The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-14

that we had an administration which
was determined TO use all its powers
to that end. Ii was good luck that there
were laws already on the statute book
which could be used for that purpose
because the congress then in session re-
fused to enact any. In short, ii depends
upon politics whether the greenback
shall be redeemed or not. One political
party is opposed to redemption in gold.
A third party is opposed to redemption
in anything. The members of both
these parties are honest. Nobody doubts
that, but by threatening to prevent the
redemption of the greenback in gold, or
perhaps in anything, they keep trade
ana industry III hot water.
Mr. White showed that the amount of
new bonds issued in the two years 1894
1896, and the interest on them to their
maturity, was greater by $3.50. 600
than the saving of interest on the
greenbacks from 1879, the year when
specie payments were renewed. The
cost of preparing, renewing and ham
ding the notes was 81, ,000, 600 per
year additional The loss to private
business arising from the uncertainty
which surrounds the redemption of the
greenbacks is a much larger but an .n-
calculable sum.
Air White favors the bill recently re-
ported by the house banking committee
VIII cn, While not retiring the greenbacks,
puts upon the national banks the unus
of current redemption of them, aid
gives the banks the privilege of issuing
an equal amount of notes against their
general assets protected by a common
safety fund lodged in the treasury. This
would furnish all the money that the
business of the country needs, and il
would be furnished at the times and
in the places where it is needed, which
the government never can do, and which
free coinage of silver never can do.
Congressman II. +. Bartines reply to
Horace White began with a support of
the legal tender theory of money in
general. He denied that either Mr.. At
kinson or Mr.. White had made any
affirmative showing in behalf of the
gold standard. In fact, he denied that
any affirmative showing could be made
for II. The same law that made 25S
grains of gold dollar could have made
a dollar of half that amount. The gold
standard, wherever it existed, was a
creature of law and nothing else.
The difference between the supporters
of Bryan and those of Mckinley in the
last campaign was only a difference of
method. One element believed i'm the
free coinage of silver independently
and the other Is waiting tor an inter-
national conference. He made the
statement that in the last election prac-
tically 13,500,O00 voters had gone on rec
ord for the free coinage of silver at
some tII,e, oni' 134 900 voting unequiv-
Ocall yTss1F the cope tuation cf the gold
standard. Speaking for an hour, he
went into all the arguments in sup
port of silver as money metal co-ordi-
nately with gold, at 16 to /.
The afternoon session of the national
currency convention developed into an
almost mouth to mouth contest between
the gold and silver sides, with the mid
die of the road editors of the reform
press association strongly in evidence
for their faVorite theory of an irredeem-
able paper currency. The fiatists are
the most impatient to be heard and can
hardly wait until Thursday, which is
their day for the advocacy of paper
money, and their Interruptions were
fast and numerous.
The first speaker was II. Il. Robinson
of Chicago, editor of the Railway Age.
He answered a number of Mr.. Bartine's
points Of argument and contended
strongly for the necessity for maintain
ing the national honor by paying off
the obligations of the country in as
good money as they We're contracted in.
Louis r. Erich of Colorado Springs,
Colo, followed him to show that the
establishment of the gold standard was
in harmony with evo. o.ution. Inc denial Y
he argued against the quantitive theory
of money.
Governor Leslie NJ. Shaw of Iowa
maue a brief address which went deep
ly into the subject from the producers
point of view. Il am a gold monometal-
list" he said, because the whole world
has agreed upon the gold standard and
the law Of commercial convenience,
Which no act of parliament or congress
can repeal governs the whole matter.
The only logical argument / can see for
silver coinage is that II would reduce
wages practically one-half and thus
enable US to compete with foreign ma
tions, but / would rather have the
American market than that"
Several questions as to the ability Of
a debtor country to retain its gold
against foreign drafts and having TO do
with the quantitive theory of money,
as laid down by well-known financial
authorities, and also as to Indian COM
petition with the American wheat pro-
ducer were propounded by ex-Congress-
man George Fred Williams of Boston.
General A. J. Warner of Ohio, presi-
dent of the American Bimetallic union.
contended that the gold standard had
appreciated the dollar and correspond
ingly caused a general fall of prices,
doubling the debts of the country.
Congressman Fowler of Illinois re-
piled 10 General Warner and demon
strated that wages had both increased
numerically since 1910 and in purchas-
ing power under the gold standard.
Besides, since Mr.. Mckinley's cleo
tion. ne said the bank clearances of the
country had increased from S43 000, ,00O,-
600 10 500, 900, 10000
Charles A. Towne of Duluth national
chairman Of the silver republican party.
took exception to Mr.. Fowler's logic that
the gold standard had produced stimuli
taneJusly an indefinite rise in wages
and fall Of prices.
Mr.. Towne VIII open in behalf of silver
tomorrow and Mr.. Fowler will combat
him.