The record-union., 1894-11-28

Olney plan with regard to the Pacific
railroad debts, and favoring the foreclos-
ure OF the Government mortgage, with
the restoring to the people of the granted
lands; favoring the taking away from
congress OF It's coinage power, and its re-
turn TO the people under the system of
the initiative and referendum; favorlng
the withdrawal of all existing circulation
mediums, and the substitution therefor
OF an issue of full legal tender treasury
notes TO the amount of $50 per capita; IA
voring the creation of Cabinet Office to
be known as the Department of Trade
and Commerce, and numerous others OF
a minor character.
The hourtof o'clock having arrived,
the special order took precedence, and
the discussion of reconciliation of sill
Ver was opened by, Ex-Governor Prince
OF New Mexico. Upon the principle that
all structures must first have tounda-
ton, the Governor stated that he would
conhne himself to statements of facts,
leaving the -Superstructure OF argument
TO those who follow him. He then began
review OF existing conditions. He
charged that the eastern section of the
United states was opposed TO bimetallism,
not from principle. but from absolute
ignorance OF the subject Yet he did not
mean by this to charge conscious wick ed
ness. The West by reason of intimate
association with the need OF greater
supply OF money, was better informed.
while i'll the East only the banking e!e-
ment was acquainted with the issue, and
they, from selfish interests, advocated
gold mono-metallism.
Turning to the Decentralization Act OF
1873, passed, as he asserted, by secret
fraud, and which no member OF Congress
had ever acknowledged having voted for
with the knowledge that it did demon
et1ze silver, he said that al the silver men
asked was the repeal of that law, which
no man acknowledged paternity for, and
which every man III public lie then or
now declared a child OF stealth. The de-
mand would be the same were there not
| a single ounce of silver produced in
America. 1t was the need of a circulat-
ing medium. Take for instance the w wheat
crop. The decline III the price per bushel
has been from 81 l9 to about 90 cents, or
net loss TO the farmer at present OF $780,
OOO,OOO per year. On taking the acreage
value OF wheat, corn. oats hay and cot
ton, the decline since the characterization
OF silver has been from SO 90 to SS 10, or
As per cent. Taking the biinetallic price
of 1873 as a basis OF gain, by restoration
OF silver to agriculturists would be ST.
500, ,0U0,00 annually. This in the face of
the fact that the decline of silver made q
net loss of S32, 10000 annually to the
miner, proved the issue was not local to
the mining interests. Indeed, the de-
cline in prices was not decline of val
ues, but an appreciation of purchasing
power, and what more could be said IN
favor of an increase OF medium of ex-
change, especially when we see countless
thousands suffering from the existing
state of affairs?
An easy way to look at the matter, he
said, was to take for instance a farmers s
mortgage. Let ii have been made when
n.
would have paid Sll9 of the debt. Now
it required $40 approximately. Con-
| tinuing with an argument from this
standpoint, in favor of staple valued
dollar, the Governor charged the
the demonetiZation of silver by the in
creased value of a dollar effected an inn
pairment of obligations of contracts.
Such. the Governor said, are some OF the
facts in this case, plainly stated.
The need Of the hour was such an
awakening of interest in this question in
the East as will cause inquiry and in
vestigation and independence of the pres
sure Of the obligation as strongly as his
fellow debtor of Missouri or Dakota. The
Increasing number of foreclosures. the
heightened list of sales or unpaid taxes,
the armies of underpaid and unem-
ployed, tell the same story everywhere
On theory it was easy to say what the re-
suits of demonetization must be; actual
experience is showing what they are A
steady decrease in all property values
and an increased burden of all fixed
charges. can bring but one result. The
cry Of the suffering goes up TO heaven.
The most despairing and tie most touch
ing OF their prayers are never heard on
earth for they come from those who
suffer in silence. The aggregate of human
misery caused by this grinding of the
upper and the neither milestone was a
thing to make angels weep.
I'VE live in the most favored of all
lands" said he. "God has given us a
goodly heritage. The natural resources
of our country should make universal
prosperity and happiness. There is no
reason for suffering and want. Its causes
are purely artificial. Ey the selfishness
Of man the good gifts OF Providence turn
to ashes in our hands. The food is taken
from the mouths of the weak and the de-
fenseless. No judgment from on high
has been visited on this people; neither
war nor famine nor pestilence have been
suffered TO afflict us. Yet in the midst of
physical health the nation is sick; in the
midst OF wealth there is poverty. and in
the land of plenty there is suffering and
starvation. God grant us all the will and
the wisdom to see the causes of these
things, and having found them, to apply
the remedy"
At the conclusion of Governor Prince
remarks and the hearty applause follow
ing the congress took its usual evening
recess.