The times. [volume] (Richmond, Va.) 1890-1903, 1896-05-15

ga tbat inc speaker was uhauic 10 pio-
coed for several minutes.
CONGRESSMAN BAILEY.
Mr. Royal was followed ly Hon. JOS
eph w. Bailey. representative Of Texas
i'm the House OF Representatives, who
spoke $50 behalf OF thc white metal. lie
said that Dc did not blame Mr. Royal
for believing in the gold basis. because he
had pfclicatcd am his assertions 10y aver
ring that an value depended upon the
cost Of production. This theory Doe said.
had been utterly rejected. In regard TO
the cost Of producing gold and silver. he
said that tho man dij not i've nor had
never lived, who could say what that cost
was.
Like the majority OF the free-silvor
speakers. Mr.. Bailey was blessed with
smooth pleasing address and remarkably
long wind. His speech aid not 90 deep
into the questions connected with the crr-
rcncy Of the country He preferred 90
deal largely in rlittorne goneralitics.
lie took the Illustrations advanced by
Mr.. Rovall in support Of hia position.
and held them Up before the audience I'm
q light not intended by the previous
speaker being aifted with tho faculty of
pcrvorting the meaning Of things.
SHERMAN SILVER LAW.
Mr.. Bailey spoke OF the extraordinary
session OF Congress called in 1898 by the
President to repeal the sherman silver
law The gold men, he said. had con-
tended that II this law was repealed good
times would follow. on the contrary.
said Mr. Bailey, the hardest times this
country has ever known followed upon
the heels of the repeal of this law.
Taking up the assertion of Mr.. Royal
that twenty years ago the Mexican dol
lar was worth as much as one OF ours,
ana now was worth only half as much.
he claimed that twenty years ago gold
ana silver were together; now they had
parted and the question WIS whether
silver had gone down or gold had gone
up: "l can take a. McXicaL dollar. now.
he said 'ln any market ia the world. and
huy as much with % ass ! c9ulu have
done twenty years ago.
a BILLION lN TAXES.
Mr. Bailey said that the people Of the
United States were paying taxes amount
ing TO more than billion dollars every
year. and that If no other good We're
accomplished by the frCc-sihor men. than
Kidding the people of half of that debt
it would Dee worth the best efforts of The
Democratic party.
Mr. Baiiey's speech for the great part.
was given up TO an attempt TO prove
that while Che necessities of life had
steadily gone down during the past yeaZ
the value OF money had steadily ncrraa-
ed. As an illustration he assumed that
TWO men had $4,000 apiece twenty years
ago. one invested his money in mcrchan-
disc; the other loaned ont his $1,000. At
the end Of twenty years. Is debt OF $40
coo was due by each. The one who had
loaned ont his money paid HIS debt ana
had $1,000 left. which was worth as much
IN purchasing power as $4,000 was twen-
~ years ago.
The merchant. on the other hand had
to give up cvcy bic OF his property.
worth $4,000 twenty years ago, 10 satisfy
debt of half that sum.
Mr.. Bailey spoke contemptuously Of
the idlcrs who did nothing hut clip cou-
pons. he said he had great respect
Tor the man who had earned The right
to sit down. but had no respect for those
who inherited their fortunes and locked
them up in corporations % keep them.
Mr.. bAlLEYS PROPOSITION.
Addressing MIR. Royal. SIR. Bailey saii
that he wished 20 make him PROPOSE
tton. but as a preliminary Doe inquired
whether ne did not consider a good
definition OF an honest dollar. "a dol
lar OF unchangng value"
Pretty honest, | should say" replied
Nh Royal.
Now. ] will make YOU proposition" ."
Paid the frccsilyeritc. "I viii admit
chat / am wrong in toto if cannot
nrove that he purcbasirc mower or the
gold dollar has vastly increased during
the past twenty wears. If do prove
n YOU are to admit that Won aro wrong
do won aorocg,,
81 yyfll refer rou to Nrr Meredith who
follows Won" rcplfcd Mr. Royau
Mr.. Bailey said be preferred 10 deal
with Mr. RovaH who was N gentleman
of tnteuioouoo AMI ba Mas. e.tilG.l 10 ,o
proyo8 him v.rou- hn ,cori5 co,,.inrs
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VISITORS Ietr'h from the nan before AIR.
Mereglth nrsan'