The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-07-23
ST. JOHNS SPEECH.
New York Bankers Argument for
Free Silver.


1t was O'Clock. when the convention was
called to order after the recess There were
about 500 people in the hall, including dele
gates. Kansas delegate moved that the
doorkeepers be instructed to admit all the
delegates to the Populist convention. The
motion prevailed A committee of three was
appointed to notify the Populists that they
would be admitted without tickets.
The committee on rules reported that the
order of business should be the receiving Of
the report of the committees on credentials
permanent organization, special committees
platform and resolutions, nomination OF can
didates and that the rules governing con-
gress be used SO far as possible in the run
ming Of the convention. The report was
adopted
The committee on credentials reported that
there were no contests, and approved the
credentials of all delegates, and that all dele
cations be allowed to cast a full vote. The
report was adopted.
The committee on permanent organization
recommended that w. p. St. John. Of New
York be selected for permanent chairman,
Charles A. Towne of Minnesota, for vice
sylvania, for secretary. The report was re-
ceived with cheers and adopted. A commit
tee was. appointed to escort Mr.. st. John to
the platform. In taking his place Mr.. st.
John was greeted with cheers. He said:
'tThe skill and efficiency Of your labors in
the past have been rewarded by the adoption
of your demand for legislation by two great
organizations of the people, namely, the De-
mocracy and the Peoples party. If now you
are able 70 induce coalition of these two
organizations for the one purpose. the de-
sired achievement on behalf of the people
will ensue. Assuming, then. that you will
prevail upon those patriots calling them
selves the Peoples party to ihdorse the NOM
ination Of Bryan and Sewall, 1t is advisable
to warrant the desirability Of the end in
view.
..It is among the first principles in finance
that the value Of each dollar, expressed in
prices. depends upon the number of dollars
in circulation. The plane Of prices Is high
when the number Of dollars In circulation is
in proportion to the number of things to be
exchanged by means Of dollars and low when
the dollars are proportionateiy few. The
plane OF prices at present and for some time
! past has been ruinously low. The increase
| of our population at about two millions
year, scattered over our immense territory,
| calls for increasing exchanges and thereby
| demands an increasing number OF dollars in
| circulation.
ssThe increase In the number OF dollars.
| when dollars are confined to gold. is not suf-
| fciently rapid to meet the growth Of our ex-
| changes. The consequence Is growing val
| ne OF dollars or diminishing value of every
| thing else expressed In dollars; which Is to
say, tendency towards constantly declining
prices, the fountain head of our prosperity
has run dry. Our farmers all over the
| country have endured the depression in
prices. Their credit at their country store
Is exhausted. The country store ceases to
| order from the city merchant, the city mer-
chant reduces his demand upon the manu-
facturer. The consequence Is that employees
/ and all elements of labor are being dis
1 charged and wages are lowered to those who
| continue in employment The sufferings of
1 the farmers, who constitute nearly one-half
| Of our population are thus enforced upon the
/ city merchant the manufacturer and all
! forms of labor.
| These combined elements constitute the
| overwhelming majority Of voters. Their inteIli-
| gent conclusion viii be felt when expressed at
/ the polls. The banker also Is without pros
perity unless prosperity Is general through
out the United States. He must learn to dis
! tinguish between cheap money and money
| commanding low rate Of interest. The dol
/ lar worth two bushels of wheat is dear dol
! lar and yet Ii commands interest In Wall
! street at present Of but two per cent per
mum on call II the dollar can be cheapened
1 by increasing the number of dollars, so that
| each dollar win buy less wheat the tncreas-
| ing price of wheat viii increase the
/ DEMAND FOR DOLLARS
| to invest in its production. Then the borrower
l a DOLLARS TO invest Ia the production OF