Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-05-15
OUR MONEY SYSTEM.
ibis the Subject OF the Joint Discus
sion Before The Clay-Ward ActiYeS.
Bessrs. Royal and Meredith Argue
for Gold, While Congressman Bni-
Icy. Of Texas, Speaks in Behalf of
the White Metal.

Ward Actives, held at Belvidere Hai
last night, was a pronounced success
Fully 800 citizens were in attendance
and the large hall was Just comfortably
nl'ed. The discussion was spirited, deal
Ing almost entirely with the questions OF
free coinage u silver and sound money.
II was hoped that Senator Daniel would
be present to address the meeting in be-
half OF silver. but the kilograms sent him
did not reach him in time for him TO
yet here. The other speakers on the pro-
gramme were Messrs c. V. Meredith,
and William r. Royal. OF this city, repre-
sentlng the gold element and Hon. 10
soph w. Bailey. member Of Congress from
Texas. who spoke in behalf Of the free
sllverites
The fundamental principles Of the
financial policies OF the great nations Of
the earth were explained. and efforts were
made by the orators upon either side to
show what was the best financial policy
for this country TO adopt.
Mr.. Royal opened the debate with a
stirring address. the main argument Of
which was that the supremacy OF gold
Experience Of the people Of this land three
years ago, when there were grave APP
prehensiOns that The gold dollars would
be taken away from them, and they
would get back only silver dollars, worth
nctually but half as much as the gold.
He was followed in a strong free-coinage
speech by Congressman Bailey who made
splendid impression Mr.. c. v Mere
dlth, CITY Attorney, then took the floor,
ana made sound and practical reply TO
the young Texans address.
CALLED TO ORDER.
The meeting was called 10 order by Mr..
Frank r. Burke. who introduced Mr. Evan
Snead. president OF the Clay-Ward Ac-
tives, as the chairman Of the meeting
Upon the platform. in addition 10 the
speakers, were Governor O'Ferrall. Mr.
Everett Waddey, Hons. Conway r. Sands
Thomas Il. Murphy a. Maupin, Julian
Bryant. Mayor Richard NJ Taylor Mr..
Charles l.. Todd. Major James ID. Pat
ton, DR.. Jud y. Wood Colonel j. p. Fitz-
gerald, Dir. Henry l.. Carter and others
Mr.. Snead made few Introductory re-
marks, In which he urged party harmony
at al hazards. and presented Mr.. VIII
liam J.. Royal as the first speaker Of
the evening
Mr.. Royal first entered into n critical
examination Of the science of money
and what constituted money and
what function money plays in business.
His conclusion was that money, like
everything else depended for it's value
upon the labor required TO produce II,
and that as II only took half as much
labor TO dig a silver dollar out of the
ground as ii took 10 dig a gold dollar
out, the silver dollar could not be worth
more than half as much as the gold dol
That "a ell
Yer dollar was worth 80 cents and a gold
dollar 100 cents.
WHAT BUSINESS REALLY is.
Mr.. Royal next argued that the preva-
lent idea that business was sales of com
modities for money was utterly erro-
eous. Business was exchange of commo-
uities effected by exchanging the bank
credits given upon the commodities as
necurity. lie argued. therefore, that the
important thing was not, as the free
coiners contended, that there should be a
great quantity Of money. but that there
should be perfectly free and untram-
melled opportunity for every man 10 get
credit on what he had, and to assign
and transfer that credit TO anybody who
would take it. In this connection he
said what we wanted was "A money that
never varied, and State banks that touch
ed all the people whose notes should be
always redeemable on demand in the
money that never varies Then men
might raise and assign their credits as
they pleased and these credits would be
the real money Of the people The
important thing, he said. was TO have
an amazing standard of value and liber-
~ to any one TO promise TO deliver that
standard of value as he chooses. lie
next argued that free coinage would make
oil a.t To -
law. which meant the cheap money,
would always drive out the dear, because
debtors would always pay in the cheap
rather than the dear money. If man,
owing $20G7 2-l0. what one ounce makes
has an ounce of gold he will, under
free coinage, swap II for thirty-two
ounces OF silver and coin sixteen OF those
ounces into S2OG7 2-l0 pay his debt. and
have sixteen ounces over for profit
THE RATIO OF COINAGE.
Mr. Royal showed how we started at
che ratio of 10 TO l, which moderated gold
by is cents in the dollar, and drove it
out OF circulation; that in 1SS4-'G we re-
duced tho gold in the gold dollar TO make
the ratio 10 To 1, and that moderated sill
YER which all left the country. This con-
dition remained until 1873. when we 0he
United States GovernmenO provided there !
should be no more silver dollars. But we
never nal Cplltu nut Soi'pvsVlV OF lntDls
which had all left the country. We coined
s62 100000 of halves and quarters up to 1853,
but as they were fun parts Of a dollar all
of them left the country between 1887 and
1853. In 1858 we reduced the silver IN sub
sidiary coinage, so that two halves or
four quarters were worth less than gold
dollar. and our small silver remained here. |
we coined 100000 small silver between
1S5S and 1873. which was all the silver in
the country in 1873
The speaker then told how the silver |
dollar kept as valuable now as the gold |
dollar, because the government lays its |
taxes In gold, but takes silver i'm payment. |
lie next told how deprecated money falls |
always on the laboring man. Some OF his |
facts here were truly startling. He show |
ed that with deprecated money wages do 1
not RISE but prices of what the laboring |
man buys do.
WILL BUY TWO FOR ONE.
Mr. Royal referred to Mexico which /
has always had free coinage Of silver and |
gold. but the Mexican gold dollar will now |
buy two Mexican silver dollars. Wages i'm
Mexico are the same. nominaly. that they |
We're twenty-five years ago. but they are
now paid In deprecated silver. The pay
OF workingman in Mexico Is from 10 TO
Is cents a day in gold. He referred 10
discussion he recently had with Major |
Daniel. In which the Senator seemed TO
concede that cheapening OF coffee. calico,
cloth, and such articles were for the bene-
1T OF mankind. but. said the Senator. the
farmer now gets only Sc on acre for his
land. while he used 20 get So. Mr.. Royal
said he told Major Daniel that was be-
cause South America now sends 10 Liver
pool double the wheat we send there. and
gets on shiDboard 81 cents a
bushel which pays her farmers 80 per
cent. on their capital. That was bad for
the farmer. Il was true. but the Richmond |