The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-24
mr.. cOOPER'S SPEECH
10 Opposition 70 The Republican Currency
Bill.
IT WAS A TIMELY AND foRctful EFFORT
Upon which the Genial ConEressman
Was Quite Generally Compliments
cd by His Colleagues.
(From the Congressional Record,


MIR. Cooper of Texas-Mr. Chairman, an
analysis OF this bill discloscs its purpose,
meaning and intent to be C) uuequivocal-
ly to fix the gold standard on this coun-
try: az to make all the interest bearing
obligations Of the> United States. oil the
greenbacks. treasury notes. silver certia-
Gates. silver dollars and other forms OF
currency redeemable and payable In gold
coin. and all obligations, public and pri-
waite. past, present and future, for the pay
ment of money payable In gold coin; t3)
to impound and destroy the s46,O00.o0o OF
paper currency commonly known as green
backs az to make permanent a gold re-
serve; (5) to give greater power to the
National banks over the currency OF the
United States, and to further delegate to
them the power Of sovereignty.
insist that not one OF the provisions OF
the bill should be enacted into law. The
mover of this bill, the gentleman from In
diana (Mr. overstreet), has made pains
taking and elaborate argument in its sup
port, and 1t is to be presumed that he has
exhausted all the argument that Will or
can be made in It's behalf He Is reasona-
bly, fair, but the fault OF his argument
mainly is the fallacy OF his premises. He
assumes that gold and silver have an In
trinsc value. This Is not true. They
have q relative value and are measured
by each other, by the lawful functions they
may perform and byit the commodities they
acquire or interchange for Without n
demand to perform any duties for man
kind they would be valuelesa; and they IN
crease IN value in proportion 10 the SER
vice and functions they perform. lie also
promised by the assertion that the legal
tender quality of money does not add to
its value.
He next assumed that money is only y
medium of exchange. and, lastly, that the
value OF silver was, prior TO 1873, the
equal in value to gold. because but a small
quantity of silver HAD then been coined
and in circulation. The controversy here
necessarily brings up for consideration,
incidentally, II not directly, the coinage
question OF Silver issues" And the per
tinent issue involved is the contention
that the democratic party has Always
made, that the quantity OF money In eircu-
lation among the people regulated Its
value and brought prosperity or distress.
! concede that for the past eighteen
months the country has increased in pros
bringing higher price, and that employ
ment of labor has increased. Bat these
results are attributed mainly, II not only
to the increased volume OF money put IN
circulation among the people. that 1t Il
not IN consequence OF the single gold
( standard as practlced or proposed but ha
I come In spite of 1t.
/ Tho volume OF money has not only beer
! increased In this country, but the quantit!
t,,,t In, al LOT Ian
been enormously increased. Our exports
have exceeded our imports for the past
Two years to the amount OF 81, f45 1907. iS9
This money, paid by foreign nations for
the products of labor in this country, has
been added to our circulating me iium. II
is believed BY many that during the pas'
eighteen months we have sold more Amer
lean stocks and securit as abroad than dur
ing any other period in our history. If
true, the money arising from these sales
has been added to our currency The gold
productions OF the world for the past two
years have been greater than ever before.
and the United States have been the bene-
hciary of the lions share OF this product
great war has been waged, In which
the government has had TO eXpend about
$3.50, 600, COO and tn $ vast sum OF money
drec ~ and Immediately delivered to the
people, though iater II VIII have 70 he re
turned by tha people TO the government
In the war now being waged in the Phil
ippine archipelago We are expendlns
about 5000 900 per day. A bond issue has
been made by the present administration
and 5000 000 900 worth of bonds we're sold
to the bankers OF this country, and the
money derived from the sale OF these bonds
has been distributed among the people for
labor and the products of labor.
More than 10000 men dnring the past
twelve months have been employed by the
government as soldiers, sailors, seamep
ctc., and thereby were removed from com
petition with American labor, and conse-
ouently increased the demand for labor.
Mr.. Chairman, these are the things thai
have brought about the apparent pros
perity, and these are the results promised
by the democratic party II the volume Of
money should be increased by the free
coinage OF silver.
To insist that the legal tender quality
OF money does not add to its value is Il
dispute law OF business as well as Q
law OF nature. concede that law car
not directly confer value on any n,stal OF
material, but law can create demand
which Will confer value on money meta
or ANYTHING else, and this demand will BIT
created by giving to money legal tender
quality. As a medium of exchange lega
tender money is not absolutely essential
but money Is not only a medium OF ex
change; II is standard and measure o.
| value, and will add the further definition
| that II Is the representative of human en-
ergy deposited for future use. Then, ]
you increase the functions that this me
dunn OF exchange, measure OF value ant
/ representative OF labor may perform, yo,
necessarily add to Its value. II is tru'
! there are a great many matters OF deta'
connected with money or the financial
| question.
| Mr.. Chairman, the effects OF the various
financial policies that have been proposed
permeate every nook and corner OF bust
! ness life and leave their impress upon al
commercial. manufacturing, mining and
agricultural activity. yet the gist OF tn
matter / believe to be very simple, Al
| business is governed by the same princi
Pile: all nature is governed by the sam
| laws. The force that draws down the me
| teor to disastrous collision with the cart
Is the same force that causes the leaf u
| float silently down to the ground. tn
same laws that govern the Interpretation
| of contract to build q nations capitol o
to string an electric cable beneath tn
sea also govern the construction OF con
| tract to deliver a bale of cotton or
| bunch OF cattle, and SO the principles tina
| underlie this question Of free coinage o
silver and the single gold standard under
lie the simplest and commonest transac
4 lions OF everyday life.
The question here presented Is simply
question Of money monopoly. All kno'
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