The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-15
S|LvER'S DAY At OMAHA
Ringing Addresses by the Lead
ers of Bimetallism.
TOWNE WAS IN THE CHAIR
Stability In Value the Test OF Good
Money-The Gold Standard Unsound
and Dishonest-Ef1ects OF
Denomination

Omaha, Sept. 1i-At the morning ses-
sion of the monetary conference Judge
Crawford, who was to have spoken
yesterday but did not reach the city
in time, read his paper.
When Crawford finished Chairman
Towne of the silver republican nation
al committee. who presided. called Sem
ator Allen to the chair.
In taking the chair to preside for sill
yer day, Senator w. V. Allen of Ne
braska voiced hearty welcome on be-
half of the state to the champions of all
sides of the money question who had
met to discuss the merits of their re-
spective claims. Abiding to Horace
Whites reference to his speech against
the Cleveland bond issue. he said:
'I said then and say now that there
was not the slightest authority in the
statutes of the country for that bond
issue, but American people will pay
them dollar for dollar. 1 can't con-
ceive how any man can be a gold mon
ometallist who wants justice and
wishes to see men enjoy the fruits of
their labors. If any man desires to see
small volume and the resultant
spoliation of business by the creditor
class, l 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 conceive there
should be any controversy over what
constitutes money, for money is the
creation of the law. loud applause.)
And this has been the doctrine of all
authorities from Aristotle to the pres
ent day"
Mr.. Towne said in part:
THE era of ambiguity is past. The
recent state conventions of the repub-
lican party have with marked un3nim-
ity declared themselves uureserv edly
for the gold standard; and W. encoup-
ter in these debates the avowed de-
tenders of that system, not its ai'oio-
gists, but it's cham oions / cangra:u-
late the National Sound Money league
on its courage and candor. Let me,
however, presume to recommend a@sxflf
further exhibition of candor, and that,
following the example of its English
prototype. it change its name to The
American Gold Standard Defense AS
sociation.'
Il shall seek as much as possible to
avoid debateable ground and shall en-
deavor to embody my argument in
number of propositions whereof at least
a great part shall rest upon conceded
principles of political economy and
upon facts generally admitted. For we
contend that the defense of the gold
standard involves the overthrow of the
main body of accepted economical fea-
lures and the rejection of customary
and natural inferences from statistical
data and human experience"
Mr.. Towne sub-divided his address
into IL propositions as follows: Mon
ey Is Purchasing Power" stability
of Value the Test of Good Money"
Failing Prices an Evil" "Appreciat-
ing Money Neither Sound Nor Hon
est" 'The Gold Standard Unsound and
Dishonest" There Was Every Rea-
son to Anticipate the Results of De-
monetization," THE Effects of Demon
etization Were Foreseen and Fore
told" vain Efforts to Break the Force
of Conclusion" Present Condition In
tolerable," THE Restoration of Silver
the Only Alternative" THE United
States Alone Can Maintain the Parity
at is to L."
Whatever else money may be de-
fined to be, it is purchasing power
Referred to a particular commodity
this purchasing power expresses itself
as the price Of that commodity. But
the purchasing power Of money ex-
tends 10 all commodities. 1t can there
fore be truly expressed only by refer
ence to all commodities. In other
words, the purchasing power of money
is indefinable except in the terms of
average prices. Money in it's origin
and on principle is a mere convenience
in connection with things, but those
interested in adding to its value as
measured by things have succeeded in
making IL more important and infiu-
entail than all the productive func-
tions of society combined. Monomet-
allists take the bank-counter view, the
mere physical simplicity view, while
take the other-that of
the essential meaning of money as
measuring other things. with its ulti-
mate and intimate ethical and social
stability of value, or the nearest
practicable approach to it, is the test
Of goodness in money. This Is gen.
orally admitted. The physical-simpli-
city school assumes gold in advance
as the perfect standard, as changeless
and invariable, and then gauges the
stability or instability of everything
else. including other forms of money.
by comparison with gold. BY the other
view. however, stability of value means
Of exchange relations to
other things, invariahility of purchas-
ing power. II is submitted that the
latter meaning is the only one that
itself TO common sense.
Since value is exchange relation. sta
Oility of value means stability Of ex-
change relations. or. as applied TO
money, Of purchasing power.
Failing prices are an industrial /
economic. political and social evil Of
almost unparalleled proportions. They
discourage industries, drive money
rom activity into idleness, from the
channels Of trade into the bank vaults.
reduce wages and throw laborers out
II employment. make property unpro- |
iuctive and therefore worthless. de- /
'troy equities. increase the burden OF /
axes and all fixed charges, ruin debt f,
,rs, pile up wealth in the hands of the /
lew. encourage the formation OF trusts.
and combines, make the I
producers the prey of middle men, 4
strengthen the hold Of the merely rich 4
Ipon the political machinery Of the /