10 Conservative *
TIIK OOLJ ) STANDAUI ) FJCU3I Til
STANDPOINT OF THE " \VKST-
KHX STATUS.
HY IION. .J. M. t'AKBY , OK WYOMING ,
( Ex-United States Senator. )
[ Address delivered at the Nntional Cum-ni1
Convention , Omaha , Nub. , Sept. Nth , 18JI3. ]
MK. . PRESIDENT , LADIES AND GEXTLI
MEX : Wo cannot clofliio the West. ]
has no abiding boundaries , for any line
which wo may draw north and sout !
through the United States in our at
tempts to locate the West are arbitral- ,
ones. If the eastern boundary of th
West is dclined by the Mississippi rivei
we include political divisions which ar
noted for their Inrgo lixed population
for their accumulated wealth , for thei
development and for their intelligence
Perhaps a better division of the East an *
West would bo the eastern boundaries o
the Dakotas , Nebraska , Kansas and In
dian Territory extended south throng !
the state of Texas. The West thus do
lined would include half of the compac
territory of the United States. AU o
this West , save that of a portion o
Texas , the states of California and Ore
gou and the Territory of New Mexico
had scarcely a name at the breaking om
of the civil war. Wo might call tin
new country , which has become impor
tant political divisions of the Unitec
States since Mr. Lincoln was electee
president , "the West. "
While my subject is entitled a gole
standard from the standpoint of tlu
Western S t a tes
THE BEST STANDARD
the limitation sc
ARD FOU ALL.
far as section if
concerned is entirely unnecessary , and
therefore useless. Our contention is.
the best standard of money for the ex
treme West , or the country that is most
thoroughly impregnated and imbued
with the farmers' alliance aud populistic
theories , is the best standard for the ex
treme East. The best standard for the
agriculturist of Kansas and Nebraska
and the mining states is the best stand
ard for New York City. In other words ,
the best standard in one section is the
best standard for all regions of the
United States. Speaking of a standard ,
we allude to that quality possessed by a
metallic money which measures all val
ues , gives stability and elasticity , but
circulates iu all sections without depre
ciation ; that goes aud conies without its
value being questioned or suspicioned.
The foundation of the metal which
forms the basic money should bo labor.
While it is impossible to have any pro
duct produced by labor absolutely fixed
in value , it is important
COIN SHOULD HAVE
portant that the
INTRINSIC VALUE.
money standard ,
which is the basis of the redemption of
all currency of whatever land and the
true measure of values , should have the
least possible fluctuation in value , and
that all tests applied to it should leave
the substance in whatever condition re
duced as the changes take place in its
former shape , of the same iiitrinsi
value. If the standard bo of gold , tli
metal when turned into the coinage e
the realm should have the same value u
it had in the shape of the bar , or tli
coin reduced into any shape of the snm
fineness , whether by design or accidenl
should have exactly the same value thr
its weight would have in coin.
This test applied to any metal used i\ \
money makes the coin equal in value t
its weight in the bullion of the sain
metal and fineness of which it is made
or vice versa. Every effort to fix tli
value of a standard in any other wa ;
lias proved a failure. The imprint o
the face of a king , emperor or dictatoi
made upon the coin , docs not give i
value. To impress a value has beei
tried many , many timeo , but it has a
often failed. Such a coin may circulat
for a time without question in the juris
diction whore made , but such time fo
its circulation is usually short , and th
moment it gets beyond the jurisdictioi
which has attempted to give it value i
depreciates to the actual value of tin
weight of the material of which it i
made. The only impressions that shouh
be made on the coin are its weight am
its degree of fineness.
The gold standard is the standard o :
the United States ; it iu truth is tin
S * ° f <
f
THE STANDARD OF
K f
THE WORLD.
countries where 11
lias not been so made by positive enact
meut it is there no less the standard thai :
if it was made so by written law. Tlu
further we make inquiry with reference
to the standards of money I believe tlu
more firmly convinced wo will bo that t
law of nature has had most to do in fix
ing gold as the money standard of tlu
world.
A comparatively few years ago the
best known means of transportation on
land was that afforded by elomestic ani
mals ridden or harnessed to the then
best known designs of wagons or carri
ages , the animals used being determined
in different countries by circumstances.
Domestic animals are now used to a
very limited extent for the carriage of
ittsseugors and freight on long distances.
Steam and electricity where heavy loads
mast bo transported and moved quickly ,
iavo largely supplanted the use of ani-
nals , just as the animals , possessing
jreater strength and endurance , sup-
) lauted to a great extent in the early his-
ory of the world man as a beast of
Harden. A century ago the winds of
leaven were the chief propelling power
'or the transportation of mankind and
ill articles of commerce on the lakes ,
ivers and high seas. Better means
voro found , bettor propelling power ,
tioro rapid and satisfactory , was dis-
overed in the utilization of steam and
lectricity. Iron is bettor adapted to
ho construction of ships than wood ,
onsequontly the iron steamship has
largely supplanted the wooden ship
eqaaipped with canvas sails.
Before the eliscovery of steam , the na
tion and individual wore content to
transmit news and important communi
cations by the stage coach , pony expresser
or by slow sailing vessels. Wo might
go on indefinitely in our illustrations.
Suppose that Great Britain , in her in
tercourse with her colonies , or with the
world , should say that because a century
ago she carrieel on her commerce suc
cessfully iu the craft of the period , and
sent her elispatches by the means
customary at that time , she would
now return to these methods , and that
the telegraph lines shoulel bo removed ;
that the ocean cables shoulel be permitted
to go into disuse ; that the great iron
steamships which play a most important
part in the commerce between nations
should bo moored at the quays to decay ,
anel that in all things in which advances
have been made she would return from
the present modes of transacting busi
ness to the mode of a century ago. The
world would soon discover that Great
Britain had lost her prestige in the
world of business and intelligence , and
that she had reached her summit of
growth , and that hereafter her condi
tion woulel be that of retrogression.
With reference to what metal shall bo
considered and used as the standard of
money there has
GOLD MEETS THE , , ,
* * * * B
PUBLIC REQUIRE- growth than m the
ansKTS.
improvements
which have been made in the commerce
Df the world. At one time iron was
good enough for a money metal. It
supplied all the qualities required for
money at the time it was used. The
same may be said of copper anel brass.
The world has advanced , not however as
the result of any law or positive enact
ment. It has reached the conclusion
that gold only , so far as it has learned ,
3f all substances , is best aelapted as a
money standard. It is convenient ; it is
well-nigh indestructible ; it is of that
bulk in proportion to the labor required
; o produce it as to most nearly satisfy all
; hat is desired as a money standard in
me jurisdiction , aud in all jurisdictions ;
md it is well adapted to all the demands
> f the commercial nations as the money
netal. It is sufficiently abuuelant. The
vorld's test of it is the test to which wo
iavo alluded. Its bullion value is the
iaane as its coin valiae. It has out-
itripped all other metals , and no other
netal , so far as wo today know , can sup-
) ly its place for all that is required of it
is a money standard. In saying this ,
ve do not want to bo uuelerstood as un-
lervaluiug the use of silver as money in
mall transactions , or what is commonly
: uown as token money. Silver has
tiauy of the qualities possessed by gold ;
b is hard to destroy ; it is clean , and for
louoy of small denominations it is well
elapted , but because of its bulk in pro-
ortion to the labor required to produce