The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-09-14

which, while not retiring the greenback
puts upon the national banks the bonus OF
current redemption Of them, and gives
the banks the privilege of issuing their
general assets, protected by q common
safety fund lodged in the Treasury. This
would furnish all the money that the
business of the country needs, land Ii
would be furnished at the7times and in
the places where 1t is kneeded, which the
government never can do, and which free
coinage OF silver never can do.
Fl. j. Bsr6ini of the National Bimetal-
lism Of Washington, d. c., replied to MIR.
White.
Congressman Bsrtini's reply began
with support of the legal tender theory
of money in general He denied that
made any affirmative sbo wing in behalf
Of tho golf standard; in fact he denied
that aIly affirmative showing could be
made for it,. The same law that made
25 s grains of gold q dollar could have
made dollar of half that amount, and
under the law making tthis a standard
dollar, it there were only one ounce of
gold in tine world, it would not be worth
more than S2O.S7.
The gold standard wherever it existed
was creature of law and nothing else.
Gold had no particular intrinsic value.
Its value us a money metal was alto
gether extrinsic, depending upon Its re-
lation to other things, and it's exchange
value was altogether dependent upon the
law Of supply and demand. The differ
enne between the supporters OF bry an
and those of Mckinley in the last CAM
paign was only difference OF method.
One element believed in the free coinage
of silver Independently and the other was
waiting for an international concurrence.
Mr.. Bartini stated that in the last cleo
tion practically IS, 500, 900 voters had gone
on record for free coinage of silver at
some time, only 1874, 900 voting unequlvo-
cally for the perpetuation OF the gold
standard.
He quoted Jevnes to demonstrate that
the general establishment of the gold
standard throughout the world would
operate disastrously to business eHe
went into all the arguments in support OF
silver as a smoney metal, co-ordlnately
with gold at 16 to l..
At the afternoon session, Fl. T. Robin
son of Chicago, editor of the Railway
Age answered number of Mr.. Bartini s
arguments and oontended strongly 1or
the necessity of maintaining the national
honor by paying off the obligations OF
the country in as good money as they
were contracted in. His real subject
though, was "The Interest OF Every Man
in the Gold Standard"
Louis r. Enrich of Colorado Springs,
Col, read paper In which he sought to
show that the establishment OF the Gold
standard was In harmony with evolution
Incidentally he argued against the guam
titative theory of money.
Gov. Leslie M. Shaw of Iowa, made
brief address which went deeply into the
subject from the producers point of view
declaring himself gold monometallist.
Several questions as to the ability OF
debtor country to retain its gold against
foreign draughts and having to do with
the quantitative theory Of money and al
so as to Indian competition with the
American wheat producer, were pro-
pounded by ex-Congressman George Fred
Williams of Boston.
General A. J.. Warner of Ohio, presi-
dent of the American Bi-metallist union,
contended that the gold standard had ap-
preciated the dollar and corIespondingly
caused general fall in prices, doubling
the debts of the country. Congressman
Fowler of New Jersey. demonstrated that
wages had both increased numerically
since 1910, and in purchasing power under
the gold standard. Besides, he said, since
Mr. MoKinley's election, the bank clear
ances of the country had increased from
$4S, 600, 600, 900 to $65, 900, ,000. COO. Charles
A. Towne of Duluth, Mimi, national
chairman of the silver party, took excep-
tion to Mr.. Fowler's logic, that the gold
standard had reduced simultaneously as
indefinite.