The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-07-03

in these States, in spite of the fact that
nearly the whole Eastern press is hold
ing ND the gold standard as their only
salvation.
The masses of the people every
" here in this country are thinkers, and
they are quick ITO recognize an issue
which promises real relief from such
burdens as they have to bear The
free coinage of silver at the ratio of 10
to / ought to be, and | believe 1T will
be, just as popular among the work
ing men of New York city as it IS
among those of the rest of the coun~
try.
THE contest is between those who
produce wealth by actual labor and
those who acquire it by the force of
bond or money ownership
But" | suggested, "the silver pro-
gramme has been put forward largely
as a question between the debtor class
es and the creditor classes"
ITO my mind" replied Mr.. Bland,
''the debtor and creditor element in
the free silver controversy do not con
stitute the factor of greatest impor.-
ance. They are important. but not the
most important.
no MARKET FOR MONEY.
To-day large part of the money
of the country is. in a certain sense.
boarded in New York and other great
cities, because the owners cannot
proftably invest it in productive in
dustries. The prices of the products
OF toll have fallen. Millions of men
fo, A
lea cannot get as much for their crops
or their stock as it costs to grow them.
II know that is the fact on my own
farm. Go anywhere you please and
YOU will find the same conditions.
Prices are low because the purchasing
power of gold has increased. Multiply
the energies of the country as you will
and you simply add TO the wealth of
the capitalists.
'sThe remedy is free silver. With
abundance of money prices will rise.
Capital viii seek investment in the soil
and in factories; every man who wants
TO work will be employed, and in the
competition between employers and
employees, wages will rise.
This is as true in New York as it is
out here in Ozark county, or in Cali
lorna, L IOrltta or ONO.
NO DANGER OF A PANIC.
81 understand your proposition, Mr..
Bland / answered, ''but how will you
prevent great panic which will over
whelm the nation, if one-half the value
of our silver money is suddenly strick-
EN- down in the markets of the world ?
We may call fifty cents a dollar in the
f,,.fn Cd IL 49,
ceases to have any authority when il
passes beyond our own shores. 1t
seems to the World that the disaster
would be instant and terrible
The rugged old leader seemed to be
waiting for this. He drew himself up
in his chair and gave himself a shake.
His hazel eyes shone with enthusiasm.
There will Zoe no great panic" he
said Secretary Carlisle, in his Mem
phiS speech, said that if the country
went to a free silver basis, there would
| be an immediate contraction of the
currency; $500,000,000 would vanish
and a terrific fall in prices would fol-
| low the withdrawal of this gold from
| circulation. But he admitted that this
| would be followed eventually by rise
| of prices to a higher level than the
| present, when money became album
| dant.
Now, if people know that prices are
| going to rise in the end, they will dis
| count the immediate effect of free silver
| coinage at 10 TO /, and prices will not
| fall very much at The beginning. The
| moment we authorize 34at coinage the
| value of every ounce of silver in the
| world will be fixed
| THE fact that we will coin all the
| silver brought to our minis, without
Limit and without regard to the mar
| ket yalue of the metal, will Immediate
| ~ fix the price Of all silver bullion i'm
| China or Australia, az we'll as in Lon
| don or New York.
| THE suggestion that Germans or
| Frenchmen or Englishmen Will send
| their silver here simply TO have it coin
| ed into American dollars is absurd
| They viii not send their coined silver,
| for the stamp already upon it makes it
| equal to gold in their own countries F.;
/ and they will not send their silver bull
| lion, for the reason that they can sell
| it just as we'll in Europe at the mar
| llet price fixed By the American minis
| Silver bullion would be used as money
| in commerce, just as gold is used now.
| FRANCE MADE THE PRICE.
''The British royal commission of
1888, which was appointed to inquire
| into the recent changes in the relative