The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1894-07-13
people, as the cause of these ills, tie f:


there are few excessively rich people.
that the relative wealth of the farmers .
the aggregate wealth of the country is
not as great as in 1860, that we had great
national debt ard have been paying it off
in gold, and, chief Of all, that silver was
demon etized in 1913. The statesmen who
furnish us this diagnosis, have one univer-
sal cure all for all our ills. Need name
it? 1t is the unconditional free coinage of
silver at ratio of 16 to 1.
While in critical times like these, when
when our house is afire, as it were, and
our first aim should be to put out the
fire and not dispute about the cause of it,
you will pardon me if pause to make
these remarks: 1t is at all times, and in
these times more than ever, cruel and saw
oring of foreign nihilism to seek to array
poor against rich, class against
class. There has always been, and always
will be, an unequal distribution of wealth
and few who are excessively rich, as
compared with the many. But in our
country, where there is neither primogeni-
ture nor entail, and where large fortunes
are so often and so easily dissipated by
profigate sons, there is no serious menace
in rich men. If there ever was any doubt
poiled it, for who have been more worried
more harrassed and more helpless than
the rich. Watching them and their trials,
have not many of us felt like praying, 80
Lord, give me neither poverty nor riches"
The characterization of silver in 1878 is
an obsolete fact, too remote to have any
bearing on present conditions When sill
yer was demonetized in 1873, it was, and
Gov ,lxr Io1f L
tically out of circulation. Our only circu-
lating medium from 1862 up to the time
we resumed specie payment in 1879 was
paper, and nearly year before such re-
sumption, silver was duly remonetized
under the act of 1873 Since 1872 silver has
gradually deprecated in value, chiefly
from two causes: The almost unanimous
demonetization of the same in Europe,
and the largely increased production
thereof throughout the world. During all
these years, since 1878, aside from India,
the United States have been the best
friend the silver has had. From 1878 I'M
til 1890, we purchased and coined silver
bullion to the extent of over $24, 000, 900 an
nually, and from 1890 to 1898 we pur-
chased silver bullion and issued paper cur
rency thereon, to the extent of "a 900
ounces annually. And today we are car
rying upwards of 1926, 100000 of silver in
our circulation, as against $500, 100000 of
gold, of which 500 1000, 900 is or should be
kept in the treasury as redemption fund
for the $346, 0O0, 600 of greenbacks. France
has silver circulation of
S7OO,OOO,COO as against a gold
circulation of $SOO,OOO,OOO, while India
with its population of 255,OOO,OOO, has in
circulation only 5000, 000,0 900 of silver, as
against no gold and only $28, 900, 900 of I'M
covered paper. While China, with it's
4OO,OOO,OOO of people, has only $1,000 ,000,0 900
of silver, circulating on it's bullion value,
in circulation. These figures indicate, if
we take into account the aggregate of our
population and the aggregate of our cur
rency, as well as the mode of our doing
business, that silver has not been stricken
down but that, on the whole, it is in as
much favor here as anywhere. We have
not only maintained parity in value, but
also parity in quantity of circulation be-
tween the two metals. We are all in favor
of the free coinage of silver, under such
conditions that it can maintain itself in
circulation dollar for dollar on a parity
with gold, without requiring an ultimate
redemption fund in gold and without
driving our gold out of circulation. Silver
mono-metalism would in one fell stroke
divest US of full half of our metallic cur
rency and would place us commercially in
touch with such countries as China, India,
Mexico and South America, while honest,
sound bimetalism will keep us in touch,
for purposes of commerce and exchange,
with the entire civilized world.
Those who today, for selfish purposes,
and Invested of patriotism, see fit to decry
the course of our government during the
last quarter of a century, overlook the fact
that the very goodness of our institutions
are to large extent chargeable with our
present ills. America has been until
within the last year, as compared with
other countries, the laborer's paradise.
Labor, attracted by better wages, better
living and better homes than elsewhere,
has fiOcked to our shores in great num-
bers, and we are today more embarrassed
by this overplus of labor than from almost
any other single cause. We have alb
sorbed much but there is limit to the
digestion even of giant Could the labor
that has come to our shores within the
last 10 years again find work abroad,
the labor problem would be much
simplified and be much easier of
solution. Granting, what is far from GER
Udln, UndC SUrlK6S may MAINTAIN or increase
wages, it is quite evident that they do not
tend to enlarge the field of labor increase
the demand for it. Capital may build
railroads, engineers and fremen,
conductors and brakemen may stand
ready to operate them, and yet there will
be nothing to do, nothing to earn, unless
there are farmers and producers to furnish
the traffic. 1t is a phrase of the sea, that
freight is the mother of wages" and so
from the standpoint of the railroads,
freight may be said to be not only the
mother of wages, but also the mother of
dividends" 1t isn't the saloonkeeper
that pays for the licenses, it is the poor
fellow that takes the drink And so it
isn't the capital in the road that pays the
wages, it is the farmer who furnishes the
traffic, and he is always pressing, always
contending for lower rates. AS an umpire
and arbitrator for such contention, the
state has provided board of railroad
commissioners to settle and adjust all diff
ferences. The farmers don't strike. AS
law abiding citizens they turn to this tri-
bunal or to the courts for relief. On the
other hand, labor contends with capital
for good or better wages. There may be
much justice in the claim, but to settle it
by strikes or boycotts is too often exhaust
i've and ruinous and demoralizing in the
Is