The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-02-15

Herbert was also present.
Ex-SDeaker Crisp presented the clos
ing argument for the silver men, and
was replied to by Turner, a Democratic
colleague from Georgia, in two hours
speech. The personal rivalry between
the two leaders Of the opposing fac
tions Of the Democratic side added 10
the interest of the occasion. Mr.
Dalzell, Of Pennsylvania, closed in be-
half OF the Republicans.
Mr. Crisp opened his argument prop
on with the familiar words: In 1873
Congress dcmonetized silver" At the
very threshold of the subject he said
this was denied and it was also denied
that up to 1873 we had bimetallIsm in
this country. He quoted Baron Roths-
child's statement that prices were regu-
lated by the aggregate amount Of the
circulation, gold and silver. Prices
were fixed by the amount of primary
money i'm the world. III the standard
in England was gold, iu France silver,
and in China silver, the measure of
values would be the combined amount
| of both gold and silver circulating as
| money. Money was the thing for
which all contended, and the sum of
the demand for money was equal to the
demand for oil things else on earth,
1t a metal were made money by law q
demand for that metal would be
created among all the people, and its
value would necessarily increase with
the increased demand
The fall Of prices, Mr. Crisp asserted
was largely due, he would not say
wholly, to the demonetization of silver.
1t was not the fall of prices that was
complained Of, but the constant and
steady fall Of prices due TO the con
stant appreciation Of gold. He read
from Mr.. Balfour's speech of the 11th
instant, in the English Parliament, at
tributing the decline of agriculture in
gold countries to the appreciation Of
gold, and the artificial advantage it
gave 10 silver countries.
Mr.. Balfour had also declared that
the obstacles to reform came not from
abroad but were put forward at home
Continuing, Mr. Crisp affirmed the ex-
istence OF q we'll defined purpose by
those in authority. both here and
abroad, to depress the price of silver in
order to prevent its demonstration
He cited Secretary Carlisle's refusal
to give silver for gold in 1898 because
the silver was needed for the redemp-
tion Of the Treasury notes" and his
course a few months afterwards in re-
deeming those notes i'm gold what
kind Of juggling is that?" he asked.
What sort Of friendly treatment Of
silver is that?" (Applause)
lie then directed his attention I'd tho
manner hi which the parity between
fha metals had been maintained. EE-
cry obligation Of the government
bonds. greeDl5anks and treasury notes
was payable in coin Il that was not
trae. and they were gold obligations
Why did not those who believed that
have the courage 10 say so and save
the taN ridden people millions in inter-
est
IN February. 1898. Congress could
have saved the people SlG,000,G00 i'm in-
ferest by authorizing gold bonds Con
gress refused" said Mr. Crisp "We
paid sixteen million for the prisilege Of
paying in silver and now You attempt
to deny our right to do So" (Ap-
plause)
Mr.. Speaker" said he, continuing,
~ few days ago, our condition was
pitiabie. The greatest nation in in
telIigencc, and trade had just APP
plauded to the echo the Presidents
message asserting the American man
hood and warning European powers
that they would not Dc permitted to
secure Judgement on the American con
tiutnf The regerberati0na Of that ap~
ptanse had hardly ceased before the
administration. with shaking knees
was hysterically calling on Congress
for help II was feared that Great
Britain would take all our gold. We
were absolutely helpless in the face Of
the enemy Yet You now want that
condition perpetuated. (Applause.1
Criticisiug the bond bill he declared
that It's purpose was to iInpound the
greeubarka and DO indirectly what the
majority dare not do directly. II was
Il plan Id retire all the grecubacks by
holding them ia the Treasury at the
cost Of outstanding ihterest-bearing
bonds. q plan which Mr. Carlisle had
characterized. as the most remarkable
experiment suggested in modern
times
Ia conclusion Mr. Crisp declared that
if the United States would bnt assert
the political and financial indepen-
dencc Of the United States, prosperity
would rettIrn and continue the perpet-
| ual heritage Of our people.
Nh. Crisp spoke an hour and half
and was literally applauded when he
sat down.
Mr.. Turner (Dcln. Ca was then, at
the request Of Mr.. Dingley, recognized
| for an hour. lie expounded exhaus-
/ lively with copious illustrations from
our history. Gresham's well-known
law, that whenever an attempt was
made to circulate currently two metals
of different values, the cheaper metal
would always drive the dearer out Of
circulation. He then addressed him
self to the question whether the United
States, independently, could restore
| the parity of silver and gold.
He would, he said, use every test
known to human tribunal lie would
/ summon Mexico and China, where silver
/ was coined and was worth its CONNER
/ cial value. He would summon Japan,
that noble STRIPPING Of the East Just
| feeling her strength and just about TO
abandon the exploded theories Of silver