Show J LAWRENCE LAUGHLIN the single standard professors speech Spes cli professor laughlin replying for or the negative n ega tIve said andrt from the well understood uso use ot of money its as a medium of exchange money la is used axe like a common or ot of value with which other articles artl clea aro are compared As Ls a measure 0 of value it serves in a similar flay ns as a quart CUP CUD nitty may sen serve sene e as a measure of oc capacity and na as there Is not nee nce red a separate cup lor for every quart of 0 milk in existence no one ona can measure hundreds of thousands ot of goods by comparing with the tha same standard ot at value there is no do need of 0 on en amount 0 of money equal to kit the goods foods in existence the measure of 0 value 13 that in which prices are stated and debts are paid I 1 provided the tha measure of 0 value Is also made a legal tender I 1 la n any country it la Is evident that the quantity ot at mess ures urea Is not so mate material lot as tile the ln ina adyn ans stability of 0 the stan erd ard of 0 measure the absurdity of supposing suppo oring that much money la is required in order to have a something alth which to measure goods jd Is as abound as to suppose a community must have hearses in number equal to the population all goods are arc neither exchanged at the same time nor are they offered in comparison with the standard at tile the sanle time what la is important to point out Is that goods when expressed la in terms of at a common denominator al 0 value anro n to dally exchanged in enorma enormous quantities mainly without tho the use of any money for the exchange ot at these goods therefore rooney money Is not needed in proportion to tile trans transactions transact chions lons alila unction function Is that ot of the medium ot of ex chance the acce ss fly ot of an increasing quantity ot of mon money ey Is growing less important with tile the development of this system of exchanges elchan from 92 2 per cent to 10 95 per cent 0 of the transactions are performed pert ormed by this machinery without the use ot of noney money and recent incesti gallons Kl llona made by the comptroller of the currency show that 61 64 per cent ot of the retail transactions are similarly performed without the use ot at money NO COIN PLED redemption EMPTION but someone might say this vast system of currency must be liquidated in n actual coin now how this Is wholly untrue we express the value ot of goods in terms ot of money but then we really exchange them almost entirely by means of 0 the deposit of 0 currency the transactions expressed tit in terms of money are based not upon coin but upon the goods bought and sold eold the tha system therefore Is as aa broad as aa the tran transactions actions and is i ultimately resolved into goods and Is based on goods the redemption ts is ultimately in goods because 0 of the lack of money silver has haa fallen shout about 50 40 per cent us ns compared with a very modest tall fall in the price of 0 es sliver silver does not have the some same purchasing price in ISO I 1 as in hence tree free coinage cannot be as a just means at 0 paying debts since we undertook the purchase ot of silver in it has bag fallen about one halt in value although pU housh wo have pur based about six elx hundred millon dollars it Is perfectly evident evi desi that there is a no use in ili the united states acting lone ne to bedster bol athe the price of sliver silver hen err we hav have e tiled d even van in concert if ath 11 t hot catl 11 I 1 til n 10 aree r as coinage coina f silver i at t ai 4 to I 1 means al 11 silver in 0 clarn today to day the market ratio between gold and ard silver sity la is near nearly y 34 to 1 if we had the irea rev coinage ot of silver at IG to 1 there would be the premium of about sixteen ances es ot of silver as a premium on with drawl nit x every ounce of 0 gold in circulation the tree free collace of silver under such conditions as exist today to day would not mean the concurrent circulation 0 of both gold and dilver it would mean the immediate adoption of 0 the single standard free coinage of silver would not increase the quantity of money since gold old must be inevitably driven out the I 1 free ace coinage ot of silver would aou d result in a i diminution of the quantity of 0 money may I 1 im the reports report of 0 the gold bold circulation ore are to adopt free coinage of bliver at 16 to 1 nhen nhea the market ratio Is about jl 0 1 t 21 t to 0 1 will mean the instant retirement n antl f irom aorl circulation ot of nearly ot of gold eold circulation this would change the prices of 0 everything because reckoned in a cheaper medium than thill that of 0 gold for example a of gloves now worth cents in gold fold would exchange for about 1 ao 10 cents in silver EFFECT OF FUSE COINAGE the first effect of the free res coinage ot al 0 silver liver would bo be to diminish the purchasing power ot of all ot of our wages the man ma n who gets 10 or A year as a fixed rate of wages or salary alary will find he can buy just half as much ax as now it has been one of 0 the undisputed facts of history that when prices rise the wages of labor are the last to advance and when prices tall fall the wages ot of labor are arc the first to decline are we willing willies to sacrifice the interests ot of the laboring borine la class to tile tha demands ot of certain owners 0 of silver mines who tire trying to hoodwink the people with the cry ot of more I 1 binney tin the proposition to adopt a standard 0 of value IS 13 simply art an attempt to transfer from tho the great mass a of f the community a mill unity who have been provident industrious ind and successful a portion of 0 their savings md and gains into the pockets of those who have been either cither idle e extravagant or unfortunate ate 2 na NO invasion of hostile a amico burning and destroying os as they advanced co could u id by possibility equal the desolation and ruin which would thun thin bo be forced force I 1 u upon non the areat mast ol of tho the people T the he shrewd ones the bankers bar lir ind and the like will be airily able to take care al 0 themselves while we vie plain people will be robbed of our hard bar earnings without ut any hope of compensation I 1 not at only will tree free coinage cl prevent a person in distress front from being able to borrow money when ho he needs need it but it will create conditions which will mike make it impossible for the debtors to echi meet their indebtedness free coinage of silver to he be passed paired it would mean that every depositor in a savings bank every investor in ili a loon loan association every holder of oc a life insurance every recipient of a pension would have his ill dues reduced one halt it Is po sible there Is something behind this free coinage scheme not really discovered dit covered it Is pos possible ble it in IA alm imd d against the croat inn of the industrious and intelligent and p nd that it 13 1 really intended to in serve e the interests ot of the very rich and brent corporations th band bonded d debt 0 of the r illan t in ohp united states slates 14 hout allver it free coin ige afi 0 were introduced it jonm enable thee the e rall railways rays to pay oft off thir th lr debts with whit whir irow equivalent to about the sherman act of july 11 14 IVI ill unless repealed repe would wc util hive brout lit us to the si nirl i stanord stanl stand rd vil As it he abe murp all Kul clon of 0 silar still ond I 1 lie chance of prices arle s struck ft a blow at the soll lity of our I 1 trifle tride bruset brus ht on oil fit alio panic in ade ot 1 I a nod awl caud dm tight tit nl As to future plans in every factory facto ry and shop in th and this who hv 11 V liver mines nod and who coin by thir ith control li relps and arlit turpo turp ulio 11 ho the verv seat eat of ft our 1 r notional nt their T pilvi r I 1 te voiers Cs a nl n actually furj n i senate in inan a i for hull nir the price of thir th ir product to those nieu liell we sav beware te re amri rf q bon n in th pilate of th ill silver d at the hords hondl of 0 speculators poth rt in economic error fd on boodle and as sure ni llora fl re iq I harty ne ty nl truth in the amerlean Amer lenn hirt ll rt it will all d 1 and be barl bit l d in tho same pome ignominious prave grave where lips lies tile the now forgotten lant nt once rs the rap 1 biby by tho the limp IT miln 04 cs arios not occur occupied icel fully tv bv vr tr i ir fd it wi wes forrd ld thit lie he b nei ne i I corded fifteen hen atz hlin I 1 to reply in TOI and hrvey I 1 to 10 cori I 1 gurlt 0 in bv A minutest the finish i 7 I 1 ns C 11 iu 4 talan n vin 0 o with good na i t lured bred C cranick cra ot of each other |