The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-10-07
Lakota, N. D., Sept. 20.
FROM FLORIDA.
Cochran EfYectually Answered.

An old and valued friend, Hamnn v.
Poore, known and respected by all the Pop
ulists of Minnesota. sends us the following
letter, written by his son, now a resident OF
the South. We print it with pleasure.
Editor Representatives:
Having read over the speech Of Hon,
W. Bourl.e Cochran, in reply to Hon.
William j. Bryan, with no one to sympa-
thize with my feelings of disgust at some
of the pearls Of thought" or ''belches
of ridicule," which seemed highly crafty
ing to some of his listeners, if the
CHEERS" applause and laughter"
that is profusely distributed throughout
the printed pages was sincere, 1 seek the
audience of the readers of The Repre-
sentative for relief.
We must admit it's being a discourse.
but one designated especially to influence
the audience to. or prey upon their blind
prejudice, which expression I beg par
don for using, If it be a little unjust. But
who can say the speaker is perfectly just,
who so automatically secures the conf
dence of the audience in him by attrib-
uting to them high degree of intelligence.
states that he is willing to recognize Mr..
Bryan as 1.-The wisest oracle that ever
OpSHcO IilS HOutH SlHCc tAC UCEAuAui6 VI
the world" and that he would be willing
to support him If he, Mr.. Bryan, could
show him that by any means revealed to
comprehension of man. wages could be
increased by act of government" and
makes other statements, few of which
follow.
After limiting that the motive of the
Populist agitators to have the volume of
money increased is a selfish one, namely,
for their own salaries, he says: I'm one
Of the speeches which Mr.. Bryan delivered
on his way East he declared that any
man who objected to too much money
should vote the other ticket" which quo
tatiOn the speaker, no doubt, felt secure
in making, as well as any other from Mr..
Bryan, as he knew they were warped so
they would accept them in a ridiculous
light.
He makes statements that are the exact
sentiments of Populist principles, yet his
hearers might think he was still contrast
ing his opinions opposite to those of
Populists.
Then he asks his audience to indulge him
while he states the conception sensible
men have formed of money, so that here
dItCl AAOy HCcu IlOt NC ulSACu ny IOp-
ulist theories, which he would make out
were mystifying, transmogrified conglom-
erations, or most erroneous wanderings
from the good old significance of mon
ey.'' 1.-THE issue of paper money by a
government is no more an increase of
national wealth than the issue of a prom
issory note is an increase of his prosper
ity'' (Applause) We at once eXclaim,
very true. 1t is an axiom. He might as
well argue that when 4 man kills his pig
for use he doesn't increase his property.
This question might well be asked:
would it increase the debt as much as the
issue Of gold for material, which costs its
face or stamp value to obtain? Would
it not serve it's purpose as we'll as gold
and cost less? That's where the economy
comes in, in the use of the cheapest ma
terial.' What would be thought of the
individual, who, instead of using paper
on which to write his promissory note,
would use gold, which, we will say, cost
him the face of the note? The government
has great advantage over the individual,
for it can merely state that it will "ac-
cept' such piece of paper at it's face value
and everybody would accept it, for it
would be just what they wanted to pay
their taxes and public dues; and this piece
of paper could be further fitted for pri-
vate use by the statement thereon that it
was full legal tender-but 1 need not de-
scribe further The point I wish to make
is this: 1t is absurdly extravagant for the
government to issue either gold or silver
money as it would be for a private indi-
vidual to issue his promissory notes on
sheets of those costly metals. Yet Mr..
Cochran leads his gaping believers to
think the issue OF gold money is an in
crease of national wealth, without say
ing so. Shrewd isn't it?
OF course you want another sample of
his sound argument He proves that to
make a $40 gold coin out of piece of gold,
which cost him much more, would be a
decrease in his wealth. See what he says:
Let us take for instance this gold watch
case. 1t is worth it's bullion value, plus
the work that has been expended on it. If
1 melt it down into $40 gold piece it is
worth nothing but it's bullion value. L
could not buy a similar watch case with
the coin which would be coined out of this
one. Here would be an increase in the
volume Of my money, but decrease in the
volume of my wealth. The pretence that
men can be enriched by swelling the vol
ume Of currency is delusion that has
affected mankind at recurring intervals
since the dawn of civilization
A delusion indeed. When the material
Of which each dollar of the currency is
made costs 100 cents, plus the interest on
bonds, etc, that has to be paid to get 1t.
it must be monstrous "delusion'' for one
to think men can he enriched by this
way of doing business. Yet men are EN-
riched" by Ills system. How? The true
answer probably gives an inkling as to
why some like the system so WELL
One more extract and comment before I
close. Mr. Cochran, speaking of banks,
says: 1.-The loans and reserves of a SOL
vent bank, taken together, must exceed it's
liabilities; the excess represents it's capt
tai and profit; but as between their debts
and their credit, all banks are Debtors
which, my friends, will be apparent to you
in a moment If you consider that a bank
cannot lend all it's deposits at interest, but
must keep % per cent of them in reserve.
The very business of banking is the busi-
ness Of being in debt. 1t is the business Of
dealing with other peoples money, and Of
course the money that a bank deals with
is the money that it owes to its deposit
ors."
THE very business Of banking is the
GUS foundation for business the bankers
have laid for the farmer and laborer. IL