The times., 1898-12-15
silver BRIGHTLY shines
Business Men Take a Lesson in
Financial Philosophy.
NATIONAL BOARD OF TRADE
Delegate Berry, CT Pennsylvania,
Makes n Free Silver SFeech-Op-
poses observation-disclosures Ca
nal Proposition Indcrsed - The
Pooling BiiI-The Merchant Marine

Finance. the Nicaragua Canal, railroad
pooling and American shipping were the
leading questions which came up for con-
sideration at the annual meeting of the
National Board of Trade yesterday.
The report of the committee on none
tary reform declared in favor of the god
standard and the retirement of all kinds
of paper currency issued by the Govern
ment. The resolutions offered by the com
mittee set forth the advantages of some
financial system that would provide for
currency issued by banks, in safe proper
ton to their sound capital and surplus, as
the needs of the country require, under
such governmental supervision and control
as will insure its redemption in gold on
demand at bank of issue and at the lead
ing monetary centers of the United States.
Delegate William II. Berry, of Chester,
Pa, the only bimetallist present at the
convention, opposed the resolutions pre-
sented by the committee. He based MS
objection first upon the fact that the Con-
stitution of the United States confers the
power and imposes the duty Ito coin mon
ey and to regulate the value thereof" upon
the general Government, and denies even
TO a sovereign State the right to share in
this exclusive power.
I'm accordance with this provision" :"
said Mr.. Berry "The mints were estab-
lished and the free coinage of gold and
silver into money on private account was
inaugurated The production of money
was thus placed directly in the hands OF
the people, so that by their labor they
,gs-l,f in,
gold and silver, and have 1t coined Tito
money with which to pay their debts TO
one another, and their dues to the Coy
ernment."
MIR. Berry then applied himself TO the
delivery of a ringing free coinage address,
which commanded the attention, though
not the sympathy of the delegates. He
said in part:
The experience of this country from
1892 to this time has approved the Wis
dom and foresight of the fathers. 1t is
the privilege of every citizen 10 pro-
duce money under the law, with the sole
condition that he make the sacrifice and
put forth the effort necessary to such
production, and / oppose this proposition
because 1t gives to certain favored men,
or organizations. power to produce and
put into circulation a substitute for
money, without the expenditure of LABOR
or sacrifice in its production, giving en-
plOyment to no one, and with no restrain
ing cost of production to insure against
its over-issue.
"The proposition is simply monstrous,
and l am amazed that any man who is
not a stockholder in one of these favored
institutions can be found to indorse it.
AT the instigation of certain interested
persons, the right of the people to pro-
duce money by their labor, was abridged
by the decentralization of silver in 1919
and the limitation of such production to
the supply of gold alone, has reduced the
supply of money so far below the demand,
that in spite of an enormous use of cost
less substitutes, its value has doubled in
the last twenty-five years.
"Ifle right of the government to coir
money of other substances than gold OF
silver. or to issue legal tender notes as
substitutes for, or in competition with
coin cannot be questioned 1t has fire.
quently done so. and now has $3.50, 600 90
of such notes in circulation, the validity
of which has been sustained in the Su.
preme Court of this country. The jus
tice of such an issue is manifest, for tn,
service rendered to get these notes into
circulation was rendered to the Govern
ment. mainly in the struggle TO preserve
its life in time of rebellion, and for tht
benefit of all the people.
THE limitation of the supply of rea
money and OF Government substitutes
has made room for and encouraged ths
use of other substitutes. issued by tht
banks and clearing houses OF the coun
try. which are made to do service as
money, and the rank injustice of evers
such issue is clear because the Service
rendered to get every such note into cir.
culation is to the bank and for its sol,
behoof.
Not satisfied, however, with the ad
vantage already unjustly gained by thi.
means, these institutions, banded to
gether for the purpose of fleeing tn,
people, now propose to force the Govern
ment to retire all its notes. and ALLOW
them to issue bank notes instead. Bu