Show NL I 1 flow of I 1 oratory at omaha has finally stopped I 1 f ADDRESS ON PAPER MONEY gen 00 warner of the tha Amer american icam B bl EH tallio union talks on that subject and its it effect on metallic honey and oil 1 l congi man a ir a F fowler ot of sew new ze jersey y to support of bank cur car reacy ncy congressman ideal idea system Sy stent omaha sept third and last hurt day of 0 the notional Nal jonal currency conven clon soa began with paper in support ot of an n unlimited issue of 0 irre irredeemable dee mable currency by the th government by gen gan M I 1 I 1 lv president of 0 the american Arne rican union the th middle of the road editors ot at tle the tl e reform press I 1 w were at so anxious to lo bo be heard w c 1 a t re aa r d I 1 t ig ot the th arranged pro gramme that SS it M ILA with difficulty that con gre charles S hartman Har of 0 monea mho ho presided could keep them la 0 order GEN WARN ERS ADDRESS gen can warner spoke on the subject kapr money its effect on metallic F monty money and on prices no he said bald in part rt the measure ol of the affect of 0 I 1 paper tact money on prices lend and on other I 1 noney money does doe rot hot depend upon whether or cr net cot it ft 1 to covered by coin dollar for dollar soller any more than upon the color or atut of 0 tho the flore of the paper on I 1 ach aich the insignia ol of money Is 18 I 1 I 1 ped bat entirely on tho the quantity of such kiich money put into circulation 1 the principle Is the same whether RP ap I 1 piled to paper money or to gold and I 1 liver gliver coin or to gold frold alone no econ waist surely will dispute too the prepaid tio that it if the tock stock ot of sold gold should be b it largely increased by new finds of at irold fid while the worlds wor lilB needs for money nere ere unchanged that the value at a gold everywhere would be decreased mil and prices price would mould rise this would amount to a virtual alteration of 0 the lilting exiting standard tan ilard the TB effect no doubt a 0 the restoration reiteration of 0 silver allver to mintage would lower the value of i all money including gold bold as ai a i would bt be evident by a general rise of 0 prices on the other hand should the supply ot of cold for or money his be cut oft off by reduced production and increased demand tor for it for or the arts aria or for other non mon moll story elim P ur poses tf while the worlds needs tor for money continue the same aldno other money was substituted tor for the gold old the value of 0 told gold boull be in erkd and prices would foll all this lo 10 I 1 exactly what hm has taken place t ti he last thirty yeara year by the of sliver silver and tho the extension of roll for money the demand tor for gold fold to its supply has largely increased and its value correspondingly augmented but tho the point I 1 wish aspeci especially pec ally lally to emphasize here Is this that the effect of the increase or decrease at 0 paper money to the extent that it takes the place a of 0 or adds to metal metallic I 1 le money or to the extent that it does doea the work at 0 me metallic tallio me money h ey has the same am effect on general prices and on lm cold itself a or r on so c called ailed standard soom money as would w all id ea much uch additional 1 oi l sold lold d from altogether new sources and put into circulation any considerable increase of paper money lacoon la co tries now on the gold standard as england Hn Kland france Or armany mAny etc would lower the value of all money including gold this too might t take ake place if but one country having a gold old currency issued the paper it 1 it mere finned in sufficient quantity to a expel x pat its lt cold which hach becoming added to the alzer stock it of othor other gold countries we would uld lower its value everywhere this has taken place aln and cigala AS TO GOLD COLD STANDARD the idea that gold or standard nonty money Is unaffected by the t issue ajoue ot of although althou fh put forward anew by the indianapolis sound money commission Is among tho the exploded falls falla clo cles that rest upon the intrinsic value theory c ct f money the broad truth Is ther in IF no such thing no as a purely gold standard anywhere the gold standard as aj it exists today I 1 la if diluted so to speak epal by the silver and the paper that circulate with mith it and supplement ll it ana the value of 0 tho the gold part of the ho may be altered by increasing or decreasing the other parts the real iland d therefore that which deter laines price loyie levels ls Is the tha total volume if money the monetary commis aon on in its report proposes after announcing noun allun cin cing I 1 t that hat the gold bold standard has ll 11 wn ell established hed then to allow the Irea teet poe ible expansion of the cur enry y within the bounds ot of safety the gold standard and the utmost e expansion PAn filon of at the currency possible at ux the IQ ins i time the thing mot most flat astonishing about such a proposition Is that it should receive the sanction of con bankers everywhere the creation and use ot of eyer other kinds of money does affect the value of gold ana it it Is necessary nece therefore that tile the I 1 currency tur rency of 0 country should hould s be dealt with u a whole and no not t by parts and ler etore the issues and regulation of piper money belongs naturally to the baillis id that control c coinage of the met als the only automatic regulation regul atio n 0 of money booey Is I 1 through th the production of the he nit tiLls and when the athla ls principle of reg illion Is departed from the govern alone Is ili competent to set act up aner n Other mlee the power will be wen even to others to practically nullify thel over coinage placed by the in the hands of at the generel tor for ho he who has hall the to isme Is me paper to circulate as ai axy 1 has the irvi ioor r to drive out the metals entirely SINGLE STAN DARD 11 wiled ined the gold stand standard c rd con can bo be main in this count country r y only by limiting the ihL paper currency cur reney y to on an amount IMS a una aa me e would have of 0 told said if there thi re a tur re paper ya to vilich cb may be ad added led wa share of 0 the gold t that hat vw bee displaced bhend en by the paper and making the paper iary ary ass a flintily guld ell currency would vary in y may the gold standard can t be if 1 11 debtor I 1 TOU S 11 lt it t IL 1 I but t in nation no other can such mich in a currency would not be ai elastic astle tans the sefile in which that term Is now st tw tic ally used but it would be b as elas a purely g gold old currency would be ind lomaur its action 1 1 would t be practically su u ill abi gold in oth er J words to lo maintain inlall to doiy standard tu ilard prices must be ald fall to 1 fall indeed d must be made to outflow dilila Ki lila when of y to 0 o prevent the mym gold so as to permit the payment coni or mh alt t wt we owe lwe abroad with instead 0 f with wilh told gold an I 1 isaulo atcy currency therefore ther etore of the kind silks irs a with tb lh gold I 1 aart hat Is 1 claimed b by y this th et ivo dvo I 1 of so called sound mony money tor for LA an blastic fla c cu broncy Is car nore more than I 1 bire b Is I 1 4 currii indicated 11 it Is 1 claimed d for or such I 1 I 1 currency r 16 1 aa M ham proposed that it ball 11 ll 1 I 1 in a slid cin oleat ol rat tract sit at all times to bulaw wants wank A cur and it tb S at ou 11 expand lt just it n wt NG a to always supply an and no a as much ch arren y as Is 18 wanted ara arli 1 might t be an a ideal drat cur ten tar h at in 1 fact t no 10 much ical currency tr il stid and none much auch Is possible 1 try r 11 fall taly gravely apropo beil in this coury coun to r I 1 EO taj far h a 4 th lh II of 0 law and issue note not on bank capital and bank assets in other words to no longer lancer colline security of notes to tangible things such as lands and bonds bonda but actually to coin bank credits int into 0 curre currency ency that credit la Is capital capt taJ and an important part of effective capital mill not let be denied but bell to such nuch capital into currency to swell smell the circulating medium of a 0 country and thereby to innate inflate prices and render them unstable must be pronounced the th wildest mildest sea and most at vicious form of ever propof d indeed john laiq prop tion to the duko duke of orleans la Is conservatism compared to it that such a scheme should gain the su support aport of confer merva blinkers bankers Is unaccountable except upon the theory that large profits might perhaps be madei made for a time e and that the wise among thern them iia could c tda get at from under in time to save 6 av 0 ahr whatever abat t ver became of the ithe rest of the p people eople the issue at last isk lies between a currency issued by GWO or it may be ibell Y banks tats Is as their own interests may dictate and withdrawn withdraw with dram n when u hen it becomes i otheir their interest to withdraw u it and a national currency a issued and controlled by the government 1 in accordance with I 1 bya lb elet I 1 Q established ed principles and under fixed crules rules of 0 law that Js Is the real issue in i this country find and as a part of the I 1 1 I 1 whole money problem Is paramount pai pat amount to any other in advocating a national currency issued and controlled conti oiled by tile th government AN we a make no war or on banks I 1 or bankers but the business busine s of bank ini ing Is one thing telny send and the rl right to cre aio money is a very different thing the controlling purpose of govern ment in regulating fe a paper currency 8 should i be to secure the greatest proa test va possible asi b le stability of value or in other words stability of prices in order to pro pre serve the value of paper at par with metallic money li it must be limited in quantity to a volume somewhat gome what less a at t any rate not larrer larger than this country would mould b have av a of the metals at its distributive share of the world s maney mancy mon such a currency be subject to the same variations by the inflow and outflow of the metals as a purely f metallic currency would SHOULD BE LEGAL TENDER A national currency issued by the general government should be legal tender that la Is should be money in the fullest sense I 1 hope some one here will explain just how a paper currency Is in made better belter by depriving it of the power of lepel leg it tender arid and what the public is to gain by the substitution 0 of non legal tender notes of oc banks in the place of our present legal tender lender greenback currency the issue Is fairly presented bp b keveen a currency issued by thousands ot at banks banka scattered red all over the country am their Inter cuts alone may dictate for they will mill be governed by no other principle they cary can bo be governed by no other and a currency issued and controlled by the government in the interest of mill all the people and with the view of securing at all times stability in the value of money and prices thereby producing conditions most favorable v or able to industrial and commercial prosperity whatever may bo be the result now in the end the public welfare will control and the power that controls tr Is coinage will also control the issue of a paper currency A reply was made to him by congressman C U of new jersey who mho supported bank currency mr fowler sold raid the only logical position the could take was that of at gen warrior that thai if they could legislate value into silver they could 1 egla late value into purer paper and mako make it redeem itself PUBLIC CONTROL OF MONEY MONET president wills of 0 the kansas agricultural college led off this afternoon arguing for public control of 0 m n y ile he charged the banks with secor securing ing legislation inimical to the interests of 0 the people and by manipulation having 1 g produced the panics of 1673 and 1393 1833 he cited the lc lele sa as in an instance of the operation of public control of public utility and sold said in money a ney the tha greatest of all public utilities should also be under public control of II 11 it 11 weller waller ot of iowa followed stating that h be was proud of his bis position as a flat gold Is not money per se e nor Is silver nor la is paper it requires the government stamp to make majce it 11 money ile he devoted much time to tile the legal tender of tile the union of money and its contention that the mone monetary tary unction function Is entirely dependent on its legal tender potency conferred by the will of the people through legislation it was intended that congressman mccleary of minnesota should explain the provisions of his currency bill introduced trod trad at the lost last session of congress but the paper money champions fired questions question 4 fit at him so fast that his entire forty alve minutes was wag taken up in an answering amering them and his paper vent ment over to the evening sec slon VIEWS ON COINAGE the fire of questions brought out some views on coinage with reference to silver ile ho sold said it had never been de in the proper meaning of the word what had taken place was precisely IL a change in policy as aa to coinage it was simply a question of coining on public account or private a account A lengthy exposition of the process and history of coinage followed george fred williams presented a long series of questions to which mr air mccleary attempted to reply but was cut cu t off by the clamor of the flat lats to be b heard IV W clay of 0 chicago sai eald d money Is money by viltee of the low law behind it IL he was ras opposed to the col coinage nage of gold silver liver or paper on oil private account john P irish of san francisco defended f the gold fold standard in m a few words chairman towne came back at the 6 gold 0 id mens contention that value ill cannot cann n a t be legislated into a substance by baying legislation can affect value the only value money has to Is its if exchange value A paper by william C cornwall of buffalo alo N Y on deposits was read by E V smalley secretary of the national sound money league two of the middle of the road ad editor of the reform press association H N it 11 1111 inger of indiana and all ali reed of iowa managed to be heard on their theories of absolute fint fintley lem reed created a scene by charging the gold standard advocates with being paid hirelings of the bankers and the money power CLOSING SESSION this evening A W wright of chicago elaborated on oil a plan tor for free banking system without government prof K allen ahn smith of the washington state stale university and judge sheldon of connecticut contended tor for the theory an regulative of prices and congressman de armond annond of missouri pictured a gruesome gru gres esom esome future with only a 5 per cent gold deserve to redeem art an immense volume of at bank paper under tile brement system in case of a general panic IDEAL time was allowed congressman mccleary to give his bis reasons tor for an ideal banking system mr mccleary said in part briefly stated the problem of currency reform Is to furnish to evory community in the united states state 5 IL a currency whose quality Is I 1 q aes ues tion amplo ample in quantity but not redundant nt responsive to the demands demand of business in each community to equalize equa lise and lower the rate of interest throughout th country to make bank tall almost unknown to minimize the se vilty of i crises cohs sail and banish th n intilli ay of a a financial pants panto ari i Is it t pe shia to lontor vry very mafry ally the lh lorl Inte ln rl rost rato rat in the th united St aLtes I 1 that A commercial rate rat approximating 2 per mat at to tei for wis nation entirely within th comparatively near future TW 0 per cent to la the usual commercial relt rat e of france and england Ia gland today I 1 la Is it 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