The Denison review. [volume] (Denison, Iowa) 1867-current, 1898-10-04
ALTCE[D ANSWERED,
Governor Shaw Shows silver's
Sophistries.
WHEN SILVER RE1GNED,
Review OF the Good q, Times When We
Had Free Silver at the Ratio of
l6 to L.

ing, We pointed out that the demone-
tization of silver had resulted in lower
ing the general level of the price of prop
erty nearly so per cent; that the total
amount Of money in circulation in the
world determined the demand for
property and thus fixed the general
lev9f of all prices"
Mayor Harrison on the same night.
in referring to the Chicago platform,
said. cit demanded that the money of
the nation should be of such a char
acter and SO issued that the control of
the national currency should be wrest-
ed from the hands of the sharks and
harpies of Wall Street; that the money
Of the nation should be the money of
the constitution, gold and silver coined
at the historical ratio under which the
nation has thrived and prospered."
These two statements from these
eminent men, acknowledged leaders of
their party, are the most emphatic and
specific utterances on the financial
question contained in their general adj
dresses | did not cross the Mississippi
river to quarrel with either of these
gentlemen, or to say aught in derision
OF them. When such men have any
thing to say, their utterances are en-
titled to careful consideration. The
positions they hold and have held, the
confidence that a large number of the
people of Illinois and of the nation
have in them, demand, | think, not
that their statements should be re-
ceived as truth but that they should be
analysed, considered, weighed, and
then received or rejected according as
they are sustained by the facts and
logic of history. Neither of these emf
nent orators sought for a moment to
substantiate their statements. Their
language is bald and unsupported.
They contain the essence of all that
has been said in favor of the free and
unlimited coinage of silver, and, like
most that has been said in it's favor,
they are not supported by fact or logic.
They are high-sounding statements,
well calculated to deceive all who do
not analyze what they hear and what
they read l wish to give these utter
ances some little attention to the end
that this audience may accept them if
they are worthy of acceptance; other
wise, reject them.
Gov. Altgeld bases his remarks
upon the universal theory of the
friends of free silver, that the total
amount of money in circulation in the
world determines the demand for prop
erty, and thus fixes the general level
OF all prices. This statement is either
true or it is false. If true, then to in
crease the circulation of Russia by say
thousand million dollars--a percepti-
BILE increase to the currency of the
world ought certainly to perceptibly
affect the demand for all things and
raise the price Of bicycles, and of side
saddles, as we'll as of wheat and of
corn and of onions. l say the state
ment is true or it is not true 1t is
frequently claimed by those who OPP
pose the maintenance of the gold stan
dard that it is only the quantity of
standard money that fixes the demand
and regulates the price of all property
throughout the world. The fact is that
neither the amount of standard money
nor the volume of currency in this
country or any other country or all
countries combined, determine to any
appreciable degree either the demand
or the price. For instance, suppose
ten men come to the city of Rock ISL
and, and each deposits in your banks,
say million dollars in gold. Will
that increase the demand for any
product of the farm OF the shop? Not
at all. 1t is necessary that there be
sufficient currency in your city with
which to do the business of your city,
but any excess of the needs of trade
does not result in stimulating prices.
In order to make Gov. Altgeld's state
ment logical upon his own theory even,
he must not only take into the account
the volume of gold and silver and pa
per currency, but he must also take
into the account that other medium of
exchange which is also current if not
currency-checks. Suppose every man
in your city had thousand dollars in
cash this morning. Ninety nine out of
hundred would deposit it in one of
your banks and then each man, when
buying would give his check, and less
money would be actually used in the
transaction of the same volume of
business than would be required were
each man to have only $40. There
would then be no money in the bank,
and every transaction would require !
Q volume of currency equal to the