The times. [volume] (Richmond, Va.) 1890-1903, 1898-09-16
THE FINANCIERS
STILL DEBATING.
The Third and Last Day Of the Ma
tiOnaI Currency Convention,
DEBATE DIVIDED IN THREE PARTS
The Effect of Money on Prices Depends
on the Quantity OF Such Money in
Circulation, Not on It's
Quality.

OMAHA. NEB.. Sept. 1.-THE third and
last day of the National Currency Com
venuon began with a paper in support
OF an unlimited issue o. irredeemaDie cur
rency b. the Government by A. j. War
ner. president Of the American BIZ
metallic Union Charles s. Hartman, OF
Montana. presided General Warner said
the debate would be divided into, FIRST
the advocacy OF bank currency, aeconu'
a plea for ii governmental currency 10 CIT
culate concurrontly with the metals and
thlrd an Affirmation OF an irredeemaDle
government paper currency or absolute
GENERAL WARMERS SPEECH.
General Warner spoke on lAe ,li.,iii.
Paper Money. IT'S Enecl ON de- ai. ..
None, and On prices" lie said Ia part.
.,rba measure of the effect OF paper
money on prices and on oiheI mon.9 V',
not depend upon Whelhet or M". 81
covered bv coin. dollar for dollar any
,,,o-e Imam ur0n tina color or texture or
the fibre OF The paper ON when the IN
slania OF money is stamped, pul eH1lic
ir nr tho quantity OF such money put
into circulation The principle ~ lhe
esr,e ,gbafner applied 20 paper money or
~ cold and silver coin or 10 5oid d41iit.
No economist surely VIII dispute Wy
proposlti0n that If the stock or By.u
should hoe an once largely lh.ISl,,sV ,,,,5
for money were unchanged, thet lno
value of gold everywhere would Ne es
crossed and prices would rise. Inns
would amount tO virtual allrL w"
Doubt of the restoration of silver % qh-
restricted mintage would lower lhe 1910
20 I'D money including gold. az W0ulu Ds
evident by a general rise or price,. ~
lhe o t money be- cut on nv reduced
production and increased demand lol J..
Tor the arts Dr for otner hoi- "a. -
purnoses while the Worid hecu9 III
money continue ine same ~. ~ Ia ne
money was substituted Tor the sol4' w n9
value of gold would be increased ana
prices would taiL
4 reply was made by Congressman {.
y Fowler. of New Jersey, who support
cd bank currency.
DIVISIONS or CURRENCY.
AR Fowler spoke on the subject What
is Inc Best Form Of Paper Money lie
'"'u D." 'aeDriscardlng all distractions. St
mas, ba stated that money is made or a
commodity OF commercial value, bearing
a stamp as 10 quality ana Hltutll9. any y,
H. need 10 measure values although tx
NV ha cmnloyed 20 transfer property.
1ba standard of value or the iulted
states As gold. hence gold coins consul. -
the only money M the tnll'o $500. -
other mediums Of exchange are mercy
ropresentatves Of money. or In othes
words currency. Currency Is DIVIDED
into the currency or trace ara lil7 'ut
..t." 80 commerce. The former. con-
sistiag Of SUBSIDIARY coins and ne ne. va
ri0us forms Of notes. carries on We ~
t,U transactions Of production ana as
tribution The latter. consisting OF
checoues. drafts. bills Of sxc9isSnse an, snd
letters 0f credit performs IKE .ollce
~, rstional and International trade. our
d'scmssion is limited 20 the currency or
fr4de. hence the interrogatory shoul9
have been What ls the best form Oh
p4ner currency? not money.
THE silver dollar is not Of, money mo- eo,e p1t
,,,,t for dollar ia gold coin even as the
ereenbsck is: or more properly IL is
Government deed 10 the right 10 nave
B g2 Grains of fine gold. A. the gov
ernuent stands ready. I'm order 70 main
tain he parity Of our SILVER tho Ss@ one WI" for
our gold coins 70 fNe'lai ,iss.o,,o Snr tbe
thc>other ~ Is a silver cheS4u' LUZ t"e
face in gold"