THE HESPEKIAN
the future as it has in the past. Onr
"boom" period is over. Our position is
established. On this line we need have no
fear. Our growth in numbers in the future
will come of itself: we will go forward by
our own impetus. Our cultivation, if we
may speak in economic phraseology, must
become intensive, as well as extensive.
We want a chancellor, and we will have
him, who will and can work insidi' the Uni
versity as well as outside, and who will im
bue us with that culture and refinement
which, in a great measure, we have hitherto
lacked. The time has come to build stu
dents, to build up the nature of men and
women, as well as to build buildings.
Here's hoping that Chancellor Canfield
may one day return to see the quadrangle
and something more.
HON. W. J. BRYAN ON BI-METAUSM.
Brief text of Flon. W. J. Bryan's lecture before
the Political Economy club, Wednesday evening in
the chapel.
The audience to which Mr. Bryan spoke
was a large and appreciative one as was
shown by frequent applause. He said in
brief: Bad systems of money are more fre
quently a cause than a result of crises. The
rnonometalists claim our volume of money
is sufficient. A belief on any sort of bimetal
Hum is an admission to the contrary. A
rise in the price of money benefits the cred
itor and injures the debtor.
An appreciating currency is a most deadly
influence, to this Balfour, Sherman and Car
lisle give assent. If the fall in prices is due
to more efficient means of production it Is fi
blessing, it increases comfort. But if due
to appreciation of feiandard it is not a bless
ing. It causes stagnation in industry be
cause it induces men to horde their money
to invest in the future when each dollar will
be worth more. Labor is thus thrown out
of employment. Wages have not fallen,
because of the influence of oiganized labor.
Annuitants, salaried officers and capital
ists out of debt are the only ones who bene
fit by appreciation of the standard value,
the two former temporarily and latter per
manently. And if they controls legislation
all society is taxed to make them rich.
It is not true as stated by Mr. Lambert
son that because interest is lowering money
must be cheaper. Money is being loaned
now not invested. It is really consistent
that money may grow dear and interest
lower.
The secretary of treasury stated there was
000,000,000 of gold in the United States.
This seems to be an overestimate; for there
is only about 250,000,000 in sight and
surely all the rest is not hoarded. There is
340,000,000 of greenbacks, 200,000,000
National bank notes and all the silver, ac
cording to the rnonometalists, based on this
250,000,000 of gold; because each one is
really a demand for gold. These then arc
only promises, and it is not promises to pay
that we want but the wherewithal to dis
charge the promise. This volume of credit
money is no more evidence of plenty of
primary money than promissory notes of an
individual are evidence of his wealth. .
Free and unlimited coinage does not
mean that the government buys all the
silver and gold which is brought to it; it
simply means that it shall stamp and hand it
to its owner. The government neither loses
nor gains by the act.
It has been said that governments cannot
legislate value into an article. Secretary
Morton says to fix a ratio between the value
of gold and silver is the same as to fix a
ratio between an' other two commodities,
for 4?xnrnpl wheat and rye. Gold is lim
ited in supply; it is fount! Wheat is prac
tically unlimited, it is produced not found.
This is the difference between wheat and
gold. If governments reraonetizc silver
they will create an unlimited demand, the
supply being limited they can fix the price.
Carnuscbi says governments could fix by
law a ratio of 1 to 1. This is the power of
law.
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