The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-10-13

o00 of new money every year lnsteau ol
having new money every year. tue n - 80 nno
statistics show that we nave $1oV'VoV'0o"
less this year than we nad Two yc"ie IS
in circulation. (Appausc.) 1hese arc eie
INV statistics And yet our opponents say
that we must maintain the present hnah-
coI standard the present nhahcl"l PoN!.
The present financial policy means hioto
bonds. and more bonds means more ac
emulation of idle money in the treasury
and less money at work among TIE peopis'
(Applause.) -,
Won go TO a bank TO borrow money ana
they will tell you that they cant loan II ~
YOU: that really they have loaned uoWn a.
low as they dare to loan. You uestIo!
mart of the money of the country, anu yo"
destroy the money in the banks to DC
loaned And then when you can't borrow
money, when your security IS going co"n'
when your property is falling In price, thero
is only one resort left and that Is to LEI
the sheriff come and close your store anu
sell vour stock at auction, while you go out
and bless the gold standard. applause anu
laughter.)
NV friends, our opponents say that they
want a sound financial system we say
that sound financial system must rest Oh
something. 1t can't rest on "c0nfden ;e
1aughterD There must be something 10
rest that system upon. What shall II pc!
They say gold. Well, where is the golo:
"a voice: Gin England0 daughter
Well, now, my friends, the treasury rep ons
estimates that we have about S6OO.OOO,
of gold in this country. But dfu you ever
try to find it? Oaughter) Did YOU ever
try to locate it? You will lind mat When
YOU add together the amount in the Nault3
at washington, the amount in the national
back vaults, and then guess 9t the amount
in che state bank vaults md trust company
vaults, that you will have lcc0u lted Iof
something like half of it, AMI II you ASK
them where the rest of that gold Is, they
hat sc ClI
the nvisrole supply of gold in the country
daughter and applause.)
Erect a sound financial system on an IN
visible basis? Oh, no, my friends; that Is
not the way to do it. You can't erect a
sound financial basis on gold alone, because
the little handful of gold can be thrown
out from under your system at any moment,
and your system collapses. (Applause.)
How is it to-day? l don't know how your
banks are, but l know that the ST. Louis
banks-the leading Ones-published notice
few days ago that they could not furnish
gold any more to their customers because
of the silver agitation, but they thought
that within a short time after a correct
settlement of the money Question-they
didn't say what correct" was, but every
body, of course, ought to know what cor
rect Was-that after correct settlement
of the money question they would be able
to furnish gold again. Think of 1t! Can
not furnish gold because of the silver
agitation! Why, my friends, can craze
near dead the silver craze disturb
the gold in this country? applause and
laughter.) Why, If you read the gold stand
ard papers you will find that they are per-
fectly confident that the "gOld craze" Is
going to be stamped out now in about three
weeks-or the 'silver craze;" the silver
craze is going to be stamped out in about
three weeks. If that is true, what can
agitation do to harm these men? All, my
friends, it is a frail financial system that
trembleS at the very breath of agitation.
1t is a frail financial system that trembles
in the discussion of a political campaign.
Restore silver; put it by the side of gold.
and let your commerce be built upon the
two and l will promise you that no dis
cussion of gold standard will ever shake
the foundations. Great applause.)
GravitatiOn and Money.
My friends, there are just two great prn-
ciples which we apply to the money ques-
ton, and they are sufficient to solve 1T.
You can't understand a question until you
do grasp the principles which control 1t.
If you see a boy throwing a stone into the
air and see the stone falling, and don't
understand the law of gravitation, you may
guess all your life as TO the reason why
that stone comes to the ground. But when
you understand the law of gravitation all
things like that explained. And so
with the money question: You can grope
In the dark for an age until you find the
principles which underlie the question, and
when you understand Their then, my
friends, the whole subject is clear to you.
(Applause.) And here is the first prnciple:-
That when the supply of money does not
Increase as rapidly as the demand for
money, then the value of each dollar rises.
That is a proposition that g true 1t Is
solid rock, and upon that proposition you
can build a system. We apply the law Of
supply and demand to money We say,
destroy half the crop of wheat, and you
will raise the price of wheat We say
the man who has wheat profits by the rise,
and we say that he is glad that wheat went
up. We apply that law to money. We
say, destroy half the money, and the value
of the other half will rise, and that the
man who owns the money, or contracts
payable in dollars, will profit by the rise.
And we also say that he will be glad
mat money went up. (Applause.) We APP
ply the law of supply and demand 10 silver
as commodity. We say that hostile legis-
latiOn has increased the demand for gold
and raised the purchasing power of an
ounce of gold We say that hostile legisla-
ton has leSSened the demand for silver
and lowered the price of silver bullion
when measured by gold, and we believe that
you can undo by law what you did by
law; that if you drove the metals apart
by hostile legislation that you can bring
them together again by friendly legislation
(Applause)
You ask why we invoke the law now.
| ask you why you invoked the law In 1873
applause Cries of "Good'O You say that
commerce is omnipotent: why didn't Won
let commerce act then? Why did you come
In and get a law passed In the night and
in the dark to do what commerce could
not do? (Appause.)
Open the mintS; create a demand for
silver, and that new demand, acting with
the demand now existing will raise the
Pic of fho%