The times. (Owosso, Mich.) 1882-1897, 1896-10-09
A GREAT SPEECH.
Judge Aldredge, at Atlanta, Be-
fore Convention of Amer
lean Bankers.

Wit and Humor, With Sound Logic. Kept
the Convention In an Uproar-Case Stated
So Plainly That All Can Understand 1t.
Five Principal Free Coinage Arguments
Answered In Turn-Chinch Bugs and
Bollworms Versus 10 to 1 Cranks-What
Makes Interest Low?-Important Prices
That Have Risen Since 1878.
Perhaps the sound money speech in greatest
demand in all parts Of the country, and the de-
mand for which is most constantly growing, is
that Of Judge George N. Aldredge of Dallas.
Tex, delivered Oct. 10, 1885, at the convention
Of the American Bankers association ut At
lanta Ga. We are certain that all Of our read
ers will relish the wit and humor which upset
the dignity of the bankers. They will also find
It very instructive reading. We reprint 1t In
full below:
The proposition that this government should
coin silver for the world. in unlimited amount,
at double its market value, is SO repugnant to
the common sense of mankind that 1t ought to
be unnecessary to discuss it, and would be but
for tho fact that a portion OF our people have
been misled by appeals to their prejudice and
by the specious reasoning OF sophists IL our
government were asked to declare that two
quarts equaled gallon or to revise the multi
plication table and enact that 10 times 10
eoualed 200, all men would see the folly but
when asked to believe that $40 worth of silver,
by being touched by the government stamp.
instantly becomes worth $50. many people
honestly believe this miracle may be accom-
plished, and many others affect to believe 1t
for practical purposes.
In all ages of the world there have been de-
lusions in reference to money, and In spite Of
uniform disastrous results many are ever
ready to listen to the teachings Of any charla-
tan who claims that he has discovered a short
er route to wealth. They refuse to apply to
money that hard common sense which they
exercise in dealing with the everyday affairs
Of life. The ignorant have always had super
stition about silver. Among the negroes of the
south nothing would kill witch but silver
bullet.
That our ancestors 100 years ago fixed unit
of value in gold or silver and fixed ratio be-
tween them is immaterial to US. Their exam
pie in SO doing Is not more binding ON us than
their methods of business, their means of
transportation, or the implements with which
they sowed and reaped. 1t would be sad
commentary upon our intelligence IL we had
learned nothing in 100 years. We do know
that In fixing a ratio they attributed no magic
to the government stamp, but sought diligent-
ly 10 ascertain bno Vdiue VI bHc TWO
metals in the leading nations Of the world and
oonformed. as they thought. strictly to this
market ratio. BY pursuing the method adopt
cd by them we would now fix the ratio ut
about 90 to 1. The consistent man Is not the
one who stands in one place always, regardless
of the changing conditions around him, but it
Is he who, with intelligence and circumspec.
ton, adapts himself to the changed condition
Of affairs.
Gold Versus Silver Standard Countries.
For nearly 20 years every enlightened nation
In the world has been on gold standard basis.
They are all representative governments, and
their laws are made by their people and for
their people. The government which first es-
tablished the gold standard is more obedient
to the will of its people than ours Is. When an
important administration measure IL defeated
by the representatives of the English people.
the government is Immediately placed in the
hands Of the opposition The geld standard
nations are those that have reclaimed the
world from barbarism and have given it all its
learning and invention, where schools and
churches abound, where the dignity of man is
maintained and labor properly rewarded, and
they control the commerce of the world.
These nations, after testing gold and silver
for hundreds OF years, voluntarily adopted the
gold standard. No nation today has the silver
standard from choice. 1t is only because they
are weak and helpless to remedy the evil that
any or pnem remain on u Silver OASIS. BuC To-
day the United States, the foremost nation in
all the earth in solvency and resources, in in
telligence and energy, Is seriously invited to
abandon the standard of civilization and COM
merce and to consort with half civilized. half
clad people. who are weak and ignorant, who
have little or no commerce, where bull fights
abound and schools do not where human labor
Is in sharp competition with the meek and
lowly jackass, where q breechclout is preferred
to q full suit and where the bulk of the people
know no more about standard OF value than
a mule about the nebular hypothesis Surely
we would do well to take look at tho com
pany before we sit down to the feast.
Free Coinage Arguments.
The invitation is that this country, after
having adjusted its enormous business for 20
years to a gold standard, shall suddenly read
Just all business and all values to what is
termed double standard of gold and silver.
The arguments advanced in behalf Of such
change are:
First.-A double standard resting upon gold
and silver would give more correct measure
of value and one less liable to fluctuation than
a single gold standard.
Second.-Gold has appreciated in value and
all property measured by 1t has declined in
value.
Third.-The supply Of gold is inadequate to
make IL a safe standard, and the scarcity of IL
will tend to the depression Of prices.
FOurth.-Tho Tree, unlimited coinage OF Sill
yer at the ratio of 10 to will create unlimited
demand for silver and restore it to par
Fifth.-Froe and unlimited coinage Of silver
at 10 to 1 will increase the prices of property.
Mythical "Double Standard"
With reference to the first propositions: A
standard of value is some exact measure which
enters into and becomes q part Of every con-
tract, and to which all obligations are refer.
able. II our government could, by legal enact
ment, Ak the value of gold and silver in the
markets of the world and could keep them adj
justed TO fixed ratio, n double standard
would be practicable. But it cannot fix or
maintain value. The buyers of the world, the
merchants. do that. When Abraham purchased
his lot in Ephron's cemetery, he weighed out
to Ephron silver "current money with the
merchant" And the merchants OF the world
have been saying what shall be "current
money" from that day to this.
Governments are as powerless to suspend the
law Of value Az they arc to suspend the law OF
gravitation. Such being the case, ! can con-
ceive of two standards, one of gold and the
other Of silver, and contracts might be made
referable to either standard, but the indeter-
inmate double standard, resting on two met
ais not linked together by any binding obli-
CATION, but both acting under go as you please
rules, Is to me absolutely incomprehensible.
We cannot bind them together we do two
metals in the pendulum of a clock or In the
handspring of q watch. No people ever did