The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-08-26

the fall in the rate of wages always
comes from narrow production, and
narrow production means there is little
demand for labor in the market. When,
after the panic of 1873, the price of
labor fell 10 ninety cents day, it was
harder to obtain labor than when the
rate of labor was S2; and the difference
between the populist (who seek TO cut
down the rate of wages) and the demo-
crat (who seeks to protect iO is that
the democrat believes that high wages
and prosperity are synonymous, and the
populist wants to cut the rate of wages
in order that he may tempt the farmer
to make war upon his own working
men. (Applause.)
WHO ARE CREDITORS.
The populist tells us, and Mr.. Bryan
leads the van in saying, that it is the
creditor that he is after, that the cred
itor is the person whose debt he wants
to cut down. And Mr.. Bryan makes
an elaborate argument to show that
when his system of coinage shall have
been completed, his standard of value
shall have been changed, then the
debtor will have an option as to which
to say, he shall be permitted by the
law to commit an act of dishonesty.
AS matter of fact, the creditors of
this country are not the bankers; they
are not the so-called capitalists. They
are the laborere, and it is at the ex-
pense of labor that this change is made.
(Applause.)
The laborer is always a creditor for
man can show me laborer who has
been paid in advance for days work
| will show him a laborer who is a
debtor; but every laborer that L have
ever known in my experience, every
laborer of whom l have ever heard in
my examination of the conditions of
men, must by the very law of his be-
ing be creditor for at least one days
work, and is generally creditor for a
weeks work or two weeks work.
(Applause.) Every great industrial en-
terprise has for its chief creditors its
laborers. The heaviest account in
every department of industry, what
ever it may be, is always the wages ac-
count. (Applause.)
The New York Central railroad
handles every year about S45, 900 900.
OF that sum $10,000,000 is paid for in
terest on bonds and for rental of leased
railroads; S4,000,000 is paid for div
idends; $l3,000,000 is paid for equip
ment and repairs; $15,500, 900 is paid
for wages.
The railway employees of the United
States alone draw $500, 100000 year
in wages, (Applause.) If the New
York Central railroad went into the
hands of a receiver tomorrow, if it be-
came totally and hopelessly bankrupt,
its dividends could be passed and its
shareholders could not complain. The
interest on its bonds might be in de-
fault and the bondholders would be
without redress, but the wages of the
laborer would always be paid, for they
are first lien upon every Industrial en-.
terprise. (Applause.) Not, my friends
because they love the labor err, but be-
cause he is absolutely necessary to the
existence Of the enterprise. applause. }
THE FARMER.
Now farm is an industrial enter
prise. The pretense that the farmer Of
Nebraska is suffering under the weight
OF a mortgage contracted under meta
which has steadily increased in value
is but populistic metaphor. Two
thirds of the farmers have no mortgage
debt whatever. (Aprlause.) l do no
believe there is Blk per cent OF then
that owe Il mortgage over three year.
old, during which time there has beer
no change in the value OF the metal
but every single farmer has creditors il
the shape of his own laborers. Thl
proposal of the populsts is an intent L
enlist the farmer in conspiracy t.
reduce the wages paid this labor, tina
he may have larger proportion OF hi
own products, and they are willing Il
cut down the wages of every man VIII,
works in cities, who tolls at the bench
who digs in the mines, who manage
the trains, in the hope that they can rid
into power on wave of cupidity ant
greed awakened in the breast of tn
voter. (Applause)
My friends, it is triumphant vlndl
cation of American citizenship that thi
attempt to enlist the farming and agri
cultural members of this communit,
into this conspiracy has failed miser
ably, utterly, absolutely. applause.
Every western state which in 1890 an
1892 fell into the hands of the popu
lists before their real purposes wer
executed was purified and the popu
lstic forces scattered out of eXistenc
when the farmer of this country under
stood that what the populists meant TO
his welfare was really for his ruin.
The farmer who, when this countr
was in danger, shouldered his muske
to set it aside when the last shot ha
been fired on the Southern battlefield
whose moderation prevented the polit
cal warriors at Washington from pun
suing policy of discrimination an
punishment in the Southern States
that farmer who made the policy of tn
North a policy of Cancellation, Of TO
giveness, of reunion-that farmer L
day is the mainstay of order and {
property, as he was the mainstay of tn
Union.
NV frienda there has been n ores