The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-09-13
TO FIGHT IT OUT.
Leaders on Both Sides of the
Currency Question
Assemble at Omaha to Debate
the Problem.
A THREE DAYS TALK
Under the Auspices of the Sound
Money League.
J. Sterling Morton Presides
l THREE DAYS TALK
J. Sterling Morton Presides
over TOday's Session.

- ObOEAAHS mOEbOu E0SAuOS
over TOday's Session.
OlSaha. Neb., Sept 13.-One of the
most distinguished gatherings of f1nan-
cial students and authorities that ever
assembled opened a three days session
at the Nebraska building on the exposi-
ton grounds this morning. Scarcely
a well known name on either side of the
great currency problem which has been
so long before the American people but
Is represented on the program for a set
paper or part in the running debate.
j. Sterling Morton is presiding today.
Horace White of New York, Edward
Atkinson, Congressman Fowler of New
Jersey, Editor P. H. Robinson of the
halfway Age, Louis r. Enrich of Colo
rado Springs, former Senator Carey of
Wyoming and Governor Shaw of Iowa
are to take part in the program. Mr..
Atkinson is not here owing to illness,
his paper being read by Mr.. Morton.
Messrs. Wagner, Towne, Bartine, Weav-
er, Reynolds and other leaders of the
silver and paper money sides are to
take part in the joint debate today.
j. Sterling Morton Presides.
Shortly after 10 O'Clock Mr.. Morton
called the convention to order, and
without any unusual fOrmality, beyond
few words of explanation and well
come, said:
''As president of the National Sound
Money league call this assemblage to
order.
Gentlemen. you have been convoked
for a patriotic purpose That purpose
is to candidly discuss the money ques-
tiOn, with the intention of ascertaining
the best currency for conserving the
prosperity, strength and honor of the
American republic.
Three questions demanding your So
luton are:
"One-Is it the fixed legal ratio
enacted between the coins which gov
erns the relative value of the metals
in bullion? Or
''Two-Is it the relative value of the
metals in bullion which governs the
relative value of the coins?
''Three-If no single and separate
state can maintain a fixed legal ratio
between the metals when coined in un-
limited quantities, can an international
agreement among the principal mercan-
tile countries of the world do 50?
You enter upon this investigation
with a Jealous intention of finding the
truth. Your love of country prompts
you to make this inquiry and to over
throw error and establish truth.
Mr.. Edward Atkinson, the dis
tinguished economist and publicist of
Boston, was prevented from attending
because of i'll health Therefore he
sent to me for presentation on this oc-
casion his paper entitled Force Bills
or Legal Tender And without further
prelude proceed to read it"
Inere was no ueDdIe on MT. ALkln-
sons paper, and Editor Horace White
of theA New York Evening Post opened
the conference proper with a paper on
THE History of the Gold Standard"
Horace Whites Address.
Mr.. White said that he had treated
the history of the gold standard at the
Worlds Congress of Bankers and
Financiers at Chicago in 1898, bringing
it down to that date. He should not
repeat what he said then. The world
had advanced in knowledge since that
time, and the subject was not so in
teresting now as it was then. The his
tory of the gold standard was narra-
tive of attempts on the part of govern
ments and peoples to make two metals,
variable in their nature, stable in refer
ence to each other. These attempts
were honest but futile. The pursuit of BIZ
metallism was like the pursuit of an
ignis fatuus. The nations, one after
another had abandoned it, so that in
1893 all countries of any commercial i'm
pOrtance except four had adopted the
single gold standard. The four were
India, Chilli, Japan and Russia. All
four We're then silver standard cOun-
tries All have since adopted the gold
standard, or have taken steps to that
end The only nation that has gone
back from gold TO silver is Spain, and
this has been in consequence of her re-
cent miSfOrtuneS. Mexico and CHINA
are the only countries OF any magn1-
tude that voluntarily preserve the sill
countries now. AS to international BIZ
metalhsm Mr.. White thought that Sen
atOr WOlcOtt had preached its funeral
sermon after he came back from MS
fruitless mission some six months ago.
Mr.. White next considered the common
saying that there is not gold enough in
He could prove that there was enough
gold to do our business. At the present
had three dollars of gold to one dollar of
paper in their vaults The reason was
" all their paper currency away from
them Gold had flowed in from abroad
thought there was not gold enough to do
their business, let them send this paper
exchange. The cOuntenances of the New
York bankers would be Wreathed in smiles
son Of this plethora of gold was easy to
understand. The large crops of the last
abroad had turned the balance of trade
in our favor. Accordingly We had i'm
gold during the fiscal year ending June -.
1898 We had produced hfty-e1ght mil,
lions in our own country which we had
retained, and we had received somewhere
from five to ten millions from the klon-
about one hundred and eighty millions in
little more than one year our holdings
fifty millions, being larger than those OF
any other country n the world. anS MT It
was not enough gold to do our business
with But the evidence was overwhelm-
ing that there was enough for other ma
tiOns also. The amount added to the
worlds stock during the last eight years
was one thousand three hundred and sew
enty-seven million dollars. and it was in
creasing by leaps and bounds
Mr.. White thought that more interest
in the present phase of the currency ques-
ton That question was greenbacks VS..
bank notes What was a greenback? It
one dollar" The supreme court has de-
cided that a dollar is piece of metal Of
a certain weight and fineness Accord