The record-union., 1898-03-02

| 1ouiiu NUMBER of SacranentanS
awaiting them, consisting of II. A. Nc
Craney and Miss Abbie McCraney. Col
onel r. l.. Peeler and wife. Peter
Shields and John Markley and DR.. G.
Nj. Dixon and wife. On the arrival OF
the train the party took hacks and
| We're driven TO the Capitol, visiting the
| Governors room and the room of the
Clerk OF the Supreme CS..rt as Frank
Il. Fargo, an uncle of Mr.. ToWne. was
| clerk of the Supreme Court in 1862
and his nephew wished to see his old
! records. They afterwards drove to the
Croker Art Gallery, the Leland Stan
ford residence and Suffers Fort. after
which they took lunch at the residence
or Mr. McCraney, at Seventeenth and
NJ streets. When they passed the res
idence of Fl. @. Smith at Tenth and r.
streets, Mrs. Smith came out and
shoWered large basket of camellias in
| to the carriage of the visitors. much to
their delight.
! IN the afternoon a reception was Civ
en- at the Golden Eagle and later mem
toers Of the different committees dined
with Mr. Towne
| Mr. ToWne was escorted in the even
| ing to the Old Pavilion by the Sec
ond Infantry Band. C. A. Neale Direc-
| tor, and the members of the Iroolois
| Club, which gave three cheers for him
when he reached the platform. The
platform was handsomely decorated
with palms, pOtted plants and flowers
while at the right hand of them was
the lengend 10 to T. in white camellias.
Nearly a thousand people We're assem-
| bied. and were enthusiastic in their
demonstrations.
The meeting was called to order by
! DR.. Dixon, who spoke of the rise of the
Silver Republican party in the State.
He introduced Mayor Land. who we,a
| coined Mr. Towne in the name of the
citizens, and hoped he would find his
visit here an agreeable one The plat
form was occupied by a number of
prominent Democrats, Populists and
| Silver Republicans
Mr.. Towne was introduced by DR..
Dixon and spoke in acknowledgment Of
! the cordial welcome accorded him by
the Mayor ard audience and said that
he had experienced much courtesy ever
since he had came into the State. Cour-
tesy. he said, sat well on the Califor-
mans, as it seemed part of their ma
lures The welcome accorded to him
by the Mayor showed this, as appeared
| broader than simply a welcome to.a DO
litical speaker, but seemed to be a
welcome from all the citizens. ire
spectiye of party.
Bimetallism, he said. was calculated
to achieve and preserve the happiness
and welfare Of the majority of the
neople. If it is not. ii will fall and
/ deserves to do SO. The gold standard
| has never yet been adopted by the vote
of any single people on the face of the
earth. The political leaders of this
| country have never been anxious TO
| submit ii to the vote of the people here.
It is not an established thing vet in
the world, for it is only on trial and
with some very disastrous results. No
political party had ever advocated it
until the Republican National conven-
ton of two years ago.
He gave the history Of the Tnterna-
/ tional Monetary conferences in 1878,
| 1881, again at the Paris Exposition,
and yet again in 1892 in Belgium. all
of which. he said, were efforts of the
countries of the world to free them
selves from the single standard and the
| failure of the Woleott commission was
the last one. They all failed because
| the money interests of England. the
creditors Of the world. wish to retain
! the hold on the world that they had.
Gladstone and Sir Vernon Harcourt had
| frankly stated that it was for the ad-
vantage Of England. which is credi-
| tor people, to allow its debtors to use
a currency that will allow the prices
of the products she has to buy to rise.
| He said that the recent legislation
on he money question was shameful
betrayal of patriotism at the behest #
| England, and that the Republican par
| ty mis- party, had a it's last national
| convention declared that the Unit I'd
| States could not govern itself. He de-
MED the right of any class in the
| country to legislate for the rest, and
said that there was no subject on which
/ legislation could he had that was too
sacred for the whole people to discuss
and pass on. Money is a medium of
exchange invented in order that pro-
ducers need not run about to exchange
their productions with other producers
who needed to get them and dispose of
their own. If a leg of mutton is worth
bushel of wheat. and one can be sold
for a dollar and the other bought with
IT, and when the dollar is cut in two
the articles can still be bought and
sold for the half-doliar. it makes no
difference if the piece of money is only
half rs large. This, he conceded. as
long as ii was confined to barter But
when debt came into the world it
| brought in a new factor and upset the
old conditions When a man borrows
a thousand dollars and mortgages his
farm for it. he finds q difference wheth-
er five hundred legs of mutton or five
hundred bushels of wheat would pay
the debt, at 50 apiece, as when he Dor
rowed it. or whether through cutting
the money In two it takes a thousand
bushels of wheat or a thousand legs
Of mutton to pay 1t. The statistics
compiled by the acknowledged best au-
thorities of the world show that one
dollar in gold will purchase to-day
twice as much as it would twenty-five
years ago. II the fall in prices of pro-
duc.ions has been brought about by
increased facilities. they ought not to
have ruined the producers. As a mat
ter Of fact, the increase in facilities of
production between 1850 and 1878 was