Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1897-04-04

Hon. Sep Hall Entertained an Audience
at BimetalliC Hall
With Discussion Of the Financial
Problem from a Silver Standpoint.
A Plain and Readily Understood
Exposition of the Matter, with
Blackboard Illustrations.

An audience of several hundred persons
listened TO an interesting and instructive
address on the money question in Bimetal-
lie Hall. corner Market and Fourteenth
streets. last night The speaker was Hon.
Sep Hall. of New Martinsville. one of the
pioneer bimetallists of the State, and one
who has done much with his voice and pen
to enlighten voters upon this important
question. His address last night occupied
nearly two hours in its delivery and he
held the undivided attention of his audi
euce throughout that time He presented
old arguments in new clothing. and many
new arguments in support Of his position.
His style was argumentative and CONVEX
sationaI. and he made all his points clear.
He also used a blackboard and chalk TO
illustrate some of his arguments.
G. +. Brandfass was chairman of the
meeting. and the speaker Of the evening
was introduced by the President of the
club. NJ. L. Tighe. He began with an
explanation of the law Of supply and de-
mand. and gave the relative values of diff
ferent products. He also dwelt upon in
trinsic value which he said always re-
mains the same. but prices, which are
regulated by supply and demand, are sub
joct TO change Money has always been
based upon intrinsic value. and for that
reason gold and silver always circulated
side by side at a parity at a fixed ratio.
Mr.. Hall also explained fully the meaning
OF ratio" as applied to the money metals.
T-p to 1873 all the available gold and silver
was taken and coined.
The speaker explained that while there
may be overproductiou in one metal, their
value. as IL pertains TO the price of labor,
remains the same. Prior 10 1873 the pro-
duction of gold was greater, and silver,
the dearer money. was driven into hiding,
but their Commercial value then did not
vary more than two per cent. from the
coinage ratio.
Mr.. Hall gave a concise and interesting
history of financial legislation. dwelling
upon the effect of each new law touching
either metal He showed that gold con-
tinued to be in greater quantity than silver
until 1852. when the latter took the lead in
production. When the unlimited demand
for silver was removed. its price dropped,
the basic money was contracted one-half,
and the price of gold appreciated. These
points were fully explained, and the speak
er showed that the decentralization of the
white metal benefited only the wealthy
classes. the money holders and money
lenders
The wealthy were benefited because they
got their possessions upon greenback ba-
sis and held or disposed of them on a gold
standard basis. under which they were
worth double them cost price. Prosperity
viii not come until there is a return TO the
bimetalhc standard.
When money is rising in value everybody
wants 10 gain possession Of il. \ rise in
money causes a drop in other values, and
people do not want other products. With
a demand for money its supply becomes
limited. and there is no demand for labor,
outside of that for actual necessities. This
creates a surplus Of labor. The reason
there are so many pers Is unemployed IS
because there is no demand for the prod
uct of their labor. Labor cannot secure
employment when gold is rising The
trouble is. there is NOT a sufficient guam
tity of gold to keep up with the demand.
What is wanted IS a sufficient quantity OF
money 10 transact business.
The aim should be to keep the dollars Of
equal purchasing power in the products OF
labor. The ideal condition is when people
are willing to exchange money for the
products of labor and not anxious to hoard
their money. This creates a demand for
labor.
Mr.. Hall used the blackboard to illus
trate the effect OF the appreciation in the
value Of gold upon existing financial con-
ditons. Experience has proved that a
government can circulate an amount Of
substitute money equal to the amount of
primary money in actual circulation.
When the substitute money exceeds the
quantity of actual money, it is unsound
finance. If gold and silver were at a parity
we would have actual and substitute
money about equal, and existing finances
would be sound and stable. But silver is
credit. or token money and under the gold
standard there are S625 600 of gold and
81. 7lO. 100000 of credit money. all redeem
able in gold-they say. Almost three times
i'm demand obligations what there is in
actual money.
Mr. Hall was warmly applauded several
....,-.. 7,,rirer his address