The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-08-26
Brooks Adams for Silver.

At public meeting held at Quincy.
Mass Mr.. Brooks Adams spoke as fol-
follows
confess that | am so impressed with
the difficulties of the situation before
the country that | have the greatest
disiuclination to make speech. espe-
cially as I hardly see what good can be
done. Here in Massachusetts,. man
who differs from the majority is imme-
diately denounced as a scouudrel. a
thief, ao incendiary, or worse and
though this system of attack may make
votes. it certainly makes argument i'm
possible. suppose l am very bad
party man. but | cannot feel any such
indignation against my friends oo the
other side. These questions. serious
as they are, are questions on which
honest and patriotic men must differ !;
| am only sorry cannot see the situa-
ton in the same light. as such man as
Mr.. Reed, the more 80 as it appears to
me that we are very near together.
If I understand the position Of Mr..
Reed. General Walker, Mr.. Lodge and
the Republican party correctly, it is
thus: They believe, as we do. that the
situation of the country is disastrous 10
the extreme they believe that the
cause Of our disasters is largely. if Dot
wholly, due to contraction of the
currency caused by the demonstration
of silver, and they have pledged them
selves to try to correct this great evil
by an international agreement to restore
silver to its old place. So far we are as
one. the ooly point Of difference is
whether We shall suffer least By pro-
ceeding to coin silver ourselves. or by
waiting until we can persuade England
to joic US. For my own part, was a
very sincere international bimetallist.
until l became convinced that Eo gland
bad no Intention of taking any action
I 'hiok 90 oae can hope for much from
that quarter since the declarations of
the chancellor Of the ezcbequer Of this
tory government Indeed, [ do not
understand that anybody is sapguine Of
success.
They tell US to wait patiently, and l
do not think it is demagogy to ask
them wh, :olicy they propose to adopt
mean wbiiv, other than the policy pur-
sued by Mr.. Cleveland. I have read
Mr.. Reeds speeches in the hope of
finding comfort, but | get no light
am sure want to be convinced.
Our difficulty is perfectly plain, and
is admitted by all bimetallists, such as
are Republicans, according to their
platform. Our country has been capi-
talized on the basis of S1.25 wheat !;
on that basis it has contracted an enor-
NOUS debt, which we are now trying to
liquidate with wheat at 55 cents OBJ
viously, to pay our interest We have to
double our exports, and that is impos-
sible. Accordingly We have to pay the
difference in gold, and that drain causes
steady and slow contraction, which is
forcing dc N prices inproverishiug the
farming class and running our factories
and railroads.
take the Chicago, Burlington and
Quincy as an example. one of the best
managed, best equipped, and, na;u-
rally, richest railroads of the world
It's stock has fallen at least 10 the ratio
of wheat. and logically. 1t can't
charge the rate on 50-cent wheat that
it did on $l.25 wheat Farmers have
balf their old income therefore they
can't buy from our factories therefore
demand falls of, and mills close, and
therefore wages fall. I suppose that
here ir New England the decrease in
the average earnings Of labor has
shruuk, through loss of time, nearly in
the ratio Of wheat. The Republicans
say that We must keep to the present
system. in order that we may borrow,
and by borrowing to pay the interest Of
our debts +; 10 word, taro the current
Of exchanges My difficulty is that to
borrow On falling market is suicidal
If we cannot pay now, how can we
hope to pay when We owe many hun
dred of millions more. and farming
produce is still lower. Such policy is
certain bankruptcy. The first thing
We ought to do is TO stop borrowing and
try to pay. That is my idea Of an
honest policy.
Each year the gold men say we have
reached the bottom, bat bimetallists
know better. We can never reach the
bottom while the currency contracts,
and this last year, in spite of the boast
ed supply of gold, prices have, 10 fact,
fallen to their lowest level. Against
that fall, argument seems futile. Then