The times. [volume] (Richmond, Va.) 1890-1903, 1900-09-09

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and that pledge to the people was never
redeemed.
we have often said 1T and we believe
it now as firmly as ever that If this pro-
hibtory tax had been removed inS1Ss3 and
a safe and sound system of State bank
currency established the free silver agi-ss
tatiooa of 1896 had never been.
alIs. BRYAN AGAIN DISCUSSES.
MONEY.
In his speech at Morgan's Grove, near
Esheppardstown, West Virginia. last week.
Mr. william j. Bryan used the following
language:
What does the Republican party do to
help the farmer2 Has it any means of
raising the price of what he has to sell?
You are told now tina you had more money
than you had in 1886. wantsyou to read
the speeches made In 1896 and see whether
the Republican party promised any more
money. You, cannot find in a Republican
speech of '96 promise of more money.
The Republicans said then that it did not
matter whether he had much money or a
little, Just so it was good. They disputed
the quantitative theory of money, and you
Z
{ 1886 that we had anSinsuficient amount of
currency and promised that the Republic
can party would bring more money. and
yet to-day the Republican party boasts OF
an increase in the volume of money. Re-s
publican farmers, do you believe that times
are better than they were, and that we
have more money than we had, and do you
believe that there is any connection be-
tween better times and more money. II
you do, want 70 to remember that in
1886 we told you that the more money made
the better times, and we tried to secure the
money. not temporarily, but permanently,
for the American people. The Republicans
said we did not need any money. and yet
when the gold was discovered in Alaska
the Republicans were glad that there was
going to be more money. They rsjoiced
so loudly that you would imagine that it.
was in the Republican platform that they
would discover gold if they were entrusted
with the power. The production Of gold
has been a help. We want more gold and
more silver. The cumulative theory of
money has been established, and the Re-=
publican party to-day does not dare to brag
Of an increased quantity Of money, and at
the same time say that the quantltatlve
theory of money is Incorrect
No one ever disputed what Mr.. Bryan
calls the cumulative theory of money.
Every one conceives that there must be
quantity of money, but there are quantities
and quantities. Stormonth defines the
word quantity to be: "That property of
anything capable Of being increased or di-
minished. Any interminate bulk. weight
or number; 'quantitative,' relating to guam
tity, estimable according to quantity"
Any number of dollars, therefore, is
quantity Of dollars, since that number may
be increased or diminished. All men, there
fore, are advocates of the quantitat!ve
theory of money, since all demand guam
tity sufficient for the business of the coun-
try. The difference between Mr.. Bryan
and the Gold standard men does not rest,
therefore, at the point cumulative, the
difference is upon the volume of the guam
tity The Gold Standard men say that
when there is enough money to serve as
the standard of value, and the basis of
those credits by which business is con-
Quoted, the country has all the money that
it needs, more is simply imitation that pro-
duces wild speculation and the subsequent
panic that is certain to follow. Mr. Bryan
says let the flood come, it can Go no harm.
The Cold Standard man says the food can
and will do infinite harm. It will be like
putting more food into stomach already
filled to repletion.
But there is another point of difference
between Mr.. Bryan and the Gold Standard
men Of infinitely greater Importance. Mr.
Bryan's contention is not only that the
volume of money must be increased, but
that it should be increased by the free coin
age of silver at the ratio of lG to l, regard
less of the intrinsic or market value OF
silver bullion.
Let the Government, says he, put out an
indefinite number of silver coins, branded
by the Government as worth one dollar
each with. an order from the Government
that all it's citizens shall take them as
dollars, and it is of no consequence Whelher
thev are worth 100 cents apiece or whether
they are not. They are dollars by the lpse
dix;t of the Government, and that IS al
that is necessary The Gold Standard man
saws on the other hand, that whatever
the Quantity of money, there must be a
fxad standard of value, and, as the Demo-
cratic platform of 1892 puts it, the dotiar
unit of coinage of both metals must pc OIL
equal intrinsic and exchangeable value or
pv adjusted through international agree
ment, or by such safeguards OF leslslat'o
as shall insure the maintenance OF parity
Of the Two metals and the equal power oil
every dollar at all times in the MAJ nc %
and in the payment of debts.
So long as those conditions are fuihlleo
the Gold Standard man viii not uuaii :
1,;t,, the Free silver man about The GUAM
titative theory" of money.
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