viii Immediately operate and six
hundred millions of the currency of
the country viii pass into retirement
and the volume of currency of the
country will be contracted to that ex-
tent-a contraction that will ruin
business. destroy public confidence
bankrupt enterprise. prairie fire
sweeping over these beautiful west
ern plains and farms and homes
would be a blessing in comparison
with a condition like that"
The whole financial question was
discussed thoroughly and General
Grosvenor was satisfied with the re
suit.
The same tariff arguments were
used that have been heard in every
campaign for twenty-five years