The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-08-28

they are paid in gold, by weight. Gold,
whether coined or uncolned, goes on to the
scales, is weighed. and the amount of al
10y deducted, in determining what value it
shall have in paying foreign balances. 1t
is wholly unnecessary for the PURPOSES of
international exchang. 10 have our COIN
age limited TO gold. There is no more need
in dealing with England of having an ex-
clusively gold currency or gold standard
for our currency than there is in dealing
with the tribes of Africa of having coral
shells as our exclusive money of redemp-
ton. (Applause.)
The Bond of Union
1t is not my purpose 10 discuss The money
question at length tonight, but desire to
reiterate the position Of the parties upon
his great bond of union by which we are
cemented in this battle, as We were in the
fight of 1896 and as we shall be in the bat
tie Of 1900. (Appause) The gold standard
is not maintained for the benefit of the
people 1t is not suggested by the popular
interest or the popular demand. What the
people want is money that will circulate
from hand to hand in the domestic COM
merce of our own country among our own
people What they need is money that can
be held in circulation among the people
by the advantage that there Is in its use as
money. What they need Is money that
cannot be monopoliZed; that there is no
incentive to draw away to a money CEN
ter; that cannot be drawn away to money
center. What is the principal virtue or the
principal qualities of money under the gold
standard? 1t is the limitation of the VOL
ume the limitation of the possible volume,
so that those who undertake 10 control 1t
may safely calculate in advance what they
must do and what profits they can make.
limited money, a money which cannot
be increased to meet any demand that
comes upon its volume Is money that can
be monopolized. The moment you create
that condition you create a monopoly, and
all money will flow to the centers establish
ed for the purpose Of monopolization Make
monopoly possible and monopoly profita-
BILE and you set the brightest minds, the
keenest .cleverest minds of all the world i'm
mediately to work against your interests
to monopolize 1t. (Applause.) That is the
natural consequence Of your action.
Gold and Silver
Let us see about gold and silver coined
ton made to 1t is that silver, being pro-
duced in superabundance, is not therefore
a good money metal but, my friends, have
you ever thought that that is in the mat
ter of money the most essential thing to
the protection Of the popular interest; that
the metal shall exceed in supply all de-
mands that may be made upon it to per-
form the money function? The reason is
this, that if the metal is not sufficient in
quantity, not sufficient in supply to meet
the demand when the supply is exhausted
a monopoly is sure to begin to be estab-
lished. If the. supply be too great then sill
yer or gold will fluctuate between the arts
and the mints. When the money supply
is short and the demand great, gold If 1t
be in superiority or silver in superfluity,
under free coinage will flow from the arts
into the mints and into the channels of
trade somewhere. When money becomes
superfuous and the demand is greater in
the arts than for use as money, the silver
will flow back into the arts and the equlib-
rum is established. But suppose you limit
coinage. as we do now, to a metal insult
ficient to supply the demand for money,
what is the result? When the money de-
mand has exceeded the supply, you have
no remedy You are then at the mercy
of those who control the supply. What is
the result? Why, holding the money, hold
Ing the money of your country or holding
the money of the world, as the money
monopolists do today They ask you If you
want money. You say you do. They ask
you how you are going to get it, and you
are puzzled to know. You can get it then