The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1896-07-30
ST. JOHN
The New York Bauker Talks in
Favor OF Free Coinage.

II v as , % tEp'h Nh'l II 'N'' ~ vas
calred to order after the recess. There
W. r. about 800 people in the hall, inciud-
l. 4 Delegates. y Kansas delegate moved
dat the d'"r rtnjr be instructed 10 ADMIT
a. the delegates 10 the lJ9lllst n1.N"mtion.
The motion prcsIi.cd. = ,u..a..."" OF
three WAS appointed to Eotiy tuo lor..ists
.T;p. they would be ao.nIttc4 n.tnout
tickets.
The committee on credentials reported
that there were no contests, and approved
the credentials of all delegates and chat all
delegations be allowed 10 cast fu'i vote.
The report was adopted. The committee
on permanent organization recommended
that w. L. 81. John OF New York be Sc
Ievted for permanent chairman, Charles y.
Tawpe of Minnesota chosen for vice chair
uran and Il. E. Duffendorfer OF Pennsyl-
vanfa for secretary. The report was Ie-
Sefved with cheers and adopted. y COM
rsitse. was apsv!inted TO escort Mr. 81.
JOIN 30 the platfOrm. In taking his place
Mr., 81. John was greeted with cheers. Mr..
81. ,Fhn said in part that he had prepared
10 ~f,aEc %1sff Js radc. 3 cnTrftH4s
the Democratic and free silver party and
by the coalition Of these two and the Pop
uliSts TO endorse the nomination OF Bryan
and seWall he believed victory would fol-
low. The mention of Bryan and Sewall
! Sused loud applause. The remainder of
the speech follows:
II ncTease OF our nopBipion Mt She
rate of about two millions a year, scat
tered over our immense territory, calls for
Increasing changes and thereby demands
an Increasing number of dollars III circu-
: lation. The Increase In the number of
dollars when dollars are confined to gold
Is not sufficiently rapid to meet the growth
Of our exchanges. The consequence is a
growing value OF dollars or a diminishing
value Of everything else expressed in dol
lars; which IS TO say a tendency towards
constantly declining prices, the fountain
head OF our prosperity has run dry. Our
farmers all over the country have endured
the depression In prices, until they get
about IS or 80 per acre for an expenditure
Of $40 per acre. Their credit at their
country store Is exhausted The country
store ceases TO order from the city rser
chant, the city merchant reduces his de
mand upon the manufacturers. Manufact-
ures are curtailed. The consequence is
that employees and all elements of labor
are being discharged and wages are lowered
TO those who continue. in employment. The
sufvtrings OF the farmers, who constitute
nearly one-half of our population, are thus
enforced upon the city merchant, the man.
ufacturer and all forms Of labor. The
banker also is without prosperity unless
prosperity Is general throughout the United
States. lie must learn 10 disting uish be-
tween cheap money and money command
ibk al "N raw Va ~ VIA
worth two bushels of wheat Is a dear
dollar, and yet ii commands interest in
Wall street at present of but = per cent
per annum on call. If the dollar can be
cheapened by increasing the number OF
dollars, 30 that zach dollar will buy less
wheat, the increasing price OF wheat will
increase the demand for dollars TO invest
In its production. Then the borrower Of
dollars 10 invest In the production of
wheat. being sure of "A profit from that en-
poymeHt of the money. can afford TO pay
interest for its use as a part of his profit,
or, I'm other words, interest is "A share OF
the profit on the employment Of money.
So that abundant money. money readily
0btainslble, which is to say, really cheap
money, is the money which commands a
high rate of Interest, a share of the profit
of the borrower In using IL. As we appeal
20 the country In the Justice of our cause,
one or two points Of common inquiry must
be satisfied rs follows: The experience
of Mexico is held up for our alarm. We
answer, first. that Mexico is conspicuously
prosperous at present. Her increase In
manufactures, railway earnings and the
like in recent years is phenomenal. Sec
ond. Mexico is no criterion for the United
States, for the reason that she has a form
OF trade Indebtedness Of about 100000
annually in excess of the value OF her eX-
ports of cotton, sugar, coffee, hides and the
Eke, which must be paid for in the sur
Plus product of her mines. Her silver goes
abroad as merchandise and at n valuation
fixed by the outside world. The United
States, on the other hand, is n nation Of
70,OO0.Oo0 of people, scattered over a ter
Titory seventeen times the area of France.
A single one of the railway systems, the
Erie, exceeds the aggregate railway mile
age of all Mexico. We offer an employ
ment for money TO an aggregate greater
than the worlds spare silver will furnish
us. Hence, our silver money, at home
and abroad, will be valued as the money Of
the United States. The opposition threat
ems us with
\ Flood OF Europc's silver.
unon our reopcnrd mints. We answer, Eu.
rope has no silver but her silver money.
Her silver money values silver AZ from 3
cents 10 ! cents IN the dollar higher than
ours. Hence the European merchant or
hnukpP must slarfH,p from - To q per cont