The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-10-31

ness crisis with n deadly sfringency OF
money. and with Il general uncertainty OF
the future, utter paralysis OF business en-
terprigcs. widespread bankruptcy. and a
general disturbance and distress likely 20
be greater than any we have over expert
enced.
"And mark you. this change OF the meas
ure- OF value-the slipping from the gold
upon the silver basis and the panic
inevitably following twill happen as soon
as II becomes evident that tho parity be-
tween gold and tho silver dollar win not be
maintained-that is. imm ediately after Mr..
Bryan's supposed election, months before
he takes in his hands the reins OF govern
ment.
Imagine him now. seated In the white
house and calling an extra gession OF con-
Cress for the purpose OF cnactlng "a free
coinage law. IL VIII take several months
moro TO accomplish that. but when Il Is
done what VIII be the rcsult2
MIR. Bryan tells us that then we shall
have bimctalism-that is. the equal use or
silver and gold as money; that there Will be
plenty OF both, and that everybody VIII be
/ contcntcd and happy. IIo tells us, even
that the nero enactment of a free coinage
/ law In the United States alone, without any
cooperation by other nations, will raise
| the market value OF all silver IN tho world
| from 90 cents 70 100 cents on the dollar
which is too glarlngly absurd to be serious
~ considered. IL Is simply childish.
ahtWcr TO GOy. Altgeld.
GOV. Altgold IS an able man. and he has
! furnished TO the campaign on the silver
side the only plea that has the appearance
or serious reasoning. The governor IA by
| FAR the most skillful manufacturer OF facts
the most adroit twister OF logic among tho
silver apostles. and II no fails TO refuto my
/ argument tho rest OF them viii try In vain.
| / will not follow him through all the
| tangles or his dialectics. but confne my
\ self TO few vital points
| GOV. Altgeld. according 20 his speech.
! has curious conception OF human affairs.
| lie seems 20 be possessed OF the singular
| idea that low prices, including the prices OF
! the neccssarics and ordinary comforts OF
| life, arc, IN themselves, "A great evil
preventing business prosperity and injur-
/ ing the welfare OF mankind According to
| him, these discoveries and inventions OF
| human genius, which have cheapened the
/ methods OF production and transportation,
| and thereby necessarily cncapcncd the prod
/ ucts and made moro abundant and more
/ easily obtainable 10 the great mass OF hui
manity the good things OF this world, must
be regarded as curse TO the human race.
| The governor viii forgive the railroad and
| the steamship for facilitating travel and
! transportation, ana the steam engine and
/ electric motor for producing more articles
| OF industry. and the improved agricultural
/ implements for multiplying the products
| OF tho soil. II they only would not make
/ things cheaper and thus deprcss prices
/ For Ia low priccS he sees the greatest dam
| ger TO human welfare. But looking close
| ly into his speech we find that he really
/ cxoncrates those achievements OF human
genius OF the crime OF having made things
| cheaper. lie IS especially convinced that
/ the improved means OF production and or
| transportation applied TO agriculture are
entirely innocent OF cheapenng the prod
| ucts OF the farm. He thinks that the de-
preston OF tho prices OF those products IS
altogether owing 20 the decentralization OF
| silver and TO the Introduction OF tho gold
| standard. lie even seems TO believe that if
| the gold standard continues TO prevail
| prices viii 30 on falling and falling until
wo shall get things for nothing. Can you
imagine anything more absurd?
wheat ana Its Recent Rise.
Like myself. ne taxes wheat as an eN-
ample. While l had shown by tho average
| production OF series OF years. compared
with the average production OF n series OF
| subsequent years, that the market sup
ply Of wheat had 50 considerably in
creased as 10 produce an inevitable effect
upon IT'S price in the markets OF the world.
| he picks out the production OF n year hero
| and there 10 controvcrt that proposition.
IL Is not necessary TO go into the details
| o. his argument, for something has hap
pcned TO him which would make him. as
| q public teacher, an object of pity had he
not so richly deserved the punishment
After giving a series Of isolated and de-
ccptivc figures, he said, and l think sec
! him say &c with an air or triumph.
In 1895 the crop was very large and
amounted TO $685. 100000 bushels; this year
the worlds production IS 20.0000 900 bushels
less than last year, and tho total produc-
ton OF the world is smaller than IL has
been for six years, yet wheat Is lower than
ever before
Is IT, really? The words were hardly
out OF his mouth when wheat began 10 rise
I'm price, and rose and rose and rose until
It reached point higher than for several
years before. Now. 1 ask Gov. Atgeld
whether the free coinage OF silver has been
established In this country, or anywhere
else In the world. 20 produce this rise In the
price OF wheat? Not that / am aware OF
Is he aware OF any case? Gov. Altgeld
himself gives tho truo reason In saying thai
this year the worlds production IL 12O,'
100000 bushels less than last year He un
derstatcs the case According TO consul
lar report It falls is20O0.00O bushels short
Here, then. is the evident and conclusive
proof that the price OF wheat in the worlds
market did not depend upon the establish
mcnt OF free coinage, either here or any
whore else. but that IL depended upon thu
quantity OF tho aupply OF wheat IN proper
ton to the demand. Is II not time for Gov
Altgeld 10 change his whole theory Of
prices?
/ |
ton that: IT is found that a pound OF silver
will buy as great an amount OF commodi
, ties as ever Docs Mr.. Altgcld pretend
that a pound OF silver to-day buys as mucl
wheat as Il did two months ago2 IL hai
always been n favorite argument OF TIT
silver men that wheat and silver rose an'
! fell together. that there was some mysteri
Gus bond OF wedlock Joining them at tn
J same time for better or for worse. Blu
. now Il appears that while wheat rose to
E point higher than any reached I'm sevcrn
years. just az the same time silver fell 10 I
/ point lower than any that Il had reaches
for several years. Thus this humbuG ex
ploded, too: there has been a flrst-class al
vorcc.
Rise In Wages Since 1873.
2 but still more unfortunate II tho gov
I crnor in asserting that wages have fallci
with prices since 1873. lie observes o
I wheat: Wheat has fallen no more than al
I. propcrty--has fallen no moro than wages
i And he asserts that there was a great IA
I'm wages between 1873 and 1850; there was