The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-06
Lacey Speaks for the Local
Democratic Ticket.
WHAT ITS DEFEAT MEANS
The Man who IL Making an Enormous
Fortune Through silver's Falls Says
Its RECOMMENDATION Is III One
Great Live Issue.

esg ..sNA
one Of the most noted advocates of free
silver in America. IL he has a peer in
this line II is Mr.. Bryan himself. Mr..
lacey is an anomaly as an advocate of
bimetallism. He made a fortune, a
monumental fortune, from the decline
In the value Of silver bullion and still
profits by the low price of silver. All
his financial interests are opposed TO its
remonetization, yet he Is honest
enough to place the prosperity Of his
country ahead OF his personal interests,
and there Is not a more earnest advo-
cate of bimetallism in America. This
man urges the voters OF Silver Bow
county to vote the democratic ticket
because II stands for silver and because
he says nothing could do the silver
cause more injury han TO have 1t go
out to the world that the greatest min
ing camp In creation had repudiated
silver. Richard Lacey has no interest
In Silver Bow county politics. He does
not care what men are elected TO I'LL
the local offices. as far as those men
and those offices are concerned. for he
has not a dollars worth of interest in
Butte. but he is a bimetallist and he
would not give the enemies Of silver an
opportunity to point to Butte of all
places in the world as having re-
bounced bimetallism. when they argue
that silver is a dead issue.
Mr.. Lacey IN one of the wealthiest
importers OF New York city. He made
his o buying goods in India after
the demonstration of silver. paying for
them at Calcutta with silver and bring
ing them to this country and selling
them at gold standard values. He made
an enormous fortune and his practical
business experience taught him that BIZ
metallism was a good thing for this
country. He IL still i'm the same business,
making money in the same way. yet he
spends much OF his time n vast sums
of money In the support OF the cause or
silver in this country. He Is the author
OF a great publication on bimetallism
and Is known as one Of the most able
opponents of the silver doctrine in this
country He was one of the first bi-
metallists I'm New York and II was he
who introduced w. J. Bryan when he
made his first speech in New York at
the famous meeting at Cooper Union
hall on the night of Aug. 26. 1886.
MIR. Lacey is the uncle OF +. Aug.
Heinze n Arthur p. Heinze of this
city. He arrived in Butte yesterday on
n visit to his nephews and his sister,
their mother. who Is now here. To a
Standard reporter he talked yesterday
evening on his favorite theme. During
the conversation he said he did not like
the idea of mixing In local politics. yet
his interest in blmetallism was so great
that he felt he was justified and that he
would be pardoned II he lent his voice
in support of the democratic ticket be-
cause II vas the silver ticket. Mr..
Lacey told why he wat a bimetallist
and CAV reasons that will be read with
interest, because they are new in this
locality-reasons which came to him
through practical business experience.
Mr.. Lacey said:
II have been a bimetallist over 20
years and / have learned what / know
In regard TO the question from actual
business experience n not from books
written uo)n the subject. OF course i
have supplemented my experience by
numerous readings. which have only
confirmed the deductions drawn
through the business experience. In
1876 l read a speech made by Senator
John =. Jones of evad upon this
question. This was one Of the greatest
speeches I'm f~ar-reaching effect that
was ever made in the halls Of congress.
One might say that IL opened up a new
science TO the world and IL has UNI
doubtedly caused more study of the
great AMI Overwhelmingly important
money question than any other EFFORT
ever made. / was taken Immediately
with Senator Jones advanced theories
and was at once impressed with the
probability hat his logical deductions
were sound. BEING In the East Indian
importing business In New York, ana
that business being almost wholly con-
trolled by the par of han etwee
Calcutta and London, which. In turn,
at that time rested entirely upon the
value of silver bullion, measured into
gold. I concluded to make some practi-
cal experiments in actual transactions
in merchandising. 20 demonstrate 10
myself either the truth or fallacy OF
Senator Jones theories. The result was
that I'm transactions involving hundreds
and hundreds of thousands of dollars in
almost every case Senator Jones theo-
rles proved themselves in practical ope-
rations entirely correct. Consequently
I became "A confirmed blmetalllst.
ITO illustrate. suppose l bought lO0, 900
rupees' worth of merchandise in 1872 at
Calcutta to bring to New York. 1 would
need to get 100. 900 silver rupees into
Calcutta To pay for II. The modus ope-
randi was To buy India council bills at
London i'm the shape of Calcutta rupees.
With silver at that time undemonetized
the rupee always brought about W
shilling sterling. or say AZ cents gold
American money. IL IL clear that at
that time the 100. 600 rupees would cost,
saw. in round fgures. S4S.0 900 in gold.
beginning with the effects OF the
characterization of silver i'm 1873 The
value Of the rupee in gold at London
, gradually and continually declined so
that merchants were constantly able 10
import from India to Europe or into the
United States at a lower and lower cost
of import. because the first costs OF
merchandise at Calcutta remained the
same and did not advance and the S4s,-
900 I'm gold would buy more and more
silver rupees. .
T apply and show how Il injured
this country. take wheat n suppose
a man In 1872 bought in India 1oo.0o ru-
PEGS worth of wheat to send To Eng
land. At that time the value OF the
rupee was. as stated. two shillings ster-
hing. or say. in American money. sfs.ooo
in gold. Now take the year 1895. when
the value OF the rupee In sterling de-
clined TO about one shilling. one hair
what ID was worth in ls12. In 1898 the
100. 900 rupees could be bought for $4,000