The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1896-09-12

whereas that Of Nevada decreased 1s
per cent. That would be proof that in
those years Colorado was making giant
strides in prosperity, and that Nevada
was going down hill. Sixty-six per
cent of our farmers own their farms,
and Of these 70 per cent have no mort
gage debt.
an fact, the mortgage debtor for
whom the silver men have shed SO
many tears does not seem to live prin-
cipally in the west or south. The sta
tistics of 1890 show that the mortgage
Indebtedness of the state of New York
alone is three times as large as the
mortgage debt of the entire south, four
times as large as the mortgage debt of
the Rocky Mountain and Pacific coast
regions, and nearly one and three
quarters times as large as the combined
mortgage Indebtedness of the entire
south, the entire Rocky mountain re-
giOn, and the entire Pacific coast re-
giOn.
at is true that the decline in prices
of farm products since 1890 has been
very marked. Let any farmer talk to
the merchant in the nearest city and
he will learn that there has been an
equivalent decline in the prices of all
other goods. The immediate influence
has been the distrustful financial pol
icy since 1890, eliminating in the panic
of 1893. The home market both of the
farmer and the manufacturer, has been
stricken with palsy. The cause will be
found the same for all.
"The silver men state as one cause
that We need more money in circula-
ton. On the LIST of July of this year
we had in circulation $22.55 per capita,
which is within 10 cents per capita of
the circulation of 1884, which as you
remember, Mr. Bland said was one of
the most prosperous years in the his
tory of the nation; and it is $3.50, or So
per cent per capita more than the cir
culation of 1860, which was also very
prosperous year.
"And yet money is tight-very tight
Why SO? If we. compare the national
bank statements of of July, 1896, with
July, 1892, we see that, although the
deposits have increased $1O4OO0,0OO,
the loans have decreased $46,OOO,OOO;
and if we add to this the showing as
presented even in 1895 by the state
banks, loan and trust companies, and
savings banks, we find that, although
the combined deposits increased $685.
100000, the total loans have decreased
S175,OOO.OOO
"That is why money is tight and why
times are bad. 1t is not caused by the
gold standard, but by dread of the sill
yer standard. Financial distrust pro-
duces a contraction of credit, and the
contraction of credit produces condi.
ton which justifies increasing financial
distrust. If this $175,0OOOOO and more
by which the bankable loans of this
country have been contracted had been
putt circulation it would in the cum
ulatiVe reciprocity of exchanges have
added billions to the total business of
the country.
"The clearinghouse of our sixty
two principle cities showed a volume
of exchanges for 1892 approximating
S61 ,OOO,OO0,OOO. These same clearing
houses, plus those of sixteen additional
cities, for 1895 show a decrease of ex-
changes of $lOOO0OOO,OOO. If we now
add a proportionate reduction for the
exchanges of the smaller cities aud for
all the internal exchanges of each bank,
we are far within the mark in stating
that the lack of financial trust and con-
fdence, caused absolutely by our mad
silver policy, has as compared with
1892, effected a reduction of exchanges
between man and man in our country
for the year 1895 of $4,000, 100000, or
over $50,OOO,OOO for every working day
In the year.
"How truly Daniel Webster said:
Credit is the vital air of the system of
modern commerce. 1t has done more,
a thousand times more, to enrich ma
lions than all the mines of all the
world
"Within this very week two promi-
nent bankers of Colorado have assur, d
me that they would at once loan out 30
per cent of their deposits If they were
absolutely sure of Bryan's defeat. The