The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-03
Sterling Morton's Speech.

NEBRASKA CITY. Neb.. Aug. 1.-Hon.
j. Sterling Morton delivered a nonpartisan
address on finance tonight IN the presence
of a large audience. He drew comparisons
I between the money of the country when
he came TO Nebraska. in pioneer days. and
now. He said then ii was something SUBJ
stantial, such as cattle. horses, hogs, and
not until the present vas there an effort to
create value from something which had no
value as a commodity. After explaining
the origin of money and dwelling on the
object of substantial coin values. Mr.. Nor
ton said:
s"The sole origin. source and cause of
value Is Euman desire. When there Is a
demand for things they have value. When
the supply remains stationary and the de-
mand increases the value increases; when
the demand ceases altogether the value is
altogether gone.
This shows clearly that the currency of
a people should be readily e-Xchangeable
for those things which that people desire
and demand. The currency itself must be
desirable. and must be demanded by those
who have things to sell. The farmer who
sells cattle, swine and cereals for money
finds that his customer demands the best
possible quality. of each of these things.
The buyer of the farmers products is a
seller of money. The seller of these same
products is a buyer OF money. The pur-
chaser demands the highest known quality
in the things that he buys Of the farmer,
and enlightened self-interest must compel
the farmer to demand the highest and
most unfuctuating and general purchasing
power in the money which he buys. Never
before in the history of civilization has
any number of people protested against
being paid more than a certain sum for
commodities which they have to sell. But
to-day there are many farmers and labor
ers who declare themselves in favor of a
system of coinage which shall pay them
only sixteen ounces of silver in lieu OF one
ounce OF gold. Vehemertly these people
are declaring everywhere that they will be
absolutely ruined If they be paid in more
than sixteen ounces of silver instead of one
ounce of gold. The commercial ratio OF
these two metals to-day is about thirty
4D-A 90 ono. sLA@ T. t&Ae-
silver Will buy one ounce OF gold bullion.
The reason for declaring In favor of a
mint value for silver which is twice its
bullion value is inexplicable upon the part
of those who have no silver bullion 10 coin.
The advocates of this system Of coming
silver at double its commercial value and
gold at an equality with its commercial
value declare themselves to be bimetal-
lists and assert that they are in favor of
two units of value, and while two units
OF value are to my mind u~nthinkable. they
in their statements show that they them
selves have only one unit of value and that
IL the gold unit.
whoever says: i am in favor Of the
free and unlimited coinage of silver at Ii
TO L. declares himself "A gold monometal-
list. The sixteen OF silver he proposes to
measure by one ounce of gold. But We
are told that there was a great crime com
mitted In 1873 In the secret demonetizaton
of silver. There was no secret demonetiza
] ton Of silver. The bill which left the sill.