The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-27
aErALLy GREAT SPEECH.

selves 10 bnger with the speeches. Oh ,hoSe
80. od,ocate the free coinage OF silver
We undertake TO say That there ~ 'noi'
vspid stupidity In the CongresSiollai hec-
ord FOR the past twenty years en'ai'a''"S
from orators Of this persuasion 'na'
I'm ali other publications OF All Minus
whatsoever OF equal extent IN the world
1t is hardly possible to conceive u ."
absurd proposiuon In poiiicai eco"0"
that these speakers have not au'a"0'"
and endeayor to maintain
But whilst the reader OF the So"sies
sionai Record meets with vast ath""'''
OF this sort of stuff, he occasionally Hiee's
with a speech which pays nm ior an
the sacrifices he has made IN "doi's
through the oceans OF slush that hdNo
been laid before him. OF such d charaC-
ter is the speech Of Mr.. Jonathan T. boi-
liver. of Iowa, In last Fridays Record
made while the House Of Representatives
had under consideration the Senate $ nee
coinage substitute for the House tarlh
bill. This is IA real discussion oil Inc ma
ture OF money, and of the qualities whlch
enable il 10 perform its functions amongst
men, and we should rejoice TO see i
read by every citizen Of the United states
1t treats the subject in a perfectly pam
and simple manner, that VIII enable the
ordinary man TO grasp its most occult
truths, and while the speech IS the work
Of a real master Of the subject, IL pre-
sents the subject in such way that
the plainest man viii think there Is no
difficulty about it at all. We consider
this the very highest tribute that can
be paid TO a speech
Mr.. Deliver has treated the very pOpu-
lar error that it is the legal-tender quail
ity in money which is necessary to its
value, and ne has done SO in most
satisfactory manner. We quote one pas
sage from him upon this point, as FOL
lows:
The most OF our troubles in connection
win what may be called. without OIL
fence. popular heresics Oh the money
question, arise out Of a failure 20 exactly
apprehcnd the nature and office OK money
A school OF opinion has grown up IN the
United states which appears TO think
aidt the only once OF money is TO pay
debts. ana / confess that / have had
such mohOtonous experience al my
NE with debts That ! have sometimes
gwen fathH ready ear 10 that view Of
.he pnOlOsophN al money But the truth
Is tndt the chief function OF money SIS
hot TO pay debts, bur 10 buy goods.
4 ne uest definition OF money i ever heard
Iouhu IN me writings OF the German
J"iia' SdNlgny. ] have treasured II In
iiS memory because you can always relv
on German student to come to "a sound
CONCLUSION upon any matter TO which ne
may apply himself.
il - tribute TO the clearness OF Ger
man mining that the German press of
the United States is practically a uuit
III its deIence OF sound and coherent ideas
Il.
Etlther al nor comfort 10 the Popuiist
dSNdilon OF these times. For TINT rea-
son | have always fallen back i'm seasons
OF doubl ana perpleXity on the old Ger
hiah definition OF money: Money is
enc aliSemeine vcrmOgen- uni
fcrsal purchasing power"
II money were only a debt-paying pow
or, then II would be literally true that
congress could declare anything TO be
money by providing that il shollld be a
legal tender in the discharge of debts
But the American people are entitled 10
money that is not only good TO nav
with' but good TO buy with
There is the whole philosophy OF this
entire business. II the world were about
coming to and end-if we were notified
TO wind up our affairs preparatory TO a
complete dissolution and the return OF
chaos, then money that would pay debt
would be all that was needed But that
IS not the case. No fatal notice of this
sort has been Yet served upon the world.
and, instead Of making preparations for
a final catastrophe, We are all struggling
along with all our might and main en-
oeaVorlng to improve our condition and
add 10 our stores. In order to do this. il
Is absolutely indispensable that we shall
have a money which all persons are Will
ing and eager 10 exchange their goods
for. But if that money be one whose
only advantage is that you can force it
on fellow 10 whom you owe debt,
who Is unwilling to receive it in payment
OF the debt, 1t becomes of very little
use for accumulating more stores in the
future. Mr.. DOlliver is right, therefore
The great thing for money is that il
shall be something that Will buy goods.
If It Will do that, we need give ourselves
no concern about its ability 10 pay debts.
Money that will pay debts may not pu.-
chase goods. But any money that will
purchase goods viii always be taken in
payment OF debts
Having spoken in such unqualified terms
OF praise of Mr.. Delivers speech. q
srieves us TO havo 10 admit that he is
a Republican, and shows IN this same
speech that lac is just as ben.ghted in
respect 10 protection as the free cOinela
whom NE exposes so successfully are in
respect to money. But the following dia-
logue that took place between himself
and Mr.. Terry, of Arkansas, indicates.
We think, what is going TO be the posi-
ton Of the Republican party in respect
to silver. We quote.
Mr.. Terry: VIII the gentleman allow
me 10 ask him a question?
MI DOlliYer. With I.easure.
Mr.. Terry: Are YOU in favor OF the
| coinage Of silver dollars at all?
Mr.. Deliver: / stand with a political
party that in eighteen years has miateu
5Uu,QVOOW silver dollars, seVeuty-nve times
as many as the mint produced from
us foundation up 10 1913, and has kept
every one OF them IN circulation, By IL
self or by its paper representative, ana
mas maintained every one of them euuiYa-
lent IN value 10 the dollar Of gold loud
applause on the Republican side)
Mr.. Terry: mat IS all very fine. but
answer the question. Are you In favor OF
the coinage OF silver dollars; and If so, at
what ratio?
Mr.. Dolliver. I am in favor OF The
coinage Of the SILVER dollar under such
provisions and with such limitations and
conditions as will produce coin agree
ing in value with existing standards,
and i would have the United States Join
with the commercial nations In such an
adjustment of the ratio, under inter
national agreements as will enable the
entire commercial world without loss TO
any nation 10 return TO the unlimited
coinage OF silver.