Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1903-11-05
GEO. +. COTTERILL
ON SPEECH OF TREASURER ROB.
ERTS At SAN FRANCISCO.
The Distinguished Citizen Of Seattle Con.
graduates the Gold Standard Treasurer
Upon His Discovesy Of the Correctness Of
The QuantitIvs Theory Of Money.

Ws Vuentit1ve Iheory Of Money.
When Mr.. Roberts, the treasurer of the
United States, was talking before the
Bankers Convention in San Francisco
he used the following language:
"This golden food ia without peer in
its magnitude. 1t has brought to our
people and our government treasures
richer than any before recorded in human
annals. 1t has covered the continent
and blessed all the inhabitants. Its source
and its current are not exhausted. 1t
continues to spread itself oyer every VAL
ley and plain, fructiiving as the waters OF
the Nile. Bankers may do much to d.
rect it into right and beneficent channels.
They can prevent its diversion for sinister
and harmful purposes. The strippings OF
the surface Of the mines have been
brought to us. Riches from lower levels
are within sight. II the American people
are prudent, will let their common sense
and cold reason govern, they shall see
that the prosperity they enjoy is the
earnest OF more to come, of material
achievement beyond the scope of proph-
ecy, deserving to be adorned with moral
and spiritual flower and fruit which shall
glorify humanity"
Criticising the foregoing, Mr.. George
F. Cotterill, Of Seattle, says:
In this picture and prophecy of Mr..
Roberts is glorified the very principle and
purpose for which six and one-half mil
lion Americans went to defeat under the
leadership of William J. Bryan in 1896.
The result has not been achieved by the
precise method then advocated-but by
the operation of the fundamental law OF
money which they defended, while their
opponents denied it.
The increase in value OF basic gold
money, and the consequent rise in the
price-evel Of commodities. are not con-
tinuing unchallenged. Financial monop.
oily has sought out other means to &C.
co,nplish its purpose. Despite the great
"inflasicn'zof gold money, these people
still want more money-elastic currency
with the end Of the elastic in monor.
oly's hand, ready to let 60 when neces
sity requires.
And "asset currency" is demanded
which in it's insecurity outrivals the
rankest republican characterization Of
"populist financial vagaries."
The men who stood for free silver in
1896 we're first and always against finan.
cial monopoly-then disguised under the
gold standard-and now, with that dis
guise abandoned, stalking through the
country as "elastic money" and "asset
currency"
Mr.. Roberts quotes another line OF
statistics which opens up broader field
and greater problem than even that dis
cussed. After demonstrating that the
per capita volume of basic money has
expanded over AZ per cent in five years
and the average price.level OF all COM
modlties has been raised to nearly % per
cent, he gives Carroll D. Wright as
authority for the statement that the
wages Of labor have risen II per cent.
The fact stands out-shining like
star from the constellation OF statistics
from Treasurer Roberts-that labor as
whole is reaping only half it's share of
he harvest OF prosperity to which Mr.
Roberts refers.
Who gets the other half of labor's pros.
perity? Mr.. Roberts did not stop to de-
velop this phase of the question before
the bankers of San Francisco. even
though the answer thereto embodies
greater than the money question itself.
In 1896 renewed democracy bravely
crossed the threshold and came in sight
OF the fundamental cause OF the people.
That democracy must now 60 forward as
champion OF that cause to splendid
victory, or honorable Dictator it must
retreat to Dead Sea triumph, more dis
graceful than defeat itself.
The democratic defeat of 1896 was
providentially turned into partial tri-
umph for the principle involved in that
campaign. The same condition may pre-.
vail again in 1904-but the first duty of
democracy is to plant its standard for
right principles. put its trust in the PEG.
ple-and not depend altogether upon
Providence. Seattle Times.