The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-15

Omaha, Sept 14.-At the morning
session of the monetary conference
I Judge NJ. L. Crawford of Dallas. who
was to have spoken yesterday. but did
not reach Omaha in time, read his pa
per.
+ Speaking in opposition to free silver
coinage, he said in part;
''The free coinage of silver at 16 to 1
means bimetallism, but silver mono
metallism; not double standard, but
single silver standard. When the
government makes a certain weight of
Cne metal the law equivalent of a de-
fined weight of another metal as money
the overvalued metal is the cheaper
and drives the other out, and bimetal-
ism exists only on the statute books.
It is a theory, not a fact. The coinage
history Of our own and every other ma
zion demonstrates its truth.
If you make a dollar that is not
worth a gold dollar you derange the
currency. confuse all values and infiict
5reat injury upon the people of this
country. Let US ask ourselves II there
is now existing in this country con-
! dition which would justify or excuse
the adoption of a monetary system and
a standard of values at war with that
maintained by all the great commercial
nations of the earth More than nine
tenths of our commerce is with gold
standard countries Our exports vast
ly exceed our imports; the balance OF
trade is in our favor. and to settle 1t
gold is pouring in upon US in an al
most unbroken stream. Our locomO-
tives pull the trains in Siberia and
Japan: our reapers can be seen in the
harvest fields all over the world Even
European dudes ride the American
wheel We have entered the contest
for the commercial supremacy OF the
world. II we would win we must have
sel5. for our standard and smokeless
powder for our guns, This country is
not going to ruin. We are better of
now than ever before and conditions
are improving all the time. We pay
higher wages than any land on earth
and or lsbOring people enjoy more OF
the comforts and luxuries of life.
What country has made such pro-
Sress in so short time? We don't
want TO change our policy. We can't
afford to risk an experiment. All we
Y ant the government to do is to main
tain a financial system in harmony
wth the other great nations of the
world and give us a banking system
that will equalize the interest rates and
Ioanable capital between all sections of
the country. The good sense of the
American people Will do the rest"
CLEVELAND BOND ISSUE.
When Crawford had finished. Chair
man Towne of the silver Republican
ne ciOnaI committee. who was presid-
inc, called Senator Allen to the chair
and delivered his address.
Senator Allen voiced a hearty well
come on behalf of his state to the
champions of all sides of the money
-.
merits of their respective claims. AL
luding to Horace Whites reference to
his speech against the Cleveland bond
issue, he said:
II said then and / say now that there
was not the slightest authority in the
ST. tutes of the country for that bond
issue, but the American people viii pay
them dollar for dollar for the money
received
Il cannot conceive how a man can
be a gold monometallist who wants
justice and to see men enjoy the fruits
of their labors. If a man desires to
see a small volume of money and the
resultant Spoliation of business by the
creditor class I can understand why
he should defend the gold standard.
wish this debate could be repeated in
every city, village and hamlet in the
country, but to me il is hard to con-
ceiye that there should be any contrO-
veTsy over what constitutes money.
Money is a creation of law Cloud ap-
plause from the fiatists) and this has
been the doctrine of all authorities on
finance from Aristotle to the present
day"
CHAIRMAN TONNES ADDRESS.
Mr.. Towne delivered an address on
The Coinage and Use of Silver as Stand
ard Money CO-ordinately with Gold"
Mr. Towne said in part: The era OF
ambiguity is past. The recent state con-
ven tiOnS of the Republican party have
with marked unanimity declared them
Seiy es unreservedly for the gold stand
ard. and we encounter in these debates
the avowed defenders of that system, not
its apOlosIsts, but Its champions con-
graduate the National Sound Money
league on its courage and candor. Let
me, however, presume 10 recommend
still further exhibition of candor. and
then following the example of its Eng
iish prototype, 1t changes its name to
The American Gold Standard Defense
association.
II shall seek as much as possible to
avoid cebatable ground and shall en-
deavor 10 eIlbody my argument IN any
number Of propositions whereof at least
q great part shall rest upon conceded
principles of political economy and upSn
fac,s generally admitted. For We con-
terd that the defense of the gold stand
ard involves the overthrow of the main
bo.- Of accepted economic features and
the rejection of customary and natural
inferences from statistical data and hu-
man experience.
Mr.. Towne sub-divided his address into
II propositions as follows: Money is
purchasing power. stability of value
an evil ''Appreciating money neitheS
sound nor honest" The gold standard
unsound and dishonest. There was ev-
cry reason 10 anticipate the results of
decentralization. The effects of de-
mometiza ton were foreSeen and fOretold."
Vein efforts to break the force of con-
ciusiOn." Present condition intolerable."
The Restoration of silver the only al
tentative" The United States alone
can maintain the parity at Is to l."
''WkateVerf else money may be defined
20 be- l. is purchasing power Referred
to A particular commodity this purchas-
ing power expresses itself as the price Of
that commodity. But the purchasing
power of money extends TO all commo0i-
ties 1t can, therefore. be truly expressed
ONLY b,- reference to all commodities. In
other words. the purchasing power OF
money is indefnable, except in terms Of