Evening star., 1898-09-14
THE MONEY DEBATE
Silver Chairman Chas. A. Towne
Makes His Reply.
JUDGE CRAWFORD'S GOLD PAPER
Former Senator Carey Says Labor
is the Standard.
T HE OTHER ADDRESSES

OMAHA. Neb., September 14.-At the
morning session of the monetary conference
Judge NJ. L. Crawford of Dallas Tex, who
was to have spoken yesterday. but did not
reach Omaha in time, read his paper, in
part as follows:
Ife Tree coinage of silver at 10 to
means not bimetallism, but silver mono
metaliism; not double standard, but
single silver staEdard When the govern
ment makes certain eight of one metal
the lawful equivalent Of a defined weight
OF another metal money, the over-valued
metal Is the cheaper and drives the other
out, and binetallism exists only on the
statute books; it is theory and not a fact
This Is Gresham's law. 1t is changeless.
The coinage history of our own and every
othef nation den cnstrates its truth.
Mr.. TOvne's Address.
When Mr.. Crawford had finished Chair
nan Chas. A. Towne Of the silver republi-
can national committee, who was presiding.
called Senator Allen to the chair and de-
liVered his address
Mr.. Towne said in part:
Ihe era OF ambiguity is past. The re-
cent state conventions Of the republican
party have with marked unanimity de-
clared themselves unreseryedly for the gold
standard; and we encounter in these de-
bates the avowed defenders of that sys-
tem-not Its apologfsts, but its champions
l congratulate the National Sound Money
League on Its courage and candor. Let
me, however, presume to recommend
sun further exhibition of candor, and that,
1onoWlng the example of lis English pro-
totype, it change its name to The Amer
lean Gold Standard Defense Association. "
Mr.. Towne subdivided his address into
eleven propositions as follows: Money is
purchasing power" Stability of value the
test of good money" Failing prices an
evil, "Appreciating money neither sound
nor honest THE gold standard unsound
and dishonest" There was every reason
TO anticipate the results of demonetiza-
tlon, The effects cf decentralization were
foreseen and foretold." Vain efforts to
break the force Of conclusion" Present
condition intolerable," The restoration of
silver the only alternative" The United
States alone can maintain the parity at
l6 to L.
Whatever else money may be defined to
be, it is purchasing power. Referred to a
particular commodity this purchasing pow
er expresses itself as the price of that com
mcdity. But the purchasing power OF
money extends to all commodities. 1t can,
therefore, be truly expressed only by refer
ence to all commodities. In other words,
the purchasing power of money is indelin-
able except in terms of average prices.
Money, in its origin and on principle, is a
mare convenience in connection with
things, but those interested in adding to its
value as measured by things have succeed
ed in making it more important and in
fuential than alFsthe productive functions
of society combined uMonometallists take
the bank-counterb view, the mere physical
simplicity view, while bimeta lists take the
other-that of the essential meaning of
money as measuring other things. with its
ultimate and intimate ethical and social
significances. % ~
stability of value,5o or the nearest prac-
ticable approach to it, is the test of good
ness in money. This is generally admit
ted. --'" g..
Mr.. Carey's Remarks.
Joseph NJ. Carey, ex-United States sena-
tor from Wyoming. spoke on 1.-THE Gold
Standard from the Standpoint of the West
ern States He said in part:
"Our contention is that the best standard
of money for the extreme west, or the
country that Is most thoroughly impreg-
mated and imbued with the farmers ali-
ance and populistic theories, Is the best
standard for the extreme east. The best
standard for the agriculturist of Kansas
and Nebraska is the best standard for New
York city. Speaking of standard we al
iude to that quality possessed by a metal
lie money which measures all values best,
gives stability ard elasticity, but circulates
in all sections without depreciation: that
goes and comes without it's value being
questioned or susplcIoned The foundation
of that standard among other things should
be labor.
THE speaker has believed that a double
standard might be maintained through in
ternationaI agreement. But such an agree
ment appears no longer probable. The
adoption of the gold standard is rapidly be-
ing accepted by all the nations that have
hitherto clung to silver. That the displace-
ment of silver and the supremacy of gold
as standard has been brought about by
conditions not the result of legislation, or
the result of any effort on the part of
banks, banking Institutions or individuals,
but from natural causes, is rapidly becom-
ing fixed conviction.