The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1896-10-01

suihe. rms Is a prosperous county nc I'm
aeeu' Is all the southern part of the state
put there Is not a family In this audience
.hat could not consume more than If does
! nave no sympathy with the pauper plea
anu tne American people don't propose thar
IL shall come TO that. But there can no NO
oVerproduction so long as there are hacks
10 clothe ana mouths 10 feed. They talk
ABOUT starting the mills and increasing
consumption but you must start at the
potion. III you increase consumption the
mills VIII start Of their own accord. You
can't sell unless there are consumers
II don't contend that bimctallism will
raise prices a great deal at once. Rut II
would stifen things and give frmncss and
STABILITY, ana slightly raise prices. and later
VIII come a general upward tendency.
The Lord has greatly prospered us.
but III we are suffering from over-produc-
'ioh, wouldn't Ii be a mockery for me, If ]
shouid De CHOSEN governor, to issue a proc
lamatlon OF thanksgiving for bounteous har-
Vestst There Is wealth here and want in
the large cities. The highways are filled
with tramps. Men don't tramp from choice.
IN 1870, after the passage of the Sherman
act, there were no tramps. We have the
machinery; we have the hands to work;
but we have ceased to have customers.
Ihere Is no business that now promises a
profit.
"hV VIII Dullu lnlS year WDen tucre Is
every prospect that he can build cheaper
next year? What Is the use Of starting a
mill or opening a farm or establishing n
store when the prospect Is that you can do
IT cheaper next year? Falling prices Is the
deterring influence. My friend will say
that 1t Is lack Of confidence. Confidence in
whatf In our money? Isn't our money good
enough? 1t goes deeper than that. 1t is
lack of confidence in business itself. The
only thing that will give men confidence Is
the
Hope of Profit,
the reasonable expectation Of gain. There
Is none when prices of everything are go-
Ing down, down, down. My friend says
that this condition has come to stay and
that nothing will help it except war. / tell
you, my friends, this is a doctrine | deplore.
1t Is the doctrine Of despair. We are not
so helpless. Humanity will not allow itself
to be destroyed. 1t Is not rational. / be-
lieve that human development has its best
opportunity In times of peace, and not in
times of war. ] say that peace is the time
that ought to bring better prices.
He Will tell you that credit goes a great
ways. So Ii does. We all know that credit
cuts Il great figure in the production of to-
day. 1t Is all carried on practically on
credit, unless it be farm production, and the
banks are the cornerstone of production.
Men are compelled to discount the future.
The amount Of credit possible depends upon
the bank reserves. You can't do business
In a bank on confidence. The banker has his
reserve, and when times are good he can
loan closer down to the % per cent reserve,
which he is compelled by law to keep.
When times are bad and confidence Is lack
Ing the bank must keep a larger reserve on
hand. That is all that confidence amounts
10. You can't have credit without having
actual money back Of it. 1t can't be other
wise, and it isn't otherwise. Credit Is based
upon the bank reserves, and they depend
upon the amount Of money in the world. If
there Is too little money, our bank reserves
are not sufficient to furnish a basis for the
credit necessary to do the business of the
world.
"In the spring 1t was heralded abroad
that the factories were again starting, but
when wages had to be paid. and in cash,
and the bank reserves were lowered by the
necessary withdrawal OF cash. credit col.
lapsed. and here we are In the dumps again.
For the last three years we have had a
panicky condition, every thirty or sixty
days, when the banks were calling in their
loans to replenish their reserves. We have
been trying to do business on too small
reserves. There has been less money rela-
lively TO an increasing business and prices
have shrunk to keep within the limitations
Of too small an amount OF money. 1t Is
an absolute impossibility to keep on doing
NShhNS ~ B'iNNS. ihNs mus
go lower or the amount of money must be
increased.
"My friend will refer to the effect Of i'm
proved machinery in decreasing prices. |
haven't heard Of any improved methods In
fattening pigs or In feeding calves.
SIN some lines Of farm production there
are improved methods, but 1t Is not true
In all. Prior to 1873 we had some OF these
improved methods, but prices continued to
rise. i will tell you why. When the
gold fields of California were discovered
and that immense production began to flow
into the channels Of trade to Selp silver
bear the burdens there was up to 1873 more
money, a larger basis for credit and prices
rose. The production Of the precious metals
increased with production of property.
Now all we need to restore that condition,
or partially restore 1t, Is to restore silver TO
It's position as money, to do the work 1t
had done. side by side with gold since
the dawn of the worlds history. That Is
what Is needed.
II ask the professor to tell you why silver
was demonetized. Let him give you some
reason for ii. ! don't care whether II was
a crime or not, but 1t was done. / ask him
to name one American statesman who has
claimed the credit for doing this great
thing, II the decentralization Of silver was a
great thing. Every man who had anything
to do with Ii has pleaded ignorance or apol-
ogized for being In public life at the time.
The condition which affiicts us is world
wide. No patchwork bank act will help us.
l contend that the restoration OF silver to
its old place Is the only thing that will
help us. The increased purchasing power of
the dollar Is the result of the demonetiza-
ton Of silver. That was done by law. and
the way to undo 1t is by law. My friend
believes in n dollar which Is constantly in
creasing in value, a policy which makes
property cheaper and money dearer. /
want to ask him IL he believes in a standard
Of deferred payments that makes the bur-
den OF the debtor larger and more burden
some. IL you do not, how do you and your
party propose to remedy the existing con-
d~ition?'
A. n~-