Show A RINGING ANSIER F W hat woo to a wd k artl th el sost III ity M n baro fbi Frit toll li silver h do to a story cascon law i tho th vr vale 0 or t gia d and n TT ver FROM facts Atilt ally recorder halt re is MD him a copy ot of the speech dell vorst at the trava con srm by george 11 II leighton preel dent of the be bridge and ail beach lai ing company of 0 fit sk louie louis ur mir leigh ou i theme bome was w sound money and he made an eroff to pro proe a that gold old was M the only ft rom moner money 10 at t tb the world and that all elee else we was cat all oil TM yet lac laded the speech waa was one of at those wordy affair hat catch eastern gudgeon mon men ahl wh love a play of 0 words ardi bat but lit have no disposition ra to look up into act and reason from cause to tf at hect it M mr r i 9 friend 1 a open te conviction hi he will regard ur mir leigh ton to as ft a lort sort of tI tAllas cymbal and ad toun bolding dlag bran bross demagogue when ht he res readi dothe aba following letter mr hayt hoyt hu has handled th the subject in a masterful mait erful style aid proven conclusively that leighton WM wait either lylus or at didn t know what lie was wa talking about here J ja the reply I 1 the american Arti arthuu saus ill ati the tb convincing and ad logical speech ot of aeo oeo 0 0 a E leighton on lound sound currency T the be editorial tay sale that the are re lound sound to the con core on an n ott oter or econ 0 into questions quest ious and in hie the main fet got to the kernel on economic q sest loris and land ire are not to be seduced by tic 10 lo luence justice if it this b be true I 1 regret that the editor did not publish tili tho the vote taken br by that lame same trans congress Con resi upon the uter suver resolutions 0 o the many m my reulen or the arumn artisan could bays appreciated the effect of that cony inching ud and I 1 speech cupoo a reasoning body of 0 men who la in tb tha main gt get to the tb kernel of truth before attempting to refute a few of ur mr leightonn Leigh tons statements and conclusions I 1 wish to make two assertions which I 1 think dick will bo be admitted by you lit IL there mastbe lome some standard the value of which establishes the value of 0 all rare sad tint tbt up to I 1 isdo abst standard tao dard wu was silver and goll gold old ad d that the be unit talus of 0 that this standa wu was axed and it by I 1 IMI 0 a bt M L R that 1 I leave tike to eye ang I 1 r elie also li Is governed goTer ned by the I 1 law 0 ot apply and an d demand we must if it I 1 t logic ad 4 alt wit the truth of tk the be follic following follow loi I 1 att wit it it the dagans of the world unit ot of gold the cl olly value alue aed cd there ore are dut not units enough to transact traci act the business of the world there that must be bush neb until units the 1 Is beau oboy be yu log tito lw mar 0 of supply and demand that the demand being greater than the th apply supply the unit or at gold told li Is appreciated far above lt ita true or flat valme still tol lowInS the law of supply and demand we must if it logical admit that an all appreciated standard etan dard or unit of sold limply simply means a depreciated commodity say thing we bate have to exchange for or the unit it thi this ie Is true who reaps the benefit at 0 an appreciated unit production consumption ur mr leighton aye says last the tio lion 0 rill li IS 1 tully 11 acco for rorby by the common acle facts 0 of production product lou and colsum this statement implies that silver wit was de by insets of its it great production and dd consequent decline li it value la IS it truer true what are mhd act t r from cold coi 4 iw to 1717 li clu rifel was is I 1 I 1 to I 1 aits t irs nn i i lar W tug HM to i 1111 1 t t toimi 0 1 1 I hill igo t ti 1 laa i to 3 1813 1613 to I 1 wo to effis UM to I 1 ina am W K I 1 am 2143 81 3 to 10 i UM bout 3 W 1 1 1 theae these are not the figures or 0 f sam crazy sti but are those or of the great mona dr A beer and dd of pirley and abell what do chirl IT if two hundred yeti years the arlie of 0 ill ter ai as found ioway 1 I with geld sold ilio also sound monet money re to basin to so ui at changed and further tint that in 1872 1873 previous to legis lation it its vt je wai was greater than dur dor anit ng many yean years of the century hence the im plied had statement is M utterly ulie false let u as lee see if it ur mr leighton wai was more in saying that the depreciation li is fully accounted for by supply and god demind in 1792 the ratio 0 at ill oil ver yet 0 o gold ld wu was 11 16 IT to I 1 in 1848 the ratio wu wits IW to to with an average vests of 1565 to 1 yet ill a ahm 67 kanbe joR rethe production pre auction of gold wae and of 11 oer than i to 1 or illier from vote IMS to 1872 the production of silver was and of gold cold 2 26 OW nerlyn to I 1 gold cold how did this great production of gold effect tile be parity ol 01 0 the two to metals juit just the tame I 1 as did the previous pr liui great pro iro et silver no i bat abdo r to rein alte lieval tat if it the ratio fatto mug being Is 16 M bat to 4 4 k in to 1 US 1848 ard 0 1613 lo 10 1872 2 again from 1813 to 1691 1821 inclusive the prod ichon 0 of gold was u 10 OW w d of silver at I 1 29 per ounce 2 2133 isa OW or of kt at alar mar kit tine COO line ahro three facts that conclusively prove 10 that the clatious ie is cot mi accounted for or by the common coia annn facts i f apply and dimand and ai t d that tl V a depreciation ie Is ully fully rob AT legislation namely lil tit 51 yean years of more than man I 1 to I 1 silver production mid fluid no change I 1 la a value because of 0 DO no legislation and ad it 24 yean years of nearly 8 3 to I 1 fold gold production and ad no to ell charge arige in til vat is became ego of no tic legislation ard 19 year years of nearly equal production 10 I 1 at of gold and silver tied a great stoat change in vala value because ot of legisla tion mr mir leighton should Is ive set e rely aloo alone the history of sound mony money I 1 r e money of redemption shows a inclusively that the demand hai has always been ben equal to of at greater than the supply that the cause production chien when applied to 16 lound sound money lonnei lo ha has BO no effect chyl because no matter he bow of large the lh ft battlon Watt lon the th demand was u ii Is and always will be equal to of at greater than bok he apply mr ur leighton surely could not have studied the question when hen be h put forth the statement Ut ement that only in the united did h idea obtain that a cola could be made lafe ads upon may or other bali than that of tit intrinsic value and tuat wat an ilk act of 0 LOo longan gross could give to a coin cola wu was ot of recent growth la to the united state what an are the facts tactic I 1 quote from Brits attles rol vol 22 rh BONK BOMB METALLIC going back to antiquity silver sp p pear posts to have boea every everywhere beta tj let in value to gold sold until the silver mines allowed signs the threat ened decrease of 0 monet money WM was averted aad and a profit borod to the state by raising the legal value ot at gold old what at 0 abe th values 10 lo greece in time gold old wai wait 13 times the value ot of silver at which ratio it stood for or a long time when the hoin intas acquired the p cermilles er mIlles ot of spain gaul tie eta they made their arta elbal coins of gold old when the sup up pile plies of this metal fell off they the legal value of silver cola to 10 to I 1 where bai has the intrinsic value gone one P in spain by the diet ot of tiie the ratio wai was ION lo 10 to I 1 again in to 1546 beatti railed raised the legal value of gold to 13 to t L where 0 where ii Is the in value rl r bear so 10 much about T in the next ry portugal obtained groat great ot gold old and became the country to govern overn the ratio and in ION railed raised ur the legal value of gold to 16 i to IA I 1 have you found that institute talus yet yeta A century later spain gala ot control of the ratio and eat a her colonial products prod wai was chiefly iller silver ahe she railed raised its it legal value tn in 17 75 to 15 to I 1 prance france tn la 1729 1726 established the ratio of H to 1 I and in 1785 1783 adapted adopted the branish ratio 1 I am looking tackling for that inherent and intrinsic value of el 1 t f the metal A apply the following tol lowing qa quotation 30 tation from 09 th mr V I 1 mcf ato the temotio temo tit of jasame jAS N aMK r T I 1 ratio and the tearing of each aab upon the other have bays influenced all legislation on the lub lab J eject and abers there masao legisla tion have bays governed the bullion mar ket kat tor for more than tiro tie 0 cloture of the taints of all important commercial countries count nee to gilver while they bays remained open to the tb tree free of gold at a filed good not let riale va value lab haj has appreciated the purchasing power of gold compared with either liver or about one fourth 1 much greater now bat the crown retained the right to regulate the value of gold and aliver silver coin cola the extreme rel def t which bai has had bad the greatest grea InAuen ce on the relative mariet market value 0 of f the boie metals let lot me further refer to the british gold old and silver commission who unan unto reported that the french law adzin the ratio tittle at lf 15 to I 1 did kep keep the rna me ket value ot of the two metals to gether even through england demon taxed sil dilver verjIn ja lot and that the repeal repost of that ili taw iq ill 1874 1814 wai was the cause of the rapid separation in the relative value of these motels further that england baa bat several veral time times changed the tile value of at her gold coin in the fury tury the ratio la in england wai was 9 0 to I 1 we find than by the fact facts tt t 11 II the value of gold and liver silver cola be bai through all oil the age ages been and bylaw by law alone and that then there in I 1 no inherent or at value at ga money tn in of the metla metals AND DEMAND it lii ill that the damani for gold and silver up to 1873 and since 11 II en ell for gold old wai was and avid ii Is caused largely by iti its uie use ni as money monty JI I 1 must Ws alio 0 be admitted that by the legislation of varl art oui one countries countr lei the value talus of silver its a a redeeming I 1 hai has been taken iway from it that by legislation there la IS but cue one standard itan dard of at redemption amney on ney to wit gold it 11 must alio also be admitted lit t logical that as 11 there Is I 1 but one it kind ind of emption money the real value of all other birc list bg monies la Is hued upon the ability of the issuer to redeem luch such money la iq lound sound money gold hence we we have the logical conil ibon tb bt it the ancial standing of a country aud bad its it prosperity to a great extent depends upon iti its ability to pay if its prom froia liei in tit lound sound money mr leighton layr th tint at because we have a per capita clr cir vu ovulation eul atlon lation of 2500 28 00 there ii Is plenty of timonty ney onty that it if to 30 percent er cent more than great britain 60 per cent coat BIOC mot than G 1 tto eta and targets to name france aran I 1 ardly believe that suet stickier lier for lound sound money ian can aavo call ct ine a that the circulation of good bad and indifferent money per C ca ita ti Is the tnt test of a natios i a prosper ill byj j bill that to j lot what he dois in ad TH va icat i it lie a pr capita argument I 1 will use the suit arity that mr nt hilgh ton d tl e director of the mint in 1003 1693 this coiner had hitti the following per capita of to 0 o ind money and prom IKI tire COLD joral D C K P litel ct I 1 0 if 11 av red I 1 in n g id fo 0 15 1 1 MM 0 B S a g ha 32 hl 41 iw we mil 1111 im 4 W til 16 Is bg 1 WM all token 07 silver and andi iper are limply simply promie that they will ix be redeemed la to lound found money by lily law lawcie cold cId alone THE rib CAPITA now what to 1 our out tru true per capita ba baring vi ng r e fo te ne e t to 0 c our u r a ability bi li t I 1 to re d deem ft m 0 our u r p prom 0 m la liei e s 0 and a d u upon p 0 n w which our true prosperity mint must depend I 1 I 1 tile th bulted states hu has 01 with hi b to dbent til is 3 OT ao 10 krudy 0 arent hu cerp U f allt 1 ir wi ill wh lilyh tell so aro zd sro ia y r 1 I 3 per call itil 11 II it 11 with lib to ass bm per er capita delte 19 U 47 with hick which to 10 hedeen sa oe JIB ian I 1 it bout about time that this country the great producer of both gold and sitter liver liter should legislate legli late for itself In strail of alto tang eitland to legislate lot or as u how does the world stand audr I 1 lu in wt 1672 the world i a stock of oud sound money told old and silver diversa div erwa was about 81 85 with which to redeem about 02 2 BOO paper pope r 0 to miles a good fin an metal ancial condition and the world ally prosperous legislation wu was DAW now enacted by y which one halt of the sound money or of the world was w de by taking from it ita its value as redena tion money and gold aide made the lole sole standard itan dard in 1893 tie the world worlds i stocket idock 0 sound mousy gaid goldwag was 3 an GOO ODD with which to redeem it need needs no further word words as i to why the business of k a world is I 1 so 19 coo call aasted 1 J line 1119 WHY AND ago ITS m RESULT it fin in be i a mared up in these words to benefit hie the ownen owners or of and those w 0 controlled the units of fold gold the nations of the world were by ll 11 lion reduced from 11 late safe condition to that of bankruptcy D do the I 1 facts sustain the look them u up 1 wheat hm boa depreciated di il at ice silver wag wait de 69 per cent oat oats 61 51 per cent corn 85 per cent cotton 66 per cent hirer silver as a per pet cent I 1 quote tho five great productions duct loni ions of this country because theli their mar market ket value li to based upon the london market and hence it li Is evident that the percentage of at decrease when compared with 1873 Is t exactly t ie is lame same the world over mr tic leighton and others lay say that mhd hi decline in the prices of these commock tie ties li is due to the competition of r producing countries cheaper trans tatton eto this li is a general M made ads frequently but DO no figures arl art ever given to sustain it it neither to I 1 th proposition a fair statement it should to be honest read tn to this way ili percentage of decline la in value a 0 th 0 comm li Is due to the fact increased production plus the cheaper tra capor tation matuu the percentage 1 of fujii created consumption the truth troth M a be toted la in two ways ayi 5 in ua and find the percentage of increased or decreased value in IW 1804 with market value in to 1873 it it t li is found ai as it will be b that thet there it Is a remarkable regularity la in the percentage of decrease decre aie it will be a rather aboard to insist that everything li Is over produced at nearly the lame same r ratio a tic ad take betle tie me production product loD of the or world 0 ar ld I 1 la a corn wheat oat oats and cotton tor for I 1 1873 8 73 and 1893 andl find the percentage of increase Inere aae thin then take the consumption tn in both prodie io lug and aud con non producing for the ume same year deduct the percentage of increased Ine reaud consumption from that of increased production and vou you will bave have about the percentage of at decline in vat valie to due to Iner emed competition either neither li Is the state stateman mat t consistent coniti tent with tie II 11 claw law of supply and demand witch upon tia tural not artificial caused ima has in always reg Pilate and cheaper price toun tern ed by decrees rd ed supply and higher prices we con on tend that it ti to art acial legislation not natural cauin that has ht been gsg values for twenty year transportation AND VALUES the statement that the |