The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-14

been 1913 cents bushel in gold. Here
is marked decline. That decline was
greater in the Eastern states than in Cal
ifornia and least in the Northwest.
MEXICAN WHEAT WORTH $1.25 A
BUSHEL.
Mr.. Harvey-"A farmer in India or
Mexico takes his wheat to the worlds
market at London and sells ii today for
about $1.25 bushel in silver, or for half
that amount in gold, and with it buys
the silver and takes the silver home with
him-$1.25 a bushel-and pays with it
$1.25 worth of debt. Now before this
change in our monetary system began
that $125 was about what the price of our
wheat was. Hence the farmer in India
and Mexico is still getting the price we
once got in the honest currency Of his
country-silver. There is stable cur
rency for you. A debt contracted in 1872
could be paid now in those countries with
the same number of bushels of wheat that
it could then. We take our wheat to
London and sell it for IS cents, say, and
bring it back here, and we can't by any
exchange for silver or otherwise pay more
than IS cents of debt with it. (Applause.)
II am going to settle this whole price
question directly so that you can decide it
right in your rooms at home. It has been
so arranged by one of the greatest So
cieties to promote civilization in the
world, and l am going to place it directly
in your hands. They had figured out
what we are trying to do here and what
Mr. Horn is making fruitless efforts to try
to do.
II now want the reader to connect what
I am about to say with what l was say
ing when Mr.. Horn insisted on diversion.
1t is no answer for banker to say that
men are not compelled to borrow money
and pay interest unless they want to.
Business requires so much money, and the
volume being insufficient. the business
men are compelled to ASSIST in this stretch
ing process. We are now getting at the
place from which all this financial wind
and thunder comes-this influence which
has brought us panics and crushed our
hopes as it loosened and contracted its
use of this credit system. The same inf1u-
ence that took our government by the
throat while her brave sons were expos
ing their lives upon the bloody fields of
battle.
want, famine, prostitution, loss Of
character and insanity now mark the low
level of our national existence. Politicians
deceive the people; national party plat
forms are record of national duplicity
and dishonor, and every effect and influ-
ence can be traced to this same power
as it saps the veins of commerce and di-
verts from it's channels the blood of civili-
zation. The influence of these bankers
on business men who want money and on
our politicians extends throughout the
Union. We need banks of deposit and
the convenience of checks and bills of ex-
change for transferring money, but we
don't want banks to loan bank wind, at
an annual tax to us of $200,000,000, as a
substitute for money that, as a sovereign
people, we can bring into existence in suf-
flcient quantity to transact our business.
1.-THE banks should go out of the gov
eminent business instead of the govern
ment going out of the banking business.
(Applause) Let the banks be banks of
deposit and discount and not makers of
money. They are making it now with
bank credit, and you are, paying them in
terest for it. The bankers, except those
who are unselfish, will be found on the
side of the gold standard or any system
that limits the quantity of money, and
lots of them supply bank credit at per
cent There is another way-and COM
nonsense way-of estimating the guam
tity of money needed in the United States.
This question of the quantity of money
needed in the country is an important one.
It will not do to meet it by saying that
confidence is what is needed. This argyll
ment that confidence, and not money, is
all that is wanted if made by a green
back would be ridiculed by those same
men. Confidence won't buy anything. 1t
will get a man in debt to a banker, that
is ALL 1t reminds me of fable.
IAN Industrious duck who had laid a
great many eggs returned to her nest one
day to find that they had all been stolen.
Disconsolate, she set out in quest of them,
when she met a fox, whose mouth bore
evidences of a burglary. Dear sister
duck said he, L sympathize with you
most deeply, but regret to notice your lack
of faith. Return Immediately to your
nest and sit thereon with as much con-
fidence as formerly, and the result will be,
I assure you, as satisfactory as you desire.
applause and laughter)
''The men living in the large cities, who
are molding public opinion on this sub
ject try to teach the people what little
money they need and how confidence
takes the place of money, and yet when
these same people come to the cities-the
Worlds Fair, for instance-they find they
need money; that confidence is not cur
rency. 1t takes money. The more money
these 'moneyed men have and the finer
the outfits they drive, the less money
they think other people need. 1 do not
say this to excite prejudice, but to show
how people reason for themselves.
LET us see how much money we need.
Our population is now 68,000,000. OF this
100000 900 are over the age of 20. Of this
40,000,00O, 100000 are married and
100000 are single adults. This is in
round numbers.
ALLOWING $40 for each housewife, $40
to each husband and $40 to each single
adult over 20 years Of age to carry in
their possession we find $500, 200, 900 nee
essary. This allows nothing for those
under 20 years of age. Let us count $40
to each business concern to keep at their
place of business for the purpose of MAX
ing change, and in this calculation I
would include all railway stations where
change is required. Now, do not stop
and say you do not need that much, for
you do, If we are to have prosperous bust
ness, and that is what we will have if we
have our way.
BY the statistical abstract of 1894
there was that year page 800 1,114,174
business concerns in the United States.
The depots and other places needing
ready money would bring the number up
to 100000 This would require $50 ,OO0,-
900 at hand by these concerns to facili-
tate business. Thus far we have $780,
100000 required to be in circulation
among the people that would not be
counted as part of the money deposit
ed in banks. This much would be in the
pockets of the people, at their houses,
and at their places of business. No one
will probably say that this estimate is
too high. The average man should have
$40 with him; if he hasn't it, he ought to-