Mexico weekly ledger., 1896-07-30
ST. JOHN, THE BANKER.
His Speech at the st. Louis Silver
Convention.

bpCClhi SOIlDllltCC W CbSoLt tA0 POA
manent chairman to the platform.
These gentlemen performed their
duty with exceeding dignity, and the
was led to the front of the
stage by the temporary chairman and
introduced to the convention amidst
storms of cheers. Banker st. John
stood there looking the typical bank
err, slender, pale-faced, cold-eyed,
with grazing whiskers that were
slightly parted in the middle, brown
hair slightly disappearing from about
the temples, his clothing immaculate
in quality and cut, his pose full of
quiet "business" suggestion. As soon
as the applause subsidized he spoke as
follows:
"Gentlemen of the Convention
The skill and efficiency OF your labors
in the past have been rewarded by
the adoption of your demand for leg
islation by two great organizations of
the people, namely: The Democracy
and the Peoples party. If now you
are able to induce a coalition of these
two organizations for the n pur-
pose, the desired achievement on be-
half of the people will ensue.
Assuming then that you will pre-
vail upon those patriots calling them
selves the Peoples party to indorse
the nomination of Bryan and Sewall,
it ia advisable to warrant the desira-
bility of the end in view.
"It Ia among the first principles in
finance that the value of each dollar,
expressed in prices, depends upon
the total number of dollars in circula-
ton. The plane of prices is high
when the number of dollars in circu-
lation is great in proportion to the
number of things to be exchanged by
means of dollars, and low when
the dollars are proportionately few.
The plane of prices at present ard for
some time past is and has been ruin
ously low. The increase of our pop
| ulation at about two millions a year,
scattered over our immense territory,
calls for increasing exchange and
thereby demands an increasing mum
Der of dollars in circulation. The in
crease in the numbers of dollars when
dollars are confined to gold is not
sufficiently rapid to meet the growth
of our exchange. The consequence
is a growing value of dollars or a di-
minishing value of everything else
expressed in dollars, which is to say a
tendency toward constantly declining
prices.
"'The fo~untainhead of our prosper
ity has run dry. Our farmers all over
the country have endured the depres-
sion in prices until they can get about
IS or SO per acre for an expenditure
of $40 an acre and the like. Their
credit at their country store Ia ex-
hausted. The country store ceases to
order from the city merchant. The city
merchant reduces his demand upon
the manufacturer. Manufactures are
curtailed. The consequence is that
employees and all elements of labor
are being discharged, and wages are
lowered to those who continue in en-
ployment. The sufferings of the
farmers, who constitute nearly one
half of our population, are thus
forced upon the city merchant, the
manufacturer and all forms of labor.
These combined elements constitute
the overwhelming majority of voters,
Their intelligent conclusion will be
felt when expressed at the polls.
''The banker also ia without pros
perity unless prosperity is general
throughout the States. He must learn
to distinguish cheap money and money
commanding a low rate of interest
The dollar worth two bushels of wheat
is a dear dollar, and yet it commands
interest in Wall street at present OF
but 2 per cent per annum on call. II
the dollar can be cheapened by in
creasing the number of dollars, sc
that each dollar will buy less wheat,
the increased. price of wheat will in.
crease the demand for dollars, to in.
vest in it's production. Then the Dor.
rover of dollars to invest in the pro-
duction of wheat, being reasonably
sure Of a profit from that employment
of the money, can afford to pay in.
terest for its use as q part of his
profit. In other words, interest is 6
share of the profit On the employment
money. So that an abundant money
money readily obtainable, which is tt
say, really cheap money, is the
money which commands a high rate
of interest, as a share of the profit Of
the borrower in using it.
GAS we appeal to the country, ir
the justice of our cause, one or two
points of common interest must BIZ
satisfied, as follows:
"The experience of Mexico lie held
up for our alarm.
ave answer:
"First, that Mexico is conspicu.
ously prosperous, at home. Her in
crease in manufactures, railway earn.
ings and the like in recent years II
phenomenal.
"Seoond, Mexico is no criterion fol
the United States, for the reason tina
she has a foreign trade Indebtedness
of about s2o,OO0,O 900 annually, in ex'
cess of the value OF her exports o
cotton, sugar, coffee, hides and the
ike, which must be paid for in the
surplus product Of her mines. He
silver, therefore, goes abroad Al
merchandise, and at a valuation fixed
by the outside world. The United
States, on the other hand, is a nation
of $1,000, 900 of people, scattered owe
an area of II times the Q of France
A single one of our railway systems
the Erie, exceeds the aggregate mile
age of Mexico. We offer an employ
ment of money to an aggregate great
er than the worlds spare silver viii
furnish us. Hence, our silver money
at home and abroad, will be valued q
the money OF the United States.
"This opposition threatens us witt
a food of Europe's silver upon GU
En-