Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1898-09-14

! gan WIN scppCrS the IegaI tender
theory of money in general. He denied
! that either Atkinson or White hadmade
| any Affirmative showing in behalf of the
| gold standard; in fact, he denied that
! any affirmative showing could be made
| for it, The same law that made 25-S
grains of gold dollar could have made
a dollor of half that amount. and under
TIE law making this standard dollar,
| if there were only one ounce of gold in
the world it would not be worth more
than s2O67
The gold standard. wherever il exist
ed. was a creature OF law and nothing
else. Gold had no particular intrinsic
value. Its value as money metal was
altogether extrinsic. depending upon its
relation to other things. and its ex-
change value was altogether dependent
upon the law of supply and demand.
The difference between the supporters
Of Bryan and those Of Mckinley in the
last campaign was only difference Of
method, One element believed in the
free coinage of silver independently,
and the other in waiting for an interna-
tional concurrence.
He made the statement that in the
last election practically 1880, OO0 voters
had gone on record for the free coinage
of silver at some time, only 1S4, coo vot-
ing unequivocally for the perpetuatior
of the gold standard. He quoted Jevons
to demonstrate that the general estab-
lishment OF the gold standard through
out the world would operate disastrous
ly to business. Speaking for an hour he
went into all the arguments in support
of silver as a money metal coordinate
ly with gold at 16 to 1.
The afternoon session developed into
an almost mouth rs mouth contest be-
tween the gold and silver sides, with
the middle-of-the-road editors of the
Reform Press association strongly in
evidence for their favorite theory of an
irredeemable paper currency. H. P.
Robinson, of Chicago. editor of The
Railway Age. replied to 4 number of
Bartine's points of argument. Louis R.
Enrich, of Colorado Springs. Colo, fol-
lowed to show that he establishment OF
thu gold standard was in harmony with
evolution. Governor Leslie NJ. Shaw, of
Iowa, made a brief address which went
deeply into the subject from the produc-
er's point of view.
Il am a gold mono-metallist," he said.
because the whole world has agreed
upon the gold standard and the law OF
commercial convenience, which no act
of parliament or congress can repeal,
governs the whole matter. The only
logical argument I can see for silver
coinage is that it would reduce wages
practically one-half and thus enable US
to compete with foreign nations, but 1
would rather have the American mar
ket than that
Several questions as to the ability of
a debtor country to retain its gold
against foreign draushts. and having to
DO with the quantitive theory of money
as laid down by well-known financial
authorities, and also as to Indian COM
petition with the American wheat pro-
Queer were propounded by ex-Repre-
sentative George Fred Williams. Gen
eral y. ]. Warner. of Ohio, president OF
the American Bir1etallic union, con-
tended that the gold standard had ap-
preciated the dollar and spending
ly caused a general fall of prices. doub-
ling the debts of the country. Reprssen-
tative Fowler, of New Jersey, replied to
Warner and insisted that wages had
both increased numerically since 1919 |
and in purchasing power under the gold |
standard. Charles a. Towne, Of DU- |
luth. national chairman of the Silver |
Republican party, took exception to |
Fowler's logic. |