Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-07-29


they knew the people of the United
States were not thinking OF the money
question. They were just getting over
the great war, and it IS but the truth TO
say, that at that time there was scarce
ly a single educated brain out Of the
population of this country on that
question. They knew it on the other
side. They saw their opportunity.
They held meetings in the bank par
lors-the parlors of the Bank of Eng
land. N Frankfort, in Amsterdam.
They saw what could be done. They
first changed the law in England I'm
til 1873 the Crown had the right, at
any time, 10 restore silver to coinage.
But they set aside the act of 1860 They
took that away
BY THE SAME METHODS
that were employed TO demonetize sill
yer in the United States. They sent
their agents here 1t is true that the
proposition was several times printed
in Congressional reports, recommended
by the Comptroller Of the Currency,
Mr.. Knox, who knew no more about the
money question than an OK. At the
time when he was put In touch with the
great economists abroad he was cor
responding with every great monetary
director in Great Britain. That was
great thing for him. But here is one
fact that. Notwithstanding il was print
ed ObScurely, this fact remains: That
not single newspaper in the United
o. %
anywhere in the United States-ever
made any reference 10 the proposition
10 demOnetize silver. Even when the
act OF 1873 was passed there was not a
reference made to 1t in any OF the
dailies of the United States, except TO
refer 10 il as the mint act, which was
then taken up, amended and passed, eX
cept FOrney's Chronicle in Washing
ton. which stated that this act was
passed without saying what it was, eX-
cept that t was to aid resumption. De-
mOnetizing one of the metals necessary
to resumption was done TO aid resump-
ton, l go further, and declare that, in
my State across the river, there was
not one single citizen out of its entire
pOpulation-not one, in Congress or
out. save the Chairman of the Finance
Committee of the Senate-whO knew or
suspected that there was any such a
purpose-any such a thing contemplate
ed in this country-as the demonetiza-
ton of one money metal in order that
the other might
BE DOUBLED IN VALUE.
(Applause) Did it double in value?
In order that there may be no misun-
Outstanding, right here let me say this:
Tha, had the purpose of some of those
who devised this Satanic measure OF
plumber, by which they intended to
p,under the world-they saw the
United States here a rich country. with
vast debts. would submit 10 double
these debts. as We did-had their
scheme. as some of them contemplated
It. been carried out. and all the silver
coins of Europe and the United States
been demOneJized. as in fact they were
in the United States-had they carried
It so far as to demonetize all the coins,
then IN circulation in Europe and in the
United States-the effect would have
been TO have doubled at once the value
of money and reduced prices Of all
commodities one-half But they hard
" dared 10 undertake that They
could not carry it out in Europe. at any
rate. and so they only shut off the mon
ey supply from the silver mines. They
could not demOnetiZe the coins N eXis-
tence. except the few IN the United
States-which they did do. but which
were remonetized by the act of 1873.
They therefore said: IF We shut off
the supply Of money, excep, from the
gold mines. the end VIII be that in the
course of a few years, we will have the
same increase in the value OF the mon
ey and standard and
THE SAME DIMINUTION
in the prices of all the products of the
people. tina. We would have if We could
Just cut the money in two right at
once" (Applause) That is exactly
what has been done, and had We not,
IN this country, by the Bland act, and
subsequently by the Sherman act, re-
stored in part s:lver-that is, admitted
10 coinage a certain par, Of the silver
produced annually-why, the reduction
in prices would have been much more
rapid than they have been. But since
the money supply has been shut off en-
tirely. except from the gold stream,
why. what has been the consequence
Prices have steadily and continually
declined. Money gold-has cOntinu-
ally increased in value from year TO
year. until a dollar now buys twice as
much as Il would twenty years ago; or,
in other words. you must give twice as
much for a dollar. Now, all of you
know that a change has taken place.
Nobody questions that, does he? There
is the bare fact, that on the basis OF
commodities you must give twice as
much for dollar now as was required
twenty years ago. Now, what is it
that has brought this about? Has il
come of itself. without law, from no
cause2 Impossible! But there has
been a change, you see. brought about
by legislation. between money and
commodities. in their relation. We
shut off the money supply. Who can
doubt for a moment, now, that had the
money supply kept pace with popula-
ti0n and wealth. so that in proportion
10 the products of the world the money
suDply had borne the same relation, or
would bear the same relation now that
Il did twenty years aegean anybody
suppose there would have been a fall in
prices? Impossible,
WHAT Is PRICE?
Price is determined between money OF
the one side and things bought and solo
and debts 10 be paid on the other. Con
seouently. if you come down to the mon
ey supply, that represents the volume o
mnnex at once. the debts and thing.