People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-08-26

vsars has be come much more markeu
/, Tho LIST two. and its full effect ia
cbeckiuo production and depressing
FRO do has therefore scarcely become APP
narent But the slight dimlnutlon IN
the production OF some of our leadlng
ministries. which we have noClceu
above fpara graph Az, affords some eVl-
dence that this influence IS beginning
10 Onerate. and should prices conClh "a
10 fall we think that further curtall-
ment of production can hardly IAN 90
ensue."
These extracts fully confirm the
statement which | have made that
the producing classes, the men VINO
are engaged in building up and de-
yeloping the world, have been the
sufferers by this change, while the
non.producers, those in the ENJOY
ment of fixed incomes and possess
ing accumulations of money, nave
been the principal benefciaries. FOR
the purpose of connecting this testl-
mony with the affairs of our own
country, it is proper for me to say
that the Director of the United States
National Bureau of Labor, IN his re-
port for 1886, expresses the opinion
that the industrial depression exist
ing in this country was exceeded Dy
that of none other except Great
Britain. Many reasons were gwen
for the general decline in values.
The commission did not feel itself au-
thorized to go into the silver ques-
ton, and its inquiry was not extend
ed into that field. But that it had
an important bearing upon the ex-
traordinary industrial situation was
fully appreciated, In its third re-
port the matter was referred to In
the following language:
In recent years the purchasing power
of gold has increased, or, in other
words, the prices of commodities In
general, as measured by q gold stand
ard, have fallen; and this appreciation
of gold, taken in combination with
other circumstances, has disturbed the
relations between the two precious
metals.
An inconvenient depreciation of sill
yer, as measured in gold, has for some
time prevailed, and is still proceeding.
Without going into minute details, we
may point out that these changes re-
suit from a tWOfOld set Of causes. Not
only has the supply of gold diminished.
but the demand for is has increased.
That is to say, the actual production
of gold from the mines has declined,
while the demand for it has been
largely increased by its substitution
for silver in Germany and ether cOun-
tries; at the same time the supply of
silver has been increased, soth by the
sOmewh hat larger production of the
mines, and by tie deTaeoRetiEed- silver
thrown on the market by Germany and
Holland.
Then the commission proceeds to
advise the creation of another COM
mission for the express purpose Of
investigating the causes which have
produced the change In the relative
value of gold and silver. Now, in
my opinion, while particular
causes may have had certain local
effects, the primary and general cause
has been the legislation of 1873,
which, to great extent, destroyed
silver as money and practically made
gold alone the standard by which
everything else is measured.
In my advocacy of the free coin
age of silver do not occupy the pc
sition of croaker. For the man in
public life whose sole argument con-
sists in picturing the calamil les of the
people, | have no special admiration.
Certainly not enough to induce ne
to follow his example. recognize
the fact that during the last twenty
years the wealth OF the country has
greatly Increased, that the population
has increased, that the volume Of
business has increased, and that the
census returns indicate a degree Of
national prosperity unequaled by that
of any other country in the worldc
But the aggregates of national wealth
and growth are not the only things
to be considered. The welfare Of
the individual is even of greater i'm
portance; and the manner of the dis
tribution Of wealth is vital to that
welfare.
The era of which | have beer
speaking has beheld an accumulation
of individual fortunes of which we
find no parallel in the history of any
other period. The whole tendency
of the times has been towards the
concentration of wealth. Nearly all
the important industries of the coun-
try, outside of agriculture, are now
in the hands of great firms, corpora
tions, syndicates and combines. A
few years ago a millionaire was
curiosity. To-day five millionaire
commands scarcely passing notice,
and the cases are by no means rare
in which we find ten, twenty, fifty
and even hundred millions Of dol
lars in the hands of single indi-
vidual. And while this has been 60
ing on the whole country las been
+ravarsed nv armies Of trarnos look