The herald., 1896-09-09

standards of weight or length. In our
modern civilization the function of
J money, as a measure of value. is even
more important than its function as a
medium Of exchange. Our exchanges
| aggregate sixty thousand millions a
| year, but our money in circulation is
only fifteen Numbered millions. The bulk
Of the exchanges is effected with checks
and other instruments Of credit.
But though money itself Is not ex-
changed, all measures are assuered in
the dollar unit of value, and the secur-
ity and safety of the whole volume de-
pends on the integrity of that dollar unit.
just as the safety Of every sale Of cloth
depends on the integrity of the yard unit
You can make yard stick of wood or of
ivory, but they must have the same
length. You can make dollar of gold
or silver, but they must have the same
| value. You sell cloth and measure the
quantity in yards; you pay and measure
the amount in dollars, and whether you
measure in half yards called yards or in
f1fty-cent dollars called numbered cent
dollars, the transaction is equally fraud
ulent and dishonest.
| our existing standard of value Is the
hundred cent gold dollar; free silver
coinage would make our standard the
| fifty cent dollar and that is the reason
why 1t would be crime of reputation.
| dishonor and disaster.
We must educate the people Of the
| government that the fiat cannot make
| money; the government stamps, weighs
| and certif1es, but does not create.
Money Is Of two kinds, real money and
representative money Real money has
intrinsic value equal to its face. Rep
| resentative money is promise to re-
deem In real money. The gold dollar is
real money, because 1t Is worth one hun
dred cents, whether coined or melted.
The paper dollar is representative money
because 1t Is simply a promise to re-
deem in real dollar It's dollar is not
in the stamp but in the fact that the
stamp pledges real dollar behind it.
The present silver dollar Is partly real
and partly representative.
| 1t has 81 cents worth of value and 48
cents worth of faith-faith that the gov
ernment will fulfill its pledge of keeping
1T at parity with gold. The proposed
silver dollar under free coinage would
|
could not say even with the paper dol
lar. II know that my redeemer liveth,"
for there would be no redemption and
without redemption it's value would sink
to its bullion value of 81 cents.
We want neither cheap dollars nor
| cheap men, nor cheap presidents. We
must educate the people that political
| independence is one thing and inde-
| pendence of the laws of trade and ma
| ture is another The most puerie and
| grotesque idea even of the boy orator
is his repeated and pet notion is that
| because this country declared political
independence of Europe in 1776, it ought
| to declare an independent monetary
standard in 1896. He seems to think
! that we oughtto have distinct Ameri-
| can measure of value because we have
a distinct American measure OF liberty
| We can have American geography be-
| cause our rivers and mountains and glor-
| ious fields with their rich harvest are
| our own: but we cannot have an Amer
| lean arithmetic because two and two
| do not make five in the United States
any more than in Europe. We can have
an American political economy because
political economy is partly matter of
| conditions, and our conditions are diff
ferent from those Of Europe, but we can
not have an American algebra because
algebra Is not experimental but an ex-
act science. In algebra X represents
the unknown quantity. and thus it rep
resents Bryan after the election and not
even the x rays will be able to disclose
his scattered and shadowy remains. A
distinct American measure of value!
Why not have distinct American yard
stick, different in length from the Eng
lish yardstick? This talk of an in6e.
pendent measure shows a callow and
shallow mind. We do not want CONNER
cial relations with Europe? Do we not
seek to extend our trade? Then why do
we not want common medium of ex-
change?
Above all and beyond all, we must
educate the people that national hon.
esty and Individual honesty are the best
policy. Nations and individuals cannot
close out with the world on one tram
saction and quit They must keep up the
account, and for every act of fraud they
will pay double the next time. We are
against the emigration of good gold and
the emigration of bad blood. We are
aginst the outflow of good circulation
and the inflow of bad citizenship. We
find communism, revolution and an
archy no more attractive and no less
dangerous when urged by the rhetoric
of Bryan than when enforced by the
bomb of Altgeld or the pitchfork of TILL
man. We must teach the unceasing les
son of patriotism and rectitude and
must educate the people to maintain
the national honor as sacredly as they
maintained the national life and to be
no more ready in 1896 to cut in two the
standard of value, which is the basis
and measure Of all business security.
than they were in 1861 to cut in two the
union, which is the basis and measure
of our naIonal greatness and glory.
We are met at the home of the great
patriot and statesman, the boy soldier
and the man orator and leader, who, by
an unerring choice, is fifty made the
standard bearer of this second mighty
battle for national safety and welfare.
Let us go from his presence and his
glowing words with fresh Inspiration
and renewed strength in the campaign
of education.
A CALL ON MKlNLEY
A Prehistoric Relic Talks and NJ Kinlcy Makes
Answer