Evening star., 1898-09-14
THE MONETARY CONFERENCE.
Arguments by Enthusiastic Cham
pfons of Both Sides.


The afternoon session yesterday of the
monetary conference at Omaha, Neb, de-
Veloped into an almost mouth-to-mouth
contest between the gold and silver sides,
with the middle-of-the-road editors of the
Reform Press Association strongly in evil
dence for their favorite theory of an ire
deemable paper currency. The f1atists are
the most impatient to be heard and can
hardly wait until Thursday, which is their
day Tor the advocacy of paper money, and
lhelr interruptions were fast and numerous
Mr H. +. Robinson Of Chicago, editor of
the halfway Age took for his subject ',The
interest of Railway Men in the Gold Stand
ard A portion Of his speech follows.
1t Is commonly claimed that the free
coinage of silver, If 1T hurt anybody, would
only hurt the capitalist and the gold bug
III the free coinage of silver would reduce
the railway earnings ths men who would
suffer would not be the capitalist or the
gold bug, but would be the laboring man.
II ths United States was on a silver basis
the earnings of the railways would be, of
course in silver dollars, or their equivalent
ihe railways could not put up their rates,
and at the best they would only get the
same number Of dollars as they do now,
but those dollars would purchase less. They
would purchase less machinery, less fuel
less supplfes-that is to say, that the eX
penses of the railways for these items
would be materially increased Railway
companies, therefore, would have less mon
ey to pay interest, to pay labor and to pay
dividends. First of all, they would pay no
dividends; but that would not be nearly
enough to meet the deficit. The interest
charges all have to be paid in gold, and the
companies would have to make desperate
effort to pay those charges. hut having
nothing but deprecated silver dollars TO
pay in the effort would necessarily be flu
tile. No railway company in the country
could meet its annual interest charges, and
there could not be anything but bankruptcy
ahead. Meanwhile, while the struggle was
going on, labor would suffer. The railway
companies would be compelled to cut their
pay rolls and to cut their wages. There
would be fewer men employed. They would
probably get less wages and every dollar of
those wages would produce less than it
does today"
Gov. Leslie NJ. Shaw of Iowa made a
brief address, which went deeply into the
subject from the producers point of view.
Il am gold monometalist," he said, be
cause 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 it would re-
duce wages practically one-half and thus
enable US to compete with foreign nations
but | would rather have the American mar
ket than that IL India was compelled to
go absolutely upon a gold basis she would
not so successfully compete with us in the
Liverpool market with her cereals
Several questions as to the ability of a
debtor country to retain its gold against
foreign drafts, and having to do with the
quantttiVe theory of money as laid down bv
Well-knoWn financial authorities. and also
as to Indian competition with the Ameri-
can wheat producer, were propounded by
eH-Repres2ntatiVe George Fred. Williams of
Boston.
Gen. A. ]. Warner of Ohio, president of
the American Bimetalic Union, contended
mat the gold standard had appreciated the
dollar and ccrrespondingly caused a gen
eral fall of prices, doubling the debts of the
country.
Representative Fowler of New Jersey re-
piled to Gen. Warner, and demonstrated
that wages and the purchasing power under
the gold standard had both Increased M
mericauy since 1910 Besides. since Mr. Nc
klnleys election the bank clearances of
the country had increased from s43, 900 oOO
coo to 500 0OO, 900, 900
Charles A. Towne of Duluth, Mimi. na
uonal chairman of the silver repuhIican
party. took exception to Mr.. Fowler's logic
that the gold standard had produced sirI,l
taneously an indefinite rise in wages ana
IAN of prices. Mr. Towne will omen in he
half of silver today and Mr.. Fowler will
combat him. Will