The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-09-15
ADVOCATES OF SILVER
HAVE AN INNING AT OMAHA
CONVENTION
MONEY A CREATION OF LAW
Applause Following Aliens State
ments Shows That Free Coinage
Sentiment Is Not Yet Dead
Press Special Wire.

Associated Press Special Wire.
OMAHA, Neb. Sept. 14.-At the morning
session Of the monetary conference, Mr.
Crawford, who was to have spoken yester-
day, but did not reach Omaha in time, read
his paper.
When Mr.. Crawford had finished Chair
man Towne of the Silver Republican ma.
tional committee, who was presiding, called
Senator Allen to The chair. On taking the
chair to preside over the convention, Mr..
Allen of Nebraska voiced a hearty well
come on behalf of his state to the cham
pions Of all sides of the money question
who had met to discuss the merits of their
respective claims.
Abiding to Horace Whites reference to
his speech against the Cleveland bond is
sue, he saGd:
II said then. and I say now. that there
was not the slightest authority in the stat
uKes Of the country for that bond issue,
but the American people are too generous,
as we'll as just, to stand upon technically
and they will pay them dollar for dollar
for the money received
II cannot conceive how man can be 4
gold monome tallist who wants justice and
TO see men enjoy the fruits of their labors.
If man desires to see a small volume of
money and the resultant spolia ton of bus
mess by the creditor class l can under
stand why he should defend the gold stand
ard. 1 wish this debate could be repeated
ir every city, village and hamlet in the
country: but to me It Is hard to conceive
that there should be any controversy over
what constitutes money.
Money Is q creation of law Ooud APP
plause) and this has been the doctrine OF all
authorities on finance from Aristotle 10 the
present day."
Mr.. Towne then delivered his address. In
the course Of which he said:
I'VE contend that by opening The minis
Of the United States 10 the free coinage Of
silver as well as of gold at 16 TO l. the IA II
of prices would be stopped. This is ad-
mitt ed by our opponents. Their fear Is of
an alleged "50-cent dollar and Screen.
dollar Is only another name for 100 per
cent rise of average prices But the rise
would not be so high nor anything like it..
The '5O-cent dollar' cry is only campaign
catch phrase. No economist would soberly
indorse 1t. The introduction of silver into
competition with gold would deprive the
latter of it's monopoly of measuring values
and registering prices. The endowment of
silver with all the dignity and power of
geld would greatly add 20 It's deIna nd. The
effect would be that gold would fall toward
silver and silver would rise toward gold,
the result being gradual elevation of av-
erage prices that wouln eventually reach
a compromise a bout half way between their
present level and that from which they fell,
or an advance Of about 25 per cent.
k1IJ n, ~ to- ho
country, estimated at over $500, 900 900,
would be driven out of the country If the
mints were opened to silver. There is no
more grotesque figure of speech in fire.
quent use today than this ONE Of the gold
advocates, which represents the alleged
expulsion Of gold.
"If there Is an available silver flood to
replace three or four hundred million dol
lars of gold. certainly our gold standard
friends ought to be willing to show us
where 1t is and just now 1t would get in Its
deadly work. Until they do so we shall
rest serenely content in the confidence of
our great country to restore and ma irtain
a system Of blmetallism. Let her but
take the initia tive and 1t will at once be-
come the interest and object of every great
state in Europe to support her action
Ex-senator Carey of Wyoming replied
to. Mr.. Towne.
The principal speakers at the afternoon
session. was George Fred Williams OF Bos-
ton and Congressman c. N. Fowler of
Elizabeth, N. ].