The herald., 1898-02-13

tne neatneSS ana ulSpatcn OIL a circular
| saw, l have added to the utility of that
glass. 1 have made that glass worth more
than 1t was merely as a glass, because 1
| have added, If the supply remains the
same, to the demand for it as a glass. The
demand will come from that large class of
people that want to use saws, and that
could use the glass as saw as well as for
| the purpose of drinking out of it,
If could also add in addition TO the uses
| OF saw, the uses of n paint brush and
paint all the beauties and enhancing pic
| lures of an artist, if / could use 1t again
| as loom to weave cloth, as n shuttle to
weave beautiful pieces of tapestry, IL
could use it for a hammer, or for any one
of ten million uses that so TO make up the
multifarious uses and trades of life-each
time 1 add to the utility Of that glass.
would add to the demand for 1t; and If d !.
| not correspondingly increase the supply
would add to the value of it, or as reckoned
| in money / would add to the price of it.
The value of money, the use of money,
| the demand for money, is equal TO the de-
mand for all other things put together.
| mean the economic demand There is not
| a thing in this world that seeks a market
and that is pretty nearly everything for the
division of labor has been carried to
the utmost erfection-that is not a de-
mand for money. The man that built this
auditorium built it for money. The man
that supplied the beams and boards and
nails supplied them for money; the man
who made the utensils with which they
were put together, the carpenters, plumb
ers, and architects worked for money;
| the men who made these electric fixtures
made thine for money; the man who in
vented the light invented it for money;
| the clothes we wear and the iewelry we
sport, the music we hear, the salvation
that is preached to us from our pulpits, and
the education we get in the schools are all
of them demands for money. (Applause.)
WHAT MAKES MONEY
Thus, it is true to say that there is not a
| single physical mental or moral need of
man that seeks expression in some enjoy
ment of some utility or some external
thing that is not a demand for an equiva-
lent in money. Therefore l say the de-
mand for money is equivalent to the de-
mand for all other things. 1t is, L say. the
all powerful finger of the law which gives
us the right to use metal as money, the
same as if the glass were to become an ele-
ment. The dead metal becomes an equiva-
| lent, not for mere commodity used which
it heretofore enjoyed but TO every other
use that mankind can possibly put any
thing to; and money therefore incidentally
becomes equivalent to all these demands
| responsive to all of them, and its value de-
| pendS thereafter upon the quantity used OIL
it, as related to the money demand, and
not the commodity demand and its value
| therefore is to be inquired into upon the
basis of it's money uses, and not its COM
modify uses.
What, therefore, has the law done? 1t
has bestowed all these enormous and in
Vulnerable attributes upon gold, and it is
| merely taking them all, one at time, IN
| increasing measure from silver. The result
is that silver has been supplanted more
and more, and the necessity for gold has
constantly increased. Gold has grown as
a measure of value, larger and larger, as
| measured in equivalents of other things.
In order to restore the old equality of
value and therefore the old equitabeness
| of measure, you must restore the old
rights of use to both gold and silver. Give
them the old rights at the mint to become
coin and then the same rights under the
law when they have become coin to dis
charge debts, and then they will remain
at a parity with each other because they
are at parity of use with each other
(Applause)
MONEY OF THE CONSTITUTION
France. from the year 1903 to 1873, main
tanned the parity of gold and silver
you will examine page 101 of Francis A
) Walkers last book, called "Internationa
Bimetallism''-a except the title anC
preface. every argument in it is an argu'
ment for Independent bimetallism-you vii
find that he states upon the authority OF
the greatest economic writer we have ever
produced that France maintained sngly
and alone during the greatest stress OF
European financial history the coinage OF
gold and silver at a parity on a basis OF
151h to /.
| am here with confidence enough in the
American people, with knowledge enough
L believe, of their magnificent power;
am here to declare my confidence that
what France was able to do from 1SOc
TO 1873, the United States of America car
do from 1898 until the end of the world
(Applause)
Ny friends, as 1 bid you goodnight,
desire to thank you for this splendid
manifestation of your interest in a cause
that is deathless as justice, as incor'
ruptible as truth, and to congratulate this
great community that you have here
an undying determination to re-
main steadfast to the cause, faith
full to its great leader, harmoniously
among all opposition, devoted to the grea
end and object that all of us have in view
and propose to remain thus devoted, thus
| steadfast until the day of triumph ha.
come when the people of the United State!
shall once more enjoy the money of the
constitution.
| / bid you goodnight.
Every point OF Importance brought ou
by the eloquent speaker during his luci(
address, which lasted nearly two hours
was enthusiastically cheered, the ref
erence to the high qualities Of Senate
Stephen M. White especially arousins
a. storm of applause. The termination o
Mr.. Townes splendid effort in behalf o
free silver and against the tyranny o
the gold bugs was the signal for ap
plause and hand-clapping which threat
ened to be prolonged indefinitely. Befor,
the immense audience withdrew three
cheers We're given with powerful gooC
will for the speaker
Chairman Phillips announced tina
the Silver Republicans kept open hous
? at their club, opposite the Burbank thea
ter, for their friends, where the member
would be glad to dispense literature OF
the silver question to all.
| ---D%A-