Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-22


conditions here as N England in 1916.
Our civil war left US legacy of
$500 600. 900 of debt, and the capt.
talists sought 10 enhance the value Of
their bonds. There were three ways to
do IT, They could have written on
every $1,000 bond, this is $4,000 but
that would have been forgery. They
! might have doubled the amount of bull
on in the dollar, AMI doubled its pur
chasing power, sbecaUse the volume of
money would have been cut in half.
Blu. the American people would not
have stood that. There was one other
WY, to strike down one-half Of the
primary money. and double the value of
VIVA. was left and that is the way they
did it.
Faith buys gold bricks. but investi-
cation detects the swindie (Applause).
Take what | say, and judge it in the
forum 20 YOUR own brain. The pur-
chasing power of dollar is regulated
not by the number of promises which
circulate as legal tender, but the num-
Der of dollars of redemption. The only
object Of legal tender prom
ises, IS an aid to the rapdity of circula-
ton The purchasing power Of the
dollar depends upon the total number
of dollars. and the relation it bears 10
the volume of business done.
Republicans assert that while silver
was Gemonetized in 1873. the times
wera good from 1880 to 1892. Way
did NOT prices decline at once? In II
years only $34,00O,OOO of greenbacks
were presented for redemption. When
Secretary Foster decided to redeem
paper in gold, $3.50, 100000 were r.
deemed in three years. The money
powe? well knew that after demonetiZ-
ing silver. there was but one money OF
REDEMPTION left, and that gold. wall
street had demanded gold time after
time. and had been me- Nth declara-
zion that The government would redeem
liz paper in silver or gold at It's optlon.
Paper is a promise, and when goI IS
the only primary money, no" are you
going to redeem the promise with an
other promise? Under the Republican
system. the silver dollar is not re-
deemable in gold. but man could get
4 greenback for It, and get gold at the
treasury for *. L is the difference
between law and fact. just as in Name,
as a matter of law they had pronlDltlon,
but as a matter of fact. they had all
the whisky thsy wanted. daughter
and appiause)
The ratio of value in 1891 was ~ to l,
and three years after, we came pracli-
co'lv 70 the gold standard, we have IL
as matter of fact as well as a matter
Of law and silver goes down to me
ra+;o Of q 70 I. And how does it
rffec- Other things? Property goes
down one-half. farm products go down
crp-b9lf. mill products go down. me
result is that our property has shruhN.
when measured by the value Oh
the standard one-haii; wllie '''
value of the bond has douDLeu. $500.
They say he gold dollar is an hones'
Soll9r, and the silver dollar dlshohest'
Let US see how all this came ABOUT III
1873 gold and silver were at premium
arovS the greenback Then we nave
th9 Mexican dollar, which has been useu
a. IN "ohiec. lesson" Let US take TINS
chico lesson with us. In 1873 the Mex
;can dollar was not legal tender here,
hn- the cold and silver dollar were at
cv7c-lv the same premium above
rreenb9cls. have Mexican dollar |
I-re. and 7 have tried TO get a gold dol
lar as companion piece. but nave
failed. Laughter and cheersO Mr. /
T3llman gave a practical illustration OF
as point.
Republicans say we have ov5rproduc-
ton. Well. it takes the same amount
of farm lands to get the Mexican dollars
to-day as in 1873. but they will only buy |
one-half as many gold dollars. What |
quality in The dollar is H. waich CORE
sponds to the yardstick. lis length IS
the only value OF The yard stick; its |
purchasing mower is the only value OF |
The cold dollar. In 1873 the gold dollar !
had 26 inches of purchasing power. |
rlen 81 would buy a bushel of wheat. |
TO-DAY II BUYS two bushels. How many |
inches n the gold standard yard stick |
now? Is it Sc inches or y? (Cheers) !
tn Mexican dollar in 1873 would buy |
brslol of wheat To-day it buys q |
brsbel of wheat. I, was S6-inch dol |
Ior -heY. II is the same now. Which /
: The homes. dollar? (CheersO Cold
has 6,uhled itself in purchasing power, !
as compared with every AlnS Else Sill
YER has the same purchasing power TO-
fav rs it had in 1878. The question Is,
his everything else on earth gone down, |
cr has gold gone up? | say gold has !
gone uD. (Applauss) When | find mat |
evervt1i1g YOU can feel see. handle. /
touch or think of. have maintained ;heir !
rel9-ivo value with reference 10 each /
cher and n silver. and gold has chang |
"a ifs relative value. | conclude that !
everything on earth has remained sta |
,ionarv. and gold alone has changed is |
purchasing power. (Applause)
Why has gold gone up. and not chang
Il lis relation 10 everything else gold /,
0ade9 In 1873 every nation but two |
were using both metals England and,
PORTUGAL went on he gold standard and
increased the demand for it. The Uni !
id States and other countries followed !
suit. thereby increasing tho demand for |
cold. apurecis.ing its purchasing power. !
If Russia China and Japan were to !
e1cn- the gold standard. II would further |
annrecfa.o the value of gold and instead |
-, brv;ng Two bushels O. wheat now, it |
v--..,1 buv four hen ApD'ause0 As I,
a., sims ration. tha speaker showed tina |
r,-..- hon cno-h7lf IF The war debt has /
t.--., 49,. and -rqj =; would require rs |
much Of The farm products to pay he |
ramain35r now. as Il would then to pay |
the ent,r. deb.
Rnt they ask how This will benefit he
,abor,ng man. L will make ne dollar
cle9ner. You can, make It cheaper
without getting more for the products
of Dor. 4 cheaper dollar means high !
or property. higher labor; ard it means |
less amount of products 10 pay the |