Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-10-26
CAGE DISCUSSES
SILVER QUESTION
What is the Interest Of Wage Work
ers In Free Coinage,
MEANING OF SIXTEEN TO ONE
Imperialism Not an Issue, but a Sort Of
Trojan Horse for Getting Into
the citadel

New York, oct. 25,-The Academy Of
Music In Brooklyn was crowded 10 Ia,
doors tonight BY people who came her,
70 hear Secretary Lyman j. Gage On
the campaign issues, The meeting was
held under the auspices of the Brook
Ign Young Mems Republican club
Seth Low, president OF Columbia col
/ lege, also spoke. Secretary Cages re-
ception was most hearty He spoke IN
part as follows
My subject may be stated after this
fashion: What Is the interest Of the
wage-earner and stipendiaues OF every
class IN the proposition TO open the
minis for the free and unlimited coin-
! age OF silver at the "a Ito of 10 TO l? IL
Is the declared purpose OF the Demo
cratic party, so called, to do that thing
II done, 1t will have an enormous ef-
feet for veal or woe upon the welfare
| OF every man, woman and child In the
United States. No question Is OF deeper
moment than this question, and you
I
understand It,
What is 1G TO 1? II IS the ratio which
Congress fixed many years ago between
gOld ana silver when coined az the mint
that is to say, II is a relation, IN
weight Of metal. between silver dollars
and gold dollars. Under the law. a
given quantity OF gold was stamped
a dollar, and sixteen times that weight
in silver was stamped a dollar You
perceive 1t is a relation Of weight, not
a relation OF value.
You will ask then. why was the
weight ratio fixed at i Gt0 - The an
swer is obvious and plain. IL was be-
cause that relation Of weight recog-
ni2ed in the coins minted the then
commercial value Of the two metals in
the markets OF the world. Because the
commercial value OF gold was sixteen
times or thereabOuts greater than sill
yer, Congress recognized the fact and
established the coins IN the same ratio
OF weight Make no mistake on this
point The mint ratio never established
the value Of either gold or silver. nor
did II establish the relative value Of
one 20 the other The commercial eN-
changes Of the world fix the value Of
an things, including gold and silver
The only way on earth 10 determine the
value Of gold. either as coin or as bull
lion, Is 10 find out what II will bring
In flour, or clothing, or labor or other
. things The value Of gold Is measured
by the quantity Of things for which 1t
VIII exchange. The same is exactly true
as 70 silver Now gold and silver are
no more related TO each other In any
fixed ratio than are wheat and corn
Wheat and corn are good for food, and
there Is sort Of relation between the
two IN value, but IL Is a fiuctuatlng, not
liked, relation. The same Is true Of
gold and silver They are both metals
used as money. but their relation to
each other IN exchangeble value has, as
history proves been variable, not
fixed relation.
They say II was a crime 70 close the
minis 20 free coinage OF silver in 1873
| deny H. but II II were true. would II
cure that crime 20 commit an egregious
folly IN 1900?
THE Democratic champion stu AYERS
that on this question the party stands
where II did IN 1886. He does not talk
about II so much. but when he does
talk about II he uses the same mislead-
ing phrases as Of Old For instance.
he has repeatedly said: The Repubu.
can administration under Mckinley is
coining silver every day IN the month.
and every month in the year. al The
ratio Of l6 10 /. II that Is not the cor
rect ratio. why do they do itY
Mr. Bryan knows why but he con-
ccals the reason and alolws his hearers
TO draw conclusions The statement. so
FAR as It goes. is true. In 1873 a meas
ure passed Congress directing the
secretary Of the treasury TO buy 2OO0,-
600 ounces per month and coin into
standard dollars But mark this:
The coinage was to be for the govern
ment and on government account. and
not on private account for the benefit
Of holders OF bullion. In 1890 the
sherman law was passed, which d.
rected the secretary TO buy not less
than 4,50OO0O ounces Of silver and 10
coin not less than 100000 ounces a
month. That act also declared II 20
be the policy of the government 10
maintain these dollars on a parity with
gold. In 1893 the purchasing clause
ot the sherman law was repealed
Since that time the minis have In
truth been engaged in coming up the
purchased bullion. But mark this:
OF the treasury, the dollars have been
kept equal 20 gold They are paid out
only by the government and against
the receipt Of the government OF an
equal amount OF gold or In service rem
dered, or goods bought With the
guarantee OF parity. and
the quantity limited, II Is manifestly
an Indifferent circumstance whether
the ratio We're l6 20 /, 20 70 /, or 8 TO 1.
And yet Mr.. Bryan deity inslnuates
that this practice justifes free coinage
for everybody at ratio commercially
obsolete without any guarantee Of
with gold from anybody.
Would the free coinage OF silver and
the consequent adoption Of the silver
standard In our domestic affairs de-
prive the wage Garner Of one-half his
present reward? / have no more
doubt OF the truth Of It than that
grapes grow grapes or that thistles
grow thlstles.
III you consent 10 the free silver
II Bryan and his Democrat
ic-P opulistic- Sllverlstic supporters
come into power. you inevitably get
your pay IN the new dollars containing
37lh garins Of fine silver. Before you
vote for this sort OF business be wise
enough 10 get a stipulation from, your
thatyou shall then be paid.as
you are now paid In something equiv
alent 70 500 grains Of silver IL you do
not do so, you viii get the equivalent
Of only 37ih grains for every dollar
paid you. Can you afford Il?
But the Democratic orators will tel
you that what ! am saying Is the voice
Of a banker. and that the banker has
a special interest In the gold standard
that gold is the rich mans money and |
silver Is the poor mans. and other rot |
OF that kind ] want 20 speak a mo. |
ment OF the bankers position. |
want 10 show you, as readily can, |
that the banker II he had regard only |
Tor an immediate and ill-gotten profit, |
would himself advocate the free coin |
age measure ~ the Democrats. Let's |
see how he could make II serve his
profit.
Assume that the free coinage law
would be operative In two years Know
ne this. the banker. having, say. $780,
100 In deposits. could buy al the present