The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-01-26
Figuring How to Fasten the Sin
gle Standard on the Country.
OLIER-THAN-TH0U MEN
Governor Shaw OF Iowa and Others Ex-
pound the Principles of Finance as
They Conceive Them to the In
dianapolis Convention.

/ called the monetary convention to or
| der. Two governors, Governor Hunt
! of Indiana and Governor Shaw of
Iowa, were the speakers at the after
noon session. Governor Mount deliv-
/ erea the ADDRESS of welcome, and Gov
! ernor Shaw spoke for more than an
! hour on the gold standard and the re-
| tirement OF the greenoacks. Governor
| Mount spoke briefly. his speech was
/ an earnest plea for the maintenance Of
| tl4e sod Standard. lie CLAIMED thSt
| Thomas Jefferson, the founder of the
| democratic party, held stoutly to the
/ belief that the legal ratio of coinage
should conform to the mercantile ratio
! of the metals, and he inquired in TINS
| connection how this attitude would
compare with modern Organism, which
| insists upon 10 to / as the legal ratio,
| while the commercial ratio is SO to /.
He pictured the disastrous results
which, would follow from the free coin
age of silver in this country, and as
serted that capital would seek invest
ment in this country only when as
sured of the soundness of our money
system.
At the conclusion of Governor
Mounts address, Chairman Hanna pre-
sented Governor Shaw of Iowa TO the
convention as it's permanent chairman.
Governor Shaw said in part: An
impression exists in some localities that
do with the price of commodities. No
argument is more fallacious and none
supported by more sophistry. What is
the primary purpose of money? Is it
intended that its volume shall balance
an property? By no means. Enough
currency is needed to supply the de
mands of great commercial people,
and to afford them q medium of ex-
change Money is not consumed by it's
use. Suppose the whole nation to be
great wheat farm. They are threshing
to-day in the South, tomorrow in the
Middle states. the next day in the
North and on the Pacific slope by and
by. How many half bushel measures
will be needed to handle the crop? VIII
we require enough to hold the entire
yield? Not at all. There will be a de-
mand for enough only to accommodate
every machine, every seller, every buy
er, every shipper. every warehouse
man. Must they all be of government
standard test? Certainly not. They
must be of the same size. of the same
dimensions as the government stand
ard. but they may be of temporary
make, and yet serve the purpose as
well as If they were made of east steel
1t would be well to have a few of gov
eminent test at every threshing sta
ton, with which to compare each of
the others. So with our money. 1t is
well to have enough gold-aye, it is
necessary to have enough gold to
measure and determine that every dol
lar of contract and every dollar of bank
issue is of the exact value of the gold
coin To make the test absolute the
paper currency must be redeemable di-
rectly or indirectly. Whenever one can
exchange paper for gold the fact is es-
tablished that 1t is of the same value
as gold: and there is no other test pos
sible. II is not necessary that our cir
culation shall balance our property. 1t
is only necessary that we have suffi-
cient for the accommodation of every
man, woman and child who desires to
use IT, and who has some use for 1t.
lie must have some commodity to
measure or he needs no test of meas
prement. lie must have something TO
exchange, or he needs no medium of
exchange. IL he proposes to exchange
the labor of his hands for food for his
children, there must be provided for
him sufficient currency to measure the
amount of his earnings. every penny
of which shall be tested by the same
rule, and measured by the same stand
ard, as the income of the millionaire.
The fact that his employer has much
or little currency on hand does not add
to or detract from his wages or the
purchasing power thereof. provided
only his employer has enough to pay
him. So | say we need a sufficient vol
ume of currency to meet the require
ments of great commercial country,
enough TO supply every man, woman
and child with a medium OF exchange
who has anything to exchange.
This currency must be elastic. There
will be more half bushels needed in the
South on threshing day than will be
needed seeding day. The same thing is
true of the East and the west and the
Pacific slope. The monetary system
that shall stand the test of all time must
be automatic in its operations. Wherever
the demands exists there the currency
must spritg up in volume sufficient to
meet the requirements of trade and COM
merce. This can be accomplished only
by clothing the banks with power to
issue. Then small tax should be levied
upon the circulation to protect against
dangerous imitation beyond the needs of
the country. and to insure contraction
when the demand ceases"
Upon the conclusion of the speech of
Governor Shaw. Chairman Hanna re-
quested the state delegations to select
vice presidents and members of the
committee on resolutions, to be re-
ported before the evening session. The
convention then adjourned until Z
o'clock. when addresses were delivered
to a large audience by Hon. c. Stuart
Patterson of Philadelphia and Col
Jacob Il. Greene of Connecticut. Mr..
Patterson spoke on behalf of the none
tary commission as one of its men,
bers.
Mr.. Patterson expressed regret at the
absence from the convention of ex-Sena-
tor Edmunds. He discussed the steps
taken by the committee, which resulted
In the plans submitted for the conven-
tion's approval He said: we advised
the continued adherence to the gold
standard because Il is the standard of
civilization; because no ieglslatio can
overthrow it: because II means that
every dollar Of currency shall continue
TO be as good a. gold. and because only
by that standard can public and private
fa!tn be kept and labor receive the re-
ward u itH toll. To adFlfe the utiiiza-
tlon Or silver currency n subsidiary sill
yer coins. IN silver d1Esrs ard In silver
certificates Dr. asr1frsssflnrs n 81. 81
and = % skE szz4 srTaHi ulf= currency
fqr q trat way tflM demands af the
rcuHtfY - fkssgf - 'aa retail trade
Wll keep re saFtf t-4frrarF To clrcula-
ton Es+ Nt zas1 tazrs-tzH the fact
that fh~ aWtF *sa #& srf=F rsnrssen-