Omaha daily bee., 1898-09-16

change value. Everything has its particu-
lar value for the purpose for which It may
be used, and money is valuable only as
medium OF exchange. These men say you
can take bank credit, a piece OF vitalized
vacuum, and put value into IL for exchange
purposes, but that you cant with silver.
Mr.. Irish has a seizure as TO the univer-
salty Of the gold standard. but it does not
exist absolutely in any country except
England-in every other country 1t is only
a haltng experiment. You can't extend
the gold standard throughout the world
because you cant extend IL to India. India
will not go to the gold standard or 1t will
ruin the British empire. Robert Gitfen
says so The president OF the board OF di-
rectors of the Bank of England says So
Mr.. Gage says he will have the gold stand
ard established in this country in the face
OF the fact that 1t would destroy half
million of our money. | quote Carlisle
against Carlisle as to the disastrous effect
of the gold standard. Mr.. McCleary has
something TO say about hairless Mexican
dogs. Natural history is his forte. In
speech against me in congress he ran in
an elephant, and he has had II on his hands
ever since. He says If you have an order
for a COW you cant milk the order, but
suppose you have the gold for the COW
and you got thirsty, could you milk the
gold? loud laughter and applause) lie
spoke of Abraham weighing out 400 shekels
OF silver. Why did not Abraham weigh out
only 200? Why did he weigh out so much?
In that very illustration Mr.. McCleary ad-
mtted the quantitative theory. More ap-
plause and laughter)
smniIey Reads Cornwel's Paper.
The secretary of the National Sound
Money League, f. V. Smalley, read brief
paper on deposit currency by william c.
Cornwell of Buffalo. This deposit currency,
consisting of bank notes. had increased
from 81 100 900 coo in 1875 to $4,000 600, 600
in 1897. According to Mr.. Cornwell deposit
currency is the invention and choice of the
business world; a bank note is a title to
actual property held by the bank; govern
| ment legal tender note is not a title to any
thing being simply forced loan which can
only be paid by taxing the people for the
money to pay with
The quantitative theory was discounted
by Mr.. Smalley. From figures computed by
William Dodsworth of New York from the
| reports of the director of the United States
mint he stated that within twenty three
| years, from 1873 to 1895, an increase of
| 81 ,07S, 900 coo of metallic money had been
| added to the worlds volume and yet prices
| have generally fallen.
| Two of the middle Of the road fatsts
| were permitted, or rather tolerated, by the
| chair to be heard. These were n. II. Mot
| singer of Indiana and Ali Reed of Iowa.
The former had several diagram charts with
| which he expounded the theory that value
| is not a material thing, but an estimated
| quantity of intelligent human sacrifice and
| that money is simply the legal representa-
| tive of value; also to demonstrate that
| while the aggregate of the country's wealth
had increased from $50, 900, 900 900 in 1866 to
| $50, 600 900 600 in 1898, the volume of money
! in the country has been reduced from
$1,000, 900, 900 to $1,000, 900.
| Ali Reed asked during his talk il money
| lying idle in treasury and bank vaults is
in circulation. He thought he and the other
| editors of the Reform Press association had
| not been treated right, accused the gold
standard advocates with being the paid
| hirelings of the money power and the
| bankers and wound up by challenging them
| all to a joint debate with the fatists in
| Creighton hall at any time they got ready.
Mr.. Fowler considered Reeds charge a
personal one and asked how he (Fowler)
was getting paid for his advocacy, and there
| was almost scene. Reed replied by his
having been elected member of congress
and that be dare not advocate any other
than the gold and banking system.
Motsinger roasted Chairman James X.
Jones OF the democratic party and pro-
nounced Benjamin Franklin the first popu-
fist of the nation.
| A recess until evening was taken amid
considerable confusion.
whnt the Evening Brought Forth.
An hour was consumed in the evening by
A. w. Wright of Chicago, arguing for a
free banking system without government
supervision. Prof j. Allen Smith of the
Washington State university at Seattle
reasoned that the quantitative theory prop
erly recognized would bring about stabil-
ity of prices. Judge Sheldon of Connecti-
cut said the general level of prices depends
upon the quanttatve theory, whether the
money be coin, legal tender paper any
thing, such as checks and drafts and bank
currency, adopted as a substitute for money
or all combined.
Then Congressman David A. De Armond
of Missouri went after Messrs Fowler and
McCreary Mr.. Fowler correcting him to
say silver was being redeemed in gold in
stead of being merely 'redeemable," Mr.
| De Armond accused him of parading q
shameless violation of law, and asserted
that there is no law warranting the redemp-
ton Of silver with gold Mr. McCleary's
parallel of the custom mill and the mer-
chant mill with free coinage and govern
} ment coinage, he said the parallel broke
down at the point that the great govern
: ment mill refused to coin the peoples sill
yer, and he asked why? Also, where is the
philosophy of the argument based upon the
proposition that the government should con
I troll the volume of silver money but would
! allow individuals to go to the mints anc
r have their gold freely and unlimitedly
coined on their private account?" Gold, hi
said, could never supply enough of money
The gold dollar by unjust and dscriminat
ing laws has been growing bigger and big
ger To Mr.. Smalleys position on depos
money he satirized that gentleman's mega
ton of the quantitative theory consider
ing the expansion of the volume of this kint
of bank currency.
He presented gruesome picture o.
the possibilities of the future witt
, only 5-per-cent reserve fund in golC
! for redemption purposes in the even
of panic and general bank fail
ure and he alleged that the advo
Gates OF the present banking system repre-
, sented scheme fathered by interested per
sons in New York and Chicago interested II
, the wholesale issue of substitutes for none!
for circulation at remote distances at home
, There was vastly more bank credit none!
than gold to redeem it with. If the gov
ernment is denied the power to create none!
he could nos conceive how it could delegate
to the bankers a power 1t did not possess
, McCIeary Reads the Paper.
Mr.. McCleary was allowed fifteen minutes
laWN