The Algona Upper Des Moines from Algona, Iowa on August 26, 1896 · Page 9
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The Algona Upper Des Moines from Algona, Iowa · Page 9

Algona, Iowa
Issue Date:
Wednesday, August 26, 1896
Page 9
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' ifc&anOTH „ . fC^'jf LIYR eat Speech Delivered by Hon. J. P. DolHver of Iowa, in the Hdfose of Representatives in February Last. ftepublished from Iowa Capital, feb. & ~ id houa$ being? in committee of the , ways be kejit &*atitiy equivalent ift >ie oft tho state of th6 Uhiott, and ; valtte t6 eV.erU othef dollar 1 , so that If a p - - ' " '" 4 "* 'man happens to have a dollaf He may ing under tsonsideration the bill (H 2904) to maintain and protect the i redemption fund, and to authorize issue of certificates 6f Indebtedness neet temporary deficiencies of reV* :rTl>olilVer said. Mr. Chairman'. If house will hear me, I will speak for ,- ime on some Of the practical phases 3- the question before us. It Is to be re- |r Rted that the matter comes here in j form of an amendment to the nouse 1 relating to the coin redemption h.d, and that the measure ° rt Binauy at to the senate comes back entirely Mpped of its subject-matter. With- it pausing to consider the , i the dignity of this house li [e action of the senate, I will only say h iat we cannot submit to It without a [ jss of the Influence .which belongs to ie house of representatives under our fstem of government. We sent to the enate a measure the adoption of whicn . fould have enabled the govemmenUn I borrowing money to.have^the •• aavan I fage of a lower rate of Interest, a short l/er-term, and of that publicity. wmcn "/ought aiways to attend the use of the national credit, , \ - - . -,The senate, without making any er fort to amend or to repeal the law.01 1876, under which the secretary of tne treasury had already three times gotiated the sale of .bonds at an e bltant rate of Interest and runntagfor an unreasonable length of time, chose to Ignore entirely the bill of the houBe 50 proposition! e*preiiUh£ uftlfiteffttfcbd, Without* the presen > uiiiiuuiby ( ! |woMd' m "'' wish 1 ' Id' sn'6w"yi¥'lfls th«e bt-etHFSn in this »6u_. .. m the cause bf s«V6? Hal alltflfbed e?<ffi balance- t5f thelf faMttleW~f ,„, » IV'l believe thefts ftfrifiaivldu'&li »n,a M,**un the dfeaHt that fo? ths, state .i» w^uifp UrOPOSiklOHH e*. 1/1TJ»» •< HJW UKiAIt9iJt uui^u i vrjrbiivub ^iJ.t^iine*"-*-v* «.*H3 i/J IxreHeneS bf Kiahktttd and are cOnfiRtt« discussion ttf the connection ed by the testimony and authority of i*rl<s> &f ftilvef bullldH s&A titff p«ee 01 iSFd"StfvMidlf»rtieli\lo r ft¥"tiiIt"wTth every gmt w*ttef u»6ii eeottbmical.dUier things, 1 will inquire fo*,& «*• ffii euH&w* mte&Sm °natf»nfinis>a. qulsttfeis is every language of the m«ht Into the fe^ettlftrBy %liiWtM,M»fiiuM^^HliB'irir* na^ sanh,' ow fathers t&ve diligent atteftf united states is called .uiww to *&&$& « m fciv fS the eiiizens »V Ivlf^eom* lion ttt the "sliver" attest on, Thfe fifst-* the value of silvei? bulikm by 6i*ehlft« *"&«? l« f&lttloft tfrlacli yther.-ahd "—%y>adM^*lth.wasft ptM»\teKW# f tot*x&mg6,^ „._.;, ,_ ^Hhe offi?, w^ffiffft'et*- tlcai ca .ve. Sired to establish a 'monetary unit of know exactly what he has, and if a man happens to owe a dollar he may know exactly what he owes. • The most of our troubles. In conneo- tioh with what may be.called,' without offense* popular heresied on the money question, arise out of a failure to exactly apprehend the nature artd office of money. A echodl of opinion has grown up In the United States which appears to think that the only office of money Is to pay "debts, and I confess that I have had such a monotonous experience all "my life with debts that 1 have, sometimes • given a rather ready ear to, that view of the philosophy of money. .'But the truth is that the chief function of money is not to pay debts, but to buy goods. 'The best definition of money I ever heard I found In the writings of the German Jurist, Savlgny. I have treasured it in my memory because you can' always rely on a German student to come to a sound conclusion upon any matter to which he may apply himself. ne except for the purpose of attacnms to its enacting clause « «J?J?£to scheme for the ^tultons coinage Into American • silver dollars of every cents' worth of silver which tli might be disposed to present and other* a tuiit of Mr. Hamilton, who wa* th« foti&der of the American mint, and to my juds» ment, the most uroduotlve thlnkef of revolutionary times, .the greatest 'intellect that gave the light of its genius to the rising republic, thought that the double standard, based on gold and silver, was reasonable and practicable, and so in establishing the mint he said distinctly that he desired the unit to rest' on both the metals, and then set, about to determine the ratio at which the coinage should be made. He made diligent inquiry to find out what the oommerlcal ratio between gold atid silver was. He never dreamed that the mere act of coinage would operate" to produce a correspondence between the mint ratio and -the market ratio. ' Our fathers npened the mints to, the free colnage,-.iOfboth gold and sdlver at the tatio q* 16 to 1, fixing the ratio so as to cornBspond exactly with the existing market values of the two metals. If there had been a modern free coinage enthusiast present he would have said: "Now, gentlemen, stand back and It is a tribute to the clearness, of Ger-' watch this mint supply the American mail thinking that the German press of ~—'- -"*»• -"'-' -"* -"«— f ™ **" I intend to be absolutely candid In this matter, When We kflow the causes that have cast down .the price df sliver bulll6n, we can Judge rationally of the prooess by Which the friends of free from United the value of unfriendly taken account of at all in comin decisloft Upon a question Which is one of purely domestic polt6y< Ladies- atid gentlemen, thin 1» a dt*eam.' 1 willJgb and say It to a dream,worthy sliver had action of the. States, abandoning its free cdlnage, and I might ad in, the Unljted States would operate undo the mischief, All careful students admit that the'VaJue of silver bullion has fallen on account of two main causes. Fl-st, the extraordinary increment in Us production since 1873, Second, the action of the nations of conti long passed that stage tn dlvilizatlon when each country was a self-contaln- - J — -.pproxlmately selfccofttalned, ItcbUld/atford £tl ccttntil&ft}Utl tiA&ci Fftttttlfiir relation* of other eountrtes, Those 'f&fiurt fot thespast days have gone by. They have gone toll has opened u by never to return, wid 1 do not think brought to,,the bins there to a man in this room who re- exampled' harvests, but the gretslt." „..,.,« , „ , hardly paid expenses 'aftd b<3 This profundeat thinker in Europe atothttt* until thevcdntlh, seems to hold the commercial wbrld is tfnere Fs nd surplus .to'lmtt nental Europe in dropping silver from r^i.^S»^v^toQ^¥^" t ^^^^&^^^^W tHoir ntdnrlntvl Crtl.nppp. Hrt tnMfth nt thrt li." I.J-i-i...«_ «,«..-. iai,»t.<. ,.~ i.*. i._ VB 8 *. ?r .S .*?r .T. iSfS -..5* ^ at our mignt oe UIB^UDCXI ••« r VVv, Q aonnte mints. The proposition ^of^the^ senate the United States have ed for, many years, and to pose to direct the attention I will say, to begin with, t enter the debate for the scattering dogmatic opinions, •--"v-.j ing the opinions of others, it aPI ^j" ( ;^ complexity a^ t^make sharp differences of Judgment unavoidable. I nave never heard the silver question teither in this house or - the United States Is practically a,unit in Its defense of sound and coherent Ideas on the money question. 'It has furnished neither aid nor comfort to the populist agitation of these times. For that reason I have always fallen back In seasons of doubt and' perplexity on the old German definition of money: "Money Is—elne allgemelne vermogen- macht—a universal purchasing power." If money were only a debt-paying power, then It would be, literally true that congress could declare anything to be money, by providing that it should be a legal tender In the discharge of debts. But the American people are.en- titled to a money that Is «ot only good to pay with, but good to buy with. Therefore the 1 republican party refuses to put afloat a dollar differing in value from the coins 'now 'O standing, and depending for its acceptance in the business world upon laws compelling people to take it in discharge of debts. The silver question is the oldest money question in the world. "Thy silver is become dross, thy wine ple, wltnout f .^"" ? , entch ° eu only country dah reflection that this i to the omy first' chapter of Isaiah-words of scrlp- and •In the . of economy and u i fee safely can o prophet In that ln- of the crimes of Ju- Jerusalem, contained in the ture that were to become \the text cen- or ecjonomy anu iino.i»«= ~-j•• r- W v, n i 6 -submitted to the decision of the whole ^^^ ^ ^ = people. nroblems are i the'debasemenit and" degradation of the - In 'other nations these problems , ^^ Qf ^ realm ^ Edward VI> T later for brave Hugh Latimer to the vengeance of ;God' against for the exchequer and the Cabinet our country, from the b j'have been left in perfect 1.conservative judgment j --nnie a 1 citizens. Give the American people a reasonable time for discussion aM for reflection and there Is nt problem In in jg fl the it'is counterfeit Thy ailver Is turned. Thou hadst good silver." The sliver question is the oldest people with gold arid silver for the transaction of their business." But the experiment did not operate In that way. Before many months the commercial ratio departed slightly from the ratio fixed by the act of 1792, and the business community speedily found itself confronted with the fact that gold had totally disappeared from, circulation In the United States. Theen came the old democratic statesman, Thomas H. Benton, representing the frontier state of Mlsao-url In the senate, end began the agitation to bring back the use of gold in the coinage ahd business of the American people. I can recollect reading his speeches in the days of ^my boyhood, and one sentence out of them I have never forgotten. He said that he wanted the humblest worklngman, In the United States to be paid for his labor with a, coin as good as the money of the crowned heads of the old world. (Applause.) If a man were to get up In congress today and say that he wanted the working people of the United States to have as good a dollar as was used by the I crowned heaxis of Europe, our free sll- ver brethren, would jump and say that he had certainly sold out to the money power, (Laughter,) And yet what Mr, Benton said was sound doctrine then, and it is sound doctrine now. , So^he act of 1834 was passed changing the ratio for the purpose of approaching more nearly the exact commercial ratio between gold and silver. That act cut down the weight of the gold dollar, not as some have claimed, because silver was the exclusive unit, but because silver being tn use and their standard coinage. So fall of sliver as it comes i —:..—; neve, H.UU uv t.a.v>uii..» mcoo \na, fa urea crease ih the annual product of bullion to i ta ' ft i( ft i on e) and that statesman ,who can not, It appears to me, be corrected would undertake to isolate a great com- by an act of congress. It belongs to a m«rclal community like ours is literally Jurisdiction beyond the reach of legls- - - ~ lattVe enactment. The closing of the mints of the world has undoubtedly contributed somewhat —how, much no man can say—to the decline in the value of silver. It seems to me reasonable that the falling away the scriptures have taught us to be- furnish the home with any of, lleve; and no nation^thew L days lives , ur ,es ^.llta^t^mra That was,lfi-the,y6ar,8^|sMdT™ ?ime, of; 1873,' when--the "wh>l6; riW .; . - „ was enjoying 1 sUbh'bettefltri!a»',a<Si dreaming a dream ot dayei long since .,....,».« gone by In the history of the -world's commerce > and business. I have up. to this point made no dispute In respeqt to nave surrounaea tne western >|ian the huge collection, of statistical data since 1892,' that if>ny:one',were 1 ,to,m upon which the argument f or > the free & statement'like that in'reference coinage of sliver has long comfortably ' •• the fre®,colnage/6f, dertake to say, ;w.jr."t;nairmH,n,7 KI ing as 1 do the hard, conditions : have "surrounded, the, western*, "~' tlate These tables have been we have had to deal' gold being out of use, _' a j.__i_ 11. . normlA n/Mim n.nnnflrft hd w tok it modem up could change the the American ratio, by - changing gold alone, without disturb- Ito their without offense, this chamber. I may say, that this is especially state which 1 j represent In Therefore, if '* were — result- varying experiences, for centuries. It has become the fashion to set aside the students of our own day who teach sound monetary science, as under the outstanding contracts among the people; and so the ratio was changed, not under a revelation from heaven that 16 to 1 is the correct ratio, but on a careful determination that 16 to 1 cor- [without a di Iventlon of the r« |'""We 8 reaffirm' the d ^F* tlonn ? f i89i? republican national platform of 1892, uieiiuc, O.B unum mo i -. -r -_ __i,. 4.C__ ic *„ i 4.^, IB vneuelv called the responded more nearly than IB to 1 to 's vaguely ca tne , « jestfavorb' Iniands the u B ~ «- i-O-HHoh las standard money witlrsuon Itkms and under sucn P™?^ 0 ™ rlty the maintenance of tne parity power of Europe and America. of the question to get the authority and judgment of thinkers and teachers who can be accepted without the suspicion that they were influenced by eyll surroundings. '' i I intend to take the writings of three great men, in three separate languages, the .same problem, and see can get from them the commercial ratio existing at that time. Again the mints were open to the free coinage of both gold and silver, and an ordinary free coinage philosopher would have said: "Now you can all see 'the blessings of an unlimited coinage of gold aaid silver in the business of the American people." But it did not work that way. , An insignificant departure'of the commercial ratio from the mint ratio .caused silver to disappear from use in the of the consumption of sliver Involved reposed. My friend from Minnesota pre- In the suspension of its free coinage can s<*nts a lot of tables here purporting to not be Ignored in a discussion of thia. show that the average price of goods, kind, but I wish to say to this house— wares, ahd merchandise has gone down and I challenge dispute of what I say —that there Is not a serious student of this question In the Old world, writing in any laftguage, who affirms that the action of the United States;in 1873 contributed to that result In any respect whatever. , 'If there la any man in this house who knows the name of a great writer in any language of Europe who attributes to the action of the United States in 1873 any share in the decline in the price of silver bullion, I will pause now to have the name of the writer mentioned, i And, Mr. Chairman, I pause In vain, I because eyery student knows that the attitude of the United States towaa-d sliver in 1873 was such that they did: not, and In the nature of the case could not, abridge its uae, in view of the faot that for more than a generation the standard silver dollar. had been. out of use among the people .of the United States, so thafthe act of 1873, Instead of creating a new condition, only recognized the condition which had prevailed in this country for forty years. So Jt is that the sober students of the question in the Old world agre» that it was the unfriendly.' legislation of the'com- mercial countries of central Europe which depreciated silver in so far- as legislation has contributed to its decline. , • Mr. Chairman, I listened with great pleasure the other day to my friend from Minnesota (Mr. Towne)' and I find it possible to agree with much that he said. I find It possible to agree that the action of the commercial world adverse to the use of silver has had'much to do with the fall in the value of silver bullion, and if my" friend would come to me and say, "Now, then, the value of silver bullion having been disturbed!by-the action of the whole commercial world, let us bring the commercial nations together In an agreement for the restoration of sliver," I would say that his appeal was founded in reason and that his conclusion was at least coherent and logical. But my friend, parting company, I think, with the judgment of most of our republican' fellow-citizens, haying shown that the fall of silver is due to the hostile action of many countries, deliberately : proposes that our own mints, acting independently, shall attempt to undo the Injury that has been done by the concurrent the life of our people in any. . 'that great state at any time' dUrin last fifteen, years he . denounced as the author. Of 'a' libel- Ml an injurious fiction against , 'the ''oredl before the 5 lve £ J uecsmo r J.BIU at 20 OCUIB .1 lon . December^ 187™ 21^enVs^ Deoembe^lp treatise of Nicholas Oresme, the most distinguished man of France of the .;_ ' . ..." a coun- sellor of Charles the Wise when he had the silver question on his hands', very ave today, At the request when he had determined of the coinage, Orosme on money, a work for the rescue practically unknown In the United States. The reason for this is very simple. The' coin partook of the .exact value of the material out of which it was made. The material being worth $1,03, of course nobody would bring it to the mint for the purpose of having it converted into a dollar, and the few coins that were; minted being worth more than a dollar, were hoarded or house the result of ,hls Pa- the . f£° u J ethe 5*018 BO that the[purchasing fourteenth century, who was the two ^^ a \ sn&BO p 0 ^ etrl of the dollar, sellor of Charles the Wise whe ver g,old or paper, shall '^fSHFolten tufrep h v- < £ ^ fioon nurtv with reference to this m . jican P™.T iy T h^ard my friend from of rvr, VV . y^,r_J mn«ma\ +T*o other day Of wjimil 4.Ai/m 4Aciptcvc *-*fv n"-** *^+ *s> ***- r~~ , • , - n . i . debted to Professor Roscher, of I,eip- j^even keep a^Jjg-qt^ta ^ So I open the work of Ore-sme with- bought UP and reduced to bullion for nride^that the republican out any fear that Wall street has, export, so that in 1853, after a great ,. p T? <tl^ csfatps is large bought him up. By its side I lay down debate in congress, the fraational n the United States is U»B ^"^"'"^"jYed The Ratio of Coined coinage was debased for the express a an's S S°ion-l n p 0 on S an f y of Y tS Money."* SVof 1?26 one° hundrld purpose of redoing> the, vMu* >« the 2tS actions of government and sixty years after the date of the coins below the value of! tt»^ material !ft££ (Applause) I rejoice that work o* Oresme. It is the repjy of that was In them, In.ordw that they JBSfiorevew republican, based Nicholas Copernicus to Siglsmund, m^ht remain in circulation. a conviction am received Xing of Poland, who desired him to ad- We hear a good ma.iy people say and hOSPltaPly in any part vise his government in respect to the that the act of 1873 struck down one- 5§tn?BB within the ranks management of his mint. The little half the money qf the country. Tha* llcfn Party On a question book ha7an interest for us because it ^atement has.aways wupded well a* when every man ought to contains the conclusions of one of the defllamation, but Jt Igno re s t.he t ruth, - Snen to the new light of profoundest human Intellects, who not The act of 1873, whatever it did do, took * Know-y?tl 0 pSar|to me that U,save ;> to tj. system of aw^y^sUy^ money from the Amerl- : kFJffEtfiE rteTx^e SuS^^^W^T S&S *S M^'tt" W_ *&**£** ures unless I made them myself, so I always look In a somewhat credulous frame at statistics which somebody else is handling for my instruction. In the present case my suspicions are unusually active. We all know that there are in this world no large effects which come from a single cause, so that on the face -of It, when a man comes to me and tells me that in twenty years the average price of 200 things that enter Into the necessities of modern life has gone down 40 per cent, and that it is all due to one transaction which took place in 1873, I look upon him as mls- uslng'faculties which Providence intended to ' be applied to the rational consideration of human affairs. Isvlt posslbe that a result like that can be reasonably attributed ' to one cause? Why should a man leave out of his calculations the industrial growth of the United States and the progress of Germany and of France since 1870? I have made a somewhat practical study of the growth of the industrial arts within my own memory. I believe that few changes have occurred In the selling price of staple manufacturers, such as the* products of Iron and steel, of textile fabrics, of things made' from I leather, and of that whole range of ' products made from the natural re, sources of the forest, the soil, and' the mine, which may not be referred to Improved methods of production, of transportation, and of business management, 1 I look with amazement at the mental process of these apostles of free coinage who leave out of. their caluculatlon the infinite variety of causes, which, operating in unseen and complex ways, 'have gradually reduced the cost of the things which enter Into the daily life have gradually, increased the earning power of human labor.- il have stood in a modren ateel mill and watched the i manufacture of a steel rail and learned is preserved'in'the same r« follows: / ' ' ' ', MONTH. January. February Mnroh April May June. July , August., September October , November ... December ... 1.10 1.00 1.00 1.10 1,10 .86 .71 .75 .75 85 .81 .81 .81 .4f .81 .41 ,4( .40 0.41 • .41 .41 ,4( .4E .4C .50 ,eo .70 ,.7( '.70 O.K t" IK .if ,sc .25 !sc .SO .87 .a .so .23 ' In the year 1873 there were twenty six 'local porkpacklng establishment in the state of'IoWa> Th shows that the, price >palaf weight tn these tw averaged '$3.74 for- son of 1871-72, and $3.62 for the,i»easoiu of 1872-73. A man has only to take up| the market reports'of the .last J flvg years and make an average « of th prices realized by the farmer upftn th9jj staples of agriculture to learn that while prices have gone up and ' down they have remained steadily above the-prlc levels of 1873. -1 Intend, by the courte»y| of my colleague.on the committee Johnson), who represents with and ability a constituency that to marks a chart-showing the of prices with'respect to the'staples agriculture, and especially wHh refer-'i enoe to wheat., This chart is correctly,^ drawn from figures made by the statis;--^ and is baaed not on the prices iq any' the average' farm' iii£Liiuj.iiui.ujic uj. a. BICCI j.o.1* c».ii* .<;t**4't»u i one state, D c *y^, TT«I*«J * more about tte philosophy qf the Price ! prices throughout the United is, aeiiDerateiy. proposes more aoout me pmuwutmy w. mo VIHTB j-.—™ «,„, r? ~.;«,f, : i a t,i^v • a>na rufloni « mints, acting independ- lists of Iron and steel by a half hour's' IB worthy of careful study ahd renee : $ conversation with an intelligent Amerl- tlon. , ., . can workingman friend from I And so our people do not listen w}thj unUed action of the commercial powers of the Minnesota will find out by poring over very perfect patience, to the promises f • •-- • - - ----- a nd predictions of happiness and,pros-,J perlty which are to flow from the; ration of silver coinage in the United;-, States,' They looH rather for the prc" perlty of the .farm, to the recovery the American market place from "• prostration which followed the trial revolution of 1S98. They that they have more to gain < by turn to the national, policy which every, .willing hand worl? ,and • than they can, poslbly gain by perlment which threatens,to u._ all values, disturb all cpntracts and ; new elements of risk'into every.depar.t-f ment of business. For myself I. have., made UP my opinion in this 'matter slowly and deliberately, not only OW-L trary to'my sympathies, but als.o to'myjl prejudices, guided at every step by the experience of'the'nations of,the<wor}d. What will be the effect of the free and unlimited coinage of silver?' I under? ,H take to say that the immediate effejsj;! WHI be as change in the standard P|.',Yalf r nes.' I 4m not 'one of those 1 who k 'Bay'J< positively that it wjll produce, a, Rodent fj dollar, I do know that 12^ grains oi standard silver are now worth' >n the,-; neighborhood of 50 cents and. 'but'paVrather.for Lueht of labor, of research, ana economics. This boo^, jn the lundwrtt- «""»" K. W of neighborly kindness and lng ot j ts author, is preserved in the 8,000,000, b (Applause/ u archives of Konigsberg and has been otner nl only a few things in tne } nc j u ^ e fl j n the Warsaw edition of the •BY which any man can be sure ^orfcs of Copernicus, So I Jay the little is true of this world-in which b(N j k by ^e side of Oresme with abso. " bought the book pf an j u te confidence .that Its author, has not Jngland,expiainln tlje effect upon the was hardly. In excess of I heard one man say the other night that there were fractional coins in circulation- That Js true, I heard another man say ^hat there were }n u»e a lot of fpr&Jgn epipp made legal tender by act of congreg^ from " ' Is true,-' But coins nor the tender foreign coin» -belong ,Jn this controversy, since the 1 act'of 1873 In no wise affected ejthw their 'poin- thelr circulation,, whatever to them Jhappenjsd long be-* world, I listened with attention to his argu- I ment. Ther is no bimetallism in EJu- rope that has not been making an argur , ment along the same lines for fifteen .years, The gentleman from Minnesota has paid a great tribute to Mr. Balfour, the conservative leader of the house dt commons, whom he describes as "an earnest 1 blmetalllst" ' and "one of the profoundest thinkers in Europe." I wish to submit to ,the profoundest thinker in Europe, the facts which, my friend from Minnesota has presented to this house, Mr. Balfour has more -than onf'ft used those facts, ajl of them, except the' charts of my friend from Mto' nesota, He has employed all the statistics and, all the tables which my friend has' jllumjnated in this chamber by his eloquence in reference to the decline of prices, the depression of busl» ness, and the evil aspect of the world's situation. ' It Is Interesting to mark his oonplU" slon, I have it here, and I will read It to this house because even my friend from Minnesota can not afford to despise the Judgment of a conscientious plm.Ptelltet, who is also the profoundegt tWnkev of Europe, j agjj the friends Qf unlimited coinage to hear me while I Soetbeer's tables till doomsday. A thousand causes have operated to affect the cost of modern production. Some things have gone up, more have gone down. Some have gone down much, others little, others not at all. The value of a day's work, a thing which nearly everybody has for sale, has gone steadily up, Could human folly go further than to average pork with pig iron, candles with petroleum, wheat with woolen cloth, and finding the mean decline explain it by reference to an act of congress that occurred over twenty years ago? We have been taught to believe that if you could make a reasonable reduction on the cost'of living and secure a reasonable increase in the wages of labor you would create a condition in this world not altogether open to criticism, -We are now begin* • nine 1 to learn for the first time that the interest of American labor requires us to give a fictitious legislative value to the things which a man has to buy in order to live, leaving labor itself to tako its chances of securing that Increased rate of wages which ,ought to go with increased expenses of living. . • If the people of the United States de- what Mr, Balfour says as to -the w>sdom of a single nation undertaking to undo by a hurried bit of legislation, an ev|l which has grown out ,of the combined hostility o| the whole cpm- merolal wprld. In his Mansion house speech of May. J894, he says; • f'NpWi the' question with which we are concerned W whether Jt be. or be 'not inexpedient to a4opt by international agj-eemenf this double standard; and I am far from denylng'HSHid j think a bJ- metalllst is a very poor friend qf ,his eauso who woyld deny it— thftt ' there Ulti§@t C*lnjOU}»t£*5 01 fut tQ,,the jnan. In this hQuue or elsewhere tell Jug/,the people h9W tM'ast ~" 10 '"'-*" the busings! of fliver Which, it then'enjoyed, I $ man wiw ei%j> further trosnini"?' in the etW§p <?* public, discuss^ pr primary InjtlWtwR, IP ttw three wit* arate . l hl J. AW, tf.8ftwwy.wp corresponding increase they will manifest a lack of common sense that has never characterized'the working people of any country In any age of the wprjd, (Applause.) As I have said, some articles have gone up in price and some have gone down, I have endeavored Jn the years past to talH oyer-wUh my awn-people the ' atlon In whlph The farmers ,„ -,-,-.-••* -»-,.- --are Just now at a serious disadvantage., They fln4 the market plaee- in which the great- hwiH of ih, e U? prompts must . T*«*a ^and" " ' ... „, coinage'of, ellvep money will operate to.'Ml late the valpe'Qf silver bu out the whole ^opjd, "Mexico, '/ system of fr?'e coinage; succeed^ the of in the last ewsr? " the oppartwHy *-"'" in iQWa fb'e \UnU»S' Stftte8.pyer.;fi «»«»»V*?« M* JHiH«AV? r )$lXt V* >«fV, S* •pWoH'.tfisf way'b^he.-tartffi-ast, ^amfc^aji 4 fln(ifth,a1i Ita MleAe^anfi/poy^ futipt J8*. '?W«ni F»«fiw ^maerft^rsfpi^ —_ i— AT._ taTiff in JL/G& WJM 1 ' i-«*»«i'.i^ i«««««^ tj*fl K*B 1_ ff- *t$r~ '^~~ «l!'M£

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