Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1896-07-31
". P. ST. JOHNS SPEECH

| W. - 81 SOiiN - 81 I1OiA
As Permanent Chairman of the National
Silver Party Convention.
Gentlemen of the Conventions: The
skill and efficiency of your labors in
the past have been rewarded by the
adoption of your demand for legisla-
ton by two great organizations of the
people, namely: The Democracy and
the Peoples party. If now you are
a BILE to induce coalition of these two
organizations for the one purpose, the
desired achievement on behalf of the
people will ensue. Assuming then,
that you will! prevail upon those pa
triots calling themselves the Peoples
party to indorse the nomination of
Bryan and Sewall, it is advisable to
discuss the desira bility of the end in
view.
1T is among the first principles in
finance that the value of each dollar,
expressed in prices, depends upon the
total number of dollars in circulation.
The plan of prices is high when the
number of dollars in circulation 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 al present and for some time
past is and has been ruinously low.
The increase of our population at
about 1000, 600 year scattered over
our immense territory, calls for in
creasing exchanges, and thereby de-
mands an increasing number of dollars
in circulation. The increase in the
number of dollars when dollars are
con fined to gold, is not sufficiently
rapid to meet the growth of our eX-
changes The consequence is grow
ing value of dollars or n diminishing
value of everything else expressed in
dollars, which is to say a tendency
toward constantly decling prices.
Fountain Head of Prosperity
"The fountain head of our prosper
ity has run dry. Our farmers all over
the country have endured the depres-
sion in prices, until they get about So
or 50 per acre for an expenditure of
$50 per acre, and the like. Their
credit at their country store is ex-
hausted. The country store ceases to
order from the city merchant. The
city merchant reduces his demand
upon the manufacturer. Manufac-
lures are curtailed. The consequence
is that employees and all elements of
labor are being discharged and wages
are beng lowered to those who are
continued in employment. The suf-
ferings of the farmers, who copsti-
tute nearly one-half of our people, are
thus enforced upon the city merchant,
the manufacturer and all forms of
labor. These combined elements con-
stitute the overwhelming majority OF
voters Their intelligent conclusion
will be felt when expressed at the
polls.
"The banker also is without pros
perity unless prosperity is general
throughout the United States. He
must learn TO distinguish between
cheap money and money commanding
low rate of interest. The dollar
VOL tn two bushels of wheat is dear
dollar, and yet it commands interest
in Wall street at present of but per
cent per anpum on call If the dollar
can be cheapened by increasing the
mum Der of dollars, SO that each dollar
will buy less wheat, the increasing
price of wheat will increase the de-
mand for dollars to invest in its pro-
duction. Then the borrower of dol
lars to invest in the production of
wheat being reasonably sure of a
profit from that employment of the
money can afford to pay interest for
its use as a part of his profit. In
other words, interest is share OF the
profit on the employment of money.
So that abundant money, money
readily obtaina BILE, which is to say,
really cheap money, is the money
which commands high rate of inter-
est as share of the profit of the bor-
rover in using it,
Two Points of Common Inquiry.
Gas we appeal to the country, in
the Justice of our course, one or two
points of common inquiry must be sat
isfied, as follows:
"The experience of Mexico is held
up for our alarm. We answer, first,
that Mexico is conspicuously prosper
Gus at home. Her increase in manu-
features, railway earnings and the like
in recent years is phenomenal Second,
Mexico is no criterion for the United
States for one reason that she has a
foreign trade Indebtedness of about
500 600, 900 annually IN excess of the
value of her exports of cotton. sugar,
coffee, hides and the like, which must
be paid for in the surplus product of
her mines. Her silver, therefore, goes |
abroad as merchandise, and at valu-
alton fixed by the outside world. The
United States on the other hand, is a |
nation of 70,oU4OoO of people, scat !