The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1896-08-21

with the people of the people of the
United States whether it was passed
honestly or not," Mr.. Silsby contend
ing that it made no difference because
every contract now in force was made
since the law was passed and therefore
on gold basis. Mr.. Hitchcock argued
that for years before the law of 1873,
gold had been plentiful and silver
scarce, but that at just about that time
gold became scarce and silver plentiful,
and that as result of the demonetiza-
tion of silver our money was greatly
contracted and especially after 1866.
Mr.. Silsby showed from statistics furn-
ished by the U. S. Treasury that in
1866 we had only paper money! green
backs) to the amount of S729, ,327, 254;
that in that year gold was at prem
ium of 20 per cent. thus reducing the
actual value of the money to 3517, $685.,
451, while in 1878, we had paper $685.,
2O5, $3.50, gold and silver s102, ,O47, ,9o7, or
total in 1878, of s791, ,254,576. an in
crease over 1866, OF s273,431, ,l25, in
crease per capita of As per cent, while
population had only increased 80 per
cent. Mr.. Hitchcock read from Histor-
ian Redpath in which he lin 1S95) says:
"After this debt had been paid 29years
it now takes as much of the leading i'm
ports of the United States including
labor and real estate to pay The bal
ance of that debt as it would have tax
en- to pay the whole off in 1885," Mr..
Silsby admitted the statement as par
TALLY true for 1895 or 1896, but emphat-
ically denied it for 1891 or 1892. In
1891 wheat sold in Mitchell for S1.O7,
oats 19 cents while in 1896 wheat was
about 30 cents, oats to cents. If
this enormus reduction has been made
in 25 of the leading articles of COM
merce since the repeal of the McKin-
ley bill it was easily possible Ridpath
was co, rect, but that fearful decline is
directly chargeable to the democratic
free trade policy and not to the republi
can party.
| Mr.. Hitchcock contended that there
was but one kind of bimetallism, sand
that 1t gave to both gold and silver
equal rights on a fixed ratio, to unlim-
tied coinage. Mr.. Silsby claimed that
there was two kinds-the theoretical
and the practical-the theoretical gave
the rights, in law, to both metals; but
never produced anything but mono
metallism; while the practical bimetal-
lism made oQe metal the standard, and
always kept gold and silver in actual
use as money.
The theoretical was now, and always
had been impracticable. Blaine was
such bimetallist, claiming it unwise
to attempt to maintain double stan
dard unless the exact commercial value
in each metal was constantly main
tained. From 1893 to 1878, we had by
law bimeta.lism, or double standard,
and during that period the law had
bimetallism, while the people had
monometallism, first silver, then gold,
but since the resumption of specie pay
ments in 1879, all our forms Of money,
based upon the gold standard. had been
exactly equal in purchasing. or debt
paying power, and the per capita
reached its highest point in 1892 Dur
| ing the republican era, labor reaped it's
/ greatest reward. More men employed,
and at better wages than ever before in
| the history of the world: the increase
: in wages for 1866 to 1892 was So per
3 cent. while labor could buy the neces-
8 saries of life for much less, while dur
: ing the same period interest had fallen
t 33 per cent, thus disproving the popu.
. list theory of a 200 cent dollar,
d No bankers, no railroads, no industry
v has gained such a per cent. but have by
}, law and sharp competition been reduc'
t ing their prices.
o Mr.. Silsby alluded to Mr.. Hitch
It cocks remarks on the soldiers WHIT
d fought ''uot :or money, but for huma.
s freedom" as follows: 81 am one of thos,
: who responded to my country's call
r. and am therefore qualified TO speak OF
d that subject. We did go to battle fo
D home. and native land; it was not TO
d money that we went; S13 month i
Il not particularly attractive sum to in
n duce man to face the cannon's mouth
d to stand before bayonet charge; o
it face storm of leaden hail. But owe
y 2,500,0 900 brave boys did it, and they
n by their heroism, saved this union, an
W saw the shachles fall from over fou
y millions of people. But:-did we ge
ID the Sl3? No! Gen. Scott promises
N that we should be paid in money ''jus
J.. as good as gold," but what did we get
(e Just 4.94 in money, and $500 in GOV
,e Continued on Sixth Page.
|over otecf TT G Govsf eporf