The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-09-08
sided and introduced the speakers. !
Woodside said, in part, as follows:

an unexpected combination of all the
discordant elements in this great coun-
try thrust suddenly into prominence
new man and new party. The very
prominence to the combination that was
not dreamed of four months ago, and
with the enthusiasm usual to.adventuFerE
they are advocating their ability through
free silver to legislate this country into
everlasting prosperity. There seems to
be general impression abroad that II
we could only devise some means by
which we could produce more money
that every one would get small portion
of 1T. They complain that times are hard
and no one can get any money. The
wholesaler complains because he can get
no money from his customers. His Gus
toners, the retailers, have to sell on
credit because their customers have no
money and SO on. There seems to be a
have good security you can go to the
bank and get as much money as you ever
could. Where is the discrepancy 1t Is
right here. The trouble Is at the bottom.
The laboring classes, masses of the peo-
pie are not prosperous, thousands of them
are out of work, thousands more are
working on half time. They are either
they can buy little and in many cases
have to buy on credit. If they were
working, creating something Of value
they could buy in abundance aud day
cash. There wouldn't be any trouble
about money. If labor was we'll employed,
if the mills were all In operation you
wouldn't hear anything about money
troubles. 1t is!only when there is period
of depression that people begin to think
there is something the matter with our
monetary system. If the United States
should coin 100 millions of gold tomor-
row how would that effect business in
Scarborop That 1000 millions of gold
would go to the men who owned the
gold before it was coined and they would
give it to you. They would either keep
it or loan it out on good security. But
II you have good security you can get
money now. Yet that doesn't benefit
the laboring man, or the trader.
When new oountrya is opened up it
requires money from outside to develop
1t: We are new country and have
hired vast sums of money from Euro
pean capitalists with which to develop
our magnifcentr esources. This has
been done to SO great an extent that 1T
is estimated that we have to pay Europe
! about two hundred millions of dollars
annually as interest money. Now we
caa't pay that in gold for we produce
only one fourth that amount annually.
What we must do Is to export two hun
dred millions OF dollars worth of pro-
duce more than we import. That is, pro-
rect American Industries SO they can
compete with and keep out foreign goods.
We export enough. What we must do
| is pay our interest in produce then we
can keep our gold at home to uae as
money but II in addition to paying in
terest we have to pay Europe for our
| manufactured goods while. our mills
stand idle there is no wonder that we
hear of large gold shipments and there is
| no wonder that we hear of universal
stagnation and distress.
Mr.. Moody devoted himself very care
fully to the history Of the silver question
showing up in very clear manner the
falsity of the claim that silver was
demonetized in stealthy manner. He
showed the result Of past experience
with gold and silver as money, proving
that the cheaper M etal will always drive
out the dearer metal. He showed thai
instead of misusing silver we had used
it far better than it deserved. Referring
to the present good standing of our silve
dollar, be said: "Ths reason our pres
emit silver dollar passes current thu
4 world over is not because Of what Is ii
it or what is on it, but what is behind it
What is in it is simply So cents wortl
Of bullion; what is Oh it is simply thu
| stamp which is equivalent to saying
that IT'D contains 81 IA grains of pur'
silver, but what is behind it is thu
wealth and credit and pledged faith o
the United States of America. Unde
free coinage there would be nothing II
sustain this value of the dollar and i
would sink to it's bullion value in tn
markets of the world
He showed that whenever metal wa
worth more as bullion than as money
10 would be melted down and ifor thi
reason that gold would disappear from
circulation. he illustrated this poin
as follows: eff tub butter was wort
more per pound than butter in balls wit
stamp on them, the man who owne
the ball butter would convert 1t into tn
butter and sell 1t at profit for the sam
reason when gold was worth more a
bullion than as money it would go t.
the melting pots and our currency woul,
be contracted to that EXTENT
1 VAIL roxy az