The San Francisco call., 1896-10-28

theless, you labor under some disadvantages.
You are separated from the great markets OF
the world by the great ocean On one side'
which bridges the way from a populauoh
which you have no desire to become acqualnt
ed with. You are separated on the otnef slue
by the thousands of miles of wnat used to be
called desert, but which ! refuse ID oeileVe
Will always remain desert. At present you
are shut off from your market. You ought 10
be wiling and anxious enough that lts dls-
tance should be no obstacle.
On the issues of the present campaign,
whether Mckinley is elected or not, don't
mean to dwell. That is for you TO CONSIDER
among yourselves. There is anotner point
upon which wish to speak. For once In my
lie had an opportunity to say words Oh IN
terest, perhaps, and seized upon the oppor-
tunity to say them in Maine after the Maine
election. The result of that election showed
that there is great common sense IN the
northeastern corner OF the United States OF
America, and can see by this assemblage that
there is as great common sense in the South
west.
We have been daily ing with the silver ques-
ton for years, but we have now feid Ior
warm discussion, and it is as tonlsnlng 10 see
how little there is in it. hardly know now
to broach it. l hardly know how to discuss IL,
unless discuss it here in California as old
in Maine, upon the basis OF common sense.
This world is governed not by superior men,
but by the common sense OF the average cltl-
zen of the United States, and unless can pre-
sent arguments which will be satisfactory TO
him talk in vain.
Money is a transferer of value, just the same
as hay rake is transferer OF hay You
would not expect to increase the nay Dy add
ing more hay rakes. Let us see what the TACT
is. In 1878 we went to work and bought
100000 worth of silver month under the
Bland law. Then, in 1890 we bought 4,5OO,OO0
ounces of silver. That is about all we mace
in America. What was the result? Why,
there was a tremendous increase in demand.
Then what was the result-higher pl1ce?
Why, no; it went right down, just as II 1T had
been lead instead of silver. Now, L want TO
ask you If coming the whole American product,
or nearly the whole, has resulted in lowering
the price of silver, what will coming the rest
of the silver in the world do? Isn't that simple
arithmetic? Well, don't let us have any more
weak subterfuges in connection with Inls.
Prove something or quit the field.
/ think that when we consider all questions
connected with the currency we had better
consider them from point OF view OF our not
being an exception to the natural laws.
think we had better make up our minds that
water will run down hill in the United States,
and that the attraction OF grav1tatlon, IN order
to be withstood, has to be withstood by an
awful power in the opposite direction. Laugh
ter and applausel In other words no mira
cles will be performed for u.s.
Now, it is proposed to change the currency
of this country; not to change it little, but
to change it seriously and radically. Ofcourse
it is claimed that this change is to be for the
country's benefit. But singularly enough the
gentlemen who are advocating the change
never condescend to show us how it is going to
benefit the country. They simply receive us
with the statement that they believe so and
SO will happen. Now, as said before, 1--WE be-
lieve" is very good foundation for the ora
tor. 1t does very we'll where you are NOT
going to contest it until you come to the next
world Laughter and applause.] But in the
world of business 1--WE believe" is worth
nothing.
But they say that the farmer Will get i'm
mediate relief by the free coinage of silver.
Let US see. Are there any among US who
wishes to discharge his Indebtedness with so
cent dollars? In the first place such man,
even upon Democratic theory. cannot be quite
honest who wants to pay his debts at so cents
on the dollar because of depreciation which
they claim for silver since that fated year
1878? ALI they claim for it is drop of 5
cents They say that that came in
twenty years-twenty-one years, to be exact.
That is what they say. Well, now. il there is
man here whose debts run back to that time
would like to see him. think he has been
lucky and has The confidence of the commu-
nifty. Applause and laughter.] On an aver
age there is no debt that is four years. old.
Are you going TO settle with your creditor and
pay him one quarter, take one quarter of the
depreciation, or are you going to take the
whole? If you are going to take the whole
you are not honest.
Whether you are honest or not, If you do
that sort of thing you will get into trouble.
In this world as a whole the privilege of bor-
rowing is of more consequence than the re-
pudiation of debts, even if you can do it hon
estly. If the farmer gets rid OF one-half of
his debts he will still have the other half to
struggle with, and he is going to struggle with
it in world that does not believe much in
him. In other words, the one-half that he did
not pay comes out of somebody, spoils some
body's business and spofs the business of the
whole community, as l will point out to you
in a few moments-absolutely spoils it, and he
has got to pay that under disadvantage that
will make him wish he had good, prosperous
country and was going to pay the whole.
say that it does not pay to do this thing
because the power of borrowing is OF the ut
most importance.
You know there there is a vast difference
between dreamland and the world OF fact. In
dreamla land the creditor is q rich man and
every debtor is poor man. The time was
when debt used to represent how far behind
man had got in the world. To-day it repre-
sent his belief in the future. Some of our
ablest and strongest men are the men who in
the time of prosperity carry the biggest load
of debt
Every big institution in the country is in
debt, and when it is the most prosperous it is
in debt the most Take great company that
know of. In times OF prosperity it borrows
$5.0OO,0OO or $1O,OO0.00O. In times OF ad-
versity it lends money to other people. If you
will think moment you will see that there is
not any enterprise upon which civilization is
dependent that is not dependedt on the borrow
| ing power.
| What does the borrowing power depend on?
| 1t depends on the confidence and honesty of
| the people at large. A dishonest community
cannot borrow money. 1t is not every man
who has money who will lend it, n notwithstand-
| ing the statements Of some people to the con-
| trary.