Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1900-01-18

ply of money. and then affirmed that an
elevation of prices produced by an in.
crease in the volume of money would
seriously injure the country. Three
years have elapsed since then, and,
while they have materially changed
conditions, they have moi affected the
validity of our argument or yours. In
deed these three years have afforded
the people an opportunity to judge be
tween your wisdom and ours
In 1895. the year before we made
the arguments which you are now as
sailing with such vehemence and such
show of confidence the world pro
duced IN gold and silver S3O7. .000. 900.
and we declared that the whole amount
was needed to meet the worlds in
creasing need for money aud to satisfy
the industrial demands against those
two metals You said that was not
true and conteDded that the supply of
gold alone was ample But throughout
this debate and without an exception
on that side we find you now rejoicing
in the enormously increased production
of gold. Answer me upon your can
dor. gentlemen of the Republican par
ty, if the $1T00O0.000 worth of gold
which the world was producing in 1895
was sufficient to meet the worlds
increased demands for gold, why it is
that you are rejoicing now because the
production of gold has almost doubled?
Do not these good times. which you as
cribe in large part to the enormously
increased production of gold, instead
of refuting our argument confirm it?
We demanded that the mints of our
co-ctry should be opened to the free
and unlimited coinage of both gold
and silver, to absorb. If necessary. the
worlds entire annual supply Of $307,-
100000. Today the accidents of min
ing have produced almost as much gold
as the world was then producing Of
both gold and silver. and yet not one
of you will dare to tell the people Of
this country that the $300,0O0.000 Of
gold which the world produces is more
than the world requires. If over $780,
100000 of gold is not more than the
world needs now. how will you answer
our argument made In 1896 that the
1907, 100000 of gold and silver COM
bined was not more than the world re-
quired?
Benefits of Free Coinage.
Gentlemen on the other side have
spoken as if our position requires US TO
deny the effect of the great and sudden
increase in the production of gold. but
nothing could be further from the
truth. Indeed the reverse of this is
true. We do not deny that the increas-
ed production of gold has mitigated the
distressing tendency toward falling
prices. We go further even than that.
and we assert that it has resulted in a
slight elevation of prices. This does
not conflict with anything that we have
ever said; but on the contrary. it es
tablishes our conteption both as to the
cause of falling prices and as to the
effect of rising prices. If attributed to
the discovery of gold. the present rise
! of prices proves that we were right in
connecting the low price of commodi-
ties with the insufficient supply of
money. And the prosperity which has
/ followed this advance in prices proves
that we were also right when we de-
clared that low prices make hard times
and that good prices would make good
times What we said would happen If
our mints were opened to the free and
unlimited coinage of both gold and sill
yer you say has happened under the
| free and unlimited coinage of gold
alone. but you cannot conceal the i'm
portant fact that the production of
gold alone Is now as great as the pro-
duction of both gold and silver then. 1t
seems to me that the very results which
you so exultingly ascribe to the discov-
cry of these new and richer mines prove
conclusively that we were right in 1896
when we asserted that the world need
ed more basic money
Favors old Ratio.
Mr. DalzeIl-W Will the gentleman al
low me to interrupt him?
| Mr. Bailey Certainly.
Mr.. Dalzel- Does the gentleman hold
gold of which he speaks has dispensed
with the necessity for the free coinage
of silver at the ratio Of 16 to /?
| Mr. Bailey ! do not.
Mr. DaIzeli-The gentleman still
thinks that silver ought to be coined
at the mints at the ratio of 16 TO /?
81 do" said Mr. Bailey. 81 will say
this to the gentleman from Pennsylva-
mia: If the world could not only con-
tinue but could increase the produc-
/ ton of gold until 1t was equal to the
sum of $400.OO0. 90 or S5O0000.000 a
/ year, then you would dispose of our
| demand for the free coinage of silver
! by supplying sufficient gold for basic
money Our position on this question
has been not the result of any preju-
dice against gold or any preference for
silver We do not love silver because
| It is white nor do we hate gold be-
cause II is yellow. We desire to use
| both. because we believe that both are
pacaSsarv to constitute a sufficient SUD
| ply of real money. Give US that sup
! ply of gold. and you dispense with the
necessity for the free coinage of silver,
but that simply fulfills our arguments,
! and it does not refute them.
II warn the gentleman from Penn
sylyania. however, that he is about to
incorporate in the records of this house
the same false prophecies that were
made in the years which have passed
and gone. When gold was discovered
in Australia and California, the world
was advised that only one of the pre-
eious metals ought to be used for mon
| ey. and, true to their instincts in favor
of SCARCE money, and therefore what
President Mckinley has called high
money, they sought 10 demonetize the
more plentiful and therefore the cheap
er metal When the commissioner of
/ the United States to the Paris confer
ence, Mr.. Ruggles. urged the demoaeti-
zation of silver. be predicted that the
United States alone. before the close
of this century, would be producing
$500, ,0O0. QUO of gold and silver. II has
so happened IN the history Of the world
that every time some new and rich
gold or silver tieid has been discovered
straightway the advocates of scarce
and high money rise up to prophesy
that the production will go on forever
When heard the distinguished gentle
| man from Ohio read from the great
I -