Arizona republican., 1896-09-22

paper has thereby added something to the wealth of mankind. He has added to the accumulated wealth of nations, and the true wealth. of a country is the total of the product of your honest toil. Your employer joins you in the credit for the enterprise, but the money changer produces nothing.
 '.He sits at the receipt of customs. He spends his day giving credit and taking payments. He has no interest in your work. He has no interest in the industrial progress of the country except as it helps him out of the loan ing of his funds to make all the addi- tiom he can to his money fund.
 ''Why, the more they can reduce the amount of money in circulation, the more of your labor they can collect in payment of the debts due them. That is the whole secret of it.
 s'It is said by distinguished Eng fish economist that in one year, the year 1894, the price of the products of the worlds industries decreased 10 per cent. In other words, the gold dollar which is now the standard of the civil ized world, increased in value 10 per cent What does that mean to you? What does it mean to the manufac- turer who employs you? Two things. In the first place when he began his business at the opening of the year, he began upon one basis of vilue.
 'He makes his purchases on this basis of value of 100 cents. At the end of the year his product by virtue of the increase in rtIhe value of money is worth but 90 cents. Does it need any expla- nation that that manufactMre by sVuf- fering a falling off of do per cent in the value of his products in that year has been the loser? But, on the other hand, suppose he owes a debt of $1 900; at the end of rdhle year he pays that S1 900 with the 10 per cent apprecia- tion, or in the product of his labor he pays 10 per cent more than he bor- rowed. Even if he pays in his own goods as you will see, depreciated to 90 cents on the dollar, he must pay 10 per cent more of that product to sat isfy- the debt, so that in both ways that fall is disastrous to the manufac turer He pays more hack than he borrowed, and he loses in the value -of his product.
 
 bers of the English cabinet, and a dis tinguished bimetallist, has said: There is nothing so blighting to human in- dustry as the appreciation of money.
 ''Now that is an illustration of the single year. Apply that process to a period of twenty-three years. Sup posing for twenty years since we sur vived or revived from the panic of 1875 IT t1at constant fall in the price of products has been going on. Year by year has been appreciating in value, or, in other words, the price of pro- ducts has been falling. But such is the history of the last twenty years.
 ''I do not make this assertion upon my own authority. It is entirely ur- denied Various distin guished econ oTnists in the world have figured upon different bases and arrived at the same conclusion, and even my distin- guished Republican opponents will not deny the we'll established facts which I state to you, that from 1872 down to the present day there has been a fall in the value of products of industry of the farm, of the factory, and of the field, including all the principal pro- ducts, of 40 per cent down to the year 1896. In other words the total of the leading products of the world shows a fall of nearly one-half in price from the basis of former years prior to 1877.
 tFThere was something in that bond transaction to open the eyes of men. There was something to give thought to the American citizen, when our great republic wrote in the contract with these bankers, who for six months exercised their influence Ito protect the treasury of the United States Those are the words. "In other words, at last by solemn contract the treasury of the United States was being propped up by the patriotic hands of tine house of Roths- childs.
 "At the end of that time there was another bond sale. In the early part of this year there was another bond sale, until in the course of two years a debt burden of s507 100000 had been laid upon this honest people and there was no more gold in the treasury than there was when they started.
 ''These money lenders would put the gold into the treasury with one hand, take out bonds with the other and come back in a few weeks with United States notes and get the gold out again and then threaten another panic and compel the government to sell more bonds.
 Having some doubt in my mind at that time whether there might not be under free coinage some premium upon gold for time, I dreaded, as have always dreaded, the idea of re- pJldiation, even to the extent of one dollar in the hundred; and I faced the question, convinced as was then, that the restoration of silver in the cur- rency was the one necessity for suf-