The representative., 1896-09-16
ALTGELD'S GREAT SPEECH.
THE CAMPAIGN OPENED AT
GIRARD, ILLINOIS. -,
Continuation.
REDUCTION IN VOLUME OF CUR
RENCY.

Continuation.
REDUCTION IN VOLUME OF CUR
RENCY.
According to the great law of finance,
which l have just named, this is what
had to follow, and you know from bitter
experience that this is just what did fol-
low. The selling price of all property
when taken on the average was reduced
by just 0ne-half, so that wheat went
from 81 to so cents, and all other farm
products were sold in proportion. The
selling price of everything which labor
produces was lowered, but nothing that
the bOndholder held was lowered. The
debts all remained the same. The vast
sums of interest to be paid every year
remained the same. The taxes, if any
thing, were higher. All of the fixed
charges calling for cash payments re-
mained the same. Thereafter it took ev-
erything that the farmer could scrape
together to pay the fixed charges, and
in many cases he could not do it. His
purchasing power was destroyed, and
that universal paralysis which l have al
ready described ensued.
Formerly there was added every year
to the volume of money that existed in
the world, not only the amount of gold
IAoC dO Illucu, UuC dISO IuC dIuOuuL Ol
silver that was mined, less what was
used in the arts, and as population kept
increasing constantly and as it was
necessary that the volume of money
should be enlarged every year to keep
pace with the increase in population in
order that prices might not fall, the
world depended upon the increase to be
derived from both metals in amount
Rnt cinoo tho otiz of Gil
there is added each year only the gold
that is produced. less what is used in
the arts. In other words, the annual ad-
dition now to the stock of money is only
half what it used to be, while the annual
increase in population Is much greater
than it used to be. Consequently prices
must go on steadily falling little year
by year. That is what happened during
the last few years, and what is going on
now and it is a we'll known fact that
there can be no prosperity in country
on falling prices.
CONCENTRATION OF MONEY IN
EUROPE.
Money of the world constitutes the
blood of the commercial world, and
when half of it was wiped out by arbi-
trary acts of government, the remainder
manifested tendency to concentrate at
London and other European money CEN
ters, while all that part of the world
which depended upon industry and en-
terprise became cold and lifeless.
Now, my fellow citizens, these debts
remain. These fixed charges cannot be
reduced, and unless the standard of
prices can be again raised, so that our
farmers and producers can earn some
money over and above these fixed
charges, no general prosperity will be
possible in this country. In the tariff
discussion of years ago it was debated
as to whether the importer or the home
manufacturer should supply the great
home market. Today we find that the
home market has been destroyed, and
the question is how can we revive it,
That home market died under the Nc
Kinley law; it died under high prOtec-
ton.
Who are the men who profit by the
existing order of things? Only the New
York and European spectators, who
hold American securities. The great
Bondholding classes of Europe now find
that one-half of the interest on their
bonds will buy as much labor and will
buy as much property as all of it used to
buy. Naturally they want to continue
that condition of affairs. The attempt
to maintain this gold standard has in
volved the American government in
such difficulties that during the last
three years $2600OO 900 of bonds have
been issued, making tnat much more of
bond for the American people to pay
interest on and ultimately pay off,
A year and half ago small crowd of
New York spectators, with J. Pierpont
Morgan at their head, made upwards of
S1O,OOO,OOO in a couple of weeks out of
the government in small bond transac-
tion. Do you blame Morgan and his as
Sociates for wanting to continue that
condition of affairs? l do not. But do
blame the representatives and so-called
Naders of the American people, who, un-
der one pretext or another pretext are
helping to perpetuate a policy which
shall furnish perpetual harvest to bond
sharks.
BANKERS UNDER CRITICISM.
You ask how it is that the bankers are
on the side Of this gold standard? 1t
is simple enough for the Eastern bankers
to be there, and the fact that the West
ern bankers are on that side simply
shows the power of money. 1t shows that
the western bankers are in the clutches
and subject to the dictation of Eastern
and foreign capital The great money
center of the world now is London. The
large financiers of New York, under our
existing system, are in the habit of look
ing to London bankers. Having made
themselves dependent on them, or deriy-
ing profit from serving them. these
New York bankers not only act on the
suggestions, but follow the dictation of
the London bankers. The few bankers
in New York again have their corre-
spondents in the other cities in the coun-
try. and these correspondents in many
cases are either dependent on or else find
1T prOttaDie to serve the New Yorker.
Consequently they not only act on the
suggestions, but follow the dictation of
few New York bankers.
There are in this country altogether
upward of 5000 banks, and under the ex-
listing system they are made to act al
most as one man. Bankers ordinarily
make money when the country is pros
porous, and the bankers in all producing
and industrial sections of the country
would be immeasurably benefited by
restoration of silver and prosperity, and
when they take position which is
against the interests of the community
in which they live and do business in it
shows that they are ready to either
blindly follow the cruel dictates of the
gold men. or are hopelessly in the
clutches of what is called the Eastern
money power.
THREATS TO VOTERS ALLEGED.