Semi-weekly register. (Brookings, Brookings Co., S.D.) 1894-1898, 1896-08-26

But, as matter of fact, diminution
in the rate of wages does not increase the
scope of employment. If this audience has
done me the honor to follow me while
explained the principle on which wages
were fixed it must be clear that the more
abundant the product the higher the
wages. There cannot be an abundant prod
uct unless lasor is extensively employed
You cannot have high wages unless
there is an extensive production In every
department. e industry and that is why
claim that the wages are the one sole test
of country's condition. that high wages
mean abundant protection and abundance
necessarily means prosperity.
Farmer Tempted to War on Labor.
Mr.. Bryan, on the other hand, would
have you believe that prosperity is ad-
vanced by cheapening the rate Of wages,
but the fall in the rate of wages always
comes from narrow production and
narrow production means there Is little
demand for labor in the market When,
after the panic of 1878, the price Of La
Dor fell to 90 cents a day, it was hard
er t. OBTAIN labor than when the rate
Of labor was 80, and the difference between
the Populist who seeks to cut down the
rate of W. ,es and the Democrat who
seeks to protect it is that the Democrat
believes that high wages and prosperity
are synonymous, and the Populist wants
to cut the rate of wages in order that he
may tempt the farmer to make war upon
his own workingmen.
Well, but the Populist tells us--and Mr..
Bryan leads the van-that it Is the creditor
that he is after; that the creditor Is the
w oh ha t~ 10
And Mr.. Bryan makes an elaborate argu-
ment to show that when his system of coin
age shall have been completed, his stand
ard of value shall have been changed then
the debtor will have an option as to which
metal he will pay his debt in-that Is to
say, he shall be permitted by the law to
commit an act of dishonesty. $40
Part of Money In Measuring Debts.
In order that you should understand
just how change in the standard of value
enables men TO cheat their creditors you
have to consider the function which money
plays in measuring debts. If / had paid
$40 for ten yards of cloth to be delivered
to me next week, and in the interim the
government should pass u law declaring
that hereafter the yard measure should
consist of Is inches and that all existing
of measure, l would be cheated out Of half
of the cloth for which had paid. II, on
the other hand, / owed cloth merchant
for ten yarsls of cloth which he had deliv-
cred to me, and which was payable next
week, and in the meantime the govern
ment would change the standard of value
and cut down the unit of coinage one-half,
then l would settle that debt for $5, and
the cloth merchant would have been cheat
ed.
That is just what this measure proposes
to do, and the important question that
arises to the workman of this country is
just who are the creditors and who are the
debtors in this land. Now, the Populist
loves to say that the creditor is u person
who oppresses the western farmer. He loves
to paint him as loud of dress, coarse OF
feature, gaudy of ornament and with a
cruel expression on his face He loves to
declare that the money lender and the
creditor are always synonymous express
sions, but, as a matter of fact the creditors
of this country are not the Banners: they
are not the so called capitalists They are
the laborers, and it is at the expense of Ia
Dor that this change is made.
The Banker q Debtor. the Laborer .
Creditor.
remember in discussion in the house
of representatives l was advancing the
proposition that a banker, in the nature
of things, was a debtor and was inter-
rupted by Mr.. Bryan, who put to me a
question which contains exactly the same
statement as that which he made here in
his speech a week ago He asked me, II
would like to ask the gentleman whether
1t Is not true that every solvent bank has
for every dollar that it owes either some
body's note or the money in the vault ard
it's own capital besides?"
Now, my answer to that can give here
The loans and resources of a solvent bank
taken together must exceed its liabilities
The excess represents the capital and prof.
it. But as between their debts and their
credits all banks are debtors, which, my
friends, will be apparent to you In mo-
ment if you consider that hank must
keep 25 per cent of its deposits in reserve;
that the very business of banking Is the
business of being in debt 1t is the business
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