The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-08-07

resumed specie payment and the result
was that we resumed them as we agreed
to do in 1873, upon a gold basis. And
that has been the case ever since.
This, then, is the experience of the
United States encountering single
handed the question of currency. We
never were able when there was diff
ference of two or three per cent, to keep
the one metal alongside the other 1t
was always either gold or silver, never
both. Now, if the United States then
could not lift a silver dollar that was
worth only cents less than the gold
dollar, can she now lift 50-cent dollar
to the height of a hundred cents? Cap
plause)
And if she can, why should we want
to do it? Suppose you have a house;
is it worth any more, is it any different
house, whether it is worth two thousand
silver dollars or one thousand gold
whole dollarss Applause)
IF you want to count your house with
more dollars why not cut the gold dol
lars in two and measure it by gold?
Are there any more potatoes in 1000
bushels? If / remember my arithmetic
right and perhaps l don't, your house
is the same, your farm is the same, it
produces the same result
''Oh, but you say, our prices have gone
down and they have gone down on ac-
count Of the appreciation Of gold and
therefore we want to change it into
silver so that it will go uD again.
Whether gold has appreciated or not, |
do not suppose that any man knows;
but whatever this appreciation has been
il has been a long time doing it, and it's
effect upon prices, in my Judgment
has been nothing. The Democrats talk
about the fan in prices of cotton and
wheat because gold has appreciated in
value. My friends. everyone in this
country, even the farmers, are liable to
meet with some trouble in their bus-
ness. More people go into the business
and the profits of the business decrease
because there are so many to divide
them. Why has wheat gone down? Not
because the silver was demonetized, but
because Russia and the Argentine Re
public are raising millions of bushels
of wheat and they can sell it here as
cheap as our farmers can. Now, we
will always have money, even if we
demonetize every dollar of gold and sill
Yer in the world. And we may have
silver money, perhaps but are you any
better off if you have your property
reckoned in half dollars as it is a pres
ent? No. We don't want silver because
the road is a thorny one to travel and
after you travel it. it will be still more
thorny and rougher.
Credit plays a great part in the sii-
YER question. If your merchant buys
goods from England you will find that
credit amounts to great DEAL and on
silver basis, we will pay big sum for
this credit. This is why merchants do
not want silver basis. They say on
silver basis, it will scale down our
debt onehalf. Would you do it and de-
prive the man you owe, of one-half of
what you owe him? Shall the nation
do it? ] say no and not from sentiment
do [ make this statement, but from
selfish reason. We must preserve our
credit in the world and if we do adopt
'1 9iiNei pdSiS " hSip US out VI THESE
hard times. because the silver basis is
dishonorable Distrust brought on these
hard times in 1S93 and hard times will
last until we turn down these silver
ties, and when we settle this thing for
good and all in November, we will hear
no more of hard times.
Following Mr. Reeds speech the COM
mittee on resolutions reported and the
convention adopted a strong endorse
ment of the action of the st. Louis con-
vention, pledged loyal support to Nc
Kinley and Hobart and the candidate
for governor, Llewelyn Powers. and
closed by pledging the First district to
make Mr.. Reeds election as nearly
unanimous as possible.