Daily Kennebec journal., 1900-10-26
SECRE TAkY GAGE
Addresses an Enormous Audi
ence at New York.
Exposes the ShaIIowness Of Bryan's
Wonderful Financial Policy.
Places the TaIkative Democratic Leader in
Most Ridiculous Position.


Music in Brooklyn was crowded to the
doors. tonight, by people who came to
hear Secretary Lyman f. Gage on the
campaign issues. The meeting was
held under the auspices Of the Brook
lyn Young Mems Republican cub
Frank II. Field. president of the club
IN briet Introductory address ex-
toiied to the virtues OF President Nc
klnlcy and Coy. Roosevelt. Secretary
Gage followed and his reception was
most hearty. He said:
Gentlemen of the Young Republican
Club:
IT Is my purpose to speak 10 you for
~ minutes. My object NAV be stated
after this fashion: What is the in
terest of the wage Garner and stipend
lalles OF every class in the proposition
10 open the mints for the free coinage
Of silver at ratio Of lG 10 /? II ig the
declared purpose OF the Democratic
party. 50 called. TO do that thing. If
done. il will have an enormous effect
for veal or woe upon the welfare Of
every man. woman and child in the
United States. No question is Of deep
er moment than this question. and YOU
you understand il.
Oh you really understand II?
thought until lately that by this time
the merits or dement's az that PROPOSE
tion must be understood BY everyone.
but know better now. \ gentleman
a business man OF considerable intclli-
Gence-only a week since. called on a
member of Congress and asked him this
;r.,- . ..,s
| am ignorant. and / want to know. +"
Now. let me ask that question right
here and now. Wha; is IS to III What
does the term mean? | have a little
granddaughter II years old. She visit
ed me week ago. and while with me-
asked me that very question. / said Ia
her: Tell me what you understand il
TO mean" Well" she said, I think
ii is this way: Gold Is worth about
81 times as much as silver. hut the
Democrats want 10 pass a Law To make
10 ounces OF silver worth the sam" as
one ounce OF gold. don't know il that
il right. though" Wen. my child. !
said. you have it right down fine. and
won't disturb your mind By further
explanation"
but We grown-up folks can profitably
change the point a little here What is
lG TO IL 1t is the ratio which Congress
fixed many years ago between gold
and silver when coined at the mint
that is to say. il is a relation in weight
n metal. between silver dollars and
gold dollars. Tnder the law. a given
quantity Of gold was stamped dollar
and. and IS times that weight Ill silve;
Vas stamped a dollar. You perceive
il is a relation or weight. not a rela-
tinn Of value.
You will ask. then. why was the
weight ratio fixed at rs to /? The an
swer is obvious and plain. Il was he
cause that relation of weight recog-
nized in the coins minted the then com
mercial value OF the two metals in
the markets of the world. Because
the commercial value Of gold was Is
times. Or therea bout. greater than sill
yer. Congress recognized the fact and
established the coins in the same ratio
~ weight. Make No mistake on this
point. The mint ratio never establish
"a the value of either gold or silver.
nor did il establish the relative value
of one 10 the other The commercial
exchanges of the world fix the value
OF all IHlIlES. l4it 4QAliltr r''ih an i-
The only way on earth to determine the
value Of gold. either as coin or as bull
lion. i TO find out what il will bring
in -four. or clothing. or labor. or other
things The value Of gold is measured
by the quantity of things for which il
will exchange The same H. exactly
true as to silver. Now. gold and silver
are no more related 10 each other in
any fixed ratio than are wheat and
corn. Wheat and corn are good for
food. and there i a sort of relation
between the TWO in value. but il is a
huctuajing, not a fixed relation. The
same is true Of gold and silver. They
are both metals used as money but
their relation To each other in ex-
changeahle value has. as history
proves. been a variable. not fixed Re-
lation.
Now. when our coinage Iaus were
passed In 1872 ana amended in 1894.
15i2. or IS ounces Of silver had about
the same power to purchase things in
the world as had ounce 81 gold. ana
for that reason. and that reason solely.
the mint ratio 4 ratio az weight. was
established in z way that was supp0s-
"a Ia correspond 70 their commercial
values in their respective powers tn
buy things ! cannot stop 10 rccite
history. Sufficient To say that never III
our history did both metals come 10 thu
mint for coinage in any agreeable vol
unle Al the same period of time That
metal came for coinage which had AT
The time the least relative buying pow
rr abroad. while the one which enjoy
- the greater purchasing power abroad
aid not come tn the mint but want
abroad where il could make better
bargains for The owner of it. Bat since
the years 1892 and 1894 The relative vn<
u between gold and silver has radi-
cally changed. In the former periods
one ounce Of gold would exchange for
about Is ounces IF silver. For some
wears nast one ounce of gold has ex-
changed for % or 81 ounces of silver.
II vill now exchange il the same "a
tic. and there IS no reason To doubt
that Il VIII 50 continue TO exchange FOR
an indefinite time. These are the facts.
shall not stop to discuss how this
came about. Whether il was the al-
Continued On page ID