The record-union., 1898-09-14
A Distinguished Gathering of Fl
nanciaI Authorities
Open a Three Days Session at Omaha to
Discuss the Money Problem.
y. Sterling Morton Calls the Con-
vention to Order-Interesting
Addresses by Edward Atkinson,
Horace White and Others Read.

OMAHA. Sept. 13.-One of the most
DISTINGUISHED gatherings of financial
students and authorities that ever as
sembled opened a three days session
at the Nebraska building on the Expo
sition grounds this morning. Scarcely
well-known name on either side OF
great currency problem which has
o long before the American peo-
4 1T is represented on the program
or a set paper or a part in the run
ming debate.
Hon. j. Sterling Morton presided to-
day. Horace White of New York, Ed
ward Atkinson, Congressman Fowler
of New Jersey, Editor p. r. Robinson
of the Railway Age" Louis r. Enrich
of Colorado Springs, ex-senator Carey
of Wyoming and Governor Shaw of
Iowa are to take part in the program
Mr. Atkinson not being here, owing to
illness, his paper will be read by Mr..
Morton. Messrs. Warner, Towne, Bar
tine. Weaver, Reynolds and other lead
ers of the silver and paper money sides
are to take part in the joint debate.
Shortly after 10 o'clock Mr.. Morton
called the convention to order, and
without any unusual formality be-
yond a few words of explanation and
welcome said:
"As President of the National Sound
Money League 1 call this assemblage to
order.
Gentlemen, you have convoked for a
patriotic purpose. That purpose is to
candidly discuss the money question,
with the intention of ascertaining the
best currency for conserving the pros
perity, strength and honor of the
American Republic. Three questions
demanding your solution are:
"One-Is it the fixed legal ratio en-
acted between the coins which governs
the relative value of the metals in
bullion? Or
''Two-Is it the relative value of the
metals in bullion which governs the
relative value of the coins?
'Three-If no single and separate
State can maintain a fixed legal ratio
between the metals when coined IL un-s
limited quantities, can an international
agreement among the principal mer
camille countries of the world do so?
You enter upon this investigation
with a jealous intention of finding the
truth. Your love of country prompts
you to make this inquiry and to over
throw error and establish truth.
Edward Atkinson, the distin-
guished economist and publicist of
Boston. was prevented from attending
because of ill-health. Therefore he sent
to me for presentation on this occasion
his paper, entitled, Force Bills or Le-
gal Tender And without further pre-
lude proceed TO read it,
Mr. .Atkinson's paper dealt with the
question of legal lender, saying good
money needs no act Of legal tender.
Only bad money calls for an act of
force or legal tender to make people
take it whether they want it or not.
He held that the so-called free coinage
Act proposed in 1898 was nothing but
a pretext. Coinage consists in the
manufacture of round discs of metal,
certified in weight and quality by the
stamp of the Government. That ex-
hauSts the word Free coinage could
be admitted of gold, silver, copper or
nickel if that We're the end of the
matter. The vice of the free coinage
policy is hidden under the name of le
gal tender Legal tender Acts We're
born in fraud, and have been nursed in
corruption ever since. That is the rec
ord from the dawn of financial history
to the present day. All legal tender
Acts or DEGREES. with the exception of
those relating to subsidiary coin, have
been intended for one of two purposes.
They have either been the Acts or de-
crees of absolute rulers or despotic
Governments, for the purpose of cheat
ing their people and defrauding them
of their earnings, or else they have
been Acts for the collection of a forced
loan in the conduct of a war, like our
legal tender Acts of 1861 -62; or else
for the collection of a forced loan for
the purchase of silver under the Bland
and Sherman Acts, which is now rest
ing in noxious desuetude in the vaults
of the Treasury of the United States
Money is necessary TO the conduct
of commerce. Commerce is the ex-
change of products or services for
mutual benefit. Who invented money?
No one knows. All exchanges must
hrst have been in the nature of barter.
Then men met, each of whom had
something to spare which the other did
not have. At that time money came
into use. 1t is one of the great inven-
tions of the world, corresponding to
the wheel, the making of fire, the spin
ming of a cord
he OlueSl records OF GDilfuSIce are
those of the Assyrians, Babylonians
and Egyptians. They were engaged in
a great commerce. They used different
kinds of money. Money made of gold
and money made of silver, both metals
passing by weight. They also used
oxen, sheep and other cattle. Less ad-
vanced nations have used shells, leather.
skins. stock-fish and many other arti-
cles. always something of constant de-
mands- either for ornament or for use.
Money was invented to meet the ne
cessities of trade before there was any
law or legislation In the sense in which
these words are used. 1t came into
use by custom and out ef customs
originated DEGREES, ordinances and
laws. BY and by laws were perverted
under acts of legal tender to cheat
the masses of the people. Coinage was
invented long after money had done its
work, nuggets Of gold and silver pass
ing by weight. The names of all the
early coins are names of weights.
Every contract to sell or deliver goods
was barter of coin passing by weight
Every contract for the purchase of
goods was barter of coin passing by