The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1898-01-29
The BATTLE or THE
STANDARDS.


STANDARDS.
Speech Of Hon. William Z. Terry,
Of 1rkansas, n the House of
Representatives.. Friday. Dseem-
Der 81, 1895.
50. That the same thing is true
of the products of labor, the test
of prosperous condition being the
price obtained, multiplied by the
amount of products sold.
A financial system. therefore,
which forces decrease in output
OF acreage in order to obtain an in
crease in price for articles of gen.
eral necessity is both a blunder and
crime and such is another one of
the actual results of gold mono
metallism.
80. That there is no such thing
as Oyerproduction of cotton when
millions of human beings are ragged
for want of sufficient clothes; and
there is no overproduction of grain
when thousands are starving in
sight of the elevators.
Let the farmers and producers
have a reasonable profit upon all
they can raise and produce, and
there viii be plenty of bread in the
mouths of the hungry, and the
ragged win have decent clothes.
20. That prior to the present
Administration, no one ever heard
of any real and prominent Demo-
Gratis attempting to justify the
Sherman Act OF 1873, or bowling
down to praise and glorify the SIM
gle gold standard then set up, but
many millions of honest Demo-
Gratis have been denouncing 1t for
years.
Al. That when goldites talk about
"ruinous imitation" and "panics" to
result from free coinage, tell them
that nature itself having imposed a
limit to the output of gold and sill
yer, there can be no such thing as
an undue imitation from their coin
age into real money, and that while
panies may result from an undue
imitation of bank notes or paper
currency issued upon an insufficient
metallic base, no one ever heard of
a panic resulting from having too
much real money of either silver or
gold.
AZ. That when they say, on the
other hand, that, free coinage will
cause "ruinous contraction" by
driving your gold out of circulation.
tell them that your gold has al
ready gone, and that the rest of the
! gold IN this country is mostly
locked up In vaults, and is prac-
tically out Of circulation now, and
that so far as free coinage causing
gold to leave US under the opera
ton of the Gresham law" or the
principle that 'cheap money drives
out dear money" tell them that so.
called law simply amounts to this,
that gold or silver-either one
like any commodity will 60 where it
can get the most for itself, and the
gold we have now on hand we got
here by paying more for it than
anybody else would under the same
circumstances. As gold goes where
Il can get the most for itself, it al
ways gravitates to the level of low
est prices, and as contraction"
produces a fall in general prices,
our goldite friends should explain
the inconsistent idea of a "ruinous
contraction" going on In this coun-
try and gold going out at the same
time.
so. mat MI Odrilsie, IN speak
ing of free coinage in his Memphis
speech said, seThe immediate effect
Of such a policy would be a con-
traction to the extent of fully one
third of our present volume of cur
rency BY the expulsion of about
$685.. 000. 600 in gold," bat in q few
sentences afterwards he virtually
contradicted that BY saying, s'The
introduction into the currency of a
country of any kind of money
about which there is the least doubt
win always operate to drive out the
same amount or about the same
amount Of better money" This
latter statement contradicts the