Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-09-12

circulation among the people in their
possession.
The next question is, how much cash
capital Is necessary to conduct the
business of the country? We have
seen how much this is as indicated by
the bank deposits and loans. Tam now
going to estimate It another way, that
all men can grasp.
Nh. HORT desire to say Just one
word in reference to the price Of wheat.
At our last session my friend Harvey
si.3Oa bushel for his wheel, while it
was only 81 cents in Chicago and IS
cents In New York, and he stated that
il we had free coinage in this country
that then the farmer could get 81: 3 in
this country, just as they do in Mexico.
have not misrepresented you Brother
Harvey"
Mr.. Harvey-aNo sir, you have not
MI. Horr-"Well, that is q mar
velous proposition to anybody that
can't think, you know. But it is RI
diculous to q man who can use his
k10G10s AA0 A400 IL AV0W xOxA 0UO Nul-
cage who aold his wheat got for
man in Mexico got s1.3O in Mexican
in New York or Chicago got American
money, American money under q sys-
tenn run by business men who know
something Of business laws. The man
who got e85 for 100 bushels of wheat
1 hn~A Sn thin nosvwkN~v nm A~1rA It, COZ
and get to Monterey and meet his
Mexican farmer, who has just sold
the same amount of wheat for 100
Mexican dollas, ond he can step right
into q bank and leave his SS5 that he
packed for his wheat here in Chicago
or New York and ask the banker to
he will give him S17O Of Mexican
money" (Applause.)
MI. Harvev-You have twisted what
I said. ! said 65 cents, not s. cents.
MI. Horr-It has not been down to
IS cents lately.
Mr.. Harvey-The man who ships
wheat from here to London won't get
Is cents back by about15.
MIR. Horr-Then it is lower in Mex
leo just the same. No doubt about it.
daughter and applause.) The point
/ am trying to point out is, even if he
got 65 cents in American money and
the man in Mexico got s1.3O or $40 for
100 bushels he could go right into the
bank and swap his S65 and get 100
Mexican dollars for the same wheat
that you talked about.
Mr.. Harvey-But you couldn't pay
S13O of debts with it.
Mr.. Horr-That is it. You couldn't
pay somebody q debt with the same
amount. I will come to that.
HE fixes his whole theory of money,
as I told you on the start, on the
ground that all it is used for is to help
somebody pay an old debt, whereas
what it should be used for is to pay
men for what they do from day to day
as they live and work. (Applause.)
snow, I have shown you that the
three products, oats, corr and wheat,
brought as much gold in the five
years past as they would have brought
1879, when silver was almost at par
with gold.
snow, what did the farmer do with
his money? First, understand every
one of those articles is modified by the
invention of machinery, SO that the
farmers of the United States pro-
duced this last crop with a large
amount less of human toll, and hence
with q largely increased profit over
what they received in 1874, 1875 and
1876. That is estimated at 20 per cent.
That is, they produced by improve
ments those cereals that much cheaper
than they did before. Now, what
could he buy with the money he got?
I have first shown you that he got just
as much gold as he did before. There
are things that farmers have to buy,
and before you can tell whether they
have been ruined by these changes
you must see how far that money
would 60 in purchases.
In 1873, when this act passed, calico
averaged liz cents q yard. The
farmer can buy it now for 81 cents,
cheapened not by cutting in two the
measure of value, for we have the
same measure of value we had then,
but cheapened by the great law of
cheaper production. Carpets which
were then s1.35 a yard can be bought
today for As cents. The suit of clothes
that you had to pay S25 for can today
be bought for S15. Tinware for which
you would have had TO pay 81 then can
be bought today for $40. A reaper
which then cost S17O can be bought
today for $40. A mower which cost
$50 then can be bought for S45. A
wsgon which you had to pay $50 for
then can be bought today for S45.
Tea which cost 40 cents then can today
be bought for 20 cents, the same grade
Of tea. Sugar which costs 1917 cents
then can be bought today for 8 cents.
Coffee today is about the same price
it was in 1873. School and books are
about half of what they cost in 1873"
Mr.. Harvey-Mr. Horr insists on his
human toll unit, but by that system
he leaves the human toll with no unit
to purchase what they must have.
He throws that into the argument oc-
casionally and / don't want it to de-
ceive anyone, and / may later read to
you what Mr.. Horn says on that SUBJ
ject himself. You may cheaper q
thing with reference to the time re-
quired to produce it, but If the man
that handles the machinery that does
it does not get enough for work to
hold him up as q respectable citizen
in the community wherein does your
cheapening process help him any?
(Appiause.)
"Mr. Horr has been giving you an
illustration CT the gold standard by