The Providence news. (Providence [R.I.]) 1891-1906, 1897-10-27
'0''D "o'l1 DOCTRINE.
Iowa's Candidate For Governor
Simp,ifles the MOEey Question.
Talks About Quantity OF Money
Hay Scales Illustration.


or of Iowa, the Hon. Leslie M. Shaw.
appears not only to have a clear under
standing Of the money question. but TO
have the rare gift Of simplifying this
abstruse subject so that it can be grasp
ed by ordinary minds. The following
extracts from his speech at Red Oak in
dicate his style of reasoning:
"Now. how is the parity of the silver
dollar maintained? 1t is worth. as we
have seen, its face in gold. answer
because the government Of the United
States sees fit in its wisdom TO pay out
either metal upon it's coin demands at
the option of the creditor. insist that
the plan proposed by the advocates OF
free coinage Of silver. that the govern
ment of the United States shall pay sill
yer upon its coin demands. would cause
the metals to part company instantly.
How much gold is needed TO do our
business? Just enough for convenience
in measuring and determining the value
Of our currency, enough for redemp-
tion purposes and enough to accommo-
date those who desire to hoard it. How
many 90 pound standard weights. such
as are used Oh the larger class Of scales
for weighing stock and produce, is it
necessary to haver They are used to bal
ance the scales and to keep the pound
and ton from huctuating, Just enough
Of these weights are essential TO accom-.
modate the business. Your cattle will
weigh no more if the weighmaster have
two or dozen Of these standard weights
than il he has ono IL is essential that
he have one and that this one is of the
same weight as those in the market
where you bought your cattle. II this
weight fluctuates, you will not be safe
in buying cattle in one town and sell
ing them IN another. You might suffer
variation in the weight as well as in
the market
"You sell some wheat for $50. You
get check for it, You take it to the
bank Iou have it deposited to your
credit. OF yen pay some borrowed mon
ey or you get it cashed and take the
money to the store and buy some goods.
dont care what you do with it; un-
less you carry the currency home and
tako the risk Of the midnight thief it
will find its way to some bank before
sundown.
II submit that il does not matter
whether You sold 90 bushels Of wheat
or 100 for tho $50. The money used as
the measure of its value is not exhaust
cd It Is not taken from the channels
OF trade 1t is ready for service the next
morning Then. too. the chances are
that not a penny in money is used in
the payment for the wheat II you de-
posit your check. no money is used. II
You take the check to another bank or
TO a store, no money is used, for they
will deposit it The same amount Of
money IN the banks and in circulation
will handle wheat at 90 cents bushel
or a dollar Let me illustrate: Jan.
/, 1892, tho three banks in my town
had actual cash in their vaults OF
about $50. ZOO In addition to this, Of
course, they had money with their city
correspondents During that year there
was sold ia that town and paid for over
the counters Of these three banks very
nearly $500, 900 for hogs, large amount
for cattle, large amount for wheat
and a still larger amount for corn. The
banks loaned that year to every man
wanting money who could give securi-
ty There was loaned of eastern capital
OH farm lands probably 800, 600. The
banks did business Of many millions,
and when tic year closed they still had
n...l N,.t. al hnv
had not been shipped in or out during
the entire year $50, 600.
'It is charged that the people of the
United States have suffered to an un-
precedented extent dating back to the
demonstration act. The facts are easily
established that the world has never
seen such period OF prosperity as the
United States has enjoyed from the re-
sumption Of specie payment to 1898.
The wealth Of tho country never in
creased rs RAPIDLY So many men never
prospered
But you may say the people of the
United States Increased. So they did,
but in 1880 our people were worth per
capita only S5li In 1890 their wealth
per capita had increased to 81, 039. The
people of the United States were worth,
ON an average, more than twice as much
in 1870 as III 1863,
But yon answer these facts which
cannot be denied by the proposition that
this unprecedented accumulation Of
property Is in the hands Of the few;
that the rich have been growing richer
and the poor poorer Ii that is so, it is
not the fault of the gold standard or
of any political party All that any par
ty or any standard or any legislation
can do is to see 10 it that every man
has an open field and fair fight Il
cannot exempt him from the fight.
Fight he must. and the best that the
government can do Is TO see to it that